Trying to find the details within the U.K-EU Brexit deal is more difficult than finding evidence of a Yeti. The negotiating team secrecy is inherent to the way the elites within the European systems work. Essentially the “betters” rule the proles by hiding the details and relying upon the electorate to “trust” the outlined framework […]
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Mexico’s President Obrador Gives Democrats the Pledges They Were Looking for on USMCA Trade Deal…
Mexican President Andrés Manuel López Obrador vowed in writing Thursday to pursue the labor reforms that House Democrats say are crucial if they are to support President Trump’s U.S.-Mexico-Canada agreement on trade. Democrats welcomed Mexico’s pledge on the trade deal, which would replace the 1993 North American Free Trade Agreement. “Our government is committed to […]
Nancy Pelosi’s USMCA Strategy for 2020 is Contingent Upon the Canadian Election…
Earlier today Nancy Pelosi was questioned about why the House was not voting to pass the USMCA trade agreement. Speaker Pelosi immediately fell back upon her talking point: “we are working toward yes.” This is complete hogwash. There are no discussions. Pelosi is doing what Pelosi does best, politicizing anything positive for the U.S. economy […]
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UAW Sending GM Deal to Members; Strike Continues…
The United Auto Workers is sending a tentative agreement with General Motors Co. to its members, the union said Thursday, that promises permanent jobs for temporary employees, record ratification bonuses and the elimination of a cap on profit sharing. Workers would stay on strike until ratification. The proposed contract would give 3% base-wage increases in […]
Libra Is Dead: eBay, Stripe, Visa and MasterCard All Abandon Facebook’s Cryptocurrency…
One week after we reported that Facebook’s Libra stablecoin project, Libra, was imploding, as online payment giant PayPal quite the Libra network, we can now set the time of death to today – that’s when first eBay, then Stripe and finally Mastercard all abandoned Mark Zuckerberg’s pet “cryptocurrency” (which was anything but) project. As the […]
After Unveiling ‘NotQE’, Fed Eases Liquidity Rules for Foreign Banks (Rescues Deutsche)…
Having cracked down on Deutsche Bank in the past, The Fed appears to be playing good-regulator/bad-regulator as The FT reports that Deutsche is expected to benefit most from an imminent change in The Fed’s liquidity rules. Specifically, US banking regulators have dropped an idea to subject local branches of foreign banks to tough new liquidity […]
Bloomberg Purges Investigative Work on the Fed’s Secret Trillions in Loans During Wall Street’s 2008 Financial Meltdown…
Mark Pittman was the Bloomberg News reporter responsible for the Bloomberg lawsuit against the Federal Reserve seeking the names of the banks and their share of the trillions of dollars that the Fed was secretly funneling to them during the financial crisis. Pittman had already shared in a Gerald Loeb award for Bloomberg’s five-part series, […]
President Trump and Vice Premier Liu He Announce “Phase One” Trade Agreement – Video…
President Trump, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Mnuchin gathered with their Chinese counterparts in the Oval Office for a lengthy announcement of “phase-one” of a U.S-China trade agreement. Vice-Premier Liu He leads the Chinese delegation. [No point sheet on USTR website yet] According to the presser: Phase One has reached ‘agreement in […]
A Secretive Committee of Wall Street Insiders Is the Least of the New York Fed’s Concerns…
In July 17, Mary Callahan Erdoes, head of JPMorgan Chase & Co.’s $2.2 trillion asset and wealth management division, walked into the wood-paneled tenth-floor conference room at the Federal Reserve Bank of New York to address some fellow Wall Street luminaries — Bridgewater Associates’ Ray Dalio, Dawn Fitzpatrick of Soros Fund Management, short-seller Jim Chanos, […]
Where Are the Hundreds of Billions in Loans from the Fed Actually Going on Wall Street?…
No one can say with any certainty where the hundreds of billions of dollars that the Federal Reserve has been pumping into Wall Street since September 17 are actually ending up. The Fed is not releasing the names of which of its primary dealers (securities firms) are taking the lion’s share of the loans nor […]
“Panic at the Repo”: One of the World’s Top Repo Experts Explains What Really Happened…
Panic At The Repo: As a professional trader, I keep an eye out for the next panic or market crisis. Since the beginning of my career, there was a crash or panic every few years in one market or another. You try to think about what market is overbought. What market is in a bubble. […]
Fed’s Powell Admits a Bigger Bailout for Wall Street Is Coming; Fed’s Balance Sheet Ballooned by $176 Billion Since September…
Yesterday, at a speaking event in Denver at the National Association of Business Economists, Federal Reserve Chairman Jerome Powell acknowledged that a larger, long-term bailout of Wall Street is coming. His two key points were buried in a subterfuge of puffery but came across loud and clear: “…my colleagues and I will soon announce measures […]
U.S. Signs Trade Agreement with Japan…
The United States and Japan signed on Oct. 7 a trade agreement that would open up markets to 7 billion dollars worth of U.S. agricultural goods. “This is a huge victory for America’s farmers, ranchers and growers. And that’s very important to me,” President Donald Trump said in a signing ceremony at the White House. […]
Sept. Jobs Report: 136,000 New Jobs, Unemployment Drops to 3.5% – Lowest in 50 Years…
MAGAnomics – Lowest Unemployment in 50 Years! The Bureau of Labor Statistics releases the September jobs report. 136,000 jobs were added to the economy and the unemployment rate falls to 3.5%, the lowest since 1969. Demand for workers remains strong (Table A-1). Overall employment is very stable across all sectors (Table B-1) and wage growth […]
There’s Nothing Normal About the Fed Pumping Hundreds of Billions Weekly to Unnamed Banks on Wall Street: “Somebody’s Got a Problem”…
Yesterday, the House Financial Services Committee released its hearing schedule for October. There is not a peep about holding a hearing on the unprecedented hundreds of billions of dollars that the Federal Reserve Bank of New York is pumping into unnamed banks on Wall Street at a time when there is no public acknowledgement of […]
Massive $7.5 Billion U.S. Award from WTO in Airbus Subsidy Case – Sets Stage for Countervailing Duties Against EU…
Jumpin’ ju-ju bones – The Trump administration via U.S. Trade Rep Robert Lighthizer and Commerce Secretary Wilbur Ross won a massive $7.5 billion award as an outcome of the World Trade Organization agreeing with the U.S. against the EU and Airbus subsidies. The WTO arbitrators decision is final and cannot be appealed. This win sets […]
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Americans Spent More on Taxes in 2018 Than on Food, Clothing and Health Care Combined…
Americans on average spent more on taxes in 2018 than they did on the basic necessities of food, clothing and health care combined, according to the Bureau of Labor Statistics Consumer Expenditure Survey. The survey’s recently published Table R-1 for 2018 lists the average “detailed expenditures” of what the BLS calls “consumer units.” “Consumer units,” […]
Forever 21 Will Close 350 Stores As It Files for Bankruptcy…
Forever 21, the fast fashion clothing retailer and a staple of malls around the country, announced it has filed for bankruptcy and will close hundreds of stores, a move that underscores the struggles brick-and-mortar stores are facing among the rise in e-commerce. The California-based company, which boasts 800 stores worldwide, plans to shutter 350 stores, […]
The Repo Loan Crisis, Dead Bankers, and Deutsche Bank: Timeline of Events…
Last week, as the Fed was carrying out hundreds of billions of dollars in emergency loan operations on Wall Street for the second week in a row – the first such operations since the financial crisis – Deutsche Bank’s headquarters office in Frankfurt, Germany was being raided by police for the second time in less […]
White House Deliberates Block on All U.S. Investments in China…
The White House is weighing some curbs on U.S. investments in China, a source familiar with the matter told CNBC. This discussion includes possibly blocking all U.S. financial investments in Chinese companies, the source said. It’s in the preliminary stages and nothing has been decided, the source said. There’s also no time frame for their […]
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