Tuesday, July 12, 2016
Teen Angels: The economy is being saved by teenagers – the latest BLS data show that adults (25 to 54 years) lost 455,000 jobs while the kids (24 and under) gained 691,000 low-paying semi-skilled jobs scooping ice cream and emptying bedpans. Transportation jobs, dependent on real economic activity moving real goods around, disappeared by the thousands. Unemployment, including the “marginally attached” but not counting those who can no longer get unemployment payments, is now at 9.9%. Nevertheless, the headline number -287,000 jobs! - prompted a knee-jerk surge in US Stocks.
Terms of Endearment, Not: “Global excess industrial production capacity...” Echoed by ”Global economy 'grim'...”
Money Quote: Around the world, the message being sent to the average citizen is “the lifestyle you ordered is out of stock”. The promises of rising consumption, steady employment, secure pensions and guaranteed healthcare can no longer be kept in a world of limited resources, stagnant growth, negative demographics and rising income/wealth inequality. The “good old days” of cheap, abundant energy and steady expansion of consumption, jobs, profits and taxes are over.
Unclear on the Concept: The EU plans to give Ukraine's corrupt leadership 50 million euros to fight corruption in the Ukraine.
By The Pricking Of My Thumbs: Upwards of $10 trillion in US and EU government debt now trades at negative yields. And not just short-term safety plays – the negative interest rates include lots of 10-year bonds and the Swiss are offering to hold onto your money for 50 years and then give most of it back. It is a strange world where those with big bucks are willing to let the government – even the very iffy Spanish - hold their money for 10 to 50 years with the promise of losing only a little bit of their money. It is not just that no one expects any inflation or economic growth for a long, long time, lots of folks are hedging against outright deflation. This is not a good development.
Performance Play: Since Bill left the White House in 2000, he and Hillary have received ('earned' just didn't seem like the right word) over $150 million in speaking fees.
The 500 Pound Robot: No one seems eager to discuss the moral implications of the Dallas police using a robot to execute a man trapped in a parking garage. Sure, it put an end to the standoff, but was it the best way? Was this officially sanctioned murder socially or morally acceptable? Will the next one be? Or the one after that where they blow up the wrong guy or kill a bunch of collaterals?
Clipped & Saved: Wikileaks notes that the FBI did not ask them for their copies of Hillary's emails. That's okay – they'' ll publish them pretty soon anyway. The FBI could have gone up to Ft Meade and read the NSA's copies...
Projecting And Serving: Baton Rouge police in riot/combat gear raided a BLM protest party at a private residence, forcing the people to disperse. And when they stepped into the street, the cops arrested them for
being black in public
Precision Weapons: The US will be deploying 560 soldiers to help the Iraqi army retake Mosul. Exactly 560, 559 wouldn't do the trick and 561 would be overkill.
Just Said “No!”: Japan has told our next president that it will not renegotiate any part of the TTP pact. Hillary says the US should get a 'redo' if they do not benefit American workers, and none of them do.
Porn O'Graph: Reality, check.
Posted by Charles Kingsley Michaelson, III at 7:10 AM