Submitted by Howard Kunstler via Kunstler.com,
“There is no other endeavor in which men and women of enormous intellectual power have shown total disregard for higher-order reasoning than monetary policy.
-David Collum
American Notes
Submitted by Jayant Bhandari via Acting-Man.com,
India’s Prime Minister, Narendra Modi, announced on 8th November 2016 that Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes would no longer be legal tender. Linked are Part-I, Part-II, Part-III, Part-IV, Part-V, Part-VI and Part-VII, which provide updates on the demonetization saga and how Modi is acting as a catalyst to hasten the rapid degradation of India and what remains of its institutions.
India’s Pride and Joy
As 2016 comes to a close, Reuters has compiled a list of the biggest winners and losers of the year from across the globe. Of course, after global equities started out the year on a weak note, in the closing weeks of 2016 computer algos investing professionals have rarely seen a stock they didn't want to buy more of. That said, currency traders with exposure to the Egyptian pound or Nigerian naira didn't make out quite so well. And then there were the Dr. Jekyll and Mr.
Submitted by Ryan McMaken via The Mises Institute,
Anonymous leakers at the CIA continue to make claims about Russia and the 2016 election. In response to demands to provide evidence, the CIA has declined to offer any, refusing to meet with Congressional intelligence committees, and refusing to issue any documents offering evidence. Instead, the CIA, communicating via leaks, simply says the equivalent of "trust us."
The market was waiting for the DOJ to announce the long-awaited settlement with Deutsche Bank today. Instead, it got news of a surprise lawsuit filed by the DOJ which sued Barclays after failing to settle a long-running probe into the UK bank's involvement in pre-crisis mortgage fraud. Deutsche Bank and Credit Suisse are in settlement negotiations with the DOJ over similar claims.