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Restraint in Short Supply in the Pentagon Budget

Last Thurssday, the Secretary of Defense Ashton Carter and the Joint Chiefs of Staff Chair General Joseph Dunford testified before the Senate Armed Services Committee (SASC). The topic? The President’s defense budget request for next year.

The nearly three-hour hearing covered everything from the fight against ISIS in Syria to NASA’s research and development projects. But what was remarkable, other than senators using valuable time with Secretary Carter to broker pet projects, was the evident reevaluation of threats to the U.S.

China Car Sales Suffer Biggest Crash On Record To Start 2016

China Car Sales Suffer Biggest Crash On Record To Start 2016

The dream of transition to a 'consuming' economy just crashed into the wall of excess debt and leverage. 2016 has started with a 44% collapse in China passenger car sales. This is the biggest sequential crash and is 50% larger than any other plunge in history.

While there is a seasonal effect here obviously, the sheer scale of this 2-month drop - which removes the new year holiday affect - indicates something is terribly wrong in China.

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