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Pensions Timebomb - Pensions "Are Going To Be A National Crisis" - America’s underfunded pension system is “not a distant concern but a system already in crisis”... - Tax may explode as governments seek to bail out insolvent pension plans - Illinois, California, New Jersey, Connecticut, Massachusetts, Kentucky and eight other states vulnerable - The simple mathematical mismatch at the heart of the pension crisis... - Why the pension crisis really is “America’s silent crisis”... - Pensions timebomb confronts Ireland, UK and most EU countries
"This is going to be a national crisis..." “This” being America’s woefully underfunded pension liabilities, according to Karen Friedman. She’s the executive vice president of the Pension Rights Center. (A place called the Pension Rights Center does in fact exist. We checked.) MarketWatch columnist Jeff Reeves howls in confirmation that “collapsing pensions will fuel America’s next financial crisis.” “This is not a distant concern,” warns he, “but a system already in crisis.” According to data supplied by the Federal Reserve, pensions — public and private combined — were roughly 27% underfunded at the end of last year. By some estimates, America’s public pensions alone are sunk in a $6 trillion abyss. The issue, approached from any direction, is an impossible knot… a tar pit… a minotaur’s maze of blind alleys and dead ends. How has the American pension come to such an estate? Most public pension systems were built upon the sunny assumption that their investments will yield a handsome 7.5% annual return. But consider… The average public pension plan returned just 1.5% last year. Last year marked the second consecutive year that plans undershot the 7.5% return rate, according to Governing magazine. The same plans worked an average gain of 2–4% in 2015. A highly technical term describes the foregoing if it goes on long enough... and we apologize if it sends you to the dictionary: Insolvency. Briefly turn your attention to the Golden State, for example. California. State pensions are only in funds to meet 65% of their promised benefits. And California pins its hopes on that golden annual 7.5% return to make the shortage good. But it’s in a devil of a fine fix if the average public pension plan only returns 1.5%. The math is the math. California essentially depends on returns 400% above the norm, according to financial analyst Larry Edelson. But California is by no means alone. We won’t run the entire roll call of shame. But the great state of Illinois, for one, risks sinking into a $130 billion "death spiral" from its unfunded pension liabilities, as Ted Dabrowski of the Illinois Policy Institute described it. S&P Global Ratings has even threatened to downgrade the state's credit score to "junk" status. New Jersey, Connecticut, Massachusetts and Kentucky are also among the worst deadbeats. But the problems run from ocean to ocean and south to north. A report from Moody’s reads thus: For many states and municipalities, exposure to unfunded pension liabilities is already at or near all-time highs. Since cost burdens are already expected to further increase, pension fund investment performance is critical for the credit quality of many governments. Not even a "best case" cumulative 25% investment return on public pension plans would stanch the blood flow, according to Moody’s. They say that best-case 25% would merely reduce pension liabilities a slender 1% through 2019 due to weak contributions and poor past investment returns. “But I don’t have a pension,” comes your response. “This doesn’t concern me.” Ah, but have another guess — at least if you swear off your taxes in these United States. Is it your belief that governments will let their prized public pension plans flop? There are votes to consider, after all. Jilted pensioners are capable of generating a good deal of hullabaloo, hullabaloo to which the official ear is exquisitely attuned. Besides, do you think kind Uncle Samuel will turn the politically strategic states of California and Illinois out on their ears? As our resident income specialist Zach Scheidt argues: Your tax bill could explode as governments around the country seek to bail out insolvent pension plans. And you know how much politicians like to use your tax money to bail out some constituent. They like to prove their “compassion” with your money! “Expect to pay higher state and local taxes for fewer services in the years to come,” adds Larry Edelson, before mentioned. And: “Don’t be surprised if authorities of all shapes and sizes — from local governments to national agencies — up the ante to get ahold of your assets any way they can.” We would have to agree. You shouldn’t be surprised in the least. And we can scarcely imagine the holy hell that would follow another financial crisis. Illinois Gov. Bruce Rauner warns the state’s pension crisis is driving his beloved Land of Lincoln into "banana republic" territory. But we suspect the good governor’s mouth ran away with him here... Can you imagine comparing the venerable, eminently worthy banana republic... to Illinois? The pension crisis is truly “America’s silent crisis” and indeed the world's silent crisis. From The Daily Reckoning newsletter 85% of Pension Funds Will Go Bust Within 30 Years Pensions Timebomb in “Slow Motion Detonation” In U.S., EU and Internationally Investing in Gold In Your Individual Retirement Account (IRA) News and Commentary Gold steady on easing dollar, stocks amid hawkish central banks (Reuters) Technology Shares Lead Stock Rebound; Oil Gains: Markets Wrap (Bloomberg) Nikkei dives under 20,000 as Asian markets sharply pull back (Marketwatch) Tech Spoils Bank Party as Stocks, Dollar Slide: Markets Wrap (Bloomberg) The Yellowstone Supervolcano Has Just Seen 878 Earthquakes in Two Weeks (Science Alert) Source: Cape Shiller via ZeroHedge Robert Shiller: "The Index I Invented Is At Levels Last Seen In 1929 And 2000" (Zerohedge) How owning a home in Britain became a luxury (Moneyweek) Petrodollar wars - Gold in your custody cannot be hacked, erased, or frozen (Zerohedge) Should you own bitcoin or gold? That’s easy (SCH) Lessons from ten of the greatest trades of all time (Moneyweek) Gold Prices (LBMA AM) 30 Jun: USD 1,243.25, GBP 957.43 & EUR 1,090.83 per ounce Silver Prices (LBMA) Silver Prices (LBMA) 30 Jun: USD 16.47, GBP 12.69 & EUR 14.44 per ounce
- London Property Bubble Bursting? UK In Unchartered Territory On Brexit and Election Mess Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it. First published here: http://j.mp/2tzAjO7
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Volatility is Not Risk....is a true statement if you manage your bankroll properly.via Soren K. Group and Marketslant Volatility is mitigated by bankroll management (VaR). If a security is very volatile, then investors lessen the dollar amount invested as compared to other investments. If someone is speculating or trading, they either lower trading volume, widen stops, or do some combination of the 2 to mitigate Volatility. This is in part to insulate other positions in the portfolio,in part to mitigate exit liquidity risk, and paramount to managing VaR. Crypto PricesBitcoin to Ether: Welcome to the Vomitorium
The last week of Ethereum trading as made more than a few people want to wretch we feel. So, how does that compare to its big brother Bitcoin? BitCoin Volatility IndexBitcoin Volatility annualized is only 98% today. This is down from a high of 147% about 2 weeks ago according to bitmex
BVOL above uses a 30 day moving average to create their annualized Bitcoin volatility index. They do not have an Ether equivalent index. So we did our own. Comparing BTC Vol to ETHUsing similar methodology that BVOL does we did our own rough calculations on both cryptos for an electron-to-electron comparison: 1- Ether's vol as measured using a daily chart annualized with a 30 day rolling average is already higher than Bitcoin's.We see Bitcoin's annualized volatility at around 99% down from a peak 2 weeks ago of 110%. By comparison, using the same exact method we see Ether's historical volatility as 130%, down from 166% on the day it Bungee jumped to 10 cents. 2- Ether's Vol using a 10 day rolling average has exploded relative to Bitcoin'sIf one were to shorten the period form 30 days to 10 the difference and trends would be notable
What does it mean? It could mean that Ether is now entering "the show" where it will be more susceptible to comparisons to BTC. Via Fintek
We do not subscribe to the "there will only be one" concept, but the point that ETH is now on the varsity does invite comparisons and more knee-jerk reactions. Separately, the huge drop in BTC Vol is worth noting for investors and traders alike. BitCoin at a Crossroads?One thing is on our radar. While much of ETH recent volatility above BTH's has been specific to ETH the product itself, the precipitous drop in BTC vol is notable. To predict direction using volatility is something we do not do. But to handicap the potential effects in either direction we do attempt. BTC BullcaseBTC's Vol slide can be viewed as bullish because more institutional investors will be permitted by virtue oftheir by laws to put money into it based on volatility and liquidity. so if volumes go up while volatility drops, you havea recipe for institutional acceptance and another run higher. BTC Bear CaseConversely, and this is especially true in markets that are mature, a drop in volatility after a run up in an asset's price is frequently seen as a pause before a puke. This is because MOMO short term traders lose patience with the shrinking daily ranges and puke. Silver traders understand this when they say "Sideways is bearish in Silver". There are many other ways to handicap future directional drivers using volatility as the "tell". But these are the ones we subscribe to most. Combined with Option skewness and Implied volatility we can handicap whether or not we should get out of the way of the next move, surf the wave, or trade counter it. And sometimes we are even right! But it could just be nothing to trade off of at this stage of the product's life cycle. We are not playing here. Just watching and seeing if traditional volatility yardsticks are applicable yet. Read more by Soren K.Group
Blockchain Daily Newsvia Blockchain Daily Deals, Investments & M&As Pantera Capital to Raise $100 Million In Investment For ICO Hedge Fund Pete Rizzo - CoinDesk The $600m market for initial coin offerings may soon be set to expand. Investment firm Pantera Capital is launching a new hedge fund focused on investments solely in tokens that power public blockchain protocols. FAO: Pantera was founded by its CEO, Dan Morehead, a former CFO and head of macro trading at Tiger Management, a hedge fund. Cryptocurrencies Burger King To Accept Bitcoin In Russia This Summer William Suberg - The Coin Telegraph Russian Burger King restaurants are due to start accepting Bitcoin as a payment method this summer, reports state on Wednesday. DNT: A few days ago we covered a story about what we can buy with Bitcoin.. Maybe even sandwiches? Yes. And the list that Florin provided is growing...Great! Problem solved. We can buy a sandwich with Bitcoin. And not only in one place. Exchanges & Trading Venues Sell Side Forges Ahead With Ambitions For Live Blockchain John Brazier - Waters Techology This week it was the turn of both R3 and the Digital Trade Chain Consortium (DTC) to announce new developments regarding their respective efforts to get DLT live in the capital markets as soon as possible. FAO: More details about R3’s announcement can be checked in our yesterday’s edition. PR Web Harbour introduces a democratic, community-governed framework to the blockchain ecosystem for managing and holding token assets by harnessing the wisdom of the crowd. Circle, Blockchain And The Birth Of Social Payments In The UK Madhvi Mavadya - Forbes Last month, social payments app Circle made it into the top 20 UK iPhone App Store chart after a period of viral social growth and many young people have started to use the service in a social setting, in the same way Venmo is used in the US. Vendors SAP's Chief Strategy Officer Thinks Blockchain Is Not A Zero-Sum Game Saheli Roy Choudhury, Geoff Cutmore - CNBC SAP's chief strategy officer: Blockchain is not a zero-sum game and its implementation across various sectors is going to be an overall positive for businesses. BitPeople Bitcoin Exchange Operator Tied To Hacks Gets Five-And-A-Half Years U.S. prison Jonathan Stempel - Reuters A Florida man was sentenced on Tuesday to 5-1/2 years in prison after pleading guilty to operating an illegal bitcoin exchange suspected of laundering money for hackers and linked to a data breach at JPMorgan Chase & Co. FAO: Anthony Murgio and his co-conspirators faced accusations of processing millions of dollars into bitcoin through the unlicensed exchange Coin.mx. Regulation CFTC Chief Asks Congress For More Money To Oversee Blockchain Stan Higgins - CoinDesk The US Commodity Futures Trading Commission (CFTC) has cited the advance of technologies like blockchain in a request to obtain additional funding for oversight activities. SEC Is Still Eyeing To Regulate The ICO Market Anthony Coggine - The Coin Telegraph US Securities and Exchange Commission is still eyeing to enforce regulations to Blockchain companies engaged in ICO. Japan Looks To Blockchains For More Secure E-government Systems Nikkei Asian Review Japan wants to use the data storage technology behind bitcoin and similar virtual currencies to update how individuals and companies interact electronically with government, aiming to bolster information security while cutting administrative costs. Startups, Accelerators & Hubs Blockchain Developer ChromaWay Launches Postchain 'The First Consortium Database' Ian Allison - International Business Times Blockchain developer ChromaWay has released Postchain – "the first consortium database" – to combine the power and flexibility of mature, productised databases with blockchain database design. Associations & Federations World Economic Forum Publishes Blockchain Governance Taxonomy Michael del Castillo - CoinDesk The World Economic Forum has published a detailed white paper arguing that blockchain stakeholders should organize in a way that would dwarf even the largest consortia. Press release here - via MondoVisione. FAO: Today’s top story, but added in the proper section... Analysis Jonathan Garber - Business Insider Ethereum is exploding higher Wednesday, trading up by 32% at $299.70. It hit a high of $308 earlier in the session. Volatile And Interesting Months Ahead For Bitcoin: Charles Hayter On Bitmain's Hard Fork Sidhartha Shukla - Money Control Speaking to Moneycontrol Charles Hayter, co-founder and CEO of cryptocurrency data platform CryptoCompare, sheds light on the what Bitmain's proposed hard fork is and what it means for bitcoin, as a technology and on its price. Other news Blockchain: Initial Coin Offerings Pull In Millions, But At What Cost? Joseph N. DiStefano - PhillyDeals Innovators who want to raise capital in a hurry, for projects based on blockchain electronic record systems and electronic currency platforms, are bypassing initial public stock offerings (IPOs) to pitch quick-buck initial coin offerings (ICOs). Fanciful Bitcoin Banknotes Show How Digital Currency Might Look In The Real World NBC “In some way, the project is a loose data visualization, but I mainly wanted to make the bills be interesting on their own as artworks,” says Matthias Dörfelt, the Los Angeles-based artist who made the notes. FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News First published here: http://j.mp/2tz7zVt MSNBC's Donny Deutsch Calls Trump a 'Disgusting Vulgar Pig' In Response to Morning Joe Tweets6/30/2017
Content originally published at iBankCoin.com Donny took the low road, because that's what gentlemen of his caliber do. Whilst attempting to teach America's youth about decorum and how to handle adverse conditions, Mr. Deutsch decided to scorch earth his teevee career and partake in a vulgar rant against the President. Fun Times. BONUSI: Moron in the background cheering him on. BONUS II: He challenges his to a schoolyard fight too! Mark Levin's take on this kerkuffle, saying MSNBC has a problem. First published here: http://j.mp/2suwxk6 BUSINESS travellers, you can rest easy. Or, rather, you can forget about resting easy and continue to work through your flight. The anticipated expansion of a ban on laptops and other portable electronics devices in carry-on bags on flights to America is not coming to pass. Instead, you might be facing longer lines in airports around the world. In March, citing security threats, the American and British governments banned electronic devices larger than cell phones in the cabins of flights from some Middle Eastern and North African countries. That wrought havoc on travellers and airlines alike. The Trump administration was considering introducing the restrictions worldwide. Indeed, John Kelly, the homeland security secretary, had said that an expansion of the laptop...Continue reading Let’s establish three facts up front. One, the volume of contracts traded was not “millions” (as at least one conspiracy theorist is claiming). During the 1-minute window when the price of gold dropped from $1,254.10 to a low of $1,236.50 and recovered to $1,247, 18,031 August gold contracts traded. There was negligible volume in the October and December contracts. Two, the Earth is round. This did not occur while “everyone” was sleeping (as at least one conspiracy theorist asserted). It happened when Europe was open and the UK had come online, at 9:01am British Summer Time (BST). China and Singapore were also open for business at that time. Three, there was no single large futures trade that “smashed” the price but a large number of smaller trades, with the largest trade being 296 contracts (close to 1 ton or $36 million). The chart below shows milliseconds (1/1000th of a second) from 9:01:00 to 9:01:30 – 30 seconds. At this timescale a lot of the trading is computer to computer, a fight between algorithms. We say fight, because the trading wasn’t entirely one way. Some time slots show upticks in price. So what did happen? We do not believe that one should try to look at whether spot or futures moved first, to determine which one is the driver of a price move. The timing is very close, due to high-speed fiber optic lines connecting market makers’ servers. And errors in timing, especially of a third party observing from the outside, could be greater than the timing of the events being measured. We have a better way to answer this question. If the price of spot is falling relative to futures, then we know there was selling of spot. If the price of futures is falling relative to spot, then we know there was selling of futures. This spread, future price – spot price, is called the basis. Here is a chart of the gold price overlaid with the August gold basis, showing the London trading day (times are GMT, so the chart beginning at 7am is really 8am as the UK is on daylight savings right now). The crash occurred at 8:01AM GMT, which is 9:01 BST. We see a clear picture: as the price falls, so does the basis. This move was led by selling of futures. No, not a massive conspiracy. Indeed not massive at all. And it should be noted that the basis did not move all that much. 10 bps. This suggests that though the move may have been driven by futures, there was plenty of selling of metal too. Of course, if people were buying metal even holding the price constant while some nefarious party was selling futures, such that futures went down by $14, there would be nearly a $14 backwardation in the August contract. That is over 1%, or about 6% annualized. Now let’s look at the silver price along with the September silver basis, which behaved differently. A 25-cent drop in price and a 15 bps drop in the basis also seem moderate. Futures sold off a bit, but the selling was by no means exclusive to paper. And then, an hour later, look at the basis action. Someone—or many someones—is bidding up paper. Buying the dip. However, that had no impact on price, so there was also selling of metal. An hour after the buying began, it subsided. But then began anew. And for the next 5 hours, we see sufficient buying of silver paper, that the basis is pushed up above where it had started even though price peaked below the start and then subsided another nickel. This is what it looks like when exuberance in the futures market meets selling of physical metal. Especially from around 13:30 GMT. We call ‘em like we see ‘em.
Monetary Metals will be exhibiting and FreedomFest in Las Vegas in July. If you are an investor and would like a meeting there, please click here.
© 2017 Monetary Metals First published here: http://j.mp/2sZmmaR Content originally published at iBankCoin.com Project Veritas founder James O'Keefe has just capped off a week of destroying CNN's last shred of credibility with a Friday morning release of another undercover encounter with an employee of the beleagured network. Jimmy Carr, a hate-filled Associate Producer, said that virtually everyone he knows at the network - surprise - absolutely hates President Trump.
Carr goes on to rattle off a laundry list of grievances against the President, stating that "90% of us are on board with just the fact that he's crazy." Carr didn't stop at the President. When asked about the election, the Associate Producer said American voters are "Stupid as shit," before insulting Kellyanne Conway - a top Trump advisor and the first woman to run a successful Presidential campaign.
Ratings Carr then echoed what another CNN producer admitted to a Project Veritas operative - it's all about Ratings. "It's decisions made by people higher than me and if they go wow, your ratings are soaring right now, keep up what you're doing. Well, what we're doing is Russia, ISIS, London terror, shooting in Chicago, that's it. Fake News Bust O'Keefe also caught CNN selectively editing out a Trump supporter's answer during an election panel to make him appear stupid when giving an answer to the topic of illegal immigrants voting in the 2016 election. Entire video: Week of horror for CNN Undercover footage released earlier in the week dealt devastating blows to the credibility-damaged network whose President, Jeff Zucker, may be on the chopping block if a merger between AT&T and CNN parent company Time Warner is approved.
Bonifield also admitted that he hasn't seen any evidence of President Trump committing a crime.
Then on Wednesday O'Keefe captured footage of CNN host Van Jones saying that the Russia - Trump story is "a big nothing burger." Van Jones responded with a CNN op-ed, calling the video a hoax and "highly edited right wing propaganda" made by a "con man."
(Perhaps the Project Veritas operative approached Van Jones off camera to role-play as a conservative for fun?) White House Endorses On Tuesday, White House Deputy Press Secretary Sarah H. Sanders encouraged people to watch the O'Keefe video of CNN Producer John Bonifield admitting the Russia story was "Mostly B.S." pushed by CEO Jeff Zucker for ratings.
Huckabee's endorsement drew the ire of the MSM, however instead of discussing the content of O'Keefe's video - pundits like Chuck Todd did a full Exorcist head swivel over the fact that Huckabee hadn't personally verified each claim in the undercover sting (which CNN confirmed the authenticity of).
Death knell? Will a cleanout of CEO Jeff Zucker and perhaps a few other sacrificial wolves restore credibility to the news network that's been faking it for years? I wouldn't hold my breath as long as guys like James O'Keefe are around to expose the shills.
Follow on Twitter @ZeroPointNow § Subscribe to our YouTube channel First published here: http://j.mp/2t8xtfS Content originally published at iBankCoin.com During yesterday's White House press briefing, Deputy Press Secretary Sarah Huckabee Sanders was hit with a barrage of salty questions over President Trump's early morning tweets about MSNBC hosts "Low I.Q. Mika Brzezinski" and her husband "Psycho Joe Scarborough." Identity Politics 101 When NBC's Hallie Jackson asked how "as a woman" she felt about the President attacking another woman on her looks, Sanders didn't bat an eyelash - telling the outraged social justice journalist:
BUT SARAH - THE CHILDREN! Attempting to lure Huckabee into a logic trap - Jackson then asked what the Press Secretary would tell her children about Trump's tweets. Sorry Hallie, God wins just about every time.
How do Trump's tweets help his agenda? Jon Decker of FOX News Radio then asked Sanders whether or not Trump's tweets helps his legislative agenda, which she threw back in Decker and the MSM - bringing up the media's time spent covering various topics:
But, but - Trump should be better than a cable news journalist... NBC's Kristen Welker also threw down - asking about unity.
At the end of the day The MSM White House Press Corps played hardball identity politics in their attempt to lure Sarah H. Sanders into calling President Trump a sexist degenerate monster; trotting out women, Sarah Huckabee's children, "unity," and cable news anchors - and instead got served for being total hypocrites obsessed with Russia. Follow on Twitter @ZeroPointNow § Subscribe to our YouTube channel First published here: http://j.mp/2sXWw6P - London property bubble bursting? UK in unchartered territory on Brexit and election mess
Recent figures show that 77% of London houses sold in May went at below asking price, up from 72% in April. London as the capital of UK reflects international market but international investors have major concerns over uncertainties namely Brexit and the current state of the government. As a result London house prices are rising at their weakest rate in five years (if they are rising at all). In prime estate London things are particularly bad, with prices in prime north and north west London falling by 6% in the last year. Across the country, price drops in May signalled the third consecutive monthly drop, something which has not been seen since the 2009 crisis. Banks are well aware of what this could mean for them and as a result are now offering mortgages that scream ‘bubble bursting!’ Rates for 90% loans have tumbled to as low as 1.9% for two-year deals and just 2.55% for five-year fixes. Yet, cheap mortgages are not enough. Buyers are getting worried whilst homeowners increase their desire to sell their properties, CityAM reports: ‘prospective buyers registering with estate agents fell from 381 people per branch in April to 350 in May, although that was up from 304 at the same time last year. The number of homes available rose 11 per cent to 40 per branch, up from 37 per branch in May last year.’ Danger for mortgage holders Of course one of the major threats to the property market is not only the affordability of housing but the cost of borrowing. The BoE’s Financial Stability Report draws attention to just how sensitive the country is to interest rate rises. Not only was ‘80% of new mortgage lending in 2016 either on a fixed rate for a period of less than five years or on a floating rate’ but ‘"mortgages are the largest loan exposure for UK lenders.’ This means that the next rate decision by the MPC in August will not only be taking into account concerns over the growing rates of real inflation but also the impact of a potential rate rise on millions of UK homeowners. Should a rate rise occur then we will likely see a downward spiral which will leak into the rest of the economy. As homeowners struggle to keep up their unaffordable mortgage payments they will delay defaulting on their homes and instead avoid paying other debts such as credit cards and car loans. Of course, a rate rise is not the only concern right now. Just the simple matter of having an economy with jobs so homeowners can actually pay their mortgages is a pretty key thing to try and manage. One of the more concerning charts in the BoE’s report is the representation of what would happen if UK unemployment increased from just below 5% as it is currently, to 8%. This small move in unemployment would result in twice the number of households who have high debt service ratios — the most fragile mortgages out there. The estimate is represented by the yellow diamond in the chart above. Adverse Shock? Which one to pick? In the FSR from the BoE, an ‘adverse shock’ is referred to. It is this which will impact jobs, push up rates and ultimate lead to a negative feedback loop that will ‘amplify a downturn’. The bank states, a ‘feedback loop between house prices and credit also arises in a downturn. An economic slowdown can reduce house prices. Due to the role of housing as collateral, lower house prices reduce the demand for, and supply of, credit. Expectations of further price reductions, which can result in sales of houses at heavily discounted prices (‘fire sales’), can further amplify house price falls, reinforcing the adverse feedback loop. The resulting deterioration in borrowers’ and lenders’ resilience will intensify a downturn.’
The UK and its homeowners are at a real risk of being blinkered by Brexit. The FSR is clearly trying to present the divorce from the EU as an ‘adverse shock’ (they have a special section on Brexit) but readers must remember this is not the only threat to the bubble. As we explained in yesterday’s comment on shrinkflation in relation to price inflation, the issues in the housing market have been there for many years. Brexit is the latest scapegoat for the struggling housing market. One headline in a local London rag reads, ‘Brexit to blame: prime north London property down 6 per cent annually.’ Yes, Brexit may well be the final trigger, but the pieces were all lined up for the gun to fire. News and Commentary Gold steady as dollar hovers near ten-month lows (Reuters) Financial stocks lead Asian market gains (Marketwatch) Central Banks Roil Markets as Stocks, Euro Jump (Bloomberg) Wall St. higher as banks rise; ECB comment reassessed (Reuters) Mortgage applications drop 6% as wealthy buyers ‘step back’ (CNBC) Gold Retains "Buying Power" As "Real Money" - Bonner (Bonner & Partners) The Super Bubble Is In Trouble (Mises) Jim Grant Explains The Gold Standard (Zerohedge) Bank Of England Orders Banks To Boost Capital To "Protect From Rising Risks" (Zerohedge) Pending Home Sales Tumble in May for Third Straight Month (Forbes) Interview with Goldcore at Mining Investment Europe (YouTube.com) Gold Prices (LBMA AM) 29 Jun: USD 1,246.60, GBP 959.88 & EUR 1,093.14 per ounce Silver Prices (LBMA) 29 Jun: USD 16.83, GBP 12.98 & EUR 14.76 per ounce
- Shrinkflation – Real Inflation Much Higher Than Reported Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it. First published here: http://j.mp/2sstcSr
During Wednesday's White House press briefing, Tom Homan - Acting Director of Immigration and Customs Enforcement (ICE) and U.S. Attorney John Huber were brought in to discuss two upcoming pieces of immigration legislation - only to face CNN's anchor-socked White House correspondent, Jim Acosta. Focus on criminals Director Homan made the point that out of the 66,000 illegals arrested since Trump's executive orders on immigration enforcement were signed, "73 percent of everyone we have arrested were criminals." Homan also noted ICE's emphasis on "breaking up gangs and transnational smuggling organizations" and deporting bad hombres. CNN level spin CNN's Jim Acosta completely re-framed Homan's message - accusing the Director of "making it sound as if undocumented immigrants commit more crimes than people who are just native-born Americans" - a comment prepared long before the press briefing as evidenced by Acosta rattling off some Cato Institute study to support his point. Homan came back with a serious stack of pancakes for ol' Jim: DIRECTOR HOMAN: "I think you're misinterpreting what I’m saying... Number one, people that enter this country illegally violate the laws of this country. You can't want to be a part of this great nation and not respect its laws" adding that once an illegal alien has been given due process, "that final order from a federal judge needs to mean something or this whole system has no integrity." Later adding: "Did I say aliens commit more crimes than U.S. citizens? I didn't say that." Which Acosta promptly turned into:
(Sure Jim) Homan then went on to tell Acosta that illegal immigrants should not be comfortable - stating "if you enter this country illegally, you should be concerned that someone is looking for you." Homan: 1 Acosta: 0 Mothers and Babies Acosta then hit Homan with a hypothetical tear jerker about separating an illegal immigrant mother from her DREAMer children - calling the Trump administration's adherence to the law "cold and clinical."
Homan responded: "U.S. Citizen's families get separated every day when a parent gets arrested for a criminal charge. ...when someone chooses to enter this country illegally, and they're here illegally, and they choose to have a child that's a U.S. Citizen - they put themselves in that position. If we don't have border security. If we don't enforce the laws that's written in the books, then you're never going to control the border. Why do you think we've got 11 - 12 million [illegal] people in this country now?" Homan: 2 Acosta: 0 Acosta Down! CNN's Acosta tried to go in for the kill, whimpering "So you should arrest the mothers, go after the mothers?" only to be out-SJW'd by another journalist who cut in - asking "if you are an undocumented immigrant in this country right now listening to you that you should be fearful, that you should be concerned, you should be looking over your shoulder that ICE is looking for you?" - A reference to a statement Homan made to congress two weeks ago when he said illegals "should be uncomfortable, should look over your shoulder, and you need to be worried." Homan told the journalists that they were "losing the message," and went on to explain "ICE prioritizes our enforcement efforts on national security threats, public safety threats, those who have been ordered removed by a judge and failed to depart, and those who have been ordered removed, were removed, and reentered the country" Adding the caveat "However, what I’m saying, during the course of those operations if we find someone here illegally, we're not going to turn the other way." Listen here (full transcript) Follow on Twitter @ZeroPointNow § Subscribe to our YouTube channel First published here: http://j.mp/2uolcn5 |
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