United States

Via ConvergEx's Nicholas Colas,

This last Morning Markets Briefing of 2016 is our quarterly look at “Off the Grid” economic indicators. 

 

Christmas Column, 2016

Dear Donors, thank you for your support in 2016. Although you have kept me working yet another year, I find it encouraging that there are some Americans who can think independently and who want to know. As Margaret Mead said, it only takes a few determined people to change the world. Perhaps some of you will be those people.

European, Asian stocks and S&P futures all declined amid collapsing volumes, after the Wednesday drop in the S&P500, and after oil prices held losses amid an unexpected increase in supplies, as traders close out trades ahead of the holidays. Top overnight news include the imminent nationalization of Monte Paschi, the ongoing manhunt for the German Christmas market terrorist, Uber halting its self-driving car test in San Francisco, and the anti-China, anti-regulation moves in the Trump administration. 

While it's not as applicable today, there used to be a saying that "as goes GM, so goes the economy."  While the "Big 3" aren't quite as big as they used to be, they still offer vital clues about the overall economic health of the United States.  Unfortunately for anyone who has been paying attention, those "vital clues" are all flashing red warning signs as each passing day seems to bring more news of idled plants and/or shift reductions (see here and here).  Of course, rising interest rates, tightening credit, softening used car prices and rising subprime auto delinquenci

So what do you do if you're the Mexican Ambassador to the United States and are faced with a crisis whereby millions of your citizens have broken numerous federal laws of your host country by illegally immigrating without going through the proper channels?  Well, you simply offer up creative new ways to "game the system" to avoid deportation, like submitting an application for citizenship.  While you may have zero chance of actually being granted citizenship, at least you'll "no longer [be] subject to the deportation processes."  And, as an added bonus, you