Charles Hugh-Smith – Why Real Reform Is Impossible: We Can’t Believe the Mighty Titanic Could Actually Sink

This one isn’t an uplifter but it is a sober assessment which deserves attention. Sobriety is a valuable thing, especially when dodging icebergs.

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Lobbyists have raised $7 million for Hillary Clinton. For Trump? Zero

This is interesting. Trump is an unknown quantity. No one knows for sure what he’ll do, particularly the DC political class. As such Washington, an oddly conservative town in some ways seems to have picked its candidate. I’ll bet this number would have been more evenly split if say Bush had won the nomination.

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Two Delegates Propose Banning Corporate Lobbyists From the RNC, Get Crushed

People do have a right to lobby – as much as lobbyists may drive us nuts. It probably is also wrong to ban people by virtue of their profession from a gathering, though it must be said that the Republican Convention is technically a private gathering and so would be justified in restricting access. But this story does reflect the sad general reality of American politics. I mean, if lobbyists can’t come to the RNC what really is the point?

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Italy May Spur Pan-Europe Bank Crisis, SocGen Chairman Says — Already talking bailout (or bail-in?)

Una roccia settentrionale moment?

You may not have heard over the  American political din of the last few days but Italy’s banking sector is melting. Eyes are on Europe’s southern tier right now. “The soft underbelly” of Europe. The words “inter-bank lending” (specifically potential problems with it) and “contagion” are creeping back into the global financial conversation. As we’ve said it is very likely that any financial downturn in the next year or so will be blamed on Brexit, and the current Italian troubles no doubt have much to do with Brexit,

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I finally saw “The Big Short” in its entirety, and anyone who cares about money needs to watch it. Fantastic

“FRAUD has never, ever worked…Eventually things go south…When the hell did we forget all that?”

2008. I’ll never forget. EVER.

I won’t go into why this movie speaks to me so much. I will say however that it isn’t because I had billions on the line.

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Brexit crushes the big banks, other stocks

Image: Screengrab from CNBC video

This is called “an excuse.” People wanted to sell, they saw a big fat excuse to sell in Brexit, and so they have. (Some were just sure that Brexit wouldn’t happen and were simply forced to sell.) Smart people are also prudently looking to buy. But one way or another life will go on and the world will adjust. The big banks just got socked and that is a good thing.

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The Keynesian Blessing: Americans Are Broke

Americans are debt addicts. They love to spend. The politicians love to spend. Everyday Americans love to spend. Spend, spend, spend. And we wonder why many things, our society even, feels so cheap.

People live on credit. They finance cars, houses, vacation – cell phones – think about that – PHONES. They don’t save.

And why should they? They get nothing for saving. There’s literally no real return on socking money away in a bank these days.

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Bilderberg 2016: We can expect desperate lobbying against Brexit from Big Business

There’s a press tent this year. That’s new.

As Boris Johnson says in the post we did earlier this morning, JPMorgan is underwriting the “remain” side of the Brexit vote. The big banks, the big crony corporations, the government cronies in Brussels and across Europe do not want to see Britain leave the European Union. Such a move will be a sharp rebuke of the current economic and political order on the Continent. (Not that Britain is The Continent –

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(YIKES) US created 38,000 jobs in May vs. 162,000 expected “There’s one word for it, which is just shocking,”

I was listening to Bloomberg this morning in the car and this kind of number was certainly not on the table for the economists and money managers they had on for the breakfast show. (At least the ones I heard.)

38,000 huh? And these numbers of late have been particularly subject to downward revision over time. This is a significant blow and may put a lot of the economic world back on the heightened state of alert we saw at the beginning of the year as stocks dipped seriously.

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How much of US corporate profits comes from cronyism? Maybe a lot and growing

This is a big problem people. Businesses are increasingly getting addicted to the government extracted money which comes from you and me. (And from our children and their children’s children.) Good to see even the folks at Harvard getting hip to this. Now if we could just reduce the key to crony capitalism, the thing which insulates these businesses from competition and which costs consumers billions, crony government. (And really there is no other kind.)

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Big (Data) Brother Cometh: Beijing tracks the elderly as they take buses, go shopping

This might look like a mess to you and me. But for the right algorithm the data is clear as day.

It’s not just the elderly and it’s not just the Chinese.

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