Get ready for the next crisis, it’s going to be far worse than 2008. Get out of debt. Money in the bank may not be there when you need it. A core holding in precious metals is a must. Invest in alternative energy for your home, it will pay a huge return. Be careful of your investments in Wall Street, they may not be there when you most need them. Most of all, be prepared!
Today’s broken, “mangled” (to use Citi’s descriptor) markets come courtesy of: 1) frontrunning, parasitic HFTs, 2) the post-crisis regulatory regime which, to the extent it’s well meaning, was conceived by people who never had any hope of evaluating the likely knock-on effects of their policies, and 3) central banks, who have commandeered sovereign debt markets, leaving a trail of illiquidity and shrunken repo in their wake.
On war, Griffin contends, “War is primarily a psychological weapon. The threat of war, the fear of war, that is more useful to governments than actual war. Machiavelli said years ago said that the best way to keep people content and overlook the miseries they have to suffer under their own governments is to embroil the people in wars or rumors of wars. So, they would be so afraid of an enemy that they would tolerate any insult to their liberties as a means of preventing this thing they dread so much. That is certainly the prime operative today.”
Pay No Income Taxes, Legally! (Tiffany B.)
In its gracious wisdom, however, the U.S. Congress waved its magic wand and decreed that if a U.S. citizen is truly resident abroad — passing a residence “test” set by the inquisitors at the IRS — then a certain amount of their annual income would be “excluded” from U.S. tax. Not a tax credit, mind you: The income itself is simply not taxable by the United States. You still have to file a U.S. tax return, but if you’re under the threshold, your taxable income is zero, zip, nada.
It was another volatile week in the markets. The interest rate decision by the U.S. Fed on Wednesday was a non-event with no change in the Fed’s monetary policy. The market reacted with a spike in stocks, bonds, and precious metals, while the U.S. dollar took a dive. Also, the unfolding drama in Greece spooked markets and metals; stock markets are nervous while metals mostly get bids each time the Greek crisis flares up.
Anti-intellectualism Is Killing America (jdargis)
In a country where a sitting congressman told a crowd that evolution and the Big Bang are “lies straight from the pit of hell,” (link is external) where the chairman of a Senate environmental panel brought a snowball (link is external) into the chamber as evidence that climate change is a hoax, where almost one in three citizens can’t name the vice president (link is external), it is beyond dispute that critical thinking has been abandoned as a cultural value. Our failure as a society to connect the dots, to see that such anti-intellectualism comes with a huge price, could eventually be our downfall.
The Urban Institute’s research shows how the number of extremely low-income households around the nation has grown since 2000. At the same time, federal housing-assistance programs have grown, but not nearly enough to keep up with need. The difference in the availability of affordable housing between 2000 and 2013 is immediately apparent from the maps, especially in states in the South (namely Alabama, Kentucky, and South Carolina), the Midwest (Ohio and Illinois), and the West (Nevada).
There is no doubt that North Dakota, the USA’s second largest producer, is down since December. And I believe the data clearly shows that Texas, the USA’s largest crude oil producer by far, is down also. Then how is it possible that the EIA has US Production up so much since December?
In the chart above as well as the one below, the weekly production data are the averaged per month. The June weekly numbers are the average of the last two weeks reported data.
Gold & Silver
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