Hard hitting global and local news
In a move sure to heighten trade tensions with protectionists in US Congress, Surprise China Devaluation Marks Escalation of Currency War . According to conventional wisdom, wars are easy to start and difficult to end.
Following Saturday’s report Chinese Exports Slump Over Eight Percent , analysts expect more China stimulus. Chinese exports tumbled 8.3 percent in July, their biggest drop in four months and far worse than expected, reinforcing expectations that Beijing will be forced to roll out more stimulus to support the world’s second-largest economy. Imports also fell heavily from a year earlier, in line with market forecasts but suggesting domestic demand might be too feeble to offset the weaker global demand for China’s exports
Plagues of Locusts Invade Russia; Putin’s Inane Food Contraband Destruction Policy; Law of Asset Destruction Putin’s Inane Food Contraband Destruction Policy In an action as economically stupid as president Roosevelt destroying US farm produce during the Great Depression, Russia Incinerates Contraband Food . One year into its embargo on western food products, Russia has launched a controversial campaign to destroy all contraband meat, dairy and produce, using on-the-spot incinerators, dump trucks, rollers and meat grinders.
See more here: Long-Term Treasuries Rally in Face of Increasing Odds of September Hike; Taper Tantrum in Reverse?
More: Still No Illinois Budget; S&P Downgrades Chicago Convention Center Bonds by 7 Notches; Will Schools Open?
Please consider Fears Grow as Ukraine Rightwing Militia Puts Kiev in its Sights .
See the original post: Wage Growth Accelerating? By How Much? Total Compensation and the Obamacare Effect
More: Progression of the Police State Spanish Style: €300 Euro Fine for Calling Police Officer "Mate"; Law of Simmering Social…
The IMF staff told the board of directors Greece Disqualified from New IMF Program .
Fed Sheds No Light, Plays Charades with Media; Tiptoe Balancing Act Fed Says Little, Sheds No Light If the Fed had a clue as to what it will do in September, it likely would have said so. Instead, it reiterated the same hash we have been hearing for years. Here is the complete text of today’s FOMC Press Release