[KR657] Keiser Report: Price Propaganda

We discuss the price propaganda of markets that convinces voters and investors to vote and bet against their own self-interest. Meanwhile, banking crooks seldom pay their high-profile fines and French farmers have just set the tax office on fire in protest at sanctions driving down the price of their goods. In the second half, Max interviews Mitch Feierstein of PlanetPonzi.com about the latest in ponzi economics: average weekly earnings, median household income, house prices and Alibaba’s valuation.


GDP = Waste

Any system that has no way to measure, much less prioritize, opportunity costs and maximization of utility is not just flawed–it is terribly misguided and structurally destructive.

We’re told the gross domestic product (GDP) measures growth, but what it really measures is waste: capital, labor and resources squandered in quixotic pursuit of waste masquerading as “growth.”

50 million autos and trucks stuck in traffic, burning millions of gallons of fuel while going nowhere? Growth! All that wasted fuel adds to GDP. Everyone who works from home detracts from “growth” since they didn’t waste fuel sitting in traffic jams.

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Welcome to the Oligarchy – United States Leads the Developed World in Share of Low Wage Jobs

In an apparent attempt to explain to investors how they can take advantage of America’s transformation into a neo-feudal oligarchy in a 50 page research report, Morgan Stanley has put together some very interesting charts that were highlighted earlier today by MarketWatch.

While I suggest taking a look through all of the charts, none of them is more telling and depressing than the one that shows how the U.S. leads the developed world in the share of low wage jobs…

Read more here.

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BO POLNY: Treasure the Moment as Summer Ends!

Is there anything SPECIAL about this week?
Summer officially ends September 21, 2014 and September 22, 2014 is the First Day of Fall — In More Ways than One!
Sept. 22 is known among aficionados of various and arcane market indicators as the day pinpointed by the late technical analyst, W. D. Gann, when markets are more likely to reverse than any other day of the year.
Treasure the Moment as summer ends and Gold trades in the low $1200’s and Silver at $17; for a Runaway Bull Market follows!

Click here for more from Bo Polny on the gold/silver BOTTOM in progress:

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Gold, Silver Bullion Coin Sales Robust Despite Sell Off

The U.S. Mint is unusual in that its gold and bullion coin sales figures are updated very frequently and, as far as possible, the figures include sales activity in the most recent week or previous week.


Working stock of gold bars in the United States Mint Facility in West Point, New York – Bloomberg

Other government mints such as the Royal Canadian Mint and the Royal Mint in Britain do not have such real time bullion sales reporting. Publically available bullion coin sales data from these institutions has to be sourced from their quarterly, half yearly and annual report updates. However, in Australia, the Perth Mint does release monthly data on gold and silver coin and bar sales with a one month lag. Data for August shows gold sales stronger at 36,369 ozs compared to 25,103 ozs in July, with silver sales also up strongly at 818,856 ozs compared to 577,988 ozs in July.

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CHAIRMAN MA

CHAIRMAN MA


More Ukraine fallout: Shares in Austrian bank Raiffeisen plunge

Stacy Summary: A few days ago, it was French farmers torching tax offices in protest at falling prices for their produce caused by sanctions on Russia. Now this . . .


To be honest, I can’t believe we haven’t seen more problems in Austrian banks before now.


Video of the Day – This is What Happens When You Try to Exercise Your Constitutional Rights in Illinois

The following video documents an encounter by American pleb and DeKalb resident, Ryan Scott, with the Illinois State Police . While it starts off slow, make sure you watch it all the way to the end. While one of the the police officers is reasonable, the other one can’t stop yelling and seems to derive a particular pleasure from repeatedly informing the citizen he supposed to “protect and serve” that “driving is not a right, it’s a privilege.” See for yourself…

Watch video here.

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The Counter-Intuitive Rise of the U.S. Dollar

As things get dicier globally, assets in periphery nations typically get dumped as mobile capital flees risk and migrates to lower risk core nations and currencies.

I received many thoughtful comments on Why the Dollar May Remain Strong For Longer Than We Think. Given the many weaknesses of the U.S.–ballooning social-welfare and crony-capitalist liabilities, free money for financiers monetary policies, etc.–a strengthening dollar (USD) strikes many as counter-intuitive.

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Fitch Warns on What Happens to the US as Dollar’s ‘Pre-Eminent Reserve Currency Status’ Erodes

The dollar’s erosion as the pre-eminent global reserve currency is very inconvenient. It would deprive the US of much of the “financing flexibility and debt tolerance” that it has so enormously benefitted from up to now, ratings agency Fitch warned. Turns out, the inevitable end of the dollar’s hegemony has consequences.

Read….. Fitch Warns on What Happens to the US as Dollar’s ‘Pre-Eminent Reserve Currency Status’ Erodes


Subscription Keiser: Accounting Fraud at Tesco

Stacy Summary: As per the headlines below, the world’s second largest retailer, Tesco, has admitted that they have cooked the books by at least £250 million. The information has emerged ...

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Tesco: an “accelerated recognition of commercial income & delayed accrual of costs” – aka ‘accounting fraud’

Stacy Summary: Tesco got caught doing what every government and nearly every individual does to delude themselves that all is getting better: “there was an “accelerated recognition of commercial income and delayed accrual of costs.” If wishes were knishes, we’d all have fat profits at no cost at all.

Tesco suspends four senior staff, as £250m misaccounting scandal sends shares sliding

tesco

Analysts continue to express shock over the latest problems at Tesco.

Crawford Spence, a professor of accounting at Warwick Business School, reckons Tesco’s management succumbed to temptation to play around with its numbers to cover up the full impact of falling sales.

Spence added that Tesco will probably be fined, but may avoid a court appearance over the issue.


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