Sep 8, 2014
Global economic collapse
-European recession - record debt, near record unemployment, historic plunge in German investor sentiment;
-France in outright collapse, Italy triple-dip recession, Spanish banks as insolvent as Portugal;
-UK could be thrown into chaos if 9/18 Scottish independence referendum a yes - and now polling that way;
-Japan massive economic data negative revisions this weekend
-China housing bubble burst accelerates, which is why the PBOCs PSL, or pledged supplementary lending, QE program commenced last month, following the Yuan devaluation earlier this year
-essentially all nations in or near contraction
-article references last week: "West to East, Economic Collapse"; "European Economic Collapse, in Simple Math"
ECB - rate cuts (extended NIRP)
- $1 trillion QE announced, starting October
- article references: "Thursday's ECB meeting could destroy Europe, if Ukraine doesn't first
NFP jobs
- 142,000 vs. expected 230,000
- 102, 000 birth/death jobs
- 0 manufacturing jobs
- 35 year low labor participation rate
- a third of all jobs now "temp"
- completely refutes "island of lies" U.S. economic data like diffusion indices and weekly jobless claims
- Stockman article "why bubblevision misses epic failure in labor market"
-just two months ago, Yellen complained of "significant underutilization of labor resources"; and two weeks ago, dedicated here Jackson Hole speech to addressing such fears
-article references: "significant underutilization of labor resources"; "jackson black hole"; "what jy and md really said"
"Rising dollar"
-new meme of U.S. QE ending and Japan/Europe accelerating, thus creating a "strong dollar" and weaker PM demand
-ridiculous in so many aspects, lots to speak of
-only against items of real value is "the dollar" to be measured, not other fiat trash
-900 million people in Japan/Europe, compared to 300 million in U.S. - sounds like net more PM buying to me
Manipulation Monday
-bombshell that CME boasting "governments" and "central banks" as customers, and offering volume discounts to them for overnight PM futures "trading"