United States

Authored by Paul Craig Roberts,

The Proof Is In: The US Government Is The Most Complete Criminal Organization In Human History

In late 2014 and early 2015, we tried to warn anyone who cared to listen time and time and time again that crashing crude prices are unambiguously bad for the economy and the market, contrary to what every Keynesian hack, tenured economist, Larry Kudlow and, naturally, central banker repeated - like a broken - record day after day: that the glorious benefits of the "gas savings tax cut" would unveil themselves any minute now, and unleash a new golden ago economic prosperity and push the US economy into 3%+ growth.

As we have reported on numerous prior occasions, the biggest marginal buyer of stocks in both 2014 and 2015 (and forecast to remain in 2016), are corporations themselves, using debt-funded buybacks to push their stocks to record highs, allowing the smart money to sell in record amounts.

But what happens when companies are so levered that they can't possibly afford to issue any more debt, virtually all of which has been used to repurchase stocks, as we have shown before...

The United States flew a B-52 Stratofortress strategic bomber capable of carrying nuclear bombs over its ally South Korea yesterday. The move was a show of force, to remind North Korean leader Kim Jong Un, after his country carried out a nuclear test last week, who is boss when it comes to self defense. Reuters UK video: The U.S. deploys a B-52 bomber and fighter jets to fly over its ally South Korea, in a show of alliance following North Korea’s nuclear test. Rough cut (no reporter narration).

Excerpted from Doug Noland's Credit Bubble Bulletin,