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Added topic The Jobs Number Is BS Says Former Head Of BLS
After every non-farm payroll report we provide our own breakdown of what the real unemployment rate is in a country in which the labor force participation rate has not been adjusted to normalize for the Second Great Depression. In the most recent
thenews
Added topic Ben Bernanke: Nobody understands gold prices, including me
Good luck trying to predict where gold prices are going, because even the head of the world’s most powerful bank admits he hasn’t a clue. When asked about the drop in gold prices by U.S. senators during his testimony on monetary policy Thursday, U.S
thenews
Added topic Europe Week Ahead: German Ifo, EZ PMI, ECB BLS, UK GDP
The big question in terms of European data next week is whether PMI indices can sustain their recent improving trend, and at what pace. We see good reasons to expect a further, moderate and uneven increase in July flash PMIs. The cyclical momentum
thenews
Added topic Detroit's Bankruptcy Is Just Politics By Other Means
Prussian military theorist Carl von Clausewitz famously declared war is “mere policy by other means.” Detroit’s bankruptcy is similar. Saddled with billions of dollars in bond debt and pension obligations it can never repay, Michigan’s largest city
thenews
Added topic China Warns Of 'Overly Optimistic Forecasts'; Tells G-20 To Mind Your Own Economies
In a wide-ranging interview with Xinhua, the Chinese finance minister Lou Jiwei started from the normal fantasy-land of central-planners by noting that the topic of a Chinese hard-landing "was not discussed at the G-20," because "no participant
thenews
Added topic Weighing The Week Ahead: It’s All About Earnings
In last week's prediction for the week ahead my streak I guessed that the main theme would be whether we had dodged the bullet on the matter of a correction. This proved to be pretty accurate, despite news about China, the Bernanke testimony, and
thenews
Added topic EUR/USD Forecast July 22-26
EUR/USD remained stable, ignoring some euro-zone issues and enjoying some dollar weakness. Flash Manufacturing and Services PMIs and German Ifo Business Climate are the main events on our calendar. Here is an outlook on the important events to watch
thenews
Added topic Markets Are Going Nowhere
We're looking at a very quiet start to the week in markets. Following a weekend which saw Japanese elections result in pretty much exactly what everyone was expecting (a strong win for Shinzo Abe's party) markets are doing nothing. Japan ended the
thenews
Added topic Ex-CIA official to address government-wary hackers
A former CIA official and a retired Air Force general will address next week's Def Con hacking convention, which for the first time asked federal officials to steer clear because of anger over alleged government spying. Joseph DeTrani, a long-time
thenews
Added topic Traders Are Talking About A Gold Conspiracy Theory And There's Evidence To Back It Up
No discussion about gold is complete without a good conspiracy theory. While most theories are easily dismissed, some stay around for a while due to a confluence of circumstantial evidence surrounding them. Wall Street veteran Art Cashin addresses
thenews
Added topic Bankers Own the World, And are ultimately destroying it
In every era, there are certain people and institutions that are held in the highest public regard as they embody the prevailing values of society. Not that long ago, Albert Einstein was a major public figure and was widely revered. Can you name a
thenews
Added topic The Phrase That May Break (Or Make) Larry Summers As The Next Fed Chairman
"QE in my view is less efficacious for the real economy than most people suppose," may just be the sentence that ends Larry Summers' run at becoming the next 'most powerful person in the world'. As the FT reports, the chubby ex-chief economist for
thenews
Added topic Weak Retail Sales Means Fed Tapering Later vs. Sooner
U.S. retail sales rose 0.4% in June and just 0.1% excluding autos, with both measures well below consensus estimates. The report raises new questions about the strength of the U.S. economy, the health of consumers and the timing of any Federal
thenews
Added topic Average Goldman Compensation Soars To Three-Year High Of $431,956 Despite Results
Goldman is baaaaaack.... if only in soaring compensation. While the firm reported trading results that were largely unspectacular in Q2 (very much as the Jefferies early glimpse foretold) with solid drops on a Q/Q basis in the two key revenue
thenews
Added topic Enjoy it while it lasts: Bank earnings face trouble
Wall Street's blowout quarter for big bank earnings comes in the shadow of a daunting specter—An onslaught of potential Washington regulation that could put a major dent in profits. Recent days have seen an increased likelihood that banks will have
thenews
Added topic Here's What Experts Expect Bernanke To Say When He Speaks To Congress On Wednesday
Federal Reserve Chairman Ben Bernanke heads to Congress to speak to the House Financial Services Committee on Wednesday at 10:00 a.m. ET and then to the Senate Banking Committee on Thursday at 10:30 a.m. ET. This will be Bernanke's 16th so-called
thenews
Added topic Bernanke Avoids Triggering One-Way Market Moves
The release of Ben Bernanke's testimony, this morning, left forex traders confused as ever but avoiding a one-directional reaction is most likely the Fed Chairman's intention. Failure To Harden While Bernanke repeated that the Fed may taper QE in
thenews
Added topic Dollar Firm, Awaiting More Bernanke
The US dollar is firm against the major and most emerging market currencies. Asian equities could not match gains in the US yesterday and the MSCI Asia-Pacific Index fell fractionally. This reflects weakness among emerging market equities, as the
thenews
Added topic Are Banks and Housing About to Get Crushed by Rising Rates?
The evidence is everywhere: mortgage rates are at a two-year high, applications have fallen for four straight weeks after climbing for more than a year, and Fed Chairman Ben Bernanke says he would have to "push back" if the impact of rising interest
thenews
Added topic Inflation Is Too Low? Are You Kidding Us Bernanke?
Federal Reserve Chairman Ben Bernanke said this week that inflation in the United States needs to be higher. Yes, he actually came right out and said that. It almost seems as if Bernanke is trying to purposely hurt the middle class. On Wednesday