Here are today’s gold stock screens and data, along with cycle conditions and projections for gold and HUI index, and Chart of the Day...
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Radio Free Wall Street
Economic and Financial
Economic and and financial news and analysis
Iran + LTRO + Oil = Crash
Find out why Russ Winter of Winter (Economic and Market) Watch this the market will crash within weeks, as he, ML-Implode’s Aaron Krowne and the Wall Street Examiner’s Lee Adler have a lively debate over the possibilities, and Lee tells why he thinks Russ is wrong, and the market has more upside. This is...
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What Happens When Phantom Profits Vanish?
As the U.S. dollar strengthens against other currencies, the phantom corporate profits generated by a devaluing dollar will vanish.
One of the dirty little secrets of the stock market rally is that the rising corporate profits that powered it ar...
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Greek Politics Turning Against Debt Slavery
Paul Mason of BBC has done yeoman work about what’s going on within Greece. In particular he offers commentary on the political response in Greece. No wonder the EU wants to “postpone” elections. Polls indicate that far left parties are going to be swept in. It is hard to imagine that this won’t just intensify. These...
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Presidents Day: Why Can’t We Nominate Our Own President? We Can, We Are
Why can't the American public nominate their own candidate for president? It turns out we can, and are doing so for the first time in American history.
If the last 12 years have revealed anything, they have shown beyond reasonable doubt that both S...
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The Amazing Vanishing Act: Accounting Control Fraud Disappears from the Regulatory Lexicon
By William K. BlackCriminologists know that accounting control fraud causes greater financial losses than all other forms of property crime – combined. Some of the world’s best economists, George Akerlof and Paul Romer, praised the S&L re...
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Dis and Dat
.Self-Serving Accounting
There’s been an ongoing row about changes in lease accounting. Big players in the leasing industry (think GE) have been fighting the changes tooth-and-nail. This article had some interesting data on the consequences of the n...
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The Chess Game with Iran
The enemy of the conventional wisdom is not ideas but the march of events. - John Kenneth Galbraith The western embargo against Iran’s oil seems to be running into a buzz saw. The success of any embargo will be conditioned on two variables: 1) whether Saudi Arabia can quickly ramp up production to meet European demand,...
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On the "Simple" Extension of the 2% Reduction in Payroll Taxes
This week our leaders in D.C. extended the payroll tax deduction for another ten months. The new law also extends Unemployment Benefits, and it allows for a continuation of the old payouts to Doctors for Medicare reimbursements. The cost of the legis...
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When Debt is More Important Than People, The System Is Evil
The Empire of Debt has only one end-point: a death spiral. It is evil and must be dismantled.
Ethics has no place in the Empire of Debt. The financialized Status Quo is careful to limit the language used to describe the situation in Greece ...
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McDonalds vs. Facebook – Toss me a BigMac
McDonalds vs. Facebook - Toss me a BigMac. (Taken from Phil's This is the End - But for Who?) A day late and a point short on the S&P. Our senior index finished the day at 1,358.04, just 0.96 under our 10% line at 1,359. Oddly enough, it never crossed...
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Do We Really Know Greece’s Default Will Be Orderly?
The market seems to be pricing in an orderly Greek default or a successful "firewall" around the potential instability. Are the unknowns really all known?
The equities market is acting like we know Greece's default will be orderly and no threat ...
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Consumer is Gassed Out
In the consumer economy, gasoline demand has strangely collapsed. I have always felt this was a solid indicator of consumer behavior, and still do. At a core level I sense that in reality the consumer is MIA. As you can see the normal seasonal pickup in driving is barely registering. At the same time a...
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The Grand Game of Perception Management
The economy will expand if you believe it is expanding--because you'll be "animal spirited" into buying a lot of stuff on credit that you can't afford.
It all boils down to perception--that's the insight at the heart of the Grand Game of Percept...
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End Game For Treasuries, End Game for US Politics as We Know It
Russ Winter of Winter (Economic and Market) Watch and the Wall Street Examiner’s Lee Adler discuss the end of the end of the bull market in US Treasuries, and the possibility of a soft political revolution in the US this fall. Russ believes that a third party will emerge, and WIN! So this is...
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The Grand Failure of the Econometric Model
If the conventional econometric model based on metrics like forward price-earnings ratios and a declining unemployment rate is so accurate, then why did it fail so completely, totally and utterly in predicting the 2008 meltdown?
A certain flavor...
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The Marginalization of the White Working Class
There is a revealing book by Charles Murray called Coming Apart: The State of White America, 1960–2010″ . This has a big focus on what nobody really wants to talk about, the white American working class. Santorium’s preaching about social values has merits but he panders and makes it mostly about black people or illegal immigrants. And...
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It’s Not Just Gasoline Consumption That’s Tanking, It’s All Energy
It's not just gasoline consumption that's declining--petroleum and electricity consumption are also dropping. Is that indicative of economic growth?
A number of readers kindly forwarded additional data sources to me as followup on last week's en...
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The John Brown Moment
When Gaia gets pissed off enough at the antics of humanity, she sends in her hit-man, Reality, to settle accounts. Reality is blessed with a cloak of invisibility. The human race is so busy concocting stories about what it is doing, that Reality steals onto the scene unnoticed - until bodies start...
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On FX
Want to see a completely wrong headline? Here’s mine from seven months ago:
The “deal” that I was referring to in this piece was changed dramatically from the one that is being worked on with creditors today.The haircut on bonds has changed, a...
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In Terms of the Final Outcome, the Political Polarization Amounts to a Hill of Beans
US debt going is parabolic, as is record high political polarization. The polarization shown on the chart really amounts to squat in terms of the bottom line. Presidente Zero throws his latest campaign piece of meat (a “budget”) out for the Republican to go into a dizzle fit over. Great theater for mainstream media talking heads,...
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Schedule Change
Due to an unexpected change in Lee Adler’s travel schedule, the podcast originally slated for Tuesday will be delayed until Wednesday. Meanwhile, Russ Winter has a new post up. Thanks for your support and we’ll see you Wednesday.
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Greek Arrangements
“I ask you to vote in favour of the new loan agreement today and to have the ability to negotiate and change the current policy which has been forced on us” Samaras, likely new Greek Premier after elections Since the opportunity cost for Greece of “pledging” to achieve unattainable targets while doing kittle, is...
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On Meredith Whitney, Munis and Leaks
Warning: Wonkish
When you stick your neck out and make prognostications about the future, sometimes you're going to be wrong. I’m certainly no exception. But when it comes to really big misses, I think Meredith Whitney’s call for a monster blow-o...
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The First Dominoes: Greece, Reality, and Cascading Default
I asked frequent contributor Zeus Yiamouyiannis to comment on the coming Greek default. Here is his insightful response.
Greece is the epicenter of a drama that threatens to unwind with all the intrigue and subterfuge of ancient Greek myths and ...
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Heroes
A know a man. Call him Eddie. He’s African American, going on about 63. When he was a boy he had no real home or much education, so when he was eighteen he took the only option available to him. He joined the military. That was 1967.
He must have be...
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On Banknotes
There is a curious story in the Swiss press today. On the surface it appears innocuous.
Paper money has been in transition for the last ten years. Most of the big issuers of paper have updated their bills to minimize forgery. The US has spent a ...
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Greece and the Rape by the Rentiers
By Marshall AuerbackHere's the draft of the supposed agreement to "sort out" the Greek debt problem once and for all. According to Bloomberg, here are the essentials: Greece's 2012 GDP will shrink by as much as 5%.Greece is expected to return to growt...
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Why Is Gasoline Consumption Tanking?
Gasoline deliveries reflect recession and growth. The recent drop in retail gasoline deliveries is signalling a sharp contraction ahead.
Mish recently posted some
Thank you, Michael N. ($100), for your magnificently generous contribution t...
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The Choices We Make
The misalignment of politics and reality threatens to scuttle both major parties, but it's especially gratifying to see the Republicans sail off the edge of their own flat earth on the winds of religious idiocy. For forty years it has not been enough for them to just be a conservative party. They...
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