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» john rubino

  • Europe Is Tanking, QE Is Coming
    By on August 20, 2014 | No Comments  Comments
    Last year the world kind of forgot about Europe. After ECB head Mario Draghi vowed to “do whatever it takes” to get the Continent growing, the markets calmed down, money got cheap and plentiful and functionally-bankrupt countries like Greece, Italy and Spain stopped making scary headlines. To th...
  • Variable-Rate World, Part IV: Japanese Home Buyers Up...
    By on August 20, 2014 | No Comments  Comments
    Everyone knows that Japan deeply is in debt and one way or another is going to suffer for it. But for those who thought the story couldn’t get any worse, well, the creativity of the financial repressors never ceases to amaze. It turns out that, in addition to a government that borrows way too much...
  • They’re Lying To Us, Part V: Fake Credit Scores
    By on August 19, 2014 | No Comments  Comments
    Like any other weak-willed entity, an over-indebted country eventually finds that formerly-easy things get harder to do. Today, for instance, banks are having trouble attracting customers with the kinds of credit scores that meet previously-set criteria for mortgages and car loans. As a result they...
  • The Most-Anticipated Stock Market Crash
    By on August 11, 2014 | No Comments  Comments
    US equities have been going up for so long that most investors — especially those who were only recently enticed into the casino by the apparently easy money on offer — have trouble remembering the last time it was possible to lose big in stocks. Along the way, a whole slew of indices and indic...
  • A Horrible Thought
    By on August 5, 2014 | No Comments  Comments
    Glenn Greenwald’s No Place To Hide chronicles his work with Edward Snowden to bring the US government’s global surveillance network to light. It’s a chilling book for a variety of reasons, including the following: The secret court that was set up to vet government requests for phone taps ...
  • Record Stocks Levels: And That’s a Good Thing?
    By on August 1, 2014 | No Comments  Comments
    The past year has seen a long list of “XYZ is at its highest level since XXX” announcements. Some notable examples: NASDAQ tech stocks are back to 1999 levels The number of initial public offereings, including companies with no earnings, is back to 1999 levels Junk bond yields are even lower tha...
  • Happy Markets In An Unhappy World!
    By on July 29, 2014 | No Comments  Comments
    The old Dickens quote “It was the best of times, it was the worst of times” is pretty much always applicable to a world as big and complex as this one. But lately, as the disparity between financial markets (best of times) and geopolitics (worst) has grown to almost comical proportions, Dickens ...
  • They’re Lying To Us, Part IV: Fake Pensions
    By on July 22, 2014 | No Comments  Comments
    Most people learn by the age of 10 or so that making promises is easier than keeping them. That’s why really big promises like corporate pensions and national retirement/health care programs are so easy to screw up. Offering someone a cushy retirement or a lifetime of healthcare feels great and ge...
  • They’re Lying to Us, Part III: The Fake Stock Marke...
    By on July 14, 2014 | No Comments  Comments
    For the average person trying to decide how to feel about the economy, the single biggest data point is the stock market. When share prices are rising, the implicit message is that finance professionals — who, after all, dedicate their lives to understanding such things and should therefore know w...
  • Debt Makes You Dumb, Part II: Borrowing Just To Get B...
    By on July 7, 2014 | No Comments  Comments
    As incomes stagnate and prices rise, a growing number of Americans face a tough choice: either descend a couple of rungs on the lifestyle ladder or borrow to keep it together. Many are apparently choosing door number two. From MarketWatch: Americans are getting into debt to afford food, gas Nowhere...
  • They’re Lying To Us, Part II: GDP
    By on July 2, 2014 | No Comments  Comments
    Today the US took its next-to-last stab at calculating First Quarter GDP, and the downward revision was impressive even by recent standards. It now appears that the economy, well, here’s how Bloomberg puts it: U.S. Economy Shrank in First Quarter by Most in Five Years The U.S. economy contracted ...
  • Gold Bugs’ Hearts Are Beating Faster
    By on June 27, 2014 | No Comments  Comments
    Last Thursday was the kind of day that precious metals investors have been waiting (and waiting and waiting) for. Gold and silver popped 3.5% and 4.8% respectively and the junior miners, which have been universally unloved lately, took off. Some more-or-less random examples: One day does not of cou...

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