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Jobless claims jump to highest rate in two years, bringing new questions on recession

Contrary to the 'head on the sand' rhetoric that is coming from the Fed and mainstream business news regarding jobs, employment, and how the economy is really doing, the bottom line numbers have already signaled recession in the manufacturing side of the economy, and all that remains is for the service sector to hop on board.  But as the central bank Chair earlier this week pointed towards uncertainty in th ...

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Q1 GDP estimates throw Yellen’s plan for future rate hikes in the crapper

On March 29, Fed Chairman Janet Yellen spoke at the Economic Club of New York to give a little more insight to the central bank's future plans for monetary policy.  And in what was a mish-mash of contradictory points provided by the Fed Chair, where in one instance she praised the economy as being good while shortly after called for caution due to uncertainty in that same economy, it appears that data annou ...

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Did the world declare war on the dollar at the G20 summit?

On March 24, economist Jim Rickards published an interesting analysis of something that may have taken place last month at the G20 Summit in Shanghai, China.  According to evidence that Rickards and others pieced together, a secret conclave occurred between members tied to the IMF's SDR basket of currencies, and appears to have ordered a hit on the dollar to devalue it at a time when the global economy is f ...

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Too big to jail continues for bankers at Goldman Sachs and the Fed

President Obama's legacy will include many stigmas when it comes to finance and economics, but perhaps no more so than his administrations policy of 'too big to jail'.  Coined first by the former Attorney General Eric Holder (who was a Wall Street lawyer and went back to Wall Street at the end of his tenure), this policy has allowed banks to defraud the public for trillions of dollars over the past eight ye ...

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Ted Cruz disproves he’s an outsider by hiring the one who removed Glass-Steagall

There has already been much rumbling over whether Presidential candidate Ted Cruz was a conservative outsider whom the establishment hated, or if he was simply a wolf in sheep's clothing to give Republicans the illusion of choice.  And on March 18, Cruz's facade was completely shattered when he hired the individual behind the removal of Glass-Steagall as his economic adviser. In addition to now bringing for ...

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Wall Street continues to applaud return in stocks as rest of economy remains in recession

As we have mentioned many times before here, the stock markets are not the economy and have little to do with the overall strength of the nation's fiscal and productive capacity.  And while Wall Street continues to parade every single tick up that has just now brought equity markets back to where they were before their January declines into Bear market territory, all one has to do is to have listened to Jan ...

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Foreigners dump dollars in January at the highest rate on record

From August of last year through December, foreigners dumped more than $550 billion in dollar based assets as the demise of the petrodollar in global trade continues to expand.  And as we begin 2016, a new report out for January shows that more treasuries were dumped in that month alone than in any month on record. The previous high of $48.1 billion in treasuries sent back to the U.S. was shattered in Janua ...

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New documents released show Financial Crisis Inquiry Commission was created to protect criminal banks

What do the Warren Commission, the 9/11 commission, and the Financial Crisis Inquiry Commission all have in common?  They were formed by the government to protect the actual criminals involved in these crimes and instead scapegoat others to try to appease the public.  And thanks to new documents released from the commission created following the 2008 Credit Crisis, we see that not only did the Obama adminis ...

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Finland to discuss whether to leave the Euro currency

First there was Greece (Grexit), who looked long and hard at leaving the Eurozone during last year's financial crisis.  And that discontent is being followed up now in Britain (Brexit), who is expected to propose a referendum to have a vote on whether to stay or leave the union sometime in 2017. And with Mario Draghi and the European Central Bank (ECB) taking interest rates down to zero on Thursday, and in ...

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FDIC closes first bank of 2016 in Wisconsin

On March 11, the FDIC closed down is first bank for 2016 as North Milwaukee State Bank shuttered its doors.  This institution is also the first bank failure in over five months, when Hometown National Bank was shuttered last October. This bank failure is the first for the month of March and brings the overall number of bank closures in 2016 to 1. 3/11/2016 *** Wisconsin *** Milwaukee *** North Milwaukee Sta ...

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ECB head Mario Draghi validates that markets are tied to interventions, not fundamentals

On March 10 the European Central Bank (ECB) issued its highly anticipated policy announcement, and the shift from simply watching market action from the shadows is now over.  This is because ECB head Mario Draghi rocked the financial world with a Euro denominated bazooka, and proved once again that markets no longer function on fundamentals, but instead on credit based interventions. Although not quite goin ...

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German banking association recommending banks stockpile cash for loans to stimulate economy

On March 4, the Bavarian Banking Association recommended to its member banks that they take out all their deposits being held with the European Central Bank (ECB) and stockpile the cash for use as loans in order to stimulate the economy.  This recommendation comes as the ECB prepares for negative interest rates, and the charging of interest to banks under their authority for sequestering cash in their facil ...

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