May 9
Bitcoin is up 435 from 80,200 Friday | 12:43 Saturday
Doug Noland Weekly
Deficit spending will (again) approach $2 TN this year
Many important things were thrown out the window when the Fed and global central banks adopted QE
One of my favorite economic indicators, the ISM Services Index, slipped marginally to a still robust 53.6
It’s only a matter of how much of an inflationary spike is in the offing
We're "Ending The Days Of Hiding Fraud": Bessent Goes After Dark Money In Nonprofits | Zero
Right now, enormous sums of money flow through nonprofit “umbrella” organizations to dozens or hundreds of sub-groups, and the paper trail essentially disappears. The IRS currently has no mechanism on the Form 990 to require disclosure of fiscal sponsorship arrangements. The new rules would force these pass-through organizations to reveal who is getting the money and what it’s being used for.
S&P Oil FX Gold BTC 10Y
With the next FOMC meeting in June, this week's data may have little impact on policy | Marc
The highlight is the April CPI, and it is likely to rise by around 0.7% (0.9% in March), and that would lift the year-over-year pace to 3.8%-3.9%. The core pace is more moderate. It may rise by 0.2% for a 2.7% year-over-year rate.
KR: Cleveland Fed sees CPI at 0.45% m/m
Peak Daily Digest
Iran Can Survive 3-4 Month Blockade, Redistricting Race Heats Up
The Strait of Hormuz crisis depletes buffers at 10-13 million barrels per day.
Doug Noland: It is a reasonable assumption that normality returning to the Gulf will be a begrudgingly rocky process. December 2027 crude futures closed the week at $72.40, up 25% from the start of the year.
Debt Rattle
* Mary McCord sits at the center of every table in the manufacturing of cases against Donald Trump
* Tucker Carlson was interviewed by NYT It only interviews people who support its far-left worldview
* The WHO is a criminal racketeering organization founded by EUGENICISTS — running a VACCINE PROFIT MACHINE since 1953
Democracy was never designed to work — but something better is emerging
Once elected, a representative’s primary concern is reelection, which means pleasing the lobbyists with the most influence and deepest pockets. Even an incorruptible politician is compelled by the election cycle to favor short-term goals over long-term needs. As former European Commission president Jean-Claude Juncker admitted: “We all know what to do, but we do not know how to get re-elected once we have done it.”
Republicans have roughly 10 more House seats that favor them than they did just 10 days ago | PW
Rubio had leapfrogged Vance to become the overall favorite to win the 2028 presidential election | Zero
California is ground zero for the death dance of the Democratic Party. | Kunst
Symptoms are popping up all over the country, of course. \\\ DOJ prosecutions are underway against prominent Democrats in Maryland, Virginia, North Carolina, and Florida. Many of their heroes could go to prison. Panic has set in. The Democratic Party as we know it these days is not long for this world.
Implausible. That’s a weasel word for Impossible.
That’s the word the scientists themselves are now using to describe the scenario that dominated two full IPCC assessment cycles.
A Generation of Kids Thinks They Have No Future. For nearly two decades, a single climate model scenario haunted virtually every apocalyptic headline you read about our planet’s future. Vanishing coastlines, catastrophic droughts, mass extinctions, cities underwater — almost all of it was built on a scenario called RCP 8.5.
The entire system is rotten. It will not reform itself | Chris Hedges
Our suicidal march began long before Donald Trump and his bizarre court of buffoons, sycophants, grifters and Christian fascists took power. It began when the ruling class, especially under the Reagan and Clinton administrations, set out to harvest the country and empire for personal profit. There is a word for these people. Traitors.
Trump is not an outlier. He is the naked, stripped-down expression of this suicidal pact. He does not pretend the system he inherited works. He lies with less finesse. He crassly enriches himself and his family. He speaks in crude vulgarities. He dismantles any government agency dedicated to the common good, including the Environmental Protection Agency, the Department of Education and the U.S. Postal Service. But he embodies what came before him, albeit without the liberal façade.
The Week in Pictures
Email: wkidder42@gmail.com
Text: 1 646 257 2130
Voice: Use WhatsApp +1 646 257 2130
at 1:00 AM