Marx saw Browns raid as a harbinger of a wider slave insurrection.
Lots to unpack in this one, most offensive thing has to be that beer straw though
U.S. makes dairy proposal that Canada flatly rejects
Spain just jailed two Catalan independence leaders on sedition charges
The London Bullion Market Association (LBMA) Alchemist - October 2017 via @lbmaexecutive
.@POTUSs plan to boost the #US economy runs afoul of Republican free trade pillar.
Toronto exchange may delist marijuana firms with U.S. operations
.@emilyrs describes how Austrias Sebastian Kurz won:
Panama Papers journalist Daphne Caruana Galizia killed by a car bomb
Commerce secretary transferred $2 billion to family members after Trumps election: report
“We’re going to build a Death Star, and Alderaan is going to pay for it”
Corporate Crossover Bonds in the Sweet Spot | PIMCO Blog
When Will Florida Courts Start Protecting Property Rights?
Senate confirms Callista Gingrich as Trumps ambassador to Vatican
GOP donors being told Trump impeachment is likely if Dems win House
These islands have that cloud-like ability to resemble whatever happens to be on your mind
Ripple Effects: DACAs Future Affects the Health Care of All Americans
Early #bitcoin investor has some advice on how much money to hold in bitcoin
ACLU Silent on Gay Coffee Shop Owner Who Kicked Out Pro-Lifers
Variability of economic growth in the world’s major countries is at the lowest level in 50 years @BofAML
The US is Always Reforming Taxes, But… - John Rubino - October 16, 2017
South African Train Surfers Risk Their Lives #SouthAfrica
Spurs coach Gregg Popovich blasts Trump: Hes a soulless coward
John Oliver tears into Equifax executives for colossal data breach
Focus on Resilience: Scott Mather Discusses PIMCO’s Total Return Strategy | PIMCO
Major Sears investor Berkowitz departs board; stock plunges
NRA spokeswoman says she’s moving due to death threats from gun control advocates
Watch What Happened at University of Michigan When Charles Murray Spoke
Could Germany soon have a Muslim holiday?
Russia withdraws its technological support to North Korea
Senator Ben Cardin calls on Ivanka Trump to cut ties with the World Bank Women Fund
The town at the heart of China’s black market in ivory
Firm that produced infamous Trump-Russia dossier wont comply with House Intel subpoena
Bid on exciting travel experiences via The Globe Auction. Hurry, auction ends tomorrow.
Must be because of all my food-related tweets today...
Trump faces backlash after claiming past presidents didnt call families of fallen soliders
Morning political talk shows virtually ignored the truck bombing in Somalia
How Reading Rewires Your Brain for More Intelligence and Empathy:
David Simon loves cities—even screwed-up ones
How people in Asia-Pacific view China
Kenya Tumble Down in FIFA Rankings #Kenya
Trump: U.S. not taking sides as Iraq, Kurds clash in Kirkuk
Four-in-ten Americans credit technology with improving life most in the past 50 years
Adobe warns that hackers are exploiting its Flash software
YouTube add-ons and tricks to improve your watching
Airbus to take majority stake in Bombardiers C-Series program
Honduras and #Ecuador Agree to Deal Improving Economic Relations
Trumps campaign paid his sons Russia-probe law firm $238,000
#WorldFoodDay: How we can build an Africa free from hunger and poverty by @KofiAnnan
JUST IN: Comey drafted Clinton email investigation statement months before interviewing her
From the AP archives: Body Found in Rubble of Burned California Home
Pacific Radiance debt obligations suspended as debt restructuring nears
Famed Chinese dissident: China and Russia are laughing at US under Trump
EU should learn from the #Catalan crisis, says @wesel_barbara
Are misfolded proteins causing Parkinsons? @Neuro_Skeptic
Why Kurdish oil is a wild card for markets
Attention @cnbc @business @wsj @FoxBusiness @nytimes @wapo
Meet the powerful Latino politician running against Senator Dianne Feinstein
Florida governor declares state of emergency over Richard Spencer speech:
The money-losing volatility trade that hedge funds cant resist
Fearing an end to #NAFTA, #Mexico looks to Middle East for new trade partners
Thunder and lightning: scientists pair gravitational waves, light
Woman creates funny photo series with a clone of herself after losing 150-pound in two years
Time Running Out for New-Look Zimbabwe Cabinet? #Zimbabwe
What Happens When President Zuma, a Chess Player Misses the Plot?: #SouthAfrica
Goldman Sachs and IBM — What you need to know in markets on Tuesday @MylesUdland
4 Ways Iran Is Destabilizing the Middle East
Trump is becoming a failed president
Europes Airbus to buy majority stake in Bombardiers CSeries
The battle over Kirkuk marks the prologue of the conflict after ISIS, @kcalamur writes
After socialists win 17 of 23 States, US claims Venezuela elections not free and fair
Asian stocks to gain as Fed chair talk hits bonds @adhaigh
Update: better to be prepared, I always say...
Group using John F Kennedys support for tax cuts to target Dem senators
$SPX Day Movers: Retail hit on $JWN failed MBO. HCare names hit on POTUS. Financials and Energy names lead $XLF $XLE
Trumps Obamacare sabotage is doing real damage to American health care
How Futura became the most ripped-off typeface in history
Trump attacks past sexual assault allegations against him as fake news
BE UnCommon. Blog post on UnCommon Women at #opened17
North Korea warns states: Dont join any U.S. action and youre safe
THE MEMO: Trump isnt letting go of 2016 election victory over Clinton
Yes, that’s Netflix CEO Reed Hastings wearing an ugly Christmas sweater on his earnings call
Are Former Bank Executives Mnuchin And Cohn Encroaching On Regulator Turf? $
Trump travel ban 3.0 hearing ends in Maryland without a ruling
Shesh Venkatraman to depart Miclyn Express Offshore
Photojournalist launches online campaign against Ed Gillespie over stolen image
How soot-covered birds tell the story of American industry
Pennsylvania ObamaCare premiums will rise 30 percent after Trump cut subsidies
Trump’s drug czar nominee under fire for pushing bill that weakened drug enforcement
Egg-shaped dwarf planet Haumea has a ring
Heres what to expect from Xi Jinping as he becomes Chinas most powerful leader since Mao
Louisiana: 7 Injured and 1 Missing as Oil Rig Explodes Near New Orleans
Progressives should be fighting back on Obamacare via @kdrum
Horrific #Somalia bombing is sign of governments powerlessness, says DWs Ludger Schadomsky
The event is over and the doors have been opened.
#Venezuela’s economy expected to shrink 12% by end of 2017: report.
Discounted SanDisk memory cards and other good deals happening today
U.S. buyers favor iPhone 7 over 8: research
#ThisWeek Food drink industry boss: Do not confuse ‘quality’ with ‘recipe’ in food debate
Christie backs Newarks Amazon bid with $7 billion in tax breaks
4 Insights on the future of data centers - Dataconomy
“Somalia blast victims ‘burned beyond reognition’
This small spot in NYC is serving up boozy #vegan milkshakes!
#Icelands best wildlife and where to find it by @egillegill
NEW: Trump forced to defend tax plan against criticism it benefits the rich
100-year-old from Napa County and his wife of 75 years among California wildfire victims
Trumps callous health care order will haunt the GOP in 2018
Trump was asked to explain his support for an anti-LGBTQ extremist. It didn’t go well.
Trump travel ban 3.0 hearing ends in Maryland qithout a ruling
#Live | From the South: #Portugal 145 wildfires, 30 people killed and more than 50 people injured from the flames.
One explanation for Fed Chair Yellen’s low inflation surprise is staring her in the face
Trump floats welfare crackdown: Some people are really taking advantage of our system
Trump claims Obama didnt call families of fallen soldiers, then walks back claim
Russias Putin signs decree imposing restrictions on North Korea
Deadline Expires for Striking #Avianca Pilots in Colombia
#Live | From the South: @JoanteleSUR regional parliament will hold the session on Wednesday.
Why are illustrations of mice in scientific papers so darn cute? @Neuro_Skeptic
Commerce secretary transferred $2 billion to family members after Trumps election: report
20% of Adult Men and Women are Chronic Procrastinators:
Workers should not just survive, we should thrive. And we will: #FightFor15
Tajikistan: Small-Time Debtors Detained, Larger Delinquents Get Away
Seattle has learned how to get more people to ride the bus, writes @asmall_word
#ThisWeek Guess who’s coming for dinner? Theresa May in Brussels today
#Live | From the South: @franciscatleSUR Pablo Neruda´s death investigation continues.
Nordstrom suspends buyout after struggling to get financing
Taylor impresses Trump for Fed chair, Warsh slips, sources say
This is why our campaign refuses corporate money. #iowaAF #ia03
thanks @thehill for letting david clarke write this you fucking assholes
Track What the Trump administration is saying about China
The Trump campaign has spent $1 million on lawyers in the last 3 months
.@TreborS discusses #PlatformCoops and the Digital #Commons:
#Live | From the South: Puerto Rico still waiting for help to get water and electricity.
Trump, McConnell show Republican unity at White House
Pentagon: Dozens of ISIS fighters killed in Yemen strikes
October sunset looking downtown over the new - $20B Hudson Yard, coming together
Microsoft Partners Up to Create First African Language Chat-Bot #Namibia
#Live | From the South: PM of Dominica @SkerritR stated that many schools are scheduled to reopen today.
Adobe warns that hackers are exploiting its Flash software
Miami congressional candidate claims she was visited by aliens.
Former Dem governor considering run for Corkers Senate seat
The Homeopathy Beliefs About Neonicotinoids And Honey
Madrid judge jails pro-independence Catalan leaders on possible charges of sedition
Zinc Lozenges May Triple Recovery Rate From Colds. By @AlexBerezow
The scary thing Hollywood does when it runs out of reboots
Ill take Headlines You Dont Want to See for $800, Alex
David Simon has something to say about “real America”
Panama Papers journalist killed by car bomb
San Francisco is suing major oil companies to protect its citizens from climate change
#Somalia: A broken state leads to hunger
California Officially Declares State Of Emergency Over Deadly Outbreak
#ThisWeek EU holds breath after Austrian vote
Dominicas @SkerritR reports on recovery effort after hurricane Maria
Russia withdraws its technological support to North Korea
Are Former Bank Executives Mnuchin And Cohn Encroaching On Regulator Turf? $
Netflixs Reed Hastings livens up earnings call by disappearing and returning in Stranger Things sweater. $NFLX
#Live | From the South: Latin-American leaders congratulate Venezuela for the democratic victory.
We have seen tragedies happen because of plastic: David Attenborough on Blue Planet 2
GOP donors being told Trump impeachment is likely if Dems win House
#Live | From the South: Venezuela´s regional elections in numbers.
#Live | From the South: Venezuela celebrates victory in the regional elections.
Judge OKs social media searches on potential jurors in Pilot Flying J rebate fraud case
The President is on top of it, now giving daily reminders...
The economist who helped wreck Kansas’ economy is Trump’s new budget cheerleader
Netflix adds more subscribers than expected, shares hit record
This gigantic titanosaur finally has a name of its own
Nordstrom family suspends attempt to take U.S. retailer private
The harvesting of Bolivias superfood, Quinoa #WorldFoodDay
#Peru’s Former Odebrecht Director Admits to Bribing Officials for Metro Work Contract
JUST IN: Senate confirms Callista Gingrich as Trumps ambassador to Vatican
TIL the US has run a trade surplus in plastics and plastic products since at least the 1990s
It was a busy quarter for deals in Fintech
Tune into #FromTheSouth news show now:
Central-bank chiefs prospects hinge on election of Abe as Japans prime minister
Not So Swell? Sibos Highlights Swifts Strained Relationship With Blockchain
When ETP Put/Call goes to 3 or above, since 06, clusters included. $spy h/t @hmeisler
Holocaust denier Ursula Haverbeck, 88, given six-month jail sentence
Trump joked Pence wants to hang all gay people: report
Securities-fraud case at Supreme Court may end through settlement
Airbus and Bombardier will become partners on the C Series aircraft program
Oil rig explodes in Louisiana 7 injured, 1 missing HT @backboneprog New Orleans
JUST IN: Airbus to acquire majority stake in Bombardiers C series, according to a statement
#Earthquake magnitude 4,2 - 117,5 km from #Puno - #Peru
Morten Morland on Theresa May visiting Brussels to revive Brexit negotiations - political cartoon gallery in Putney
#ThisWeek Varoufakis tells Macron to adopt the ‘empty-chair’ tactic
US Yield Curve at an expansion low: 76 bps. Dow Jones Industrial Average at an all-time high.
2020 is going to be interesting.
Trump to meet Yellen Thursday in search for new Fed chair: source
Firm that produced infamous Trump-Russia dossier wont comply with House Intel subpoena
Could you shape the way The Economist looks? Were hiring a graphic designer in London
Twitters harassment problem is baked into its design, argues @debcha:
NRA spokeswoman says she’s moving due to death threats from gun control advocates
7 amazing aurora borealis videos for the beginning of northern lights season!
Kaepernick files greivance against NFL, citing collusion
Heres the passive ownership breakdown in US equities, global equities and fixed income/hybrid funds.
Florida governor declares state of emergency over Richard Spencer speech:
The top science and tech universities in America
But in some industries (especially defensive ones) ETFs are becoming a big factor. Heres the sectoral breakdown.
Oil rises 1% as Iraq fighting shuts output in Kirkuk via @Reuters
HelloFresh tells investors it will surpass Blue Apron in U.S.
But in some industries ETFs are a BIG factor, especially telecoms.
Martin Fenlon merges architectural styles for house in Los Angeles:
If the goal is to decrease abortions then we shouldnt be fighting contraception
I see FANG lobbying is a growth business... FWIW - Yet another indicator of evolving sentiment.
US dollar up as selloff pauses, inflation in focus via @Reuters
Asias newest trillion-dollar economy faces a bittersweet win
Wall St. inches up with financials; earnings in focus
McConnell: Senate to vote on bill banning abortions after 20 weeks
Thwarted on GOP bill, Trump opts to tank the US health care system
Worse gridlock, more inequality? 3 ways self-driving cars could change cities
Some interesting new charts on active versus passive by Credit Suisse. First up, flows still one way...
Publics are generally divided on leaving governance to experts
U.S. not taking sides in Iraqi-Kurdish dispute: Trump
Miami congressional candidate claims she was visited by aliens
Portugal: Drone footage shows scale of destruction left by wildfires across central Portugal
Sunday in Harlem: where to find your soul food fix
For art collectors, Pres. Trumps tax plan paints a pretty picture
#ThisWeek Oyster flatulence worries climate scientists
Book Review: The Best Investment Writing, Volume 1 $
How a young German director documented illegal gold mining in #Ghana
Shock Over Attacks in Somali Capital #Somalia
RT @business: How one trader won big while everyone else panicked on Black Monday
Samburu Parents Marry Off Girls for Food as Hunger Bites: #Kenya
PHOTOS: Rwandan Fathers Joy Finding Daughter After 23 Years #Rwanda
Boko Haram Militants Surrender to Authorities in Cameroon: #Nigeria
#Russia Strengthens Ties to #Cuba as Trump Distances US from Castro Dictatorship
Robotics Summit heads to Boston next year -
Firm tied to Trump dossier objects to House panel subpoenas
Back to the Land - Friction As Exiles Return Home: #Somalia
More post-modernism from Kocic
Netflix is such a bargain at over 120x EV / EBITDA.
A Roundtable of Hackers Dissects the Season 3 Premiere of Mr. Robot
Trump is becoming a failed president
4/ In response to the request, the gov’t claimed Mar-a-Lago visitors logs didn’t really exist.
Could allegations of sexual harassment against Trump catch up with him?
Spain: Barcelona residents divided by Puigdemonts plea for more time
.@tsipras_eu meeting with IMFs @Lagarde gets underway in Washington DC
Horrors! Uber and Lyft are convenient, says @foxjust
Is Cameroon at War With Itself ? #Cameroon
Trump is coming for your birth control. Can states stop him?
Netflix shows its got the stuff to hook viewers
Indonesias president turns to private investment for the countrys needs
Harry Reid: Its very probable Dems will take back the Senate in 2018
Puerto Rico: Official Hurricane Death Toll at 48, Likely to Be Much Higher #puertoricorelief
Clinton breaks toe while running down stairs
Woman accusing Trump of misconduct subpoenas presidential campaign
Failings that sunk HMS Sheffield revealed after 35 years, reports @anguswalkertalk
Turkish spies may have infiltrated German authorities
Scientists uncover pictures of gravitational waves, reports @GeraintITV
Pennsylvania ObamaCare premiums will rise 30 percent after Trump cut subsidies
#Cuban military court sentences #US citizen to 13 years in prison for alleged espionage
Famed Chinese dissident: China and Russia are laughing at US under Trump
VERBATIM: ‘Other presidents did not call’ military families
Ara: Political prisoners.
#NewZealand Annual #Inflation at 1.9%
#NewZealand #Inflation Rate QoQ at 0.5%
China is building a mega-airport in Beijing that will open in 2019
Dozens die as wildfires ravage Portugal and Spain
Kyrgyzstan eyes peaceful transfer of power after poll
Lancaster California Is “Solar Power Capitol Of The Universe”
Colony Capital in talks to buy Weinstein Co
Malta anti-graft blogger killed in car bomb
Scientists discovered new genes that make humans intelligent
South African School Sexual Assault Disaster to Be Investigated #SouthAfrica
Harvey Weinstein, the entertainment industry, and the news media: A timeline of complicity
Trump attacks past sexual assault allegations against him as fake news
Trump reportedly joked about Pence wanting to “hang” all the gays
#NetizenReport: Free Speech Is Under Fire in Catalonia’s Push for Independence
Anti-corruption blogger killed by huge bomb in Malta
In pictures: The life of #HongKong’s shop #cats keeping their owners company at work
Trumps Puerto Rico failure is a national disgrace, says former Republican Joe Scarborough
There’s not much welfare left for Trump to reform ht @smencimer
France gave Weinstein its highest honor. @EmmanuelMacron says hes taking it back.
“It’s not going to happen in a day.”: A Mississippi town finally desegregates its schools
How a young German director documented illegal gold mining in #Ghana
Opinion: Hertha Berlins gesture is about the message by @JonBloggs66 #TakeAKnee
This is from July. EPAs given me way more evidence since I first did this story
#Ecuadorian Vice President Remains in Custody as Court Denies Habeas Corpus
This website will help you understand what its like to live below the poverty line:
This early bitcoin investor has some advice on how much money to hold in bitcoin
This is a surprising chart from Coca-Cola. $KO
Even China is tackling climate change, while US takes a back seat
Heres what you need to know this Monday:
The African Dictators
Looking forward to tonights chat with @coasttocoastam
The Northeast will endure its coldest night since last spring on Monday night:
Trump on stalled agenda: Im not going to blame myself
Trump Just Unleashed a Nasty New Lie About Barack Obama
What are they hiding? #health #food
Bank of America Revenue Growth, YoY: +1% Bank of America Stock Price, YoY: +67% $BAC
Drone Crashes Into Passenger Plane in Canada
Trump’s tax plan pitch isn’t working
Remembering Africas Che Guevara: #BurkinaFaso
Trump says he will look into drug czar pick following report
All the stuff you can do with iPhone 8 that you couldn’t with iPhone 7
Trump upbeat on bipartisan U.S. healthcare fix
#Honduras and Ecuador Agree to Deal Improving Economic Relations
Artist sets fire to bank in Paris
Commerce secretary transferred $2 billion to family members after Trumps election: report

Mike Shedlock

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. He operates the blog MISH'S Global Economic Trend Analysis and believes in the Austrian School of economics.

Fantasyland Reality Check: Fed’s Beige Book Makes Absurd Claims in at Least 3 Places

6 months ago

The Fed’s Beige Book, a summary of economic activity in 12 Fed regions, claims modest wage increases broadened, manufacturing expanded, and light vehicle sales strengthened.

Let’s investigate those claims in detail, emphasis mine, then do a reality check on those ideas.

Overall Economic Activity

Economic activity increased in each of the twelve Federal Reserve Districts between mid-February and the end of March, with the pace of expansion equally split between modest and moderate. In addition, the pickup was evident to varying degrees across economic sectors. Manufacturing continued to expand at a modest to moderate pace, although growth in freight shipments slowed slightly. Consumer spending varied as reports of stronger light vehicle sales were accompanied by somewhat softer readings in non-auto retail spending.

Employment and Wages

Employment expanded across the nation and increases ranged from modest to moderate during this period. Labor markets remained tight, and employers in most Districts had more difficulty filling low-skilled positions, although labor demand was stronger for higher skilled workers. Modest wage increases broadened, and reports noted bigger increases for workers with skills that are in short supply.


On balance, prices rose modestly since the previous report. Input prices generally increased at a modest rate and outpaced gains in selling prices, which rose only slightly.

Manufacturing Expansion?

The curious thing about these numbers is the Beige Book and Industrial Production reports both come from the Fed!

Stregthening Light Vehicle Sales?

On April 3, I reported March Auto Sales Final Numbers: Down 5.7%, Two-Year Low; Don’t Worry, It’s Just a Plateau!

Also on April 3, I reported Auto Inventories Highest Since July 2009: Concerns Mount, Ford Vehicle Sales Decline 7.2%, GM Up 1.6%

Somewhat Softer Readings in Non-Auto Retail Spending?

The fact of the matter is Retail Sales Unexpectedly Decline, Revisions Even Worse. Here is a snip from Econoday.


First-quarter consumer spending is in trouble. Retail sales fell 0.2 percent in March which is under the Econoday consensus for no change. Importantly, February sales are revised sharply lower, to minus 0.3 percent vs an initial gain of 0.1 percent.

Vehicle sales round out the quarter with a 3rd straight sharp decline at minus 1.2 percent. Sales at gasoline stations, due to lower prices, fell 1.0 percent. But when excluding both vehicles and gasoline, sales could only manage — despite sky-high consumer confidence — a second straight 0.1 percent increase.

Other areas of weakness include sporting goods which fell 0.8 percent and furniture stores which were down 0.3 percent. And two special areas of weakness are restaurants which fell 0.6 percent for a second straight decline and building materials which fell 1.5 percent.

Modest Wage Increases Broadened?

That claim is arguably true on the surface, but if one factors in price inflation, wage growth is nonexistent since August of 1971.

Flashback 1971

1971 is an interesting year, at least for me. That’s when I graduated from Schlarman High School in Danville, Illinois.

Tuition at the university of Illinois for a degree in Civil Engineering was $250 a semester. It’s now $17,628 a year, $8814 per semester.

I helped finance my way through college working at grocery stores and playing poker against farmers in Perrysville and Cayuga Indiana. $100 was a huge win. I did not always win, but I usually did.

Taking into consideration losses (I was never willing to lose more than $20), I suspect I averaged $40 in the plus column per session. At the then going average wage of $3.66, $40 was about 11 hours of normal work.  At the fast food wage of $1.70 per hour that was about 23 hours of work.

Thank the Fed!

Many of you don’t believe the stated inflation rate. I don’t either. But it is especially wrong for those attempting to put themselves through school and those who wish to buy a new home.

The Fed and government meddling via student loan programs and affordable housing programs have crucified students and home buyers via an explicit policy of inflation, the Fed clearly does not know how to measure.

As a side note, this is likely one of the most ridiculous Beige Book assessments in history.

Economic Challenge to Keynesians

Of all the widely believed but patently false economic beliefs is the absurd notion that falling consumer prices are bad for the economy and something must be done about them.

I have commented on this many times and have been vindicated not only by sound economic theory but also by actual historical examples.

My article Deflation Bonanza! (And the Fool’s Mission to Stop It) has a good synopsis.

And my Challenge to Keynesians “Prove Rising Prices Provide an Overall Economic Benefit” has gone unanswered.

There is no answer because history and logic both show that concerns over consumer price deflation are seriously misplaced.

The BIS did a study and found routine deflation was not any problem at all.

Deflation may actually boost output. Lower prices increase real incomes and wealth. And they may also make export goods more competitive,” stated the BIS study.

It’s asset bubble deflation that is damaging.

And in central banks’ seriously misguided attempts to fight routine consumer price deflation, central bankers create very destructive asset bubbles that eventually collapse.

When those bubble burst, and they will, it will trigger debt deflation, which is what central banks ought to fear.

For a discussion of the BIS study, please see Historical Perspective on CPI Deflations: How Damaging are They?

Lower Prices Increase Real Incomes!

Read that line over and over and over again until it sinks in.

The Fed does not want lower prices. Banks and the already wealthy are the beneficiaries.

Many Students and new home buyers have been made debt slaves in the process.

Mike “Mish” Shedlock