Dominion Energy Inc. began work to install cables for a wind farm in the Atlantic Ocean near Virginia, marking the start of construction on the second such facility off the U.S. coast. The Richmond, Virginia-based utility owner is working with Denmark’s Orsted A/S to install the two 6-megawatt turbines 27 miles (43 kilometers) east of […]
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America’s Concealed Crisis: Fifty Years of Economic Decline, 1969 to 2019…
What if the “prosperity” of the past 50 years is mostly a statistical mirage for the bottom 80% of households? What if whatever real gains (adjusted for real-world loss of purchasing power) accrued only to the top of the wealth-power pyramid, those closest to financial and political power? What if the U.S. economy and society […]
U.S. Oil Output Tops 12 Million Barrels a Day for First Time…
U.S. crude output soared to new heights in April, highlighting OPEC’s dilemma just days before the producer group meets amid growing geopolitical threats. A government report on Friday showed U.S. production grew 2.1% in April to 12.16 million barrels a day. Booming shale production from places like the Permian basin of West Texas have enabled […]
Economist Nouriel Roubini Compares Crypto Coin Market to “Cocaine’s Drug Pushers”…
While the Securities and Exchange Commission and Congress finesse a delicate dance around the potential criminality of Bitcoin trading and other cryptocurrencies, NYU Professor and economist Nouriel Roubini has launched a savage attack on the “currencies,” calling them “a joke,” a “scam,” a “sh*tcoin,” and no better than “cocaine drug pushers.” Not to put too […]
It’s No Bitcoin: Facebook’s Libra Currency Is Tied to Government Currencies…
Nobel laureate F.A. Hayek was, as he says in the 1990 introduction to his Denationalization of Money: The Argument Refined, one of the chief “gold bugs” of the 20th century. And he reminded us, so long as politicians want to control money, gold-backed currency is essential to protect our liberty from the politics of inflation. […]
Oil Prices Hinge on These Two Major Events…
We are just days away from two major events that could influence not just oil markets over the next few months, but also trajectory for the entire global economy. The G20 summit is about to begin in Osaka, Japan, an event that is more often than not a rather dull affair. While the leaders involved […]
Wall Street Wins OK for Payouts Worth Billions in Fed Stress Tests…
The largest U.S. banks are poised to return billions of dollars to investors after Federal Reserve stress tests showed planned dividends and stock buybacks wouldn’t leave them too weak to survive a harsh economic downturn. Under the most severe test scenario, a recession with unemployment spiking to 10% and the Dow Jones Industrial Average falling […]
Wall Street Banks, in Drag as Trade Associations, Fight Indictments for Manipulating Precious Metals Markets…
On July 18 of last year, the U.S. Department of Justice indicted two Merrill Lynch precious metals traders, Edward Bases and John Pacilio, charging them each with one count of conspiracy to commit wire fraud affecting a financial institution and one count of commodities fraud each. Pacilio was further charged with five counts of spoofing. […]
The Wolves Have Turned on Each Other on Wall Street…
Some decades back, the late MIT economist Lester Thurow wrote this: “Essentially, the economic problem is like that of the wolf and the caribou. If the wolves eat all the caribou, the wolves also vanish.” What Thurow did not take into consideration is that if the wolf pack is large enough, it can survive for […]
Merrill Lynch Caught Criminally Manipulating Precious Metals Market “Thousands Of Times” Over 6 Years…
Remember when it was pure tinfoil-hat conspiracy theory to accuse one or more banks of aggressively, compulsively and systematically manipulating the precious metals – i.e., gold and silver – market? We do, after all we made the claim over and over, while demonstrating clearly just how said manipulation was taking place, often in real time. […]
House Passes $383 Billion Spending Package…
The House passed a $383 billion spending package on Tuesday, which includes funding for a number of different government agencies. The package included five funding bills and passed the House in a vote of 227-194. It includes funds for Commerce and Justice; Agriculture, Interior, Environment; Military Construction and Veterans Affairs; and Transportation, Housing, and Urban […]
President Trump Announces Executive Order on Healthcare Price Transparency…
We’re here to announce new groundbreaking actions that we’re taking to dramatically increase quality, affordability, and fairness to our healthcare system. This landmark initiative continues our campaign to put American patients first. This is a truly big action. People have no idea how big it is. Some people say bigger than healthcare itself. This is […]
Today’s Wall Street Has All the Hallmarks of Tulip Mania…
In her 2007 book, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age, Anne Goldgar writes that “the f1000 one might pay in January 1637 for one hypothetical Admirael van der Eyck bulb,” could have bought “a modest house in Haarlem,” or “nearly three years’ wages” of a master carpenter. Comparing that to U.S. […]
Supreme Court Refuses to Hear Challenge to Trump’s Steel Tariffs…
The U.S. Supreme Court refused to question President Donald Trump’s imposition of more than $4 billion in steel tariffs, turning away an appeal that challenged his use of national security as the legal justification for his trade agenda. The appeal by a steel industry trade group and two of its members contended that the provision […]
Trump Just Revolutionized Health Care — And Nobody Noticed…
Few have ever heard of “Health Reimbursement Accounts,” but they could fundamentally change the nation’s health care system — for the better — and destroy the Democrats’ case for socialized health care. Late last week, the Trump administration finalized rules that will let companies put money into tax-exempt HRAs that their employees could then used […]
Apple, Black & Decker and Steve Madden Among U.S. Companies Moving Production Out of China. Full List…
Apple is reportedly considering moving up to 30 percent of their production from China to Southeast Asia, the latest company to join a small but growing list of firms that are evaluating their supply chains in the region amid continued trade tensions with the U.S. While the spat between the U.S. and China spurred the […]
Mexico’s Senate Approves Trade Deal with U.S., Canada…
Mexico’s Senate voted overwhelmingly on June 19 to ratify a new free trade agreement with the United States and Canada, making it the first of the three countries to gain legislative approval. Mexico’s upper chamber voted 114 to four with three abstentions in favor of the U.S.-Mexico-Canada Agreement, or USMCA. U.S. President Donald Trump had […]
There It is – Chairman Xi Jinping Announces Magnanimous Panda: DPRK Hostage Release is “Correct Direction”…
As we noted on Day #1, if we watch how Beijing scripts the messaging we should be able to identify if Chairman Xi Jinping is taking the dragon approach toward his captive Kim Jong Un, or if Xi would instead reshape the geopolitics by announcing his release of Kim as a hostage: The magnanimous panda […]
Midwest Corn Farmer on Planting Season: ‘Disaster like I’ve never seen before’…
It’s a tough decision that many of the Midwest’s farmers had to make this month: To plant, or not to plant. James McCune’s corn fields in western Illinois are typically covered with rows of hardy, knee-high corn this time of year. Instead, in 2019, five of every six acres he farms sit unplanted, pockmarked with […]
Fed Scraps Its ‘Patient’ Interest Rate Approach in Prelude to Potential Cut…
The Federal Reserve indicated a readiness to lower interest rates for the first time in more than a decade, citing “uncertainties” in the outlook that have increased the case for a cut as officials seek to prolong the near-record U.S. economic expansion. While Chairman Jerome Powell and fellow policy makers left their key rate in […]
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