Europe

In what has been the most stunning admission by Janet Yellen so far during her press conference, the Fed Chair said that "we don't fully understand inflation" and added that the "shortfall of inflation this year is more of a mystery."

With all due respect, it's not. But since the Fed is often confused, we would like to do the central bank a favor and "explain" inflation, or the lack thereof as the Fed laments, with just one chart.

To simplify enough that everyone on the FOMC will understand, here it is:

Submitted by Bill Blain of Mint Partners

Blain’s Morning Porridge – September 20th 2017

     “New Car, caviar, four star daydream, think I’ll buy me a football team….”

Will they? Won’t they?  I’m not talking about Donald’s playground bluster about nuking North Korea back to the 1950s. Shocking and intemperate. Yes. But, plays to his audience.

The day has finally arrived: today the Fed will officially announce the start of its balance sheet shrinkage (full preview here) while keeping rates unchanged, perhaps hiking again in December (market odds at 56%), while revising its economic projections and "dots", most likely in a lower direction.

Authored by Paul Craig Roberts,

Dear Friends and Supporters, this is my quarterly call for your financial support. There is no one who will write for you more frankly and truthfully than I do. This article is long. Read it. Twice, three times. You will learn an important part of your history that has been cast into the Memory Hole. You will learn the nature of the danger that we as a people face. And you will learn a lot about yourselves. PCR

Whatever Happened to America?

Authored by Carey Wedler via TheAntiMedia.org,

On Monday, President Trump tweeted birthday wishes to the Air Force and the CIA. Both became official organizations 70 years ago on September 18, 1947, with the implementation of the National Security Act of 1947.

After spending years as a wartime intelligence agency called the Office of Strategic Services, the agency was solidified as a key player in the federal government’s operations with then-President Harry Truman’s authorization.