United States

If at first you don't succeed, try, try, keep trying again and again.

That appears to be the mantra of Goldman's credit strategists, who one year ago when the 10Y was trading right around current levels, predicted that the yield on the benchmark bond would rise to 3% by the end of 2015. It was just a little off.

First, here is Goldman's apology for being so wrong in what may be the most important forecast a bank makes (as it involves everything from the economy to the equity risk premium): where the 10 Year will trade:

PCR Interviewed on USA Watchdog

http://usawatchdog.com/paul-craig-roberts-preview-of-2016-with-greg-hunter/

The post PCR Interviewed on USA Watchdog appeared first on PaulCraigRoberts.org.

America Is Being Destroyed By Problems That Are Unaddressed

Paul Craig Roberts

One hundred years ago European civilization, as it had been known, was ending its life in the Great War, later renamed World War I. Millions of soldiers ordered by mindless generals into the hostile arms of barbed wire and machine gun fire had left the armies stalemated in trenches. A reasonable peace could have been reached, but US President Woodrow Wilson kept the carnage going by sending fresh American soldiers to try to turn the tide against Germany in favor of the English and French.

The U.S. military have accused Iran of “highly provocative” actions after they fired unguided rockets 1,500 yards from ships including an American aircraft carrier. Iranian ships fired rockets in the Strait of Hormuz as the USS Harry S. Truman aircraft carrier, was reportedly passing 1,500 yards away The US Central Command has called the drill “provocative, unsafe, and unprofessional.” The incident, originally reported on Wednesday via two unnamed US military officials, allegedly took place on Saturday.

With just two days left in 2015, the main driver of overnight global stocks and US equity futures remains the most familiar one of all of 2015 - crude oil, which, after its latest torrid bounce yesterday has resumed the familiar "yoyo" mode, and again stumbled dropping below $37 on yesterday's surprising API 2.9 million crude inventory build, as well several more long-term "forecasts" by OPEC members, with Kuwait now budgeting for $30 oil, while Venezuela's Maduro said the oil price fell to $28/bbl and is "headed downward."