Jim’s Mailbox

Posted at 3:46 PM (CST) by & filed under Jim's Mailbox.

Jim,

In the news this week:

https://www.reuters.com/article/uk-britain-sterling/pound-set-to-break-record-losing-streak-vs-euro-may-statement-eyed-idUSKCN1SU0SF

I am not including Brexit news, you can get that anywhere, but the only interesting part for us is probably the pound up after resignation announced but probably not for long.

https://www.cnbc.com/2019/05/24/jp-morgan-slashes-second-quarter-gdp-forecast-to-just-1percent.html

Economists at JPM cut 2nd qtr forecast from 2.5% to 1% and 1% is probably generous.

https://www.washingtonpost.com/opinions/trumps-next-fed-nominee-wants-a-gold-standard-its-an-idea-past-its-time/2019/05/23/81aac8c4-7d8d-11e9-8bb7-0fc796cf2ec0_story.html?utm_term=.f9f5bfbefae9

Shelton wants a gold standard

https://www.cnbc.com/2019/05/23/nearly-25-percent-of-americans-are-going-into-debt-trying-to-pay-for-necessities.html

25% of Americans going into debt for necessities

https://www.coindesk.com/russian-central-bank-to-consider-gold-backed-cryptocurrency

Russia considers gold back cryptocurrency

https://www.cnbc.com/2019/05/23/trump-to-give-16-billion-to-farmers-hurt-by-trade-war-sonny-perdue.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail

I think this is just political spin against China.  The farmers aren’t in trouble because of China.  The farmers are in trouble because in March over a million head of cattle were killed from floods.  The cattle which survived can’t be fed because the grasslands are covered by flood mud and there isn’t any grass for grazing.  The fields can’t be planted because of continuing rains and soggy ground.  This has nothing to do with China.  This is BS propaganda.  This has nothing to do with trade wars.  It’s sickening.  These floods are going to be to the coming economic crash what the dust bowl was to the Great Depression.  Never let a disaster go to waste…just use it for a political agenda.

https://www.channelnewsasia.com/news/business/deutsche-bank-ceo-readies-investment-bank-cuts-as-stock-hits-low-11558226

Deutsche Bank going down the gurglar…no surprise here.

https://finance.yahoo.com/news/student-loan-credit-card-delinquincies-144156981.html

US debt at $13.6 trillion.  Higher than in 2008

CIGA K