- Treasury Secretary Steven Mnuchin had a busy day today: shortly after warning once again that a US debt ceiling deal has to be done by late September or else the country would run out of cash and suffer a technical default, roughly around the time he hinted that Trump may keep carried interest tax breaks for some firms that create jobs (while eliminating it for hedge fund managers), the former hedge fund manager and Hollywood producer paid a rare official visit to Fort Knox to check out the nation’s gold stash on Monday, while – as Bloomberg put it – keeping an open mind for future film projects.
Read more at:Mnuchin Visits Fort Knox, Says “Gold Is Safe” – Where’s The Proof?
- As we’ve reported, at least two companies, one in the US, and one in Sweden, have begun offering their employees optional microchip implants. In theory, the chips make life easier by allowing employees to effortlessly open locked doors and pay for lunch.
- In the US, 41 employees at a small Wisconsin technology company voluntarily agreed to be microchipped at a “chip party” thrown at the office. At Epicenter, the Swedish company, employees hold parties for newcomers who take the plunge and become a cyborg.
- “The injections have become so popular that workers at Epicenter hold parties for those willing to get implanted.
Read more at:Microchips Should Be Used As “Identification Tool”, Says Doctor With 6 Implants
- Given the anti-Trump feeding frenzy, we continue to believe that a Swan is on its way bearing Orange. But if that’s not enough to dissuade the dip buyers, perhaps the impending arrival of the Red Swan will at least give them pause.
- The chart below comprises a picture worth thousands of words. It puts the lie to the latest Wall Street belief that the global economy is accelerating and that surging corporate profits justify the market’s latest manic rip.
- What is actually going on is a short-lived global credit/growth impulse emanating from China. Beijing panicked early last year and opened up the capital expenditure (CapEx) spigots at the state-owned enterprises (SOEs) out of fear that China’s great machine was heading for stall speed at exactly the wrong time.
Read more at:David Stockman Warns “Don’t Forget About The Red Swan”
- Boston Police are bracing for violence to break out at today’s “free speech” rally and have taken precautionary measures to prevent it from devolving into a clash between extremists and demonstrators on both sides of the ideological spectrum. To enhance public safety, police have put up road blockades and gone so far as to ban food vendors from the historic Boston Common, where the demonstration is expected to take place, as they hope to prevent a repeat of the Charlottesville attack last weekend according to Reuters.
- “Some 500 police officers will be on the streets around the popular tourist destination. They are planning to close some roadways to vehicles, mindful of the car attacks that killed a woman in Charlottesville and 13 in an attack in Barcelona on Thursday.
Read more at:“No Violence”: Boston Mayor Promises Barricades, 500 Cops At “Free Speech” Rally
- Traders barely had time to enjoy the lull from the “Armageddon trade” – the rising possibility of a nuclear exchange between the US and North Korea, which peaked over the weekend when various US officials said a nuclear war is not imminent, echoed by a statement by N. Korea’s state-run news agency KCNA, before a new set of worries promptly took over, chief among them the ongoing slow motion train wreck in Donald Trump’s administration coupled with yesterday’s double terrorist attacks in Spain. Alas, “nuclear war” risk is about to come back with a vengeance because on Monday US and South Korea are scheduled to begin joint military exercises, a massive show of force which every time in the past has infuriated North Korea, sometimes triggering a show of force.
Read more at:“Armageddon Risk” Returns: North Korea Predicts “Catastrophe” As Massive U.S. War Games Begin Monday
- Anyone who thinks our toxic financial system is stable is delusional.
- Why are we doomed? Those consuming over-amped “news” feeds may be tempted to answer the culture wars, nuclear war with North Korea or the Trump Presidency.
- The one guaranteed source of doom is our broken financial system, which is visible in this chart of income inequality from the New York Times: Our Broken Economy, in One Simple Chart.
- All the domestic headline crises–culture wars, opioid epidemic, etc.–are not causes of discord: they are symptoms of the inevitable consequences of a toxic financial system that has broken our economy, our system of governance and our society.While the essay’s title is our broken economy, the source of this toxic concentration of income, wealth and power in the top 1/10th of 1% is more specifically our broken financial system.
Read more at:Why We’re Doomed: Our Economy’s Toxic Inequality
- A day after US Joint Chiefs of Staff Chairman Joseph Dunford promised him that the US would exhaust all diplomatic options, including another round of UN sanctions, before resorting to a “military solution” in its simmering conflict with North Korea, South Korean President Moon Jae-in reminded Washington during a forceful Tuesday speech that the US would need to seek, and receive, South Korea’s consent before risking another armed conflict on the Korean peninsula, signaling his country will no longer stay quiet as tensions escalate with its northern neighbor.
- As Bloomberg summarizes, “Moon asserted the right to veto any military action against Kim Jong Un’s regime, saying that decision should be made by “ourselves and not by anyone else.” He vowed to prevent war at any cost – a statement that drew a sharp contrast with President Donald Trump, who has warned of “fire and fury” if North Korea continues to threaten the U.S.”
Read more at:South Korea Warns Trump Only It Can Declare War On North