While US equity prices push ebulliently towards their next level of Nirvana, financial conditions continue to tighten for American businesses.
For the first time since April 2009, 3-month LIBOR - one of the most important reference rates for business financing - topped 1.00% today.
We documented the real world implications of this in "Forget The Fed’s 0.25%, Short-Term Rates Have Already Risen By 1% For The Real World"
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Memo to Larry Summers: It’s Secular Saturation (Not Stagnation)
Written by Peter Diekmeyer (CLICK HERE FOR ORIGINAL)
Russia has accused the US government of allowing ISIS militants to steal oil in Syria in order to earn hundreds of millions of dollars. Russian Defense Ministry spokesman Major General Igor Konashenkov warned that the US-led international coalition deliberately avoided bombing oil production facilities run by ISIS due to the fact that the US had a vested interest in the illegal oil sales.
On the last day of calendar 2016, total US public debt jumped by $98 billion, mostly as a result of end of quarter Social Security debt allocation, which accounted for $70.4 billion of the daily increase. As a result, total US government debt on December 30, 2016 was $19,976,826,951,047.80.