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Jim Grant

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      doesn't blather all the time

      but when he does speak, he's well worth listening to. On July 14th he brought out this very important point: The Fed - and all the other central banks - can't guide and steer the economic events. The events make the policy makers react.

      Here's my take: The central banksters can neither lead nor react with the right medicine, because they're beholden to banksterdom, not the economic well being of real people in the real economy. The evidence is everywhere, in rising asset prices making housing unaffordable for many people, lousy wages and rising living costs, etc etc etc.

      What was a protection mechanism for the banking system has become a Soviet central planner. That's why I call them central banksters, because they're inverse Robin Hoods.

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      Is It A Plan?

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          Or "only" a consequence of geopoliticking?

          They'd better be careful what they wish for, those who want to see the end of the EU and the Euro. In this interconnected world, especially regarding finances and banking, if one major area goes down, so does the world.

          The unsustainable, debt ridden world economy will crash, but nobody knows when or what the trigger or first dominoes to fall will be. There certainly are several fragile situations worldwide, whether it's the Syria war affecting Europe or anything else.

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          Can You Believe It?

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              Yella Jane just repeated history!

              The WH is the 1933 Reichstag, which burned down interestingly, and it's 1929 all over again on Wall Street. The Fed Head said it the other day, no more recessions! In 1929 the market had reached a permanent high plateau right before the crash, according to the then Fed Head.

              Today, unlike then, the main central banksters are coordinatedly making the markets dance as if they all had Harry Potter wands. Reality is getting tired of the wizardry of massive distortions created by the manipulation. The real economy will show up and threaten mass destruction, but Central Banksterdom has a plan, the IMF SDR and what we can call the WES, World Economic System.

              The problem with that is that central planning was tried in the Soviet Union where it failed, and is still going on in Commie China making the economy dangerously unstable.

              They talk about wanting inflation so that interest rates can be normalized. There's two things going on here, ignoring the plight of ordinary folks, and putting the cart before the horse or wishing for something bad so they can become the saviors. Inflation pushes up asset prices such as housing, making it unaffordable for most people. At the same time incomes are smaller. It's 1970es stagflation all over again.

              The bottom line is that World Banksterdom is looking out for itself. That wonderful tool called debt enslavement was created on an Italian bench - the origin of the word bank - centuries ago, but that game is soon over. The Earth can't take it any more, more and more people fighting ach other for fewer resources. A very humongous reset is needed. The banksters will try to do it, but can't because they won't let the markets and the economy work. I fear that WWIII will happen in a not too distant future, because we humans don't do big, fundamental changes voluntarily.

              My basic thesis is that grinding down the lower classes can't continue forever. It quite simply isn't sustainable. Prosperity for all means win-win also for the ueber-elites. They'll extract even more wealth from productive lower classes and consolidate their power, and the world will be peaceful and stable. Automation started eliminating the need for large new generations of workers already two and a half centuries ago, and when the world poulation eventually shrinks, pressure will be taken off the Earth's resources.

              Sorry, that rant was quite a mouthful. Sometimes I connect too many dots I guess...

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              Confidence Boomed After The Election. The Economy Hasn’t.

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                  The Great Orange Hope

                  Trump is a conman of considerable skill. He convinced many of America’s business leaders that he was going to create an economic boom. Following the election there was great enthusiasm, but there seems to be a problem; the efforts of the great orange hope aren’t translating into reality.The anticipated boom has not arrived.

                  https://www.nytimes.com/2017/07/04/upshot/confiden...

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                  Trump's Bad Hombres Are Sorely Missed

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                      https://www.dailykos.com/story/2017/7/4/1677722/-T...

                      In September 2016, in the thick of candidate Trump’s superheated rhetoric regarding “bad hombres” coming to ravish our women-folk, the Republican-controlled congress found it politically expedient to allow an extension to the H-2B visa program to expire without reauthorization.

                      That inaction threatened future troubles for U.S. companies that depend on seasonal labor for temporary, low-skill, non-farm jobs; industries like hospitality, landscape maintenance, construction, and food processing. And now, in the middle of those industries’ first busy season since that lapse, employers large and small here in Trump country are beginning to feel the pain, and to howl. In North Carolina (which went for Trump by a 4 percentage point margin):

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                      Seattle Employers Cut Hours After Latest Minimum Wage Rise, Study Finds

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                          'A Seattle law that requires many businesses to pay a minimum wage of at least $13 an hour has left low-wage workers with less money in their pockets because some employers cut working hours, a study released on Monday said.

                          'Low-wage workers on average now clock 9 percent fewer hours and earn $125 less each month than before the Pacific Northwest city set one of the highest minimum wages in the nation, the University of Washington research paper said.

                          'Even so, overall employment at city restaurants, where a large percentage of low-wage earners work, held steady.

                          'Seattle, which has a booming economy and a strong technology sector, is midway through an initiative to increase its minimum wage for all employers to $15 an hour. The city is at the forefront of a nationwide push by Democratic elected officials and organized labor in targeting $15 for all workers.

                          '"Most people will tell you there is a level of minimum wage that is too high," Jacob Vigdor, a professor of public policy at the University of Washington and director of the team studying the increase, said in a phone interview. "There is a sense that as you raise it too high, then you get to a point where employers will really start cutting back."

                          'Many companies reached that point after Seattle, a city of nearly 700,000 residents, raised the minimum to $13 an hour for large employers beginning Jan. 1, 2016, according to the study.

                          'Seattle's labor market held steady when the minimum rose to $11 from $9.47 on April 1, 2015, the university found in a study released last year.

                          '"Raising the minimum wage helps ensure more people who live and work in Seattle can share in our city's success, and helps fight income inequality," Seattle Mayor Ed Murray said in a statement in response to the study, which the city commissioned.'

                          https://www.yahoo.com/news/seattle-employers-cut-h...

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                          Move By UK Supermarkets Threatens To Bring Fairtrade Crashing Down

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                              "When four Sainsbury’s executives met farmers from some of Africa’s biggest tea-growing co-operatives in a hotel in Nairobi last month it should have been a mutual celebration of Fairtrade, the gold standard of ethical trading and the world’s most trusted and best-known food certification scheme.

                              "But instead of backslapping at the Pride hotel, the world’s largest retailer of Fairtrade products precipitated the greatest crisis in the scheme’s 25-year history by telling the 13 major tea groups and their 228,000 co-operative members that it intended to drop the globally known Fairtrade mark for their produce, and replace it with the phrase “fairly traded”.

                              "In place of the strict rules devised by farmers’ groups working with independent development experts to guarantee consumers that small-scale farmers are being rewarded with decent pay and bonuses, the £23bn-a-year retailer said it planned to set up its own in-house certification scheme, set new ethical standards and introduce a different way to pay the groups.

                              "From next week the company will no longer label its Gold, Red and other bestselling own-brand teas as “Fairtrade” but will call them “fairly traded”. Officially it is a pilot but the suspicion is that Sainsbury’s will then roll out the new standard across other products including bananas and coffee.

                              "To add to the woes of the Fairtrade brand, it was revealed last week that Tesco will move all its own-label coffee from Fairtrade to another ethical certification scheme, the Rainforest Alliance. According to the Grocer, an industry magazine, this is likely to happen in 2018 and follows a similar announcement by the retailer earlier this year that it will do the same with its own-brand tea.

                              "The farmers at the meeting with Sainsbury’s, mostly from Malawi, Rwanda and Kenya, were nonplussed. “Why change a system that has worked well for 25 years for both poor farmers and large supermarkets?” asked one. Had not the supermarket reaped tens of millions of pounds’ profit and huge moral kudos by pioneering Fairtrade and inviting customers to pay a bit more for their produce?"

                              https://www.theguardian.com/global-development/201...

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                              Why Auto-, Credit Card,- And Student Debt Are Worse Than Housing Debt

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                                  in the USA, not everywhere else

                                  In 2007 guests on CNBC were saying that weakness in the housing market wasn't a big deal. Now housing has become unaffordable for most people because they have lousy jobs with low pay. Rents rise in the areas where there is work. Sure, you can move to a place where rent is cheap, but is there work there? Nobody wants a two- hour commute each way, unless there's wyfy on the train maybe. Bedsides, if you have a low pay job, the commute would be too costly.

                                  Now there are many housing bubbles, in the USA, Canada. China, etc etc etc. The only debt I've heard about that you can walk away from is US housing debt. Private debt is dangerously high. Economic shocks will cause an avalanche of NPLs - non performing loans, which wil hurt the banks.

                                  Collectively it doesn't matter whether you can walk away or the banks get bailed out with fiat money. The debt is still there, and it will cause pain one day. What was that about death and taxes? Let me rearrange that and add an ingredient: There are taxes to pay all the time, debt eventually, and after all that, death may not seem so bad...

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                                  Oil Out Of Control

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                                      There isn't a way to control markets all the time, just like what Abe Lincoln said about fooling the people. The oil price keeps on falling going into the driving season, and gasoline storage is increasing! People can't afford holidays, pure and simple. Rattling the war sable or actual war should make the oil price spike, but even that doesn't change the long term fundamentals of supply and demand.

                                      A lot is being said about supply, but serious analysis of demand is AWOL...

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