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Off The Cuff

Image | Off The Cuff: 9-5-12
Off The Cuff: 9-5-12
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss: b b b b Click the play button below to listen to this week's Off the Cuff with Mish & Chris (run time 20m:00s):
Off The Cuff: 9-5-12
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss: b b b b Click the play button below to listen to this week's Off the Cuff with Mish & Chris (run time 20m:00s):
Image | Off the Cuff: The Calm Breaks
Off the Cuff: The Calm Breaks
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Europe begins to turn on itself
    • The battle for political union has begun
  • The dangerous erosion of our human capital
    • Too many out of work for too long
  • Gold's prospects
    • Set to shine?

We're beginning to see a departure from the calm summer the world has enjoyed. With the distraction and global camaraderie of the Olympics behind us and the ever-growing mountain of unaddressed problems ahead, changes are afoot. In Europe, Germany is standing firm on its demands for more political union before agreeing to further fiscal measures – and left-leaning socialist leaders are uniting in opposition. In countries like Greece and Spain (and to a certain extent the U.S.), the protracted unemployment among younger workers threatens to create a "lost generation" where skills, aptitude, and motivation atrophy to the point where national social capital becomes permanently impaired. 

Chris and Mish discuss the prospects for the precious metals. This conversation was recorded before Bernanke's comments today in Jackson Hole – though they appear to have since proved prescient.
Off the Cuff: The Calm Breaks
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Europe begins to turn on itself
    • The battle for political union has begun
  • The dangerous erosion of our human capital
    • Too many out of work for too long
  • Gold's prospects
    • Set to shine?

We're beginning to see a departure from the calm summer the world has enjoyed. With the distraction and global camaraderie of the Olympics behind us and the ever-growing mountain of unaddressed problems ahead, changes are afoot. In Europe, Germany is standing firm on its demands for more political union before agreeing to further fiscal measures – and left-leaning socialist leaders are uniting in opposition. In countries like Greece and Spain (and to a certain extent the U.S.), the protracted unemployment among younger workers threatens to create a "lost generation" where skills, aptitude, and motivation atrophy to the point where national social capital becomes permanently impaired. 

Chris and Mish discuss the prospects for the precious metals. This conversation was recorded before Bernanke's comments today in Jackson Hole – though they appear to have since proved prescient.
Image | Off the Cuff: Waiting for Reality to Arrive
Off the Cuff: Waiting for Reality to Arrive
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris address:

  • The unbearable lightness of financial markets
    • How can stocks be so high on such poor economic fundamentals?
  • California's warning signs
    • Are retail sales falling off a cliff?
  • Exiting the euro
    • What, exactly, would be the consequences for countries doing this?
  • Mining stocks
    • What's the risk/return?

Europe slipping deeper into recession, rapidly rising food prices, China headed for a soft (or maybe not-so-soft) landing, Japan struggling, oil prices still near triple digits, US unemployment stubbornly over 8% — do these seem like the sort of fundamentals that justify a stock market within a few percentage points of its all-time highs? 

Yet here we are.

Chris brings back new evidence that institutional money managers are just as stymied, flummoxed, and nervous as we are about these ridiculously elevated markets. If you're tired of the lack of the logic and are feeling that a bad reckoning is inevitable, you're not alone…
Off the Cuff: Waiting for Reality to Arrive
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris address:

  • The unbearable lightness of financial markets
    • How can stocks be so high on such poor economic fundamentals?
  • California's warning signs
    • Are retail sales falling off a cliff?
  • Exiting the euro
    • What, exactly, would be the consequences for countries doing this?
  • Mining stocks
    • What's the risk/return?

Europe slipping deeper into recession, rapidly rising food prices, China headed for a soft (or maybe not-so-soft) landing, Japan struggling, oil prices still near triple digits, US unemployment stubbornly over 8% — do these seem like the sort of fundamentals that justify a stock market within a few percentage points of its all-time highs? 

Yet here we are.

Chris brings back new evidence that institutional money managers are just as stymied, flummoxed, and nervous as we are about these ridiculously elevated markets. If you're tired of the lack of the logic and are feeling that a bad reckoning is inevitable, you're not alone…
Image | Off the Cuff: Sounding Like a Broken Record
Off the Cuff: Sounding Like a Broken Record
 PREVIEW
by Chris Martenson

 

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Europe's Deepening Recession
    • The official GDP data worsens
  • Reckless Lending 2.0
    • The Poway, CA Ponzi 
  • Anticipating a Big Move for Gold
    • After nearly a year of range-bound trading

So far the summer has been relatively dull, especially while the world has been glued to the Olympic action in London. The same risks we've been watching all year are all still in play, but there have been few newsworthy catalysts (up or down) of late. With things becalmed, it's hard not to sound like a broken record in ringing the same warning bells that we've rung all year. But despite the lack of developments (perhaps in spite of them, given that no fundamental risks are improving), Chris and Mish are very unnerved by the current doldrums. Digging under the calm waters, they find Europe's downward slide is deepening, as well as shockingly irresponsible lending practices that show we haven't departed from the nefarious behavior that caused the 2008 credit bust.

 
Off the Cuff: Sounding Like a Broken Record
 PREVIEW by Chris Martenson

 

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Europe's Deepening Recession
    • The official GDP data worsens
  • Reckless Lending 2.0
    • The Poway, CA Ponzi 
  • Anticipating a Big Move for Gold
    • After nearly a year of range-bound trading

So far the summer has been relatively dull, especially while the world has been glued to the Olympic action in London. The same risks we've been watching all year are all still in play, but there have been few newsworthy catalysts (up or down) of late. With things becalmed, it's hard not to sound like a broken record in ringing the same warning bells that we've rung all year. But despite the lack of developments (perhaps in spite of them, given that no fundamental risks are improving), Chris and Mish are very unnerved by the current doldrums. Digging under the calm waters, they find Europe's downward slide is deepening, as well as shockingly irresponsible lending practices that show we haven't departed from the nefarious behavior that caused the 2008 credit bust.

 
Image | Off the Cuff: QE Blues
Off the Cuff: QE Blues
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Dashed hopes
    • What to expect now that the Fed and ECB have disappointed?
  • Growing signs of weakness in the economy
    • A strong defense is critical at this point
  • The continuing drought
    • ​More pain from the lack of rain

Now that the Fed has disappointed AND the ECB (after this recording) followed suit, the markets are asking where's my fresh, cheap liquidity? While Chris and Mish don't think that further quantitative easing will have any sustained or constructive impact, they do expect it is still coming. But it seems that greater pain in the financial markets is needed before action takes place. Chris, in particular, now warns of an impending market downdraft — so a defensive position is highly advised.
Off the Cuff: QE Blues
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Dashed hopes
    • What to expect now that the Fed and ECB have disappointed?
  • Growing signs of weakness in the economy
    • A strong defense is critical at this point
  • The continuing drought
    • ​More pain from the lack of rain

Now that the Fed has disappointed AND the ECB (after this recording) followed suit, the markets are asking where's my fresh, cheap liquidity? While Chris and Mish don't think that further quantitative easing will have any sustained or constructive impact, they do expect it is still coming. But it seems that greater pain in the financial markets is needed before action takes place. Chris, in particular, now warns of an impending market downdraft — so a defensive position is highly advised.
Image | Off the Cuff: Time for Precious Metals to Shine?
Off the Cuff: Time for Precious Metals to Shine?
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris reunite to discuss:

  • Dwindling options for capital
    • Growth is slowing everywhere and more QE looks increasingly certain
  • Mathematical disasters everywhere
    • More bad news from Europe and Japan
  • Housing market overhang
    • We may see a 'lost decade' before prices truly recover

There's much to talk about as Chris and Mish reconnect after two weeks. Signs for new global liquidity measures are burning brighter than ever and sovereign risk in Europe and Asia is mounting. Stewards of wealth are finding it harder and harder to protect it, let alone grow it. Are we finally at the stage where the world wakes up to the relative sanctuary the precious metals offer?
Off the Cuff: Time for Precious Metals to Shine?
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris reunite to discuss:

  • Dwindling options for capital
    • Growth is slowing everywhere and more QE looks increasingly certain
  • Mathematical disasters everywhere
    • More bad news from Europe and Japan
  • Housing market overhang
    • We may see a 'lost decade' before prices truly recover

There's much to talk about as Chris and Mish reconnect after two weeks. Signs for new global liquidity measures are burning brighter than ever and sovereign risk in Europe and Asia is mounting. Stewards of wealth are finding it harder and harder to protect it, let alone grow it. Are we finally at the stage where the world wakes up to the relative sanctuary the precious metals offer?
Image | Off the Cuff: The Heat Is On
Off the Cuff: The Heat Is On
 PREVIEW
by Chris Martenson

 

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris opine on:

  • The Eurozone's tightening vice
    • ​The likelihood is increasing that the real moves will come under the declaration of a "financial emergency"
  • The deepening LIBOR scandal
    • ​The web of conspirators continues to expand, but will any indictments result?
  • Will extreme weather impact grain prices? 
    • ​Heat and drought may nix the current forecasts for a record harvest

As the temperature rises to broiling levels across the US, EU leaders are sweating about how to slow the solvency issues a growing number of Eurozone countries face. The latest machinations suggest there is little room left to maneuver in kicking the can further down the road, so Mish and Chris suspect "emergency measures" may be declared to ramrod unpopular measures through. Meanwhile, France's headlong descent into further socialism accompanied by the growing size of the LIBOR-fixing deceit make even the most sanguine wonder how Europe will possibly emerge from it's current woes without permanent damage to its stability.
Off the Cuff: The Heat Is On
 PREVIEW by Chris Martenson

 

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris opine on:

  • The Eurozone's tightening vice
    • ​The likelihood is increasing that the real moves will come under the declaration of a "financial emergency"
  • The deepening LIBOR scandal
    • ​The web of conspirators continues to expand, but will any indictments result?
  • Will extreme weather impact grain prices? 
    • ​Heat and drought may nix the current forecasts for a record harvest

As the temperature rises to broiling levels across the US, EU leaders are sweating about how to slow the solvency issues a growing number of Eurozone countries face. The latest machinations suggest there is little room left to maneuver in kicking the can further down the road, so Mish and Chris suspect "emergency measures" may be declared to ramrod unpopular measures through. Meanwhile, France's headlong descent into further socialism accompanied by the growing size of the LIBOR-fixing deceit make even the most sanguine wonder how Europe will possibly emerge from it's current woes without permanent damage to its stability.
Image | Off the Cuff: It’s Becoming Every Man for Himself
Off the Cuff: It’s Becoming Every Man for Himself
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris lean into:

  • Signs of fragmentation in Europe
    • Increasingly political leaders jettisoning Eurozone collectivism for what's best for their own country
  • The ticking pension bomb
    • US states, municipalities, and cities face unmeetable obligations
  • Fraud at the core
    • The Barclays LIBOR-fixing scandal shows how manipulated markets really are

They say that when the going gets tough, you learn what a person's true nature is. If that's so, we're learning that the bloviating European leaders are clueless opportunists with no real love or loyalty for the centralized European vision they've been selling to their populace for over a decade. Similarly, US public pension administrators and public officials are craven liars, still unwilling to admit to pensioners that poor stewardship, bad math, and generationally low interest rates have made it impossible to meet their actuarial commitments. Increasingly — and as epitomized by the recently- fraudulent fixing of the LIBOR market — all players are simply out to secure what they can for themselves before the system breaks.
Off the Cuff: It’s Becoming Every Man for Himself
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris lean into:

  • Signs of fragmentation in Europe
    • Increasingly political leaders jettisoning Eurozone collectivism for what's best for their own country
  • The ticking pension bomb
    • US states, municipalities, and cities face unmeetable obligations
  • Fraud at the core
    • The Barclays LIBOR-fixing scandal shows how manipulated markets really are

They say that when the going gets tough, you learn what a person's true nature is. If that's so, we're learning that the bloviating European leaders are clueless opportunists with no real love or loyalty for the centralized European vision they've been selling to their populace for over a decade. Similarly, US public pension administrators and public officials are craven liars, still unwilling to admit to pensioners that poor stewardship, bad math, and generationally low interest rates have made it impossible to meet their actuarial commitments. Increasingly — and as epitomized by the recently- fraudulent fixing of the LIBOR market — all players are simply out to secure what they can for themselves before the system breaks.
Image | Off the Cuff: Contagion Within Europe
Off the Cuff: Contagion Within Europe
 PREVIEW
by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Desperate Measures
    • The math behind the latest 'rescue' attempts is so broken it falls apart at first glance
  • How Much Time Do We Have Left?
    • The day of reckoning is approaching, but Europe is showing us we still have time left to act
  • Where to Park Capital
    • The options worth considering grow fewer in number, though Europeans should take action soon

Europe continues to figure prominently in Chris and Mish's minds at the moment. The action there is what's driving the world agenda right now, and the decisions taken to address the European crisis will have tremendous impact on the financial markets around the globe. Much is happening right now — but for longtime 'Off the Cuff' listeners, it's important to keep in perspective that little has actually changed. Europe's problem is a mathematical one. Too many bad loans were made. In practically every country. Steep losses will need to be taken. Taking those losses will place painful deflationary pressure on asset prices. The key question is: how much new money will central banks print to service and retire those debts?…
Off the Cuff: Contagion Within Europe
 PREVIEW by Chris Martenson

In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:

  • Desperate Measures
    • The math behind the latest 'rescue' attempts is so broken it falls apart at first glance
  • How Much Time Do We Have Left?
    • The day of reckoning is approaching, but Europe is showing us we still have time left to act
  • Where to Park Capital
    • The options worth considering grow fewer in number, though Europeans should take action soon

Europe continues to figure prominently in Chris and Mish's minds at the moment. The action there is what's driving the world agenda right now, and the decisions taken to address the European crisis will have tremendous impact on the financial markets around the globe. Much is happening right now — but for longtime 'Off the Cuff' listeners, it's important to keep in perspective that little has actually changed. Europe's problem is a mathematical one. Too many bad loans were made. In practically every country. Steep losses will need to be taken. Taking those losses will place painful deflationary pressure on asset prices. The key question is: how much new money will central banks print to service and retire those debts?…
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Once again I am so grateful and appreciative to Chris (@cmartenson) for sorting through this horrendous Covid deception early on.
This allowed me to avoid the shot myself, self treat with ivermectin, zinc, vitamin-D and quercetin, stop wearing a mask when faced with a COVID positive patient, as well as making post on my facebook ER doctors groups that...
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