- After hinting for months that the FBI was not forthcoming with federal surveillance court judges when they made their case to spy on the Trump campaign, Texas Rep. John Ratcliffe (R) said on Sunday that the agency is holding evidence which “directly refutes” its premise for launching the probe, reports the Daily Caller‘s Chuck Ross.
- Texas Rep. John Ratcliffe provided Sunday the clearest picture to date of what the FBI allegedly withheld from the surveillance court.
- Ratcliffe suggested that the FBI failed to include evidence regarding former Trump campaign adviser George Papadopoulos, in an interview with Fox News.
- Ratcliffe noted that the FBI opened its investigation on July 31, 2016, after receiving information from the Australian government about a conversation that Papadopoulos had on May 10, 2016, with Alexander Downer, the top Australian diplomat to the U.K. –Daily Caller
Read more at:FBI Concealed Evidence That “Directly Refutes” Premise Of Trump-Russia Probe: GOP Lawmaker
- Here we go again… After roiling stock markets in Asia and Europe last night when he blamed the longest stock-market losing streak of his presidency on the Federal Reserve and its “crazy” interest rate hikes, President Trump again lit into the central bank in a Fox News interview Thursday morning where he said the Fed has gotten “a little too cute” with its interest rate hikes. “It’s ridiculous what they’re doing,” he added.
He added that he’s “paying high interest rates because of the Fed” and that Powell & Co. are “making a big mistake” and that he’d like the Fed to “not be so aggressive.”BREAKING: Trump says Fed ‘making a big mistake’ by being too aggressive.
- But Trump quickly turned his attacks on the Obama Administration, accusing Democrats of “having it easy” and insisting that the economy is still doing “great” because “we have more people working in the US today than at any time in the history of our country” (though he did say he could “work with the Democrats” on infrastructure spending).
Read more at: Trump: Fed Is “Making A Big Mistake” With “Ridiculous” Rate Hikes
Towards the end of economic expansions, interest rates usually start to rise as strong loan demand bumps up against central bank tightening.
At first the effect on the broader economy is minimal, so consumers, companies and governments don’t let a slight uptick in financing costs interfere with their borrowing and spending. But eventually rising rates begin to bite and borrowers get skittish, throwing the leverage machine into reverse and producing an equities bear market and Main Street recession.
We are there. After a year of gradual increases, interest rates are finally high enough to start popping bubbles. Consider housing and autos:
Mortgage Rates Up, Affordability Down, Housing Party Over
The past few years’ housing boom has been relatively quiet, but a boom nonetheless. Mortgage rates in the 3% – 4% range made houses widely affordable, so demand exceeded supply and prices rose, eventually surpassing 2006 bubble levels in hot markets like Denver and Seattle.
But this week mortgages hit 5% ..
Read more at:Rising Interest Rates Start Popping Bubbles – The End Of This Expansion Is Now In Sight
Is Ron Paul about to be proven right once again? For a very long time, Ron Paul has been one of my political heroes. His willingness to stand up for true constitutional values and to keep saying “no” to the Washington establishment over and over again won the hearts of millions of American voters, and I wish that there had been enough of us to send him to the White House either in 2008 or in 2012. To this day, I still wish that we could make his classic work entitled “End The Fed” required reading in every high school classroom in America. He was one of the few members of Congress that actually understood economics, and it is very sad that he has now retired from politics. With the enormous mess that Washington D.C. has become, we sure could use a lot more statesmen like him right now.
But even though he has retired from politics, Ron Paul is still speaking out about the most important issues of the day. And what he recently told CNBC is extremely ominous.
Read more at: Ron Paul Is Warning That A 50% Stock Market Decline Is Coming – And That There Is No Way To Stop It
After the FBI was instructed by the White House to interview two of the women who claim Judge Brett Kavanaugh sexually assaulted them – ignoring a third accuser represented by lawyer Michael Avenatti, The Wall Street Journal attempted to independently corroborate the 3rd accuser’s story.
Julie Swetnick – whose checkered past has called her character into question, alleges that Kavanaugh and a friend, Mark Judge, ran a date-rape “gang bang” operation at 10 high school parties she attended as an adult (yet never reported to the authorities).
The allegations were posted by Avenatti over Twitter, which assert that Kavanaugh and Judge made efforts to cause girls “to become inebriated and disoriented so they could then be “gang raped” in a side room or bedroom by a “train” of numerous boys.”
To try and corroborate the story, the Wall Street Journal contacted “dozens of former classmates and colleagues,” yet couldn’t find anyone who knew about the rape parties.
Read more at: WSJ Can’t Corroborate Kavanaugh Accuser’s “Gang Bang” Account After “Dozens” Contacted
It’s long been an article of faith in the sound money community that the Fed, by bailing out every dysfunctional financial entity in sight, would eventually be forced to choose between the deflationary collapse of a mountain of bad debt and the inflationary chaos of a plunging currency.
That generation-defining crossroad is finally in sight.
On one hand, a tight labor market is pushing inflation to levels that normally call for higher interest rates:
Today’s Fed-heads are old enough to remember the 1970s, when failure to get inflation under control produced a decade-long monetary crisis that was only resolved with (not exaggerating here) interest rates approaching 20%.
On the other hand, the yield curve – the difference between long-term and short-term interest rates – is trending towards zero and will, if it keeps falling, invert, meaning that short rates will exceed long. When this has happened in the past a recession has ensued.
Read more at: The Fed’s In A Box And People Are Starting To Notice
Update 3: The White House has finally weighed in on the Rosenstein “is he in or out” controversy. Sarah Huckabee Sanders has said that Rosenstein will meet with Trump on Thursday.
Update 2: Rosenstein reportedly traveled to the White House on Monday for an NSC meeting…the plot thickens…
Update: WSJ is now reporting that Rosenstein hasn’t tendered his resignation – at least not yet. “The situation is still fluid,” the paper said.
After Friday night’s blockbuster NYT report in which, according to Andrew McCabe’s personal files, Deputy Attorney General Rod Rosenstein offered to record President Trump (whether in jest or not) and proposed invoking Article 25, speculation has intensified that President Trump may fire Rosenstein imminently. And while many of Trump’s allies have urged caution, fearing a trap, moments ago Axios reported that Rosenstein has decided to preempt that step by verbally resigning to Chief of Staff John Kelly in anticipation of being fired by President Trump, according to a source with direct knowledge.
Read more at:Rod Rosenstein Reportedly Resigns As Deputy Attorney General