ISM survey reports that manufacturing is doing better than ever. But we have seen this before after a major hurricane. This is the worst year from construction spending. The market might crash this October. The IMF reports that the block chain technology might make banks obsolete. The central banks are looking to control the crypto market. Puerto Rico is getting supplies. The Catalonian people voted to be independent. Egypt was caught purchasing black market weapons from the North Korea. The Cabal is pushing their agenda, what was the motive behind the Las Vegas event. The man accused was not an avid gun user, he did not fit the profile, and he really didn’t have a motive.
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Current News – 10.02.2017
- Following modest drops in UK and EU PMIs (and a mixed picture in China), Markit’s US Manufacturing PMI inched higher in September amid schizophrenic collapse in output growth (14mo lows) and surge in employment (9mo highs). ISM, on the other hand, reported that US Manufacturing has not been this awesome since June 2004.
- Just one thing… we have seen these odd outlier spikes in ISM before… right after mega storms…
- And they did not end well.
- As a reminder, ISM and Markit have seen very different views of the US Manufacturing ‘recovery’ in recent months, as ‘real’ economic data has actually collapsed…
- US Construction Spending inched higher in August (+0.5% MoM) from a downwardly revised 1.2% MoM plunge in July.
- Despite the modest uptick, 2017 remains the worst year for Construction Spending growth since 2010…
- Oct. 19 will mark the 30th anniversary of Wall Street’s Crash of 1987, where the Dow industrials fell some 22% in a single day — which would be a 4,900-point drop if it happened today. In fact, stocks crashed in October 1907, 1929 and 2008 as well. Will this October be another one for the record books?
Stocks Are Expensive
U.S. stock valuations are currently very high by most standards.
- Bonds Are Expensive, Too
- Bond markets are also trading at lofty levels.
- With many countries’ benchmark interest rates close to zero or even negative, the Federal Reserve makes news when it talks about raising U.S. rates a lousy quarter of a percentage point.
- We haven’t seen the federal-funds rate above 6% since 2008, while it hasn’t been at 10% since 1989.
- In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
- In the long run, the technology itself can replace national monies, conventional financial intermediation, and even “puts a question mark on the fractional banking model we know today.”
Instead, citizens may one day prefer virtual currencies, since they potentially offer the same cost and convenience as cash—no settlement risks, no clearing delays, no central registration, no intermediary to check accounts and identities. If privately issued virtual currencies remain risky and unstable, citizens may even call on central banks to provide digital forms of legal tender.
- Catalan officials appear to seek full independence even sooner than many expected.
- The official Twitter of the Catalan Government has stated that 90% of voters have chosen to leave Spain and form a Catalan Republic. According to reports, Catalan officials have stated that 2.2 million people voted in the referendum.
- But perhaps the biggest surprise for the Egyptian authorities emerged when they tried to determine for whom the weapons were intended, and discovered that they had been secretly purchase
- The weapons discovered by the Egyptian authorities, which were headed to a shell company later revealed to be a front for the military, were North Korean copies of the Soviet-era PG-7, a variant of a weapon first built in the 1960s.
Asked about the boxes, the crew produced a bill of lading listing the contents, in awkward English, as “assembly parts of the underwater pump.” But after the last of the 79 crates was unloaded and opened at Egypt’s al-Adabiyah port, it was clear that this was a weapons shipment like none other: more than 24,000 rocket-propelled grenades, and completed components for 6,000 more. All were North Korean copies of a rocket warhead known as the PG-7, a variant of a Soviet munition first built in the 1960s.
A closer examination by U.N. experts would reveal yet another deception, this one apparently intended to fool the weapons’ Egyptian recipients: Each of the rockets bore a stamp with a manufacturing date of March 2016, just a few months before the Jie Shun sailed. But the label, like the manifest, was false.
“On-site analysis revealed that they were not of recent production,” the U.N. report said, “but rather had been stockpiled for some time.”
- Paddock’s family were in shock after the 64-year-old sowed terror on the Vegas strip in the worst mass shooting in recent US history, which the Islamic State group early Monday claimed was carried out by one of its “soldiers.” Completely fake
- His brother, Eric Paddock said his brother was “not an avid gun guy at all.”
- “Where the hell did he get automatic weapons? He has no military background or anything like that,” he said. “He’s a guy who lived in a house in Mesquite, drove down and gambled in Las Vegas. He did stuff. Eat burritos.”
- Paddock was found dead, apparently of a self-inflicted gunshot wound, when a police SWAT team burst in to his room on the 32nd floor of the Mandalay Hotel.
- Eric also said that while Paddock owned guns, they were all legal and all handguns. Police found Paddock in his hotel room with at least 10 rifles, and law enforcement experts have guessed that the shooting was committed with an automatic weapon.
- Separately, as some have noted, Paddock’s father – Benjamin Paddock – was a convicted bank robber and on the FBI’s 10 Most Wanted list after escpaing from prison in 1968 and on the run for 10 years.
- With the sun out, photos and videos have emerged of the broken windows on the 32nd floor of the Mandalay Bay Hotel. Photos reveal two broken windows on the floor from which gunman Stephen Paddock reportedly sprayed bullets at concert-goers below
- Source: zerohedge.com
- Now, the FBI has stated that Paddock had no connections to ISIS and that his mass homicide was not connected to a known terrorist group.