United States

Plunder Capitalism

Paul Craig Roberts

The first full week of December is shaping up as rather busy, with such Tier 1 data in the US as the payrolls report, durable goods orders and trade balance. We also get UK PMI data and GDP, retail sales across the Euro Area, as well as central bank meetings including Australia RBA and BoC monetary policy meeting.

Key events per RanSquawk

The US and South Korea launched their largest aerial drills yet on Monday, less than a week after North Korea tested its new Hwasong-15 missile which military observers said has the capacity to strike Washington DC, or nearly any other location in the continental US. The launched shattered nearly two months of calm as many suspected the North’s benefactors in China were making good on their promises to rein in the restive state’s belligerent behavior.

The dollar jumped the most in two weeks, pushing Treasury yields as much as 6bps higher (before easing back) with US equity indexes primed for a another record-setting day after Senate Republicans approved a reduction in the corporate tax rate as part of a sweeping overhaul, giving a boost to President Donald Trump’s stimulus plans. The key market catalyst was the US Senate passing the tax reform bill through a vote of 51 vs 49 just before 2am on Saturday morning.

Authored by Eric Zuesse,

The Stanford mathematician William J. Perry was a strategic nuclear advisor to U.S. President John Fitzgerald Kennedy during the Cuban Missile Crisis in 1962, and then he became U.S. Secretary of Defense under President Bill Clinton.