United States

Markets will again zero in on the U.S. this week, and not just because of Donald Trump in Bloomberg's opinion. The Federal Reserve meeting and nonfarm payrolls may set a clear direction for dollar and yields for the next few months.  U.S. GDP data on Friday showed the largest negative contribution from net exports since 2010. This will give the president ammunition for his Twitter feed because it confirms his view on the evils of globalization. So prepare. Beyond Trump’s rhetoric, it’s going to be a big week for orthodox economic developments in the United States.

Only Glass-Steagall Can Save the U.S. from Another Epic Crash

Pam Martens

The Justice System Is Criminal

Paul Craig Roberts

On January 23, 2017, I asked, “Are Americans Racists?” I pointed out examples where racist explanations prevail over empirical fact. I did not write that there is no racism in America. I said that racism is not the be-all and end-all explanation of American history and institutions. The point I made is that racist explanations are often inadequate and both work against racial harmony and blind us to more general and more serious problems.

In the latest fallout from Trump's Friday executive order on immigration, the US embassies in Berlin and the UK have suspended visa issuance to nationals from the affected seven countries including dual nationals. the US embassy in Berlin said that visa issuance had been suspended to nationals, or dual nationals, of Iraq, Iran, Libya, Somalia, Sudan, Syria and Yemen.

In an update on its Facebook page, the embassy said:

European, Asian stocks and S&P futures all drop after traders were left with a sour taste from the potential fallout of Donald Trump’s order halting some immigration and ahead of central bank decisions from the U.S. and Japan.  Markets in Hong Kong, China, Malaysia, Korea, Singapore, Taiwan and Vietnam are all shut due to the Lunar New Year public holiday, leading to a quiet Asian session. Oil rebounded after sliding as much as 0.7%.  Gold was unable to hold its overnight gains and has dipped into the red to $1,190 after rising just shy of $1,200 in early trading.