For 175 years the United States was not a country known for its self-consciously conservative thought. America’s “Tories,” after all, had been on the wrong side of the Revolutionary War. The names of our great political parties—Whig, Republican, Democratic—were everywhere else labels for liberal or radical groupings. Americans may have had their own kind of conservatism, but they rarely called it that.
Submitted by Justin Raimondo via AntiWar.com,
Dow futures are down 100 points and Chinese stocks are pressing new 14-month lows, extending last night's carnage after Chinese Industrial Profits tumbled. With a dismal 4.7% drop year-over-year, led by a near 60% collapse in the mining industry, early strength (after some jawboning from Abe) gave way to fresh lows and US equity futures are also responding. Offshore Yuan refuses to drop since Xinhua wrote a 3rd hit piece against George Soros and his "speculative snap profits."
This year is just getting uglier...
Submitted by Allen Gilmer via OilPrice.com,
The one given in this industry is that the analyst community is consistently wrong about where the price of oil is going in the near to mid-term. Just as $100 oil was a sentiment driven price that baked in the risk of every potential negative impact on the supply chain, $28, $30 or $40 dollars is equally sentimental, assuming that any and all incremental barrels are and will be available AND demand will slow or stop.
2013 and 2015 forecasts. (forecasting sentiment is hard) Image Sources: EIA
Submitted by Peter Schiff via Euro Pacific Capital,