United States

Via Michael Snyder of The Economic Collapse blog,

President Trump is due to deliver remarks aboard the not yet commissioned super-carrier U.S.S. Gerald Ford, docked at Newport News, Va. The focus of his speech is expected to be promote his vision and plan for the nation's military buildup.

During the campaign he promised a surge in military spending as part of his campaign to make America great again. This week, the White House announced it would be adding $54 billion (£43 billion) to the defence budget – about a 10 percent increase.

Donald Trump may soon find himself on the receiving end of a "visa war" that could have dire consequences for trans-Atlantic travel and European tourism. On Thuesday, EU lawmakers voted to force Americans to apply for visas when traveling to Europe in response to Washington refusing to allow all Europeans to travel to the States visa-free.

Can Truth Prevail?

Paul Craig Roberts

According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high.

So what is driving the real GDP growth? In my opinion, the rise in real GDP is an illusion produced by the under-measurement of inflation.

With the US stock market likely to continue its levitation today, it means that by close of trading, the S&P500 will be above 2,400, the same as Goldman's year end price target, and 100 points away from Bank of America's "euphoric blow off top" destination, which is also known as Michael Hartnett's Icarus Trade. In a note released overnight, Hartnett confirms that he is "sticking with our “Icarus Trade” targets: SPX 2500, GT30 3.5%, DXY 110, oil $70/b", even as he admits that the euphoria level in stocks is unprecedented: