Is Facebook's “Libra” The Dollar's Killer App?

Authored by Jeffrey Tucker via The American Institute for Economic Research, Facebook changed the way we communicate, interact, and gather information. You don’t have to love all the results. But the reality of the shift in our lives is undeniable. Will Facebook’s new initiative to create a cryptocurrency do the same for money and payment […]

Pentagon Readies “Contingency Plans” For Potential Escalation Against Iran

Amid fears that the US is running headlong into yet another sure to be disastrous war in the Middle East, acting Defense Secretary Patrick Shanahan told reporters Friday that the Pentagon is prepping “contingency plans” should things quickly escalate militarily. “When you look at the situation… 15 percent of the world’s oil flows through the Strait […]

Fed Chair Powell's Plan To Pickle The Economy

Authored by EconomicPrism’s MN Gordon, annotated by Acting-Man’s Pater Tenebrarum, A Loose Relationship The Dow Jones Industrial Average made another concerted run at the elusive 27,000 milestone over the last several weeks.  But, as of this writing, the index has stalled out short of this psychosomatic barrier.  By our estimation, this is for the best. Since early […]

“[L]et’s have Bretton Woods again.” Arthur Laffer 1982

And maybe other folks, up for the Fed? Well, Judy Shelton says gold might be the way to go… That’s from an interview Erik Brynjolffson, Tod Loofbourrow and I conducted back in 1982 for the Harvard International Review. So, if Obama’s November 2008 election could’ve caused the Great Recession that started in December 2007 (and […]

Doug Casey: The Deep State Is The Source Of All Our Economic Problems

Via, Doug Casey says we’re well into what he calls the Greater Depression. America is headed for trouble… and it’s critical to know exactly what’s going on. That’s why today’s essay is so important. In it, Doug explains the source behind every negative thing that’s happening right now… and what’s really going on behind the […]

In “Stunning Reversal”, Hong Kong Indefinitely Suspends Extradition Bill

In what appears to be a “stunning” and “unprecedented” victory for the leaders of Hong Kong’s massive protest movement (and a similarly unexpected capitulation from the city’s leaders), City Executive Carrie Lam announced on Saturday that her government would suspend the hated extradition bill “indefinitely,” leaving it unclear whether the legislation would ever be brought […]

Four Insane Data Privacy Scandals, Just This Month

Authored by Simon Black via, For this weekend’s roll-up of bizarre and disturbing stories from around the world, we found ourselves zeroing-in on some ridiculous data privacy violations. Soccer app spies on fans The Spanish soccer (sigh, OK– football) league, known by fans around the world simply as La Liga, knew that most pubs across […]

MIB: Jonathan Stein, founder and CEO of Betterment

This week, we speak with Jonathan Stein, founder and CEO of Betterment, an online automated firm with $16.4 billion dollars under management. At Harvard, he studied under Martin Feldstein, chief economic advisor to President Ronald Reagan. There he noticed the distinction be academic theory of economics and how different investor behavior was in the real […]

Chernobyl model this

Now, in a strange turn more than three decades after the meltdown, the exclusion area around Chernobyl is gaining a following as a tourism destination, apparently propelled by the popularity of a TV mini-series about the blast that was broadcast in the United States and Britain last month. The mini-series, HBO’s “Chernobyl,” fictionalizes the events […]

Army Expects Delivery Of Directed Energy, Hypersonic Weapons In Early 2020s

The Army expects to procure its Multi-Mission High Energy Laser (MMHEL) by 2022 and a hypersonic weapon prototype by 2023, said Lt. Gen L. Neil Thurgood, director of hypersonics, directed energy, space, and rapid acquisition, reported Army News Service. The MMHEL is a 50-kilowatt laser through a precision pointing, high-velocity target tracking beam control system. […]

How Iran Was Swindled Out Of $3.2 Trillion

Authored by Simon Watkins via, Underlying the one-year anniversary in mid-August of the signing of the ‘Convention on the Legal Status of the Caspian Sea’ is one of the greatest oil industry swindles in recent years. When representatives of the five Caspian littoral states meet on the 11th and 12th of August, Iran intends to […]

Links 6/15/19

Trump says his UK visit was the most fun Queen had in 25 years NY Post. Indeed. Darwin’s Finches Are In Danger Because a Parasite Is Changing Their Mating Song Vice (see the website of the Galapagos Conservation Trust for background and context: DARWIN’S FINCHES) A deadly deer disease is spreading. Could it strike people, […]

Food Security: Largest Animal Epidemic in History Is Due to Industrial Farming

Jerri-Lynn here. This Real News Network interview with Rob Wallace of the Agroecology and Rural Economics Research Corps discusses what’s caused the current outbreak of African swine flu – the largest animal epidemic in history –  which is currently rampaging throughout China and other parts of Asia. Pork prices have shot up 40% globally. This […]

Economic Growth: A Short History of a Controversial Idea

By Gareth Dale, who teaches at Brunel University. He publishes occasionally in The Ecologist. This article includes passages from previously published texts, including ‘The tide is rising, don’t rock the boat!’ Economic growth and the legitimation of inequality (2018), Seventeenth century origins of the growth paradigm (2017), and The growth paradigm: A critique (2012). Originally […]

Why Chinese is so difficult

Worse than you think, I enjoyed the discussion of dictionaries most of all: One of the most unreasonably difficult things about learning Chinese is that merely learning how to look up a word in the dictionary is about the equivalent of an entire semester of secretarial school. When I was in Taiwan, I heard that […]

Army Major (Ret.): Why America's No-Fault Generals Won't Save Us From The Next War

Authored by Danny Sjrusen via The American Conservative, The brass are careerists, never punished for their mistakes, quietly assenting to the latest doomed interventions. Poll after poll indicates that the only public institution Americans still trust is the military. Not Congress, not the presidency, not the Supreme Court, the church, or the media. Just the American war machine. But […]

US First Responders Fly Chinese Drones To Save American Lives 

Acting division chief of operations with the Fremont (California) Fire Department, Jeff Kleven, told VOA News that every firetruck would carry a drone. The department already operates 14 drones, uses the aerial vehicles to conduct reconnaissance and surveillance of an incident scene. The fire department is supplied with drones from Shenzhen-based SZ DJI Technology Co. […]

McGovern: DoJ Bloodhounds On the Scent Of John Brennan

Authored by Ray McGovern via, With Justice Department investigators’ noses to the ground, it should be just a matter of time before they identify Brennan as fabricator-in-chief of the Russiagate story… The New York Times Thursday morning has bad news for one of its favorite anonymous sources, former CIA Director John Brennan. The Times reports that the Justice […]

Flores: The Democrats' Sinister Strategy To Win In 2020

Authored by Joaquin Flores via The Strategic Culture Foundation, The wildest single phenomenon as we come close to a clearer picture of the Democratic Party’s election strategy for 2020, is that there really isn’t a single candidate that the party has been able to coalesce around. And without this, it would appear difficult to see […]

Uber Will Use Drones To Deliver Piping-Hot Food

Uber on Wednesday announced that it will begin using drones for its Uber Eats service, and had gained regulatory approval to begin testing the service in San Diego, California.  Uber announced it will begin testing drones for food delivery for its Uber Eats service, and over time will land the aircraft on its cars for […]

Stockman Slams The “Deficits Don't Matter” Folly

Authored by David Stockman via Contra Corner blog, Well, that was timely. The US Treasury just posted a record $207 billion deficit for May and record monthly spending of $440 billion. That brought the rolling 12 month deficit to just shy of the trillion dollar mark at $986 billion. The timely part is two-fold. First, […]

1000s Of Illegals Quarantined After Exposure To Chicken Pox, Mumps

Approximately 5,200 adult migrants in US custody for illegally entering the country have been quarantined by US Immigration and Customs Enforcement (ICE) after being exposed to mumps or chicken pox, according to the agency.  An ICE official told CNN on Friday that of the quarantined individuals, approximately 80% (4,200) were exposed to mumps, 800 were exposed to chicken pox, […]

Top US Regulator Warns Financial System Is At Risk Due To… Climate Change

Submitted by Nick Cunningham of A top U.S. financial regulator is worried that climate change could threaten global financial markets. Rostin Behnam, a commissioner at the Commodity Futures Trading Commission (CFTC), said that the financial system was at risk from the growing frequency and severity of storms. “The impacts of climate change affect every […]

Succinct Summation of Week’s Events for 6.14.19

Succinct Summations for the week ending June 14th, 2019 Positives: 1. MBA mortgage apps rose 10.0% w/o/w, greater than previous decrease of 2.0%.2. MBA mortgage refinance apps rose 47.0% w/o/w, greater than previous 6.0% increase.3. Job openings came in at 7.449M for April, higher than the expected 7.400M.4. Industrial production rose 0.4% m/o/m, greater than […]

Book Review: Chris Arnade’s “Dignity”

“When the Pharisees saw this, they asked his disciples, ‘Why does your teacher eat with tax collectors and sinners?’” —Matt 9:11 By Lambert Strether of Corrente Those who have followed Chris Arnade on Twitter or Flickr will be gratified that his new book, Dignity: Seeking Respect in Back Row America has arrived. I bought it […]

#919: Are Cities Overrated?

Enlarge this image A view of New York City from above. Drew Angerer/Getty Images hide caption toggle caption Drew Angerer/Getty Images Remember those stories about someone leaving their small town, moving to the big city, starting in the mailroom at a company and working their way up? Well, upward mobility ain’t what it used to […]

2:00PM Water Cooler 6/14/2019

By Lambert Strether of Corrente. Patient readers, this is a bit short because I was finishing up my status report on Grenfell Tower, and my sorta not review of Chris Arnade’s Dignity. I’ll see what I can do to fill this out later. –lambert UPDATE Sadly, I cannot. I must push along to other matters, […]

The S&P Could Drop 250 Points Next Week If Two Things Happen

Earlier today we demonstrated that while both rate and commodity vol is spiking, in the case of bonds even surpassing the December 2018 peak, equities remain suspended in a cloud of bizarre calm, with the VIX simply refusing to move higher. That will, however, change with a vengeance next week, when two of the year’s […]

Facebook Crypto Project “Libra” Seals Multi-Million-Dollar-Mainstream-Backing Ahead Of Imminent Launch

CoinTelegraph’s Marie Huillet reports that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project. The news was reported by the Wall Street Journal (WSJ) on June 13. image courtesy of CoinTelegraph Source ostensibly familiar with the matter told the WSJ that the firms — extending across the finance, e-commerce, venture capital […]

Dems Bash Biden's “Landslide” Lead: “These Polls Are Not To Be Trusted”

A few days ago, when President Trump was “triggering” the media with his comments about accepting foreign oppo research, the Hill highlighted this national poll from Quinnipiac showing Biden would win in a head-to-head matchup against the president by the “landslide” margin of 53% to 40%. Unsurprisingly, Twitter immediately pointed out that this was exactly […]

$11.7 Trillion: Global Negative-Yielding Debt Back To All Time High

It’s shaping up to be Albert Edwards‘ year, if not decade and century. Three years after the stock of global debt with negative yields hit an all time high just above $12 trillion, the NIRP trap is back, and the amount of sovereign debt sporting a negative yield is just shy of all time highs, […]

NBC Releases Line Ups For First Democratic Debate

Update: After holding a ‘super secret’ drawing that was closed to the press (even its own reporters weren’t allowed in the room, or so they say), NBC News has released the lineups for its first round of primary debates, set for later this month. The draw to determine who will debate whom on what night […]

Facebook's Secret 'Hate Agent' Formula Leaked By Insider

An internal Facebook document reveals that the social media giant monitors its users’ offline behavior as part of how the company determines whether a person should be classified as a “Hate Agent,” according to Breitbart‘s Allum Bokhari who has reviewed the document.  Titled “Hate Agent Policy Review,” the document reveals that Facebook employs a series of “signals” which include a person’s […]

Buchanan Blasts Dean – Russiagate Is No Watergate

Authored by Patrick Buchanan via, “History is repeating itself, and with a vengeance,” John Dean told the judiciary committee, drawing a parallel between Watergate, which brought down Richard Nixon, and “Russiagate” which has bedeviled Donald Trump. But what strikes this veteran of Nixon’s White House is not the similarities but the stark differences. Watergate […]

Grenfell Tower Fire: A (Non-)Progress Report

By Lambert Strether of Corrente Today, June 14, is the second anniversary of the GrenFell Tower fire in London, a public housing block where 72 people died in a conflagration where the proximate cause was inflammable cladding installed on the outside of the building during a remodelling, and the ultimate cause was Thatcherite deregulation and […]

Guest Contribution: “A Tale of Two Surplus Countries: China and Germany”

Today we are fortunate to present a guest contribution written by Yin-Wong Cheung (City University of Hong Kong), Sven Steinkamp (Universität Osnabrück) and Frank Westermann (Universität Osnabrück). This contribution is based on a paper forthcoming in the Open Economies Review. In recent years, large and sustained current account imbalances have been a focus of research in international economics. While there […]

Trump Says “It Doesn't Matter” If Xi Agrees To Meet At G-20

Perhaps President Trump wanted to distract from Joe Biden, who has just ramped up his campaign, or maybe Trump wanted to distract us from the possibility that we might soon be at war with Iran. But in a blitz of interviews with ABC and Fox, the president offered his latest update on the possibility of […]