It’s Thursday morning - and there are nearly a dozen “PM bullish, everything-else-bearish”
headlines worthy of distinct articles. Such as…
1. This shocking, and hilarious, segment of the John Oliver show, depicting how subprime auto lending has officially reached the destructive lunacy of the 2007-08 subprime mortgage market. Not to mention, subprime student lending, as a whopping 37% of the $1+ trillion, government-underwritten student loan “market” is now delinquent.
2. Obamacare is literally on the brink of collapse, with insurers losing $2 billion in 2015 alone, and pulling out of the program en masse
3.The “shocking” news that Central banks, led by China and Japan, have sold a whopping $335 billion of U.S. Treasuries this year, suggesting the only “buyers” are a covertly acting Fed, and leveraged speculators betting on “QE to Infinity”
4. Yesterday’s “boy who cried wolf” FOMC minutes, which said absolutely nothing incremental. Naturally, PMs were smashed in the immediate aftermath – but came back with a vengeance; where they were stopped cold at, what do you know, the Cartel’s maniacal “lines in the sand” at $1,350 gold and $20 silver, respectively. Good for Craig Hemke, in writing a brilliant article about what I have been saying for years – not to mention, yesterday’s Audioblog – of how the “minutes” publication process, including Fed governor speeches directly before and after, has become a de facto jawboning (and PM attack) operation. Unfortunately for the powers that be, few, if any, people are paying attention anymore, as the Fed’s credibility is essentially dead. Which is probably why the money markets don’t anticipate an actual rate hike until mid-2017, and why interest rates are hovering near all-time lows.
5. Portugal’s only remaining “investment grade” credit rating is on the verge of being stripped, putting the “P” in PIIGS on the cusp of a dramatic funding crisis
6. Hillary Clinton’s ongoing health saga – as discussed here, by Dr. Drew Pinsky – which frankly, could wind up being the most destabilizing geopolitical and financial market issue of 2016
7. Accelerating criticism of negative interest policy across the globe – as everyone from savers, to insurance companies, pension funds, and money market funds face dire financial consequences.
8. A renewed plunge in Deutsche Bank stock, after having barely “dead cat bounced” higher. Per last month’s article, “the Powers that Be, 2016 – lower highs, and lower lows,” the PPT may be having success propping up the “Dow Jones Propaganda Average,” but not critical stocks like Deutsche Bank; i.e., the world’s “most systematically dangerous institution.”
9. The surging popularity of Austria’s far right, anti-EU Presidential candidate, Norbert Hofer, who is all but assured of winning the Prime Ministership in October.
10. This morning’s crashing Philly Fed component data, including a seven-year low in the employment index.
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