In this week's Off The Cuff podcast, Chris and Mike “Mish” Shedlock discuss:

• The Complete Sham of Corporate “Earnings”
  • Now an art of putting lipstick on a pig
• The Growing Revolt
  • Everywhere you look, the Establishement is being increasingly questioned
• The Empire Digs In
  • More, and more secretive, measures are being past to protect its advantage
• A Brightening Future For Gold?
  • It is finally breaking out of its consolidation phase?

The price of gold has long been in a consolidation phase, and it now seems to breaking out to the upside. There are both fundamental and market-driven reasons for this.

On the fundamental end, supply is becoming a real issue. And with the Powell Fed completely caving to the markets, expectations of a more 'dovish' Fed policy going forward is also adding wind to gold's sails.

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In this week's Off The Cuff podcast, Chris and John Rubino discuss:

• Elusive Earnings
  • Corporate profits are vaporizing across all sectors
• Non-GAAP Crap
  • Companies are increasingly contorting their books to look more solvent than they are
• The Ramifications Of Distorting Price Signals
  • Malinvestment the world 'round
• Inflate Or Die
  • Why helicopter money is coming

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This is a critical update on the Peak Cheap Oil front. 

Yes, I am talking about that tired old concept that was allegedly slain by American drilling ingenuity. It's back in the news… if you know where to look.

I remain steadfastly interested in the oil outlook because everything, and I do mean everything, in our exponential monetary and associated economic system is hinged upon there being more cheap oil next year than last.

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Executive Summary

• Why stocks may average 0% return (!) for the next decade
• The depressing data in
  • Retail sales
  • Housing
  • Manufacturing
  • Consumer confidence
• Why the time to short the market is looking near

If you have not yet read The Stock Market's Shaky Foundation, available free to all readers, please click here to read it first.

To be sure, there is one piece of fundamental information that has supported equity prices; and that’s corporate earnings.

Those have vaulted to new highs, despite the weak economic recovery, on the back of ultra-cheap borrowing (which reduces interest costs which are deducted from earnings), government deficit spending, and low household savings:

While the parabolic rise in corporate earnings is quite impressive, they are also historically unprecedented and certainly unsustainable. 

When we look at the same chart seen above but on a percent change yr/yr basis we see that they have been slowing down remarkably and aren't that far above the zero mark…

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One of the things I am fond of pointing out is that it seems like nobody in high finance or the central banks learned anything from the great crisis of 2008.  The very same excesses that created the prior crises are being committed again.

I know…maybe this time it will turn out differently.

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In this week's Off the Cuff podcast, Chris and Mish discuss:

• Europe Worsens
  • Even Germany is showing signs of weakness now
• David Stockman
  • Everyone's trying to shoot the messenger
• Cognitive Dissonance
  • It feels like we're taking crazy pills

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