Death Of The Great Recovery (Part 2): The Second Coming Of Carmageddon

By David Haggith – Re-Blogged From http://www.Silver-Phoenix500.com

Like the disintegration of the formerly charmed stock market, the return of Carmageddon is right on schedule. I had stated early last year that one of the first cracks in our economy to become evident would be the crash of the car industry.

That crack materialized as promised, but then Hurricanes Harvey and Irma showed up to flood a million automobiles. Before any statistics materialized to show the economic impacts of those storms, I wrote the following revision for the dates of Carmageddon:

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Ford Plans $11.5 Billion in Extra Cuts, Killing Most US Cars

By Bloomberg – Re-Blogged From Newsmax

Ford Motor Co. is cleaving an additional $11.5 billion from spending plans and dropping several sedans, including the Fusion and Taurus, from its lineup to more quickly reach an elusive profit target.

The automaker is almost doubling a cost-cutting goal to $25.5 billion by 2022, Chief Financial Officer Bob Shanks told reporters Wednesday. By not investing in next generations of any car for North America except the Mustang, the company now anticipates it’ll reach an 8 percent profit margin by 2020, two years ahead of schedule.

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Repealing Fuel Economy Standards Might Liberate Consumer Choice

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

The LA Times is worried that rolling back fuel economy standards might allow drivers to choose the solidly built gas guzzling cars they want instead of being forced to buy climate friendly plastic boxes on wheels.

Schwarzenegger being forced to drive a gas guzzling Hummer by “big oil”.

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Three Mini-Bubbles Burst. Is One Of The Big Ones Next?

By John Rubino – Re-Blogged From Dollar Collapse

Financial crises tend to start at the periphery and work their way into a system’s core. Think subprime mortgages (a tiny little niche of a few hundred billion dollars) that blew up in 2007 and nearly brought the curtain down on the whole show.

There’s no guarantee that the same dynamic will play out this time, but stage one – the bursting of peripheral bubbles – has definitely arrived, with three in progress as this is written.

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Chinese Invade Oil Realm

By Jim Willie – Re-Blogged From http://www.Gold-Eagle.com

China is working a strategy with the Saudis. Since the last months of 2017, the Jackass has been firm that the ARAMCO deal for IPO stock introduction might never occur. And if it did, then Hong Kong might be the only location for the IPO launch. It seems that disclosure and transparency is non-existent to this Arab kingdom. Now the stock listing might be in Riyadh and nowhere else. Imagine the risk to brokerage houses if the truth comes out, that the Saudi oil reserves are only 20% to 40% of the disclosed amount, a grand lie and deep fraud. Such will not stop China from investing privately in ARAMCO, since it would serve two purposes. It would enable huge diverse participation in the Saudi Economy, which contains a second treasure trove of minerals. It would enable the Chinese to purchase Saudi oil in RMB terms for payment. In the last month, the Russians confirmed an equally sized investment stake in ARAMCO. If the Chinese sit on the ARAMCO board of directors, they will surely convince the Saudis to alter the payment method in approval. It could be a primary part of the deal.

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As Trump Weighs Tariff, US Steelmakers Enjoy Rising Profits

Re-Blogged From Newsmax

The Trump administration has chosen an odd time to offer special protection to the U.S. steel industry.

As President Donald Trump prepares to impose a 25 percent tax on imported steel, America’s steelmakers are actually faring pretty well: The U.S. steel industry last year earned more than $2.8 billion, up from $714 million in 2016 and a loss in 2015, according to the Commerce Department. And the industry added more than 8,000 jobs between January 2017 and January 2018.

Even before Trump mentioned the tariff last Thursday, the price of the benchmark U.S.-made hot-rolled steel had reached the highest level since May 2011, according to S&P Global Platts. The price surged even higher on the tariff news.

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In Defense of the Electric Car – Part 1

[Full disclosure: I own an electric car, and I think they are useful for city transportation. However, having owned one for a decade, I can say that it hasn’t been practical or cost-effective. John Hardy believes they are the future, I’ll let you, the reader, decide. – Anthony Watts]

By John Hardy – Re-Blogged From http://www.WattsUpWithThat.com

Preamble

In the West, almost all climate change activists consider Electric Vehicles (EVs) important because they are believed to emit less CO2 per mile. In contrast, many (but not all) climate sceptics consider them a waste of space because they regard them as a solution to a non-problem: they believe that all that EVs are good for is virtue signalling.

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