Business

Following a fiery hearing yesterday, in which Senate Banking Committee member Elizabeth Warren told Wells Fargo CEO Tim Sloan that "you should be fired" because "at best you were incompetent, at worst you were complicit," the Massachusetts Democrat is back for day two, and this time she has her sights set on Richard Smith, the former Chairman and CEO of the scandal-ridden Equifax in a hearing titled “An Examination of the Equifax Cybersecurity Breach.”

The world’s Central Banks have finally succeeded in unleashing an inflationary storm.

The first pickup has only just begun to be felt. But this time next year, when inflation is well north of 4% globally and the big price moves have already occurred, everyone will be screaming “INFLATION!”

How did this happen?

Globally, Central Banks are now printing over $120 BILLION per month. And this is happening at a time when most major economies are out of harm’s way.

Echoing President Obama's interference in the legal bondholder process of the General Motors bankruptcy, President Trump's comments that Puerto Rico's debt "will be wiped out" yesterday has sparked a bloodbath in PR Muni bonds. Puerto Rico's 8s of 2035 have plunging to a record low 35 cents on the dollar this morning from 44 yesterday, as bondholders fled hitting any bid, worried that Trump would follow through on his warning.

And it's getting worse.

Dear Mr Butler:

In your article of 2 October, entitled Thoughtful Disagreement, you say, “someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” I will take you up on your request.

You state your case in this paragraph:

Authored by Mike Shedlock via MishTalk.com,

Society General’s Albert Edwards was at the Bank Credit Analyst annual conference in New York last week.

Also in attendance were Larry Summers, Paul Volcker, and potentially the next Fed Chair, ex Fed-Governor Kevin Warsh.

Edwards’ email comments on Warsh and Summers ring a bell with me.

I was the first speaker and afterward I enjoyed listening to every other speaker at the two-day event.