Don’t look now, but Barclays just joined the chorus of European banks reporting horrific results.
Shares plunged by double-digits on Tuesday after the bank said it swung to a £1.9 billion pre-tax loss in Q4 and moved to cut the dividend and shed its African subsidiary.
With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.
I’m sitting in the Rome airport, about to start the long journey back home. When I land in Baton Rouge 18 hours from now, we will know how the Super Tuesday vote went. I expect it to be a big night for Donald Trump. I also expect nothing good on the political front from now on. It would be nice to be surprised, but I don’t think I will be surprised.
All is not well in the non-GAAP paradise known as Tesla's Gigafactory, where labor tensions are suddenly running high.
According to Bloomberg, at least 100 workers at the construction site for Tesla's massive (and taxpayer subsidized) battery factory near Reno, Nevada, walked off the job Monday to protest use of workers from other states, a union official said.
It used to be that workers were upset when foreigners were brought in; now it's workers from out of state.
Submitted by Mike Holly via The Mises Institute,
Although the causes of economic crises recurring throughout US history and often spreading worldwide can’t be proven using empirical means, oppressive government regulations favoring special interests in relevant industries have preceded every crisis.