Business

Washington Is Destroying American Power

Paul Craig Roberts

Readers at home and around the world want to know what to make of the announcement that China henceforth will conduct oil purchases and sales in gold-backed Chinese currency.

Is this an attack by Russia and China on the US dollar? Will the dollar weaken and collapse from being discarded as the currency in which oil is transacted? These and other questions are on readers’ minds.

Below is my opinion:

In his latest weekend note, One River CIO Eric Peters discussed, among other topics, what he thought would be the nightmare scenario if not for the current, then certainly next Fed chairman: a world in which despite the Fed's best intentions (and we use the term loosely), the Fed continued to hike rates without any perceptible increase in wages and thus, long-term inflation expectations.

After some initial confusion, Netflix stock surged after hours, a repeat of what it did last quarter, soaring above its all time high price, up over 2% after reporting Q3 numbers which while beating slightly on revenues ($2.99Bn, Exp. $2.97Bn), and beating modestly on non-GAAP EPS (GAAP EPS$0.29, non-GAAP EPS $0.37, exp. $0.32), were far more remarkable for the subscriber numbers, which smashed expectations as follows:

Whereas several years ago, forecasting that central banks would unleash wars, bloodshed and social conflict was considered so preposterous, it was relegated to the domain of fringe, tinfoil hat blogs, it has gradually been "normalized" as even the mainstream realized just how clueless the world's central planner truly are, and this scandalous topic ghas since migrated to the permitted list of items for discussion by respected, establishment institutions including banks and wealth managers, such as the UK's Clarmond Wealth.

Moments ago, Bloomberg reported that Stanford University economist John Taylor, a candidate for Federal Reserve chairman, made a favorable impression on President Donald Trump after an hour-long interview at the White House last week, several people familiar with the matter said.

Trump gushed about John Taylor after he & Gen. Kelly interviewed him in Oval Office last wk for Fed chair, I’m told. https://t.co/fp5HXCSaXo https://t.co/l8X9h3p6Rj