Australian housing market completely implodes on itself. ADP reports more individuals getting jobs after a revision. The jobs are not manufacturing but service sector jobs. House hold debt hits 12.4 trillion as delinquencies rise. Pending homes sales fall as rates rise. Mortgage apps and refinances decline.Negative interest rates does not benefit the people. Young Senator shows the government wastes money on ridiculous projects. Exposing the hoax of a strong stock market does not translate into a strong vibrant economy. OPEC makes deal to cut oil production, which means oil prices will be rising. Trump says he will let go of businesses to concentrate on the country. Trump hires a Goldman Sachs banker and a Rothschild Central Banker to be on his team.Senate fails to block efforts of the FBI having the ability to hack into any device. Congress drops the section in the NDAA where women would have to sign up to be drafted. Houthis create their own government the UN critizes the newly formed government. Aleppo almost liberated and the Syrian Govnerment is moving in, but the US and the corporate media pushing the agenda that this is not good for the people. Corporate media building the idea that a war is coming between Muslims and everyone else all because of Trump.
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Current News – 11.30.2016
- Following October’s disappointment (+147k), November’s ADP employment printed a much better than expected 216k , thanks to a notable downward revision to October to 119k. Goods-producing jobs dropped once again (-11k) with a renewed surge in services employment (+228k).
- Spot the odd one out…
- Total household debt rose $63 billion in the quarter to $12.35 trillion, driven by a $32 billion increase in auto loans, which also hit a record high of $1.14 trillion. 3.6% of auto loans were 90
- The ninety-plus day delinquency rate for auto finance company loans worsened by a full percentage point over the past four quarters,
- The data suggest some notable deterioration in the performance of subprime auto loans. This translates into a large number of households, with roughly six million individuals at least ninety days late on their auto loan payments.
- Pending Home Sales rose just 0.2% YoY in October, among the weakest of the year.
- This is made more troublesome since these sales occurred before the election, before the mortgage rate exploded higher and before mortgage applications collapsed…
- Mortgage applications tumbled 9.4% from the prior week as mortgage rates soared above 4.00% to the highest level since July 2015. The biggest driver of the decline in mortgage demand was a 16% crash in refinances – tumbling to their lowest level since the first week of January
- This plunge is notably worse than seaonal norms would suggest and also implies more is to come...
- Decade of Negative Real Interest Rates
- The above chart was created by taking the short-term treasury bill rate and subtracting the year-over-year rate of inflation as measured by the CPI.
- A massive housing bubble formed in the first period real interest rates were negative. In the current prolonged period of negative rates, bubbles formed in the stock market and bond markets globally.
- Outside the US, nearly three quarters of the world’s bond traded at negative interest rates.
- Who Benefited?
- Bailed out banks
- Government bodies via property tax hikes, income tax hikes, sales tax hikes and collection
- Asset holders – The wealthy
- The median guy lost. Those at the bottom end got clobbered much harder. Only the top 10% or so fared well.
- The primary beneficiary of QE, negative real rates, and inflation was the top 1%.
- A junior republican U.S. Senator from the state of Oklahoma, James Lankford, has released a publication detailing 100 examples of government waste entitled “Federal Fumbles – 100 Ways the Government Dropped the Ball.” The publication is filled with truly infuriating examples of government waste that are sure to get your blood boiling.
- Here are a couple of our favorites:
- 1. In the fulfilment of the implementation of the Algiers Accord, 171st Ministerial Conference has decided to reduce its production by around 1.2 mb/d to bring its ceiling to 32.5 mb/d, effective 1st of January 2017;
- 2. The duration of this agreement is six months, extendable for another six months to take into account prevailing market conditions and prospects;
- 3. To recognize that this Agreement should be without prejudice to future agreements;
- 4. To establish a Ministerial Monitoring Committee composed of Algeria, Kuwait, Venezuela, and two participating non-OPEC countries, chaired by Kuwait and assisted by the OPEC Secretariat, to closely monitor the implementation of and compliance with this Agreement and report to the Conference;
- 5. This agreement has been reached following extensive consultations and understanding reached with key non-OPEC countries, including the Russian Federation that they contribute by a reduction of 600 tb/d production.
- Trump said early Wednesday that he will announce in December that is leaving his business “in total” to “fully focus on running the country.”
- Trump also tweeted that while he is not mandated to hand off the business, he feels it is “visually important, as President, to in no way have a conflict of interest” with his businesses.
- Trump’s commerce secretary will be Wilbur Ross, a billionaire investor who worked as senior managing director of Rothschild Inc.
- It should be noted Ross helped Trump keep his casinos and other properties after the real estate market in New York City bottomed-out. Ross worked for Rothschild at the time.
- Jill Stein’s request for a full “hand recount” in the state of Wisconsin has officially been denied by Dane County Circuit Judge Valerie Bailey-Rihn.
A Wisconsin judge has refused to order local officials to conduct the state’s presidential recount by hand.
- Under the plan adopted Monday, the recount would begin Thursday and could cost $1 million. Of course, we assume that Stein didn’t factor in the incremental costs associated with suing states that call her out for her ridiculous recount efforts. As such, she may need to raise some more money just as the flow of funds seem to have slowed to a trickle…
- A last-ditch effort in the Senate to block or delay rule changes that would expand the U.S. government’s hacking powers failed Wednesday, despite concerns the changes would jeopardize the privacy rights of innocent Americans and risk possible abuse by the incoming administration of President-elect Donald Trump.
- Democratic Senator Ron Wyden attempted three times to delay the changes which, will take effect Thursday and allow U.S. judges will be able to issue search warrants that give the FBI the authority to remotely access computers in any jurisdiction, potentially even overseas. His efforts were blocked by Senator John Cornyn of Texas, the Senate’s second-ranking Republican.
- The changes will allow judges to issue warrants in cases when a suspect uses anonymizing technology to conceal the location of his or her computer or for an investigation into a network of hacked or infected computers, such as a botnet.
- In a speech from the Senate floor, Wyden said that the changes to Rule 41 of the federal rules of criminal procedure amounted to “one of the biggest mistakes in surveillance policy in years.”
- The government will have “unprecedented authority to hack into Americans’ personal phones, computers and other devices,” Wyden said.
- Lawmakers have officially dropped plans to make women register for the draft, instead opting for a review of the ongoing need for the Selective Service System.The controversial provision had been part of early drafts of the annual defense authorization bill, and narrowly passed a House Armed Services Committee vote last spring. A Senate panel followed suit a few months later.But conservatives in both chambers objected to the provision and stripped it out of the final legislative draft unveiled Tuesday.
- a German intelligence officer has been arrested over a suspected Islamist plot to bomb the agency’s headquarters in Cologne, raising fears that the spy agency itself has been infiltrated. The 51-year-old official had made a “partial confession” to the plot, Spiegel reports.
- The suspect attempted to pass on “sensitive information about the BfV (Germany’s domestic security agency), which could lead to a threat to the office”,
- “The man is accused of making Islamist remarks online under a false name, and offering internal information during chats,”
- The United Nations Security Council has voted to impose new sanctions on North Korea over its most recent and largest nuclear test in September.
- The 15-member council on Wednesday unanimously adopted a resolution, which curbs Pyongyang’s biggest export, coal, by at least 60 percent. It also bans the country’s copper, nickel, silver and zinc exports.
- Washington is offering a grant of up to $800,000 to Ukrainian public organizations that will monitor regional authorities and secure ties with local media. Political analysts say it’s a way to keep President Petro Poroshenko in power amid declining popularity.
- The United Nations Security Council will hold an emergency meeting Wednesday on the dire humanitarian situation in the Syrian city of Aleppo, which a UN official described as a “descent into hell.”
- , hundreds of Jabhat Fateh al-Sham (Al-Qaeda affiliate) fighters arrived from Idlib to the western Aleppo countryside on Wednesday. Syrian reconnaissance units and drones have observed extensive Islamist military build-up in the region,
- An Islamist group with secretive compounds around the U.S. is arming up in anticipation of raids by the incoming Trump administration, according to a new report from a nonprofit think tank.
- Muslims of America, which is headquartered in Hancock, N.Y., and run from Pakistan by leader Sheikh Gilani, operates 22 “Islamic villages” around the nation. The compounds are legal, but Gilani has recently ordered all unarmed members to gather firearms, licenses and hunting permits, according to Clarion Project. Gilani believes his group will be targeted by Trump.