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Housing bubble 2.0? New and existing home sales drop at same time prices reach record highs

Since the only thing the Federal Reserve knows how to do is print money and create asset bubbles, it should come as no surprise that nine years after the bursting of the last housing bubble, the economy has achieved success in the creation of another one.  And as data comes out for the month of April showing slumping sales in both new and existing homes, the contradiction to the this data is in the fact tha ...

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With 77 countries already signed onto the AIIB, China expects bank to grow to 85 by end of year

In just a few short years, China's Asian Infrastructure and Investment Bank (AIIB) has grown at lightening speed, already having 77 nations sign onto the Asian equivalent of the West's IMF.  And in a recent Conference on development in Jiangsu Province, the President of the AIIB suggested that this number will increase to 85 countries signed on board by the end of the year. This new growth in the developmen ...

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Greek austerity reaches saturation point as police now joining with protesters against government

One of the more important geo-political events we have been watching and waiting on the sidelines for in recent weeks is at what point would the police and military finally capitulate to the protesters in Venezuela and realize that the only way things would change in the South American country was to physically oust President Nicholas Maduro in a military coup.  But as that has yet to happen despite their e ...

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Turning point as Davos elites suddenly buying into the Silk Road initiative

With last weekend's Belt and Road Forum now in the history books, the significance of an ever-growing trade route from Korea to London has finally moved from being ignored by the Western elites, to suddenly being seen as a serious threat.  And on May 17 members of the World Economic Forum (Davos) are taking note and have put the new Silk Road 2.0 project squarely on their upcoming Summer agenda. The World E ...

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Stock market has replaced pits on Wall Street with antennas in New Jersey and Chicago

With the advent of high frequency trading, and exchanges allowing the big banks to front run every trade made on their platforms, the antiquated system of buying and selling in 'pits' by live hawkers is long gone and has been replaced by antennas in the fields of New Jersey and Illinois that stand as monoliths to the greed of Wall Street. Today's Wall Street trading platforms Banks and major brokers pay mil ...

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More bad news for college students as Fed rate hikes leading to higher interest on student loans

In our current debt based financial system, the banks, as well as the Federal Reserve, continuously need borrowers to to keep the ponzi monetary system going.  And whether it was through the creation of a housing bubble from 2003-2007, or the current bubbles tied to student loans, automobiles, and equities, the moment debt borrowing begins to slow down is the moment the economy rushes full force into the ne ...

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Student loan default process looking eerily like 2008 housing foreclosures as DOE orders halt to collections

When the housing bubble burst in 2007-08, the courts were inundated with hundreds of thousands if not millions of mortgage defaults that were immensely convoluted due to the fact that wall street fraud had made determination of ownership nearly impossible.  And the heart of this was the process where mortgage lenders had sold their mortgages to investment banks who then split the deed from the title, and th ...

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The Fed’s dichotomy as interest on the debt now costs the government $500 billion per year from their budget

On May 4 it was determined that the U.S. taxpayer (government) now pays over $500 billion per year in interest on the nearly $20 trillion of national debt.  That equates to 13% of their annual budget which as of last year was $3.8 trillion before adding another $1 trillion or so in deficit spending. Thus both the government and the Federal Reserve are in a quandary, especially as the economy begins to slow ...

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Bank run on Canada’s largest alternative home lender could potentially lead to systematic run on all banks

One of the biggest warning signals that went primarily under the radar leading up to the 2008 banking collapse and financial crisis was the run on Northern Rock bank in the UK a year earlier.  And while the British exchequer was able to mollify the public through a series of emergency measures to stop the run, it was a foreshadowing of the bursting of the Western housing bubble, and was close to ground zero ...

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FDIC closes down fourth bank of 2017 in the state of Louisiana at a cost of nearly $1 billion

On April 28, the FDIC closed down their fourth bank for 2017 as First NBC Bank shuttered its doors.  This institution is the first bank failure for the month of April, and the first Louisiana bank closure since November of 2011. 4/28/2017 *** Louisiana *** New Orleans *** First NBC Bank *** $996.9 million dollar estimated FDIC DIF cost. The total DIF for failed banks this week is $996.9 million. If you were ...

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A rounding error may be only thing keeping U.S. economy from negative GDP in first quarter of 2017

As we wait upon the 'official' final number from the government regarding first quarter GDP, on April 27 both the Atlanta Fed and JP Morgan downgraded their forecasts to .02 and .03% respectively.  And in essence this equates to little more than a rounding error since government modeling adds in double 'seasonal adjustment' variables that tend to always skew the outcome positive. We now believe that real GD ...

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Nothing to see here as Dow crosses back over 21,000 and global markets hit new all-time highs

Despite continuing insolvency threats to Italian and German banks, economic data that shows the U.S. is well into a recession, and central banks that are tapering their punch bowls at a rapid pace, on April 25 the markets have summarily ignored all true indicators and are back into the sphere of 'irrational exuberance' as the DOW once again crossed back over 21,000, and world exchanges achieved new all-time ...

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