Authored by James Rickards via Bonner & Partners,
To paraphrase one of the great gems of Wall Street wisdom, “Nothing infuriates a man more than the sight of other people making money.”
That’s a pretty good description of what happens during the late stage of a stock market bubble. The bubble participants are making money (at least on a mark-to-market basis) every day.
The phony assumptions that go into calculating public pension underfundings in the United States are a frequent topic for us. As our readers are aware, state pension administrators are given fairly wide leeway to simply pick a discount rate out of thin air. Of course, since pensions are nothing but a massive stream of future liabilities that stretch out into perpetuity, every 100 bps increase can substantially, and artificially, lower the fund's reported underfunded level.
As we pointed out yesterday, the mainstream media made another glaring error in its coverage of President Trump earlier this month when Handlesblatt, a German newspaper, reported that Special Counsel Robert Mueller had subpoenaed Deutsche Bank – the country’s largest lender – for records pertaining to Trump’s finances.
Will you be paying US taxes in 2018? If so, this interactive model created by JPM is for you.
The Tax Cuts and Jobs Act (TCJA), which was signed into law by Donald Trump this week, is projected to reduce individual tax payments by over $1 trillion over the next 10 years, more than triple the tax cut impact on businesses and corporations.
However, the impact on individual taxpayers will differ, and depends on their income and deduction characteristics.
On the 12th day of Christmas Fed’s QE Gave To Me:
TWELVE Fed
Districts Dancing