Business

The fractures within OPEC's precarioua production cut agreement are becoming increasingly more visible.

While the Fed's traditionally drab Beige Book is routinely ignored by the market, especially on blockbuster days like today when Janet Yellen turns dovish again and then speaks for nearly 4 hours in the Senate, this time there were several notable highlights in the just released July edition, not least of all the apparent downgrade of the low end of overall economic activity, which for the first time described the pace of growth as "slight to moderate" versus its staple "modest to moderate." 

One day after the Treasury sold 3Y paper in a surprisingly strong, "stopping through" auction when equities were hit by the surprising Trump Jr. news, moments ago the Treasury sold $20 billion in a 9-year 10-month (Cusip X88) reopening, which stopped at a yield of 2.325%, a 0.4bps tail to the 2.321% When Issued and the fourth consecutive tailing 10Y auction. The high yield was above last month's 2.195% and the highest since May's 2.4%.

The Rigged Gold Market Is A Great Source Of Profit To The Bullion Banks

The Move To Digital Money Creates New Looting Opportunities

http://investmentresearchdynamics.com/the-gold-industry-is-in-a-deep-state-of-dysfunction-delusion-and-denial/

The post Looting Has Replaced Production As The Main Source Of Wealth appeared first on PaulCraigRoberts.org.

Overnight China released its latest monthly credit data which showed that even as China is trying to choke off its shadow banking sector, something we showed most recently last month when we discussed the biggest crash in net bond issuance on record, credit to the broader economy continues to flow, although it comes as M2 crashed to a new all time low and has prompted some nervous analysts to say that even this "crazy" loan creation number may not be enough.