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Britain needs a People’s Debate, not a second Brexit referendum

Britain is teetering on a knife’s edge: about to crash out of, or back into, the European Union. Either outcome would represent a defeat for democ ...


The Brexit clock must be run down, not re-set – op-ed

The overwhelming defeat that Britain’s Parliament inflicted upon Prime Minister Theresa May’s Brexit plan was fresh confirmation that there is no ...


Divining POTUS Tweets

The new haruspicy. What keeps a short seller up at night?  What else?  POTUS tweets! Is this a signal he is ready to cave on the shutdown? I look ...


What an Investment Fund, Forced to Take a Big Loss, Said about the Housing Bust in Prime Central London

“Probably now enduring its most protracted period of price suppression since records began.”


Friedman and Schwartz, Eichengreen and Temin, Hawtrey and Cassel

Barry Eichengreen and Peter Temin are two of the great economic historians of our time, writing, in the splendid tradition of Charles Kindleberger ...


Notes From Underground: Mario the Magician Has Lost His Assistant

The Bank of Japan did not surprise the markets as they remained committed to the lunacy of QQE, even with positive growth for many years. In an ef ...


Thursday: Unemployment Claims, Kansas City Fed Mfg Survey

Thursday:• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 217 thousand initial claims, up fr ...


Getting Short S&P500

Selling 5 contracts at the open of the overnight session.  Back to you with levels.


Stocks and Precious Metals Charts - Wobbly

"Some wonder if it did fail, or did QE do exactly what its proponents wanted it to?  That is drive massive wealth to very small connected circle.  ...


Why Doesn't Tesla Raise Capital?

The market capitalization of Tesla is now $49 billion - in December it was as high as $65 billion. Tesla still has not raised capital, even though ...


How far can this pullback run?

Mid-week market update: The Zweig Breadth Thrust buy signal occurred a little two weeks ago. For those who jump onto the bullish bandwagon, it has ...


Record Defaults by Chinese Companies: Fake “Cash” & Fake Accounting

Painful moment of truth for banks & investors. “Uncertainty over the accuracy of the companies' books and disclosure of pertinent information”: Fi ...


Kramer Levin Partner Sean Coffey on Working Both Sides of the Aisle

Sean Coffey is the son of Irish immigrants, a graduate of the U.S. Naval Academy and the Georgetown Law Center. Sean CoffeyPartnerKramer LevinNew ...


Bob Rowthorn's Godley-Tobin Lecture


Existing home sales, Trade, BOJ

Bad: Highlights Mortgage rates began to move down in December but it wasn’t soon enough to help the month’s resales. Existing home sales fell a s ...


A Plan to Fix Social Security

Some hard questions defy easy answers. What is the meaning of life? What happens right at the event horizon of a black hole? How can the US substa ...


Bad News for Deutsche Bank Is Bad News for Wall Street and Trump

Bad News for Deutsche Bank Is Bad News for Wall Street and Trump By Pam Martens and Russ Martens: January 23, 2019 ~ There’s a troubling story out ...


Treasury Yield And Dollar Swaps Curve Remain Kinked (So Many Uncertainties, So Little Time)

One day it looks like China and the US are making progress in trade talks, the next day there is no progress. Just like Brexit — on one day, off a ...


Richmond Fed: "Fifth District Manufacturing Activity Was Soft in January"

From the Richmond Fed: Fifth District Manufacturing Activity Was Soft in JanuaryFifth District manufacturing activity was soft in January, accordi ...


Animal Spirits Episode 65: Stay the Course

On this week’s Animal Spirits with Michael & Ben we discuss: Jack Bogle’s legacy. Some unknown stories from Bogle’s latest book about Vanguard’s ...


Black Knight: National Mortgage Delinquency Rate Increased Seasonally in December, Lowest Year-End this Century

From Black Knight: Black Knight’s First Look: Delinquency Rate Entering 2019 Lowest of Any Year Since the Turn of the Century• Despite rising seas ...


This Day In Financial History – Jan 23

From the Great Jason Zweig January 23: 1987: Daily trading volume on the New York Stock Exchange exceeds 300 million for the first time, as 302. ...


Bank Carige. Monte dei Paschi and their impact on the economy of Italy

The Italian banks have certainly kept us busy in the credit crunch era. We have found ourselves observing a litany of cash calls, bad debts, crise ...


Germany's Autobahn To Lose Unlimited Top Speed Under Proposed Climate Change Legislation

Germany is about to become a lot less fun if a new series of draft proposals aimed at combating climate change would eliminate segments of the aut ...


To Whom Does the U.S. Government Owe Money?

From the end of its 2017 fiscal year to the end of its 2018 fiscal year, the U.S. government's total public debt outstanding increased by $1,271 b ...


Prepping for Bankruptcy, PG&E Secures $5.5 Billion in “Debtor-in-Possession” Financing. What is “DIP” Financing?

How can a soon-to-be bankrupt company that will default on all its debts borrow so much? Here’s how.


Bolsonaro speaks at Davos, World Economic Forum


Notes From Underground: Germany and France Codify the Premise of Europe

In a desperate attempt to deflect from the damage to his presidency, Emmanuel Macron on Tuesday codified what Bernard Connolly has written about f ...


Wednesday: Richmond Fed, Architecture Billings Index

From Matthew Graham at Mortgage News Daily: Mortgage Rates Dodging Some Risk For NowAs it happened, bonds staged a somewhat impressive recovery wi ...


Stocks and Precious Metals Charts - Théâtre de l'Absurde - Tales from Two Dimensional Davos Men

Estragon:  We always find something, eh Didi, to give us the impression we exist? Vladimir:  Yes, yes, we're magicians... Estragon: Who believe ...


An opportunity in EM stocks?

The latest BAML Fund Manager Survey shows that institutional managers have been piling into emerging market equities while avoiding the other majo ...


The Cost of Parity

  A  newly revised academic paper about NYSE parity caught our attention.  The paper is titled "Deviations from Time Priority on the NYSE" and was ...


The Unreal Basis of Neoclassical Economics

By Al Campbell, Ann Davis, David Fields, Paddy Quick, Jared Ragusett and Geoffrey Schneideroriginally posted hereIntroductionTen years after the f ...


Is money — really — neutral in the long run?

Paul Krugman has repeatedly over the years argued that we should continue to use neoclassical hobby horses like IS-LM and Aggregate Supply-Aggrega ...


Ocasio-Cortez Gives "Zero F*cks"; Claims World Will End In 12 Years, US Should Pay Reparations To "Heal"

Rep. Alexandria Ocasio-Cortez (D-NY) had had quite a lot to say of late - making the rounds at a Martin Luther King Day event before appearing on ...