Stockman’s Corner

We are not sure which is more ridiculous: The Donald’s claim he has produced the Greatest Economy Ever or the Wall Street meme of the moment holding that the Fed has just successfully navigated a mid-cycle adjustment and that the US economy is now good for another spurt of growth. What we do know, however, is

The Fed’s supine subservience to Wall Street is enabled foremostly by its risible, mechanical and nearly fanatical pursuit of 2.00% inflation. Yet the latter is the single Biggest Lie ever to arise in the annals of central banking. That is, the Fed’s inflation target is singularly bereft of the three essential ingredients that are implicit in its obsessive pre-occupation with

In Part 1 we debunked the Fed’s ostentatious pursuit of its Humphrey-Hawkins mandates with respect to jobs, growth and 2.00% inflation on main street. It’s an act. Even the legendary hedge fund manager, Ray Dalio, said so himself on bubble vision this AM.

Given their open dedication to ensuring the continuation of US military aid to Ukraine, it is reasonable to question if the trio’s interpretations of decisions and conversations about freezing military aid were colored by their own policy preferences. As The Washington Post put it, Vindman “told lawmakers that he was deeply troubled by what he interpreted

The Federal Reserve pretends to have eyes only for main street and the fulfillment of its statutory mandate with respect to maximum employment, stable prices and moderate interest rates. In fact, its only client is Wall Street and it does tricks of the monetary variety—wittingly or otherwise—exclusively for its financial pleasure. Unfortunately, the Fed’s monetary harlotry comes at immense cost to main

U.S. Secretary of State Mike Pompeo on Wednesday stepped up recent U.S. rhetoric targeting China’s ruling Communist Party, saying Beijing was focused on international domination and needed to be confronted.         https://www.reuters.com/article/us-usa-china-pompeo/pompeo-says-us-must-confront-chinas-communist-party-idUSKBN1XA05G

The Fed cut rates, the ECB officially launched QE, and a parade of administration officials touted progress on the ever elusive China trade deal for the 100th time and voila: Markets breaking out to new highs. But is the breakout a fake out?               https://northmantrader.com/2019/11/02/breakout-fake-out/  

The phantom du jour, of course, is the fabled “whistleblower,” a CIA ectoplasm identified by everybody and his uncle in Swampland as one Eric Ciarmarella, 33, a former Joe Biden staffer, Obama White House low-level NSC holdover, and John Brennan “asset” deeply involved in Ukrainian pranks during the 2016 election and subsequent disinformation leakage to

It’s Jobs Friday—so the Wall Street spin doctors are out in force with the same old, same old. That is, positioning the junk data emanating from the BLS as evidence that all is Awesome on main street—meaning that today’s hideously over-valued stock market is, well, a buy!