Can you think of any other country that is going down this road?
Argentina. The Truce Is Over: The Peso Cannot Survive A Destructive Monetary Policy
October, 1, 2018
The government of Mauricio Macri lived a week of apparent tranquillity, but the resignation of Luis Caputo as President of the Central Bank and a new IMF deal triggered the end of calm.
It was essential for the government to understand that these periods of calm are what it needs to carry out structural reforms, not to think that “everything is discounted” and continue regardless.
The appointment of Guido Sandleris has not been the change that Argentines and markets expected. His profile is perceived as more than continuity, more a defender of the past monetary policies that have led the country to stagflation and a supporter of the price controls that have eroded consumer and investor confidence.
China will simply trade with other countries.
New Silk Roads Define Brand China
October 4, 2018
The New Silk Roads symbolize way more than high-speed rail lines crisscrossing Eurasia, or a maze of highways, pipelines and port connectivity. They represent a Chinese alliance with at least 65 participating nations, responsible for 62% of the world’s population and 31% of its GDP.
The Belt and Road Initiative (BRI), as it’s formally known, is not a “road” or a collection of roads, like the Ancient Silk Road. It’s a strategic axis embodying the organizing Chinese foreign policy concept for the next three decades. And BRI goes beyond Eurasia and Africa, extending all the way to Latin America as well, as Foreign Minister Wang Yi stressed in January at the summit between China and the Community of Latin American and Caribbean states.
Tackling every field from communications strategy to infrastructure, finance, culture, education and geopolitical relations between states, BRI aims to reinforce China’s political capital.
The emphasis so far – we’re still in the initial planning stage – is not even on concrete projects, although some are already game-changers. Take for instance the new railway linking the dry port of Khorgos, on the China-Kazakhstan border, to Almaty (in Kazakhstan), Tashkent, Samarkand and Bukhara (in Uzbekistan), Turkmenabat (in Turkmenistan), to Mashhad in Iran and all the way to Tehran.
Please Dear God,
May the aberrative but positive economic statistical boom last at least through the day of the Med Term election.
May the left never acquire guns.
May Soros have an epiphany and retire to Risikesh, India for his Himalayan cave meditation, missing his next trip to Switzerland and Thailand for the magic rejuvenation procedures.
I know Lord that you picked the right man, not the saint, to get the job done.
May the socialists get voting day wrong, and all appear one day later.
Hello? Anybody home in the BLS?
No answer probably because the staff was let go in our record breaking economic resurgence.
America’s largest telecommunications company getting rid of 25% of its workforce?
Yup. Sure looks like a record increase in private sector jobs…….NOT!
Why Traders Are “Whispering” About A 500,000 Jobs Print Tomorrow
Behind the scenes, the rot continues.
CIGA Wolfgang Rech
Verizon’s Severance Offer Goes To About 44,000 Employees
October 4, 2018
Verizon Communications offered voluntary severance packages last month to roughly 44,000 employees.That comes to more than a quarter of the carrier’s workforce.
A spokesman for the company confirmed the scope of the offer, which was previously reported by The Wall Street Journal.
The severance packages will give Verizon “an opportunity to find more efficiencies in the size and scope of our V Team and help expedite the building of an innovative operating model for our future,” Chief Executive Hans Vestberg wrote in a memo sent to employees last week and reviewed by the Journal.
Verizon seeks to cut $10 billion in costs and upgrade to a faster, 5G network.
Employees eligible for the severance packages were offered three weeks’ pay for each year of service up to 60 weeks.
In addition to the offers, Verizon on the same day, notified many information technology employees that they were being transferred to Indian outsourcing giant Infosys as part of a $700 million outsourcing agreement.
Verizon had a global workforce of more than 153,000 employees.
The employees who either received the severance offer or are affected by the Infosys deal amounts to about 30% of the workforce.
Courtesy of JB.
Precious Metals Moving Higher As US Interest Rates Go Pop!
October 4, 2018
Good Thursday Morning Folks,
Gold is higher in the early morning trade gaining $3.80 with the price at $1,206.70 and right beside its high at $1,206.90 with a low at $1,199.60. Silver has gained 11 cents with its trade at $14.78 and it too is trading right beside its high with its low down at $14.585, sometime way before 5 am pst. The US Dollar is still moving higher with its trade at 95.45, up 4.4 points and it too is right beside its low and nowhere near its high of 95.78. Venezuelan Gold is priced at 298,795,800 gaining another 256,000 Bolivar. Silver, under the same currency, is trading at 3,665,685 gaining 9,941 Bolivar over the past 24 hours.
Oct Silvers delivery count has really fallen off with the totals now at 23 contracts (115,000 ounces) as 59 obligations got settled out during yesterday’s trade with zero volume showing up so far this morning. Silver’s overall Open Interest continues to drop in very slow fashion with the count now at 200,191 overnighters as 54 contracts dropped off the board.
Another bank branch has been identified as part of a money laundering gang as Danske Bank, in Estonia, was caught washing some $235 billion as the compliance officers are now claiming “this is suspicious”, but only years later. Yet inside the very same article a much bigger scheme has been identified … “And while that might seem like a staggering sum ($235 billion) and raise(s) questions about how regulators on the Continent managed to overlook this, the full scale of the money laundering that took place in the Baltics is even more staggering. According to (the) data provided to Bloomberg by the Estonian central bank in Tallinn, Estonian banks handled about 900 billion euros, or $1.04 trillion, in cross-border transactions – a figure that includes the highly suspect non-resident flows – between 2008 and 2015”. All the while, our Federal Reserve printed more dollars to bail out an unknown amount of international banks. If you can recall, Ben Bernanke couldn’t answer how many foreign banks got our newly printed fiat, very curious.
Guess what will happen? Mueller probe? Clintons, Obama? Military tribunals?!
Top FBI Lawyer Flips: Russia Probe Was Handled In “Abnormal Fashion” And Rife With “Political Bias”
October 4, 2018
James Baker, a former top FBI lawyer, told congressional investigators on Wednesday that the Russia probe was handled in an “abnormal fashion” and was rife with “political bias” according to Fox News, citing two Republican lawmakers present for the closed-door deposition.
“Some of the things that were shared were explosive in nature,” Rep. Mark Meadows, R-N.C., told Fox News. “This witness confirmed that things were done in an abnormal fashion. That’s extremely troubling.”
Meadows claimed the “abnormal” handling of the probe into alleged coordination between Russian officials and the Trump presidential campaign was “a reflection of inherent bias that seems to be evident in certain circles.” The FBI agent who opened the Russia case, Peter Strzok, FBI lawyer Lisa Page and others sent politically charged texts, and have since left the bureau. -Fox News
Baker, who worked closely with former FBI Director James Comey, left the bureau earlier this year.
Lawmakers did not provide any specifics about the interview, citing a confidentiality agreement signed with Baker and his attorneys, however they said that he was cooperative and forthcoming about the beginnings of the Russia probe in 2016, as well as the FISA surveillance warrant application to spy on former Trump campaign aide Carter Page.