While the primary topic of Albert Edwards’ most recent note is the question how long China can sustain its FX intervention before tapping out and letting the hedge funds win with their short Yuan bets once total reserves drop below the critical redline of $2.7 trillion (the answer incidentally is between 5 months and 10 months assuming monthly reserve burn rates of $130BN to $60BN), we will skip that part as we have discussed it extensively in the past, and instead will fast forward to some chart porn by the SocGenarian.
The global economy is in crisis, and this is going to have very serious implications for the financial markets moving forward. U.S. stocks just had their worst January in seven years, and if I am right much worse is still yet to come this year. The following are 22 signs that the global economic turmoil that we have seen so far in 2016 is just the beginning…
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune.
Siddhartha Roy, a doctoral student from India, held up a bottle of yellow-tinted Flint water. The team’s role, he told the crowd, was “essentially validating what citizens had been saying for months.” That validation was so important to the increasingly desperate people of Flint that one resident hugged him when he heard that the Virginia Tech scientists had indeed confirmed that the water was contaminated.
Why are Americans so angry? (jdargis)
Candidates have sensed the mood and are adopting the rhetoric. Donald Trump, who has arguably tapped into voters’ frustration better than any other candidate, says he is “very, very angry” and will “gladly accept the mantle of anger” while rival Republican Ben Carson says he has encountered “many Americans who are discouraged and angry as they watch the American dream slipping away”.
Democratic presidential hopeful Bernie Sanders says: “I am angry and millions of Americans are angry,” while Hillary Clinton says she “understands why people get angry”.
Some Democratic insiders said while that part of the debate was fought on Sanders’ terrain, he failed to make the connection that Clinton would do the bidding of the moneyed interests he rails against.
“When you boil this down to the basic question of whether she has delivered anything for these fees/contribution, it becomes clear that there is no ‘there’ there,” said a New Hampshire Democrat. “His attack falls apart when you discuss it beyond sound bites.”
All this had been discussed at great length back in the 1970s, when the United States hit its own all-time production peak and began skidding down the far side. The issue of peak oil got swept under the rug during the Reagan era and ignored by almost everyone thereafter; by the time the alarm was finally sounded again in the late 1990s, it was painfully clear that most of the time that would have been needed to get ready for peak oil had already been wasted. The result, according to most serious peak oil researchers at that time, would be a traumatic era of economic, political, and cultural turmoil in which a global civilization used to depending on oceans of cheap abundant crude oil got squeezed by steadily decreasing supplies at steadily soaring prices. That was the peak oil standard scenario.
Mark, 60, and his two brothers, together with assorted sons and sons-in-law, run Anson Farms, a big commercial soybean and corn operation in Indiana and Illinois. Concern about the soil quality of the family’s fields had nagged at him for some time. “Our corn was wilting when temperatures hit 103 degrees,” he said, and such heat isn’t so unusual in the summer. “I felt like I had a gorilla on my shoulder.” What he learned about the benefits of cover crops gave him hope.
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