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New Fiscal Rules Will Produce Discipline And A Confidence Shock In Zimbabwe

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. Zimbabwe’s new President Emmerson Mnangagwa, like his predecessor Robert Mugabe, claims that economic sanctions have crippled Zimbabwe’s national development. What nonsense. Robert Mugabe and the current governing party ZANU-PF have made Zimbabwe into an economic basket case. Indeed, the ruling […]


3-(Mis)Statements About Tax Reform

Authored by Lance Roberts via RealInvestmentAdvice.com, With the passage of the Tax Cut And Jobs Act on Wednesday, I wanted to address a few of the questions and misinformation currently circulating about the impact of tax cuts on the U.S. economy. Over the last couple of months, I have been repeatedly asked why I am […]


The Big Problem With The GOP Tax Cut, Charted

While the jury will be out for years whether the Trump tax cuts will boost the economy (they already had an outsized impact on markets, pushing the Dow by nearly 5,000 points higher since Trump’s election), there are several key problems that remain outstanding. The first one, as the following JPMorgan chart shows, is that […]


Saudi Arabia Launches Misguided $19 Billion Stimulus In Desperate Bid To Kickstart 2018 Growth

If you haven’t been living under a rock in recent months, it’s been impossible to miss the turmoil in Saudi Arabia and its relations with the outside world. A few weeks ago we published a piece by Chris Martenson of PeakProsperity.com “If The Saudi Arabia Situation Doesn't Worry You, You're Not Paying Attention”. Martenson argued. […]


Initial Jobless Claims Crash Back To 44-Year Lows

After a brief disturbance due to the hurricanes this fall, initial jobless claims have collapsed back to 225k (down 11k last week), hovering near their lowest level since 1973… Update: Southbay Reserach notes that the main driver behind the drop in claims is California which saw a one-week drop of -6K (not seasonally adjusted). Typically […]


Stocks, Bonds, & Bullion Still Uncertain As Rand Paul Clarifies Statement On “No” To Higher Deficits

Update: Rand Paul attempted to clarify his comments by tweeting: Tax cuts – people keeping more of their money – are never the problem. The problem is spending. We should obey our rules, stop the deficit spending, and shrink government. But that seemed to have sparked more selling as it suggests that any bill that […]


In Defense Of Bitcoin Hoarding

Authored by Jeffrey Tucker via The Foundation of Economic Education, In Internet slang, they are called the HODLers, the people who are clinging to their Bitcoin and refusing to spend it. Instead, they just refresh their wallet apps, feeling richer by day while deferring consumption. Many of these burgeoning millionaires live like paupers. I’ve met […]


The Spurious Math Of A Tax-Cut Rally

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, The term “priced in” is a phrase used frequently by Wall Street and the financial media. This expression is used to describe how much the price of stock or a market has accounted for an anticipated event. For example, consider a pharmaceutical stock that has risen 50% over […]


“For The First Time In Modern History” US Government Debt Will Surpass Household Debt

Last week, rating agency DBRS raised a red flag when it calculated that in the past decade average US wages have risen by only 5.7%, while consumer debt over the same period rose 60% more, or 9.3%. However, while the US household’s reliance on debt to fill in the income gaps is hardly news, on […]


Trump’s Tax Cut – FDR Would Be Envious

Authored by Tom Luongo, The first rule of politics is feather your own nest.  President Trump’s tax cut proposal always had this in mind. Congress has passed a bill which tinkers at the edges but leaves most of Trump’s core proposal intact.  It’s obvious to me that Trump has the political acumen of another brilliant […]


What Is Behind China’s Bond Rout?

Until a modest dip in Chinese bond yields in the past two days, 10y CGB and 10y policy bank bond yields soared by 40bps and 70bps, respectively, over the last 2 months. In fact, Chinese government notes are headed for the worst selloff since 2013, with the 10-year yield surging 86bps this year to 3.92%, […]


Michael Hudson: America’s Monetary Imperialism

Authored by Michael Hudson via Counterpunch.org, In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I […]


We Give Up! Government Spending And Deficits Soar Pretty Much Everywhere

Authored by John Rubino via DollarCollapse.com, A recurring pattern of the past few decades involves governments promising to limit their borrowing, only to discover that hardly anyone cares. So target dates slip, bonds are issued, and the debts keep rising. This time around the timing is especially notable, since eight years of global growth ought […]


This Cycle: It’s Not The Economy, It’s China, Stupid!

Authored by Kevin Muir via The Macro Tourist blog, I know everything is fan-freaking-tastic – with the tax reform bill and global synchronized expansion and all. I figure the last thing you need is some nattering naysayer throwing cold water on this unbelievable party, so I won’t. At least not for the short run. This […]


Chicago Gets An ‘F’ On New Fiscal Report Card As Bonds Continue To Hover Around All-Time Highs

As Illinois muni debt continues to hover around all-time highs, the number of watchdog groups offering warnings about Chicago’s deteriorating finances continues to grow.  The latest such warning comes from Truth In Accounting which provided the Windy City an ‘F’ on their latest fiscal report card citing a staggering debt burden that amounts to $41,700 […]