“An economic recovery based around high debt is really no recovery” … Charles Hugh Smith: The next financial crisis is right on schedule (2019) … Michael Moore predicts ‘evil genius’ Trump will be a two-term president … Tesla share plunge on news of criminal investigation of Musk’s tweets … Gold and silver open the week […]
Top Ten Videos — September 17
Catherine Austin Fitts on the impact of “reverse globalization” on “submerged emerging markets” … Ray Dalio on the six stages of bubble markets: “We’re in the 7th inning of the cycle” … Robert Kiyosaki: “You gold bugs are going to love this” … Nouriel Roubini predicts “perfect storm” in 2020 … […]
Yet Another Trillion-Dollar Unfunded Liability: Too Many People In Hurricane Alley
One of the big recent changes in American life is the ongoing mass-migration from the middle of the country to the coasts, especially those of the Southeastern and Gulf States. Florida and the Carolinas, along with Houston and surrounding Texas counties, have gained millions of new residents seeking to trade snow and monotony for sun […]
The Paper Gold Market Is Screaming “Short Squeeze”
Every once in a while the trading action in a given market breaks through its historically normal boundaries and starts exploring new territory. This can mean one of two things: Either something fundamental has changed, creating a “new normal” to which participants will have to adapt. Or the extreme move is a temporary aberration that […]
From Buenos Aires To Nashville: The Emerging Market Crisis Spreads From Periphery To Core
This is the last emerging market crisis story for a while, promise. But one angle – exactly how a plunging currency in a far-off place affects supposedly stable markets like the US – is worth exploring because it’s happening right this minute. Let’s start with the choices facing an American or European investor who needs […]
Even Mortgage Lenders Are Repeating Their 2006 Mistakes
You’d think the previous decade’s housing bust would still be fresh in the minds of mortgage lenders, if no one else. But apparently not. One of the drivers of that bubble was the emergence of private label mortgage “originators” who, as the name implies, simply created mortgages and then sold them off to securitizers, who […]
Gold And Silver Are Acting Like It’s 2008. They May Be Right
2008 has special significance for gold bugs, both because of the money they lost in August of year and the money they made in the half-decade that followed. Today’s world is beginning to feel eerily similar. Let’s start with a little background. The mid-2000s economy boomed in part because artificially low interest rates had ignited […]
More Emerging Market Chaos – How Long Before It Spreads To The Developed World?
Emerging market chaos is now front page news. Let’s start with Argentina, where the peso has resumed its plunge: In response: Argentina Central Bank hikes interest rate to 60 percent (AP) — Argentina’s Central Bank has increased its benchmark interest rate to 60 percent in efforts to halt a sharp slide in the value of […]
Let The Emerging Market Bailouts Begin: “We Don’t Have Much Choice”
To understand why Europe is watching Turkey’s financial crisis with alarm, you just have to see this chart: Spanish – and to a lesser extent French and Italian – banks have lent a lot of money to Turkey. So as that country spins closer to default, those banks and their governments are in danger of […]
Boring, Then Not Boring: What Happens When A Junior Gold Miner Gets It Right
Back in June Jay Taylor’s Gold, Energy & Tech Stocks newsletter published a nice write-up on a junior gold miner called Great Bear Resources, which included the following: What struck me initially about Great Bear was not only the high-grade gold drill intercepts but also the consistency of economic grade intercepts in the Red Lake […]
Is Tunisia the next emerging market to implode?
Seems like every few days a new developing country discovers that it can’t pay back the dollars and/or euros it borrowed back when “external foreign currency debt” seemed like a good thing. Next up: Tunisia, apparently. From today’s Wall Street Journal: Nation That Sparked Arab Spring Finds Itself a Springboard for Illegal Migration AL ATAYA, […]
Great News For (The Remaining) Gold Bugs: Gold AND Silver Futures Speculators Are Now Net Short
Google “yield curve inversion” and you’ll see that analysts have been waiting for this indicator to send its big signal for years. It’s getting close, so expect a flood of breathless/ominous headlines when it finally happens. The precious metals market has a similarly rare and portentous indicator: “net short speculators.” But today this one actually […]
Here’s How “External Dollar Debt” Produces An “Emerging Market Crisis”
Emerging market currencies are collapsing pretty much everywhere these days. But it’s safe to assume that most people don’t understand exactly what’s causing this outbreak, why it’s happening now, or what “external dollar debt” has to do with it. So here’s a quick primer followed by the obligatory apocalyptic prediction: Prelude: cheap dollar financing Pretend […]
Spectacular Gold COT Report: Prepare For A Huge Six Months
No need to mince words anymore. If the futures market still influences gold’s price, then that price is going to spike. And silver is better than gold. Since January, gold futures speculators have been trending from extremely bullish to scared short. And in the week ending last Tuesday (the most recent data available) they appeared […]
Why Aren’t Widespread Labor Shortages Translating Into Roaring Wage Inflation?
Google “labor shortage” or “wage hikes” and the result is a picture of an overheating economy. Some examples from August 10: 911 Emergency: Call Centers Can’t Find Workers Why Disneyland’s $15-an-hour labor deal is a win for workers everywhere Colorado small businesses seek help with labor shortage Washington growers struggle with labor shortage Now hiring: […]
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