Despite the biggest liquidity injection (CNY130bn) in 4 months, it appears Kyle Bass' top trade remains well on target as Offshore Yuan plunges, underperforming Onshore Yuan despite the largest Fix devaluation in two months. In a word - it's chaos in Chinese markets. The Shanghai Composite looks to be opening down 3% - extending yesterday's losses (beyond the US session's ADR's move). What a mess.

First: PBOC devalues the Yuan fix by the most in 2 months...

Earlier today we reported that when it comes to one of the most important data series that feed directly into the US GDP calculation, namely construction spending, the US government admitted it had literally made up numbers for the past 10 years. The phrase used was "processing error":

Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Those who advocate ending, instead of reforming, the welfare-warfare state are often accused of being “impractical.” Some of the harshest criticisms come from libertarians who claim that advocates of “purism” forgo opportunities to make real progress toward restoring liberty. These critics fail to grasp the numerous reasons why it is crucial for libertarians to consistently and vigorously advance the purist position.

Submitted by Simon Black via SovereignMan.com,

On September 4, 1993, President Bill Clinton spoke about the American Dream in a weekly radio address.

He told his audience that “in America, the idea is that if you work hard and play by the rules, you’ll be rewarded with a good life for yourself and a better chance for your children.”

That’s what America used to stand for, and indeed much of the Western world. Freedom. Truth. Hard work and fair play. Building a better life.

Grant Williams, Of Things That May You Go Hhhmm, gave the following presentation at Mines & Money in London in early December laying out why he believes the gold price is languishing despite a wealth of what would ordinarily be positive catalysts. Currently, outside those who focus on precious metals, there is an enormous amount of apathy but, we suspect, that apathy will shortly turn to enthusiasm - an enthusiasm which will expose the rift between paper prices set in NY and the structural changes undergone in the physical markets