Bonds & Interest Rates
The Bank of Canada is under pressure to stop fretting about low inflation after unexpectedly sharp price gains pushed the rate above the central bank’s target, making it more likely the next move in interest rates will be higher.
Statistics Canada reported the annual inflation rate hit a 27-month high of 2.3 percent in May from 2.0 percent in April. Core inflation, which excludes some volatile items like gasoline, rose to 1.7 percent, the highest since July 2012, from 1.4 percent in April.
As recently as last week, Bank of Canada Governor Stephen Poloz had said the underlying rate of inflation, which he pegged at 1.2 percent, was so low it…. CLICK HERE for the complete article
David Black has a plan for a ‘West Coast exit’ for Canada’s oil. His plan to build a $22 billion refinery on the caost of British Columbia has long been derided as a pipe dream.
But recent government decisions affecting the Keystone XL and Northen Gateway pipelines, Black believes his proposal is the best option for Alberta oil exports…
CLICK HERE for the complete article
Billionaire investor David Einhorn, whose Greenlight Capital hedge fund is nursing a 17 percent loss this year, told investors on Wednesday that he made new bets on fashion company Michael Kors and electric services company UIL Holding.
Einhorn also exited a prominent short bet against real estate company St. Joe as well as bets against U.S. Steel, Robert Half and Intel. The firm also liquidated stakes in LAM Research and Citizens Financial Group.
In his eight-page long letter, Einhorn also reminded investors that he often invests in misunderstood companies and runs a concentrated portfolio, which means that market downdrafts can hurt performance.
“Although large losses don’t occur often, in a punitive environment we can have more than one in a short period of time,” the manager told his investors in a letter sent on Wednesday and seen by Reuters.
The decline — one of the biggest in the hedge fund industry this year — puts Einhorn on course to post his first loss since the financial crisis in 2008…
The current world-system is as doomed as the Titanic.
We’re like the passengers on the Titanic 10 minutes after the mighty ship struck the iceberg: there is virtually no evidence to those on deck or those snug in their warm cabins that everything they reckoned was safe and secure was doomed to perish.
Only those who witnessed the damage below the waterline and who knew the limitations of the ship’s design grasped that the loss of the ship was inevitable and could not be reversed.
The current world-system (call it whatever you like–cartel-crony neoliberal-state capitalism, etc.) is as doomed as the Titanic, for the same reasons: the design of the system is the source of its failure.
Why is the current world-system doomed?
1. Automation will not just continue replacing human labor–the pace of this trend is increasing exponentially.
2. The wishful thinking that technology always creates more jobs than it destroys is, well, wishful thinking: just ask the…
As of last Friday, the price of silver had closed lower for 12 days in a row. I can’t recall any other time in my 30-plus-year career when silver has put together such a long string of losses. (Crux note: We looked it up. It’s the longest losing streak for silver in 65 years.)
The price of the metal is down around 8% for the month. But there is some good news…
With conditions stretched so far to the downside, silver is poised for a bounce…
Take a look at this 60-minute chart of the iShares Silver Trust Fund (SLV)…
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