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The
central bank circus was on full display this week as the Federal
Reserve's Open Market Committee held a two-day meeting only to emerge
with another mind-numbing series of excuses for keeping interest
rates at zero when the economy is not in crisis.
One such claim was that inflation (as measured by economists) is
insufficiently high, despite the fact that the price of real-world goods
and services (including gasoline again) are steadily rising. The Fed
stated that it's afraid raising interest rates – for the first time in
nine years and by all of 25 basis points – could send the economy into a
tailspin. That isn't only bad policy, it is pathetic. Perhaps it's time we learned that the last person we should ask about
the economy is an economist (or worse, a group of economists). The Fed
lowered its economic forecast for 2015 to 1.8%-2.0%. This continues a
steady deterioration in its economic outlook. In March, it forecast
growth at 2.3-2.7% and last December, it was looking for 2.6-3.0%
growth. Read more.......
Severe Cracks In The System Warn Devastating Global Panic Is Near
March 16 (King World News) – Epinephrine,
also known as adrenaline, is a very powerful hormone and
neurotransmitter employed in emergency medical situations such as
cardiac arrest, superficial bleeding and anaphylaxis. An example of
anaphylaxis would be a severe reaction to a bee sting.
Greenspan Era
Since the final days of the Greenspan
Era, the Fed has been administering a wide variety of “economic
epinephrine” to address and suppress the equivalents of the medical
conditions listed above. There were several economic “cardiac arrests”
in the late 1990s through the 2000s, beginning with the Long-Term
Capital fiasco and culminating with the ultimate fiascos around
financial derivatives and the real estate market in the 2008-2009
period….
Greenspan – A Trail Of Devastation
There was also superficial bleeding in
the U.S. as huge numbers of jobs were moved overseas. Pension
obligations soared along with healthcare and education costs. Operating
deficits and new benefits have swelled long-term obligations to the
point of no return. Prices for necessities have gone through the roof
for the middle class at the same time that the median wage is close to
unchanged for the last 15 years. Read more.......
The
US stock markets were quick to rally after the Federal Reserve did
nothing at its policy meeting this week. Traders love the endless
dovishness gushing forth from this Yellen Fed. But their complacency
is very misplaced. It was epic Fed easing that fueled the stock-market
levitation of recent years. So the Fed shifting away from these
extraordinary policies is a major downside risk for these Fed-inflated
stock markets.
The Federal Reserve has utterly dominated stock-market sentiment in
recent years, to a truly shocking degree. From the Fed’s Federal Open
Market Committee policy meetings every 6 weeks or so, to the
subsequent Janet Yellen press conferences and FOMC members’ economic
projections, to the endless speeches by Fed officials, the great
majority of important stock-market moves have been driven by the Fed. Read more.......
When
both sides engage in brinkmanship in a power contest and find
themselves at last genuinely at the brink, the chances for an "accident"
which neither side wants have risen substantially. That is where Greece and its creditors, the Eurozone and the IMF,
find themselves after the European finance ministers and Greece failed
yesterday to make a breakthrough. This impasse led to the scheduling of
an emergency meeting Monday of the European Heads of State ("adults," in
the words of the IMF).
Meanwhile Greek banks are experiencing an accelerated withdrawal of
funds. There are fears that unless the European Central Bank provides
additional funds this weekend, the banks will not be able to open on
Monday, and capital controls will have to be imposed. Read more.......
This
year, boy-wonder billionaire and Facebook co-founder Mark Zuckerberg,
30, maintained his top spot on the list of the richest individuals under
the age of 35. His net worth is estimated at $34 billion, landing at
No. 11 on the Forbes list of richest billionaires in America and the
14th richest in the world.
But who else made the cut at an age when many of us are still drowning in student debt?
Bankrate
took a look at published reports and compiled a list of nine, other
than "Zuck," who are younger than 35 and at billionaire status. While
some inherited their fortunes, most continue to work hard for their
money in various fields.
Here are the top nine in order of wealth. Read more.......
Bloomberg Economic and Financial News :
China Margin Trades Buckle Leaving $364 Billion at Risk
Investors look through stock information at a trading hall in a securities firm in Shanghai on June 19, 2015.
Photographer: Pei Xin/Xinhua via Getty Images
The biggest tumble in Chinese shares since 2008 is proving especially
painful for margin traders as their favorite stocks sink faster than the
benchmark index, raising the risk of forced liquidations.
The 30 equities in Shanghai with the highest levels of margin debt
relative to tradable shares have dropped 17 percent on average since the
market peaked on June 12, versus a 13 percent decline for the Shanghai
Composite Index. Margin positions on the city’s bourse fell for the
first time in a month on Friday, a sign that leveraged investors are
unwinding bets after they grew more than five-fold in the past year.
With at least $364 billion of borrowed money riding on stocks in
Shanghai and Shenzhen, losses on those positions threaten to magnify
market declines as traders sell shares to meet margin calls. China’s
benchmark index tumbled at the fastest pace among global equity gauges
last week, after a world-beating 152 percent gain in the previous 12
months. Read more.......
The
US stock markets were quick to rally after the Federal Reserve did
nothing at its policy meeting this week. Traders love the endless
dovishness gushing forth from this Yellen Fed. But their complacency
is very misplaced. It was epic Fed easing that fueled the stock-market
levitation of recent years. So the Fed shifting away from these
extraordinary policies is a major downside risk for these Fed-inflated
stock markets. 
Flickr / Lydia
