What Will Historians Say…?

By Bill Holter – Re-Blogged From http://www.Gold-Eagle.com

Two weeks back I asked the question whether or not the “Final War” had started, between the EAST AND WEST.  I was called a number of politically incorrect names for suggesting the Tianjin explosion might have been an “attack” and took even more heat,… because I included the word “nuclear”.  Since then there have been many theories as to what happened, some of them pretty far-fetched.  Yesterday another article was published in Veterans Today, http://www.veteranstoday.com/2015/08/25/confirmation-tianjin-was-nuked/ which scientifically suggests the explosion was in fact “nuclear.”  I am inquiring as to whether the science used as proof is in fact sound.  In the meantime, I would like to hear from readers why or why not the science used in this article is correct or is not.  Please do not send me “opinion” or tell me Veterans Today is a poor source.  Please specifically attack the science!

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Apple and Google Pour Billions Down a Green Drain

By Steve Goreham – Re-Blogged From http://www.WattsUpWithThat.com

Business has been captured by Climatism, the belief that humans are causing dangerous global warming. Leading businesses announce plans to reduce carbon dioxide emissions, purchase renewable energy, use vehicle biofuels, and buy carbon credits. But there is no evidence that commercial policies to “fight” climate change have any measureable effect on global temperatures.

Apple and Google, the darling companies of the millennial generation, have spent billions trying to halt global warming. Apple has brought us the Mac personal computer, the I-Phone, the I-Pad, and other trend-setting electronic devices, becoming the world’s highest-valued company. Google has been called the most innovative technology company in the world, delivering the Google search engine that revolutionized use of the internet, Google Books, Google Maps, and now developing a self-driving car. But both of these leading companies have swallowed the misguided theory of human-caused climate change, hook, line, and sinker.

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Climate Crisis, Inc. Has Become a $1.5 Trillion Industry

By Paul Driessen – Re-Blogged From http://www.CFACT.org

No warming in 18 years, no category 3-5 hurricane hitting the USA in ten years, seas rising at barely six inches a century: computer models and hysteria are consistently contradicted by Real World experiences.

So how do White House, EPA, UN, EU, Big Green, Big Wind, liberal media, and even Google, GE and Defense Department officials justify their fixation on climate change as the greatest crisis facing humanity? How do they excuse saying government must control our energy system, our economy and nearly every aspect of our lives – deciding which jobs will be protected and which ones destroyed, even who will live and who will die – in the name of saving the planet? What drives their intense ideology?

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Fed’s Stock Levitation Failing

By Adam Hamilton – Re-Blogged From http://www.Gold-Eagle.com

The US stock markets just suffered an extraordinary plunge, shocking traders out of their complacency psychosis.  This cast the foundational premise behind recent years’ incredible stock-market levitation into serious doubt.  Traders are finally starting to question whether central banks can indeed manipulate stock markets higher indefinitely.  Any wavering in this faith has very bearish implications for stock prices.

Less than two weeks ago, the US’s flagship S&P 500 stock index (SPX) was up above 2100.  It finished August’s middle trading day just 1.3% below the latest record highs from late May.  At the time, the Wall Street analysts were overwhelmingly bullish and saw nothing but clear sailing ahead.  Predictions for the SPX ending this year above 2250 were ubiquitous, and retail investors were urged to aggressively buy stocks.

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Cut Back the Department of Transportation

By Chris Edwards – Re-Blogged From http://www.DownsizingGovernment.org

The Department of Transportation subsidizes and regulates highways, airports, air traffic control, urban transit, passenger rail, and other activities. However, taxpayers and consumers would be better off if many activities were privatized, which has been a worldwide trend. Opening up the financing and operation of transportation infrastructure to the private sector would save money, spur innovation, and reduce congestion.

The department will spend about $80 billion in 2015, or about $650 for every U.S. household. It employs 56,000 workers.

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Peer Review is Broken – Springer Announces 64 Papers Retracted Due to Fake Reviews

By Anthony Watts – Re-Blogged From http://www.WattsUpWithThat.com

Science publishing giant Springer, with over 2900 journals, has announced on its website that 64 articles published in 10 of its journals are being retracted.  Editorial staff found evidence of fake email addresses for peer reviewers.
No word yet on what type of papers, or if any climate papers are involved.

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How We Broke the Climate Change Debates. Lessons Learned for the Future

By Larry Kummer – From the Fabius Maximus website.

Summary:  This, my 305th post about climate, explains what I’ve learned so far. I believe that climate science as an institution has become dysfunctional; large elements of the public no longer trust it. The politics of climate change are polarized and gridlocked. The weather will determine the evolution of US public policy. All we can do is learn what went wrong so we can do better next time, and wait to see the price we pay for our folly.

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Why We Can’t Handle An Equities Bear Market, Part 1: State Budgets Will Implode

By John Rubino – Re-Blogged From http://www.DollarCollapse.com

Back when society’s balance sheet was reasonably solid, the occasional bear market was no big deal. A 20% drop in the average S&P 500 stock would scare investors and lead to slight declines in consumer spending and government capital gains tax revenue, but the overall economy would barely notice such a minor speed bump.

But that was then. Like a person with an impaired immune system, today’s developed world is so highly leveraged that a shock of any kind risks catastrophic complications. Which is why governments and central banks now meet every incipient crisis with quick infusions of newly-created cash and lower interest rates. We can’t risk letting markets be markets any more.

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It’s The US Dollar, Stupid!

By Ed Bugos – Re-Blogged From http://www.Gold-Eagle.com

Don’t let the bull-tards tell you the stock market over here is falling because of China’s problems, or Grexit, or fear of the nebulous Fed rate hike. We’ll just see about that last one now anyway!

The US asset bubble is the biggest one on the planet today, and it just went pop. The currency too has rallied over the past few years on the fairy tale that everyone else is inflating while the US is about to tighten, which may have been more plausible if they just started telling it now, and the dollar had not yet gained 65% on the Yen, 35% on the CAD, 30% on the Euro or 25% against a basket of trade weighted currencies -on exactly that story. They have been talking that game for a long time in fact. The worst part about it is that it hasn’t been true, at least not until now. The Fed has expanded money the most in the post 2008 environment -more than the ECB, more than the BOC, BOE, SNB, RBA, and probably more than the BOJ if my suspicions are correct.

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The Top 5 Lies About Fracking

Explosions, poisons, pollution, cancer, and global warming all considered.

By – Re-Blogged From http://www.Reason.com

Gasland Part II, the sequel to director/activist Josh Fox’s earlier anti-fracking docudrama Gasland, will run on HBO next Monday. It appears to have rounded up the usual corporate villains and appealing victims of profit-hungry capitalist skullduggery, rather than telling the more substantial story: that fracking combined with horizontal drilling has unleashed a bonanza of cheap natural gas.

Fracking involves injecting pressurized water combined with sand and small amounts of chemicals to crack open shale rocks so that they will release trapped natural gas. Generally, the shale rocks are thousands of feet below the aquifers from which people draw drinking water. No doubt to the dismay of activists, President Barack Obama appears to endorse the process. “Sometimes there are disputes about natural gas,” he said at his climate change speech last week at Georgetown, “but let me say this: We should strengthen our position as the top natural gas producer because, in the medium term at least, it not only can provide safe, cheap power, but it can also help reduce our carbon emissions.”

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The Recurrent Problem of Green Scares That Don’t Live Up to the Hype

By Matt Ridley – Re-Blogged From http://www.WattsUpWithThat.com

‘We’ve heard these same stale arguments before,” said President Obama in his speech on climate change last week, referring to those who worry that the Environmental Protection Agency’s carbon-reduction plan may do more harm than good. The trouble is, we’ve heard his stale argument before, too: that we’re doomed if we don’t do what the environmental pressure groups tell us, and saved if we do. And it has frequently turned out to be really bad advice.

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A Visit to the Most Expensive House in America

By Bill Bonner – Re-Blogged From http://www.LewRockwell.com

BALTIMORE, Maryland – Today, a first-hand account of a visit to America’s most expensive private house… and what it tells us about our nation’s fictitious economy.

But first, a headline from Bloomberg yesterday:

Screen Shot 2015-08-21 at 12.27.54 PM

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Don’t Be Fooled By Our Current Price Stability

By Frank Shostak – Re-Blogged From http://www.mises.org

The yearly rate of growth of the personal consumption expenditure (PCE) price index adjusted for food and energy stood at 1.3 percent in June — the same figure as in May. Note that on average since the beginning of this year the yearly rate of growth stood at 1.3 percent. Many economists have expressed satisfaction that the yearly rate of growth has been stable so far notwithstanding that it stood below the Fed’s target of 2 percent.

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July 2015 Global Surface (Land+Ocean) and Lower Troposphere Temperature Anomaly & Model-Data Difference Update

By Bob Tisdale – Re-Blogged From http://www.WattsUpWithThat.com

This post provides an update of the values for the three primary suppliers of global land+ocean surface temperature reconstructions—GISS through July 2015 and HADCRUT4 and NCEI (formerly NCDC) through June 2015—and of the two suppliers of satellite-based lower troposphere temperature composites (RSS and UAH) through July 2015.  It also includes a model-data comparison.

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CRITICAL Support Has Failed!

cropped-bob-shapiro.jpg   By Bob Shapiro

[I’m on vacation this week with my family, including grandkids, and I’ve just located a WiFi hotspot.] The US stock market has been down the last couple of weeks. With the Chinese market losing 9%(!) yesterday, and the US market down 367 more points as I write, it looks like the US downturn may continue to correct from the market’s unsustainably high levels. A “Mean Reversion” to more normal PE levels of 14 could lop off another 6000 points from the Dow. Mean Reversions seldom stop at “Normal Levels,” so an eventual drop over the next couple of years, to Dow 7000 or so, is not out of the question.

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Keeping the Bubble-Boom Going

By Thorsten Polleit – Re-Blogged From http://www.mises.org

The US Federal Reserve is playing with the idea of raising interest rates, possibly as early as September this year. After a six-year period of virtually zero interest rates, a ramping up of borrowing costs will certainly have tremendous consequences. It will be like taking away the punch bowl on which all the party fun rests.

Low Central Bank Rates have been Fueling Asset Price Inflation

The current situation has, of course, a history to it. Around the middle of the 1990s, the Fed’s easy monetary policy — that of Chairman Alan Greenspan — ushered in the “New Economy” boom. Generous credit and money expansion resulted in a pumping up of asset prices, in particular stock prices and their valuations.

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Fed’s ‘Recovery’ Hoax Takes A Pounding

By Rick Ackerman – Re-Blogged From http://www.Silver-Phoenix500.com

It’s always refreshing to see the stock market get the crap kicked out of it, even if it will take a 10,000-point fall in the Dow to cast out the thieves, thimble-riggers, broad-tossers, carny men, grifters, mountebanks and child molesters who have ruled the global banking system for the last umpteen years. The sleazeballs tried to run up stocks yesterday on the latest Fed ‘news’ — and what a shocker it was!  Seems that the ‘done deal’ calling for tightening in September has been undone yet again. Surprise, surprise. We have stuck to our guns on this one, shouting from the rooftops for the last two years that the Fed will NEVER raise rates.

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More Troubling Signs of Minimum Wage Damage on the West Coast, Part II

By – Re-Blogged From http://www.AEI.org

Preliminary results indicate that the increases in the minimum wage this year on the West Coast have had negative employment effects in Los Angeles (for hotel workers, see this CD post) and Seattle (for restaurant workers, see this CD post). There is now additional evidence that the minimum wage increase in San Francisco this year to $12.25 an hour (on the way to $15 on July 1, 2018) is having an adverse effect on the city’s restaurant employment, as Stephen Bronars reports today in Forbes (“Higher Minimum Wages in San Francisco and Seattle Mean Fewer Restaurant Jobs“).

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Weekly Climate and Energy News Roundup #192

The Week That Was: August 15, 2015 – Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Social Benefits of Carbon: Craig Idso of CO2 Science has a post on the Cato web site describing the great benefits of enhanced atmospheric carbon dioxide (CO2). Together with his father Sherwood and brother Keith, the Idsos have built a large repository of studies evaluating the effects of enhanced carbon dioxide, both on land and in waters (oceans). Sherwood and Craig were lead authors of the extensive report, with multiple scientific references, by the Nongovernmental International Panel on Climate Change (NIPCC): Climate Change Reconsidered II: Biological Impacts (2014).

In the current post, Craig draws on this extensive, empirical database to assert:

· ”At a fundamental level, carbon dioxide is the basis of nearly all life on Earth, as it is the primary raw material or “food” that is utilized by plants to produce the organic matter out of which they construct their tissues.

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DOL vs the US Economy

cropped-bob-shapiro.jpg   By Bob Shapiro
The US Government is bloated. Who knew?
Most spending either is duplicative of what already is available in the private, productive sector of the Economy, is actually harmful to the US Economy, or just uses up capital for unneeded programs – capital which would be better spent on the investment which would make all Americans richer. Who knew?
The Department of Labor is just one example of this waste. It pays people to NOT work, so many people don't look for work as hard as they could. It prohibits unskilled workers from getting the jobs which might teach them skills, through the Minimum Wage.
Here is an introductory video from the CATO Institute on D.O.L. and its waste.

We need to get government back under control, and the Department of Labor is a good place to start.

How Keynes Almost Prevented the Keynesian Revolution

By Mark Tovey – Re-Blogged From http://www.Mises.org

October 30, 1929. A brisk autumn’s day in Manhattan. The Savoy-Plaza Hotel’s thirty-three stories cast a long shadow over Central Park. At the base of the hotel a financier lies freshly fallen, motionless, while his last breath, wrenched from the lungs by force of impact, is now a red mist of gore in the air.

Sirens and uniforms. The suicide spot quickly becomes crowded by spectators, who form a vision-impairing ring-fence of backs, much to the annoyance of elbow-throwers at the periphery. Winston Churchill stands at his hotel window looking down on the mess. To nobody’s surprise, the police will find an empty wallet and five margin calls in the dead man’s pockets.1

Churchill’s curtains flutter shut, and we are left to wonder whether anyone — Churchill included — can yet see his clumsy, cigar-wielding hand in it all; whether anyone realizes that, had Churchill as Chancellor of the Exchequer only restored the gold standard at a lower exchange rate, as Keynes had recommended, the Wall Street Crash of 1929 could have been averted (or at least ameliorated).

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Is Earth Warming or Cooling?

By Clyde Spencer – Re-Blogged From http://www.WattsUpWithThat.com

The answer to the question is, “Yes!” Those who believe that Earth is going to Hell in a hand basket, because of anthropogenic carbon dioxide, go to extraordinary lengths to convince the public that uninterrupted warming is occurring at an unprecedented rate. One commonly reads something to the effect that the most recent year was the xth warmest year in the last n years (use your personal preferences for x and n), or that the last n years have been the warmest in the last m years. It is common for NOAA to make claims that current temperatures are higher than some previous year by an amount that is of the same order of magnitude as the uncertainty in the temperature of the year being compared to. [For an extended discussion and analysis of the veracity of these kinds of claims, go to this link: http://www.factcheck.org/2015/04/obama-and-the-warmest-year-on-record/ ] I’d like to start off by examining the logical fallacy of the common idea that these pronouncements support the idea of continued warming. They only provide evidence for it currently being warm!

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China’s Release of Its Peg

cropped-bob-shapiro.jpg   By Bob Shapiro

Last year, in May, the US Dollar began to strengthen against most of the other currencies around the world. More correctly phrased, I believe, is that the other currencies fell against the Dollar, since the US government – running massive Balance of Payments deficits – and the US Central Bank, the Federal Reserve, continued to print paper Dollars with wild abandon.

As the Dollar became relatively more expensive – on average by 20%! – than the currencies of our trading partners, US exports became less competitive than previously, so our exports have fallen. Similarly, other countries’ exports to us – our imports – have fallen in price, and US imports are up dramatically.

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Another Lunatic on Parade

cropped-bob-shapiro.jpg   By Bob Shapiro

Climate Models are the embodiment of theories by several researchers. Nothing more! They do not spit out data – all they do is calculate results based on the creator’s (Model creator!) theory. In EVERY other field of science and mathematics, a Model MUST be validated by comparing the output to te real world. If the Model output disagrees with the real world, then the Model is wrong.

Climate Models have not been validated! So what you may ask. Suppose a drug maker comes out with a new drug, and the testing shows the results do not match the company’s expectations (their models). “But,” they say, “our Models show that this new wonder drug works, and that should be good enough,” and they release their drug onto the US market. My question is, How long before the company execs are thrown in jail?

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Gold, The Fed, Exter’s Pyramid – When John Exter Met Paul Volcker

By Mark O’Byrne – Re-Blogged From http://www.Gold-Eagle.com

GoldCore are blessed to have many well connected, informed and enlightened subscribers and clients throughout the world. On a daily basis, we receive interesting tidbits and insights from all corners of the world.  A common thread in the dialogue with our growing 31,824 email subscribers and wider online and social media following is a genuine concern about the economic, financial and indeed monetary outlook for the world.

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The Economy Is In Liquidation Mode

If you’re an American over a certain age, you remember roller skating rinks (I have no idea if it caught on in other countries). This industry boomed in the 1970’s disco era. However, by the mid 1980’s, the fad was fading. Imagine running a rink company at the end of the craze. You know it is not going to survive for long. How do you operate your business?

You milk it.

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Ignore The Commodity Message At Your Own Peril

By Michael Pento – Re-Blogged From http://www.Gold-Eagle.com

The Thompson Reuters/Jefferies CRB Index (CRB) is back down to the panic lows of early 2009. For those who think the CRB Index says nothing about global growth…invest accordingly at your own peril.

If you believe this commodity crunch is all about some temporary oil supply glut, think again. There are 19 commodities that make up the CRB Index: Aluminum, Cocoa, Coffee, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Lean Hogs, Live Cattle, Natural Gas, Nickel, Orange Juice, Silver, Soybeans, Sugar, Unleaded Gas and Wheat. The value of the weighted average of these commodities is screaming one thing loudly: the rate of global growth is plummeting just as it was at the height of the Great Recession.

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Weekly Climate and Energy News Roundup #191

The Week That Was: August 8, 2015 – Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

The New Plan: On August 3, the Obama Administration announced its plan to control the production of electricity in the US in the name of protecting the planet from human-caused climate change, even though climate change has been occurring long before humanity existed. The administration’s plan is embodied in a 1560-page regulation released by the EPA titled the Final Rule, “Clean Power Plan” (CPP), to be published in the Federal Register sometime in the future. It is not until the rule is published in the Federal Register that activities such as litigation against it can begin, without the courts considering the litigation premature. The most important rules are on power plants operating today rather than those to be built or those which have to be modified or re-built.

The Final Rule contains major changes to the draft CPP including increasing the time given to the several states to comply with the rules by 2 years. Overall, the plan mandates that the states, together, reduce their emissions of carbon dioxide (CO2) by 32 percent below 2005 levels by 2030, a more stringent mandate than 30% in the earlier version. However, mandates to the states changed in what appears to be clear political bias, with states controlled by democrats seeing their mandates reduced while those controlled by republicans seeing their mandates increased.

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Game Theory & Retirement Choices – Should You Get Yours, Before Everyone Else Tries To Get Theirs?

By Daniel R. Amerman, CFA – Re–Blogged From http://danielamerman.com

Game theory is a hot topic in many fields right now and for good reason – it can uncover better ways of making decisions, that are often otherwise missed. A particularly good example is the uncommon insights that game theory can deliver for us when it comes to making better retirement decisions.

For our decision-making “game”, let’s say there is a $1 million pool of money to be split between you and nine other people. If you wait until the end of ten years to cash out – you and everyone else are promised that you’ll be equally entitled to $250,000 each.

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Really Measuring Real GDP

cropped-bob-shapiro.jpg   By Bob Shapiro

Consider two families. Both have a weekly income of $1000, and both spend it all.

Next year, one family gets a $30 raise (3%) and again spends it all ($1030). The second family does not get a raise, but it borrows $30 and spends all $1030.

Question: Are both families doing just as well, or is one doing better than the other?

My guess is that you can see that it is earnings which are important, rather than spending. I expect that you will agree that family one is 3% better off than family two, which borrowed 3% to match the spending of family one.

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A Simple Tale About Switching To Renewable Power: Requirements & Consequences

By Don Bogard – Re-Blogged From http://www.WattsUpWithThat.com

The tale below is fictional, but every one of its elements and issues has been or will be experienced somewhere in the process of switching electrical power production from fossil fuels to renewable wind and solar. Hopefully this tale will illustrate in a non-technical way some of these complications and potential issues that can and often will arise. My reference to “city” and “government” and “city fathers” are generic and could apply to different entities and scales.

Visualize a medium-size city with two very functional electrical power plants, each producing 500 Mega-watts of electricity, with one fueled by coal and one by natural gas. (About 2/3 of U.S. power is produced from these two sources.) The government decrees that this city must reduce its CO2 emissions. The city fathers decide to retire their coal-fired plant because it generates more CO2 and replace it with 350, General Electric (G.E.) 1.5 Mega-watt wind towers (total rated capacity 525 M-watt). The entire city celebrates over their good fortune in moving into a modern era of green energy. The mood is jovial.

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The Trouble with Global Climate Models

By Rud Istvan – Re-Blogged From http://www.WattsUpWithThat.com

The IPCC’s Fifth Assessment Report, Working Group 1 (AR5 WG1) Summary for Policy Makers (SPM) was clear about the associated Coupled Model Intercomparison Project (CMIP5) archive of atmosphere/ocean general circulation models (AOGCMs, hereafter just GCM). CMIP5 results are available via the Royal [Koninklijk] Netherlands Meteorological Institute (KNMI). The SPM said about CMIP5:

§D.1 Climate models have improved since the AR4. Models reproduce observed continental-scale surface temperature patterns and trends over many decades, including the more rapid warming since the mid-20th century and the cooling immediately following large volcanic eruptions (very high confidence).

§D.2 Observational and model studies of temperature change, climate feedbacks and changes in the Earth’s energy budget together provide confidence in the magnitude of global warming in response to past and future forcing.

Neither statement is true, as the now infamous CMIP5/pause divergence proves (illustrated below). CO2 continued to increase; temperature didn’t.

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56.5% Tax on Dividends & US Competitiveness

Here are a pair of articles of interest – Re-Blogged From NewsMax

Top Tax on U.S. Dividends Actually 56.5 Percent

The top federal tax on dividends is stated at 23.8 percent, one of the highest rates in the developed worlds, but the total tax is actually much higher — 56.5 percent, according to an analysis by the Tax Foundation.

The current federal top marginal tax rate on dividend income is 23.8 percent for individuals with an adjusted gross income of $200,000 or more and for married couples earning at least $250,000 and filing jointly.

That figure represents a 20 percent rate on dividends plus a 3.8 percent tax on unearned income to fund Obamacare.

But 43 of the 50 states also levy a tax on dividends, with the highest rate, 13.3 percent, in California, followed by Hawaii (11 percent).

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Six Headlines From 2009 Telling Us Important News About 2015’s Climate

By Larry Kummer – Re-Blogged From Fabius Maximus

Today we have six headlines telling an important story about us and climate change.

Six years ago began a new chapter in one of the most incompetently run campaigns ever, the preparation for the Copenhagen Climate Change Conference in December 2009. The following snippets show one theme from that massive bombardment of stories intended to arouse people’s fear and so create a stampede for far-reaching public policy measures to save the world. These headlines warned that the end was near and time was running out.

(1) President ‘has four years to save Earth’” says climate scientist James Hansen in The Guardian, 17 January 2009.

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The Unseen Consequences of Zero-Interest-Rate Policy

By – Re-Blogged From http://www.mises.org

In a dynamic economy, an action not only triggers just one effect, but always an entire series of different consequences. While the cause of the first effect is easily recognizable, the other effects often occur only later and no such recognition occurs. Frédéric Bastiat described this phenomenon in 1850 in his ground-breaking essay “What Is Seen and What is Not Seen”:

In the economic sphere, an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them …

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How the Federal Government Betrayed Millennials

By Veronique de Rugy – Re-Blogged From http://www.Reason.com

Candidates running for president should take the following warning seriously: Years of bad government policies catering to interest groups have created a generation of young people facing tremendous challenges in the labor market and little chance to experience the good old American dream. We can hope that someone will put this government-created generation of disinherited at the center of his or her platform.

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Charles Koch: Climate Models Need to be Falsifiable

By Eric Worrall – Re-Blogged From http://www.WattsUpWithThat.com

Charles Koch has given a rare interview to the [Washington Post]   New York Times, covering a range of issues, including Climate Change.

So what does Koch think about Climate Change?

Q: Are you worried about climate change?

A: Well, I mean I believe it’s been warming some. There’s a big debate on that, because it depends on whether you use satellite measurements, balloon, or you use ground ones that have been adjusted. But there has been warming. The CO2 goes up, the CO2 has probably contributed to that. But they say it’s going to be catastrophic. There is no evidence to that. They have these models that show it, but the models don’t work … To be scientific, it has to be testable and refutable. And so I mean, it has elements of science in it, and then of conjecture, ideology and politics. So do we want to create a catastrophe today in the economy because of some speculation based on models that don’t work? Those are my questions. But believe me, I spent my whole life studying science and the philosophy of science, and our whole company is committed to science. We have all sorts of scientific developments. But I want it to be real science, not politicized science.

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The Rumblings of War

By Bill Holter – Re-Blogged From http://www.jsmineset.com

Shock of all shocks, the IMF announced the Chinese yuan will not be admitted into the SDR until at least Sept. 2016.  http://www.bloomberg.com/news/articles/2015-08-04/imf-says-more-work-needed-before-yuan-reserve-currency-decision  What exactly does this mean?  I can tell you the gold community is so shell shocked and fearful at this point, it “must be bad for gold”, right?  Going back a couple of weeks, China announced they had accumulated another 600 tons or so of gold to the near panic of precious metals investors.  This announcement would be used as another shot at taking price down because the Chinese “don’t like gold as much as we thought”.  This was the prevailing sentiment.

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What Kind of “Improvement” Does the Fed Want?

By Peter Schiff – Re-Blogged From http://www.europac.com

Over the past few years observing changes in Federal Reserve interest rate policy has been a little like watching paint dry or grass grow…only not as exciting. That’s because the Fed has not changed its benchmark Fed Funds rate since 2008 (Federal Reserve, FOMC). So with nothing else to talk about, Fed observers have focused on the minute changes in language that are included in Fed Policy statements. The minuscule revision in the July statement was the inclusion of the word “additional” to the “labor market improvements” that the Fed wants to see before finally pulling the trigger on its long-awaited rate increases. That should lead to a discussion of what kind of “additional” improvements those could be.

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Executive Order For Your Gold

By Chris Vermeulen – Re-Blogged From http://www.Gold-Eagle.com

When America was deep into The Depression of 1933, the stage was set for an act of unprecedented proportions. History shows a wicked warlock at work.

On March 6, 1933, Executive Order (EO) 6073 was passed by Franklin Delano Roosevelt (FDR), the 32nd President of the United States in an attempt to solve the dire banking crisis. Executive orders have been around since 1789, allowing Presidents to issue legally binding orders unilaterally, without the consent of Congress. During his Presidential tenure, from 1933 to 1945, Roosevelt would issue 3,728 Executive Orders.

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REAL Yield Purchasing Power

cropped-bob-shapiro.jpg   By Bob Shapiro

I read an article by Keith Weiner, which highlighted the evil that is interest rate suppression – sometimes called financial repression. He points out that, after a lifetime of saving, a senior earning near zero interest return on his money would be forced to liquidate his savings to live.

He’s absolutely right, but he gives a false impression when he starts comparing today’s “Yield Purchasing Power” with the experience from 1979. Keith dismisses the importance of rising prices as he concentrates on yield, but it’s the REAL yield which matters.

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List of IMF and BIS Systemic Risk Warnings

Re-Blogged From http://lonestarwhitehouse.blogspot.com

Over the past year we have documented numerous warnings which the IMF and the Bank for International Settlements (BIS) have issued in regards to risks that exist to the stability of the global financial system. Some of the warnings come directly from IMF and BIS officials and publications. One comes from a speech by BIS General Manager Jaime Caruana. Others come from articles appearing on the IMF Direct blog. One is a link to former IMF Peter Doyle who says despite issuing risk warnings, the IMF has failed in providing early warnings for systemic crisis.

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Here Comes The Next Trillion-Dollar Bailout

By John Rubino – Re-Blogged From http://www.Silver-Phoenix500.com

As boxers like to say, it’s the punch you don’t see that knocks you out.

In a world where a growing part of the financial system is hidden from view and excluded from official statistics, those are words to remember. A couple of examples from the 2008-2009 crisis:

  • Fannie Mae and Freddie Mac were private companies through which the federal government funneled a lot of mortgage debt and to which it granted a kind of de facto backing, though it asserted confidently that this would never be needed. When the real estate bubble (inflated in large part by Fannie and Freddie) popped, government — read taxpayers — had to assume responsibility for pretty much the whole $10 trillion US housing sector.
  • Over-the-counter derivatives are largely hidden by bank and hedge fund accounting tricks, but when that market blew up in 2008 it turned out that AIG, the world’s biggest insurance company, had enough of the instruments to bring down the whole financial system. The result was another huge bailout with taxpayer cash.

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China’s Secret Gold Hoarding Strategy

By Stefan Gleason – Re-Blogged From http://www.Gold-Eagle.com

China’s recent stock market gyrations have some analysts now calling China the biggest bubble in history.  But those who write off China because of market volatility are missing a more important long-term trend of Chinese geopolitical and monetary ascendancy.  That trend shows no signs of abating.

China’s leaders have a clever strategy, and Western financial powers may someday wake up in shock when they realize what has occurred.

It’s true that the Chinese government has helped fuel artificial demand for property and equities.  China skeptics who argue that these artificially inflated markets will crash to much lower levels could well prove to be correct.  Some China doubters also argue that a downturn in China’s economy will put downward pressure on commodity prices.

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Weekly Climate and Energy News Roundup #190

The Week That Was: August 1, 2015 – Brought to You by www.SEPP.org  The Science and Environmental Policy Project

Brief TWTW This Week

This TWTW is very brief. It focuses on two recent articles by S. Fred Singer of scientific importance: 1) Editor of Science Magazine Should Resign!; and 2) A Paradigm Change: Re-directing public concern from Global Warming to Global Cooling. The normal TWTW will resume next week.

We are at the 33rd Annual Meeting of the Doctors for Disaster Preparedness titled: “Myths, Superstitions, and Real Threats Confronting America.” Fred Singer discussed the threat of a new cold period. Ken Haapala discussed the National Climate Assessment.

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The 2015 Untrustworthies Report——Why Social Security Could Be Bankrupt In 12 Years

By David Stockman – ReBloged From http://davidstockmanscontracorner.com/

The so-called “trustees” of the social security system issued their annual report last week and the stenographers of the financial press dutifully reported that the day of reckoning when the trust funds run dry has been put off another year—-until 2034. So take a breath and kick the can. That’s five Presidential elections away!

Except that is not what the report really says. On a cash basis, the OASDI (retirement and disability) funds spent $859 billion during 2014 but took in only $786 billion in taxes, thereby generating $73 billion in red ink.  And by the trustees’ own reckoning, the OASDI funds will spew a cumulative cash deficit of $1.6 trillion during the 12-years covering 2015-2026.

So measured by the only thing that matters—-hard cash income and outgo—-the social security system has already gone bust. What’s more, even under the White House’s rosy scenario budget forecasts, general fund outlays will exceed general revenues ex-payroll taxes by $8 trillion over the next twelve years.

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Investment Legends Warn Of A Systemic Event

By Graham Summers – Re-Blogged From http://www.Gold-Eagle.com

More and more insiders are warning of a potential systemic event. The first sign of real trouble concerned a number of investment legends choosing to close shop and return investors’ capital.

The first real titan to bow out was Stanley Druckenmiller. Druckenmiller maintained average annual gains of nearly 30% for 30 years. He is arguably one of if not the greatest investor of the last three decades.  In 2010, he chose to close shop, foregoing billions in management fees.

Druckenmiller was not alone. In 2011, investment legend Carl Icahn closed his hedge fund to outside investors. Again, here was an investment legend who could lock in billions in investment management fees choosing to close up shop.  He has since stated he is “extremely worried” about stocks.

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