WW3: Fighters From Turkey Are Pouring Into Syria And Attacking Targets Despite The Ceasefire

The ceasefire in Syria is a joke.  Turkish military units continue to mass along the border, and militants are pouring across the border to attack targets in northern Syria.  The Prime Minister of Turkey is now openly admitting that his government is supporting the militants that are trying to overthrow the Syrian government, and the Turkish government has also made it abundantly clear that they have no plans to stop shelling the Kurds on the other side of the border.  So despite the “ceasefire”, the truth is that the threat of World War 3 breaking out in the Middle East […]

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Cocos and bank capital: a belated explainer

A few weeks ago, in a piece about Deutsche Bank’s recent difficulties, I commented about its use of so-called “coco bonds” – contingent convertible bonds. I had over-simplified my description, and was promptly taken to task for doing so by @creditmacro on Twitter. He provided me with a detailed explanation of what coco bonds are and how they work. This piece draws heavily on his input. All of the quotations are from him unless otherwise stated. His full write-up can be found in Related Reading at the foot of this post. I’m also indebted to Martien Lubberink for pointing me to […]

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Cities Of Refuge: Why Are People Creating Hundreds Of Places Of Refuge All Over America?

All over the United States, cities of refuge are being created.  Now when I say “cities”, I don’t mean vast areas of land that can hold hundreds of thousands or millions of people.  Rather, I am talking about much smaller places of refuge that can accommodate dozens or hundreds of people.  In a few cases, I know of places of refuge that will be able to take in thousands of people, but that is about as big as they get.  There are individuals all across America that have specifically felt called to build communities where large numbers of people will […]

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HSBC: the Don Giovanni of banks?

HSBC’s results were bad. But they could get a whole lot worse. The list of lawsuits they are facing resembles Don Giovanni’s catalogue of conquests, as eloquently explained by his accomplice Leporello. Don Giovanni was, of course, eventually sent to hell as retribution for his crimes. Will HSBC, too, be consigned to fire and brimstone? Somehow I doubt it… My Forbes piece on HSBC’s catalogue of lawsuits is here. And if you like Mozart, Leporello’s “catalogue aria” is here. The Italian words and English translation are here. Coppola Comment

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The Affluent Market Is Finally Fading… and Fast

About 30 years ago, I was able to predict the U.S. would see a major generational spending peak in 2007, all from my demographic indicator, the Generational Spending Wave. On a 46-year lag from the time they were born, that’s when the peak number of baby boomers would peak in spending for the average household. After that, they would slow in spending, ultimately sending the economy over a “demographic cliff.” Remember, 70% of the economy relies on consumer spending! When it slows, everything falls with it. This first demographic cliff happened right on cue, and it helped carry the world […]

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Gold Will Overwhelm Dent

Harry Dent is a good demographer and stands for what he believes.  But this is not about Harry Dent. Charles Sizemore is a writer and editor who works for Harry Dent, but this is not about Charles Sizemore. This is about gold! Over a century ago JP Morgan understood that gold was money and the rest was credit.  But he lived when you could buy groceries with a gold eagle and a cup of coffee cost a few cents. Ben Bernanke and hundreds of other “paper pushers” ignore gold, pretend not to understand it, and pressure the world to transact […]

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Economic Recovery? 13 Of The Biggest Retailers In America Are Closing Down Stores

Barack Obama recently stated that anyone that is claiming that America’s economy is in decline is “peddling fiction“.  Well, if the economy is in such great shape, why are major retailers shutting down hundreds of stores all over the country?  Last month, I wrote about the “retail apocalypse” that is sweeping the nation, but since then it has gotten even worse.  Closing stores has become the “hot new trend” in the retail world, and “space available” signs are going up in mall windows all over the United States.  Barack Obama can continue huffing and puffing about how well the middle […]

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The Market’s Hidden Opportunity to Buy a Dollar for 90 Cents

If I offered to pay you a crisp $ 1 bill for the 90 cents you have jingling in your pocket… well, you’d probably think I was either crazy or a scamster. Or maybe both. But if, after inspecting the dollar bill, you determined the deal to be legit, you’d jump on it in a heartbeat. In fact, you might even run to the bank and take out your entire life savings in dimes in the hopes that I’d give you a dollar for every 90 cents you could throw together. Why wouldn’t you? It’s free money. I’m not going […]

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COMEX Gold Futures Can Be Settled Directly With Eligible Inventory

BullionStar The 100-ounce Gold futures contract listed on the COMEX in New York can be traded in OTC market through which the contract can be settled with anything that resembles the underlying asset, for example gold recorded as eligible inventory in COMEX approved depositories. Make sure you’ve read GOFO And The Gold Wholesale Market before continuing. For truly understanding the trading and settlement processes at the infamous futures exchange in New York we need to get into the details of this machine. It’s widely discussed COMEX gold futures contracts (GC) can only be physically delivered with gold recorded as registered inventory […]

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The Subprime Auto Loan Meltdown Is Here

Uh oh – here we go again.  Do you remember the subprime mortgage meltdown during the last financial crisis?  Well, now a similar thing is happening with auto loans.  The auto industry has been doing better than many other areas of the economy in recent years, but this “mini-boom” was fueled in large part by customers with subprime credit.  According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015.  At this point, there is a total of somewhere around $ 200 billion in subprime auto loans floating around out there, and […]

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