Puerto Rico’s Collapse Foreshadows A Total U.S. Collapse

Congress, for some reason, has agreed to use U.S. Taxpayer money to bailout Puerto Rico. That’s mighty generous of Congress to use Citizens’ money for that, especially when most Congressmen have their money tax-sheltered in the Rothschild Trust Company in Reno.  But it begs the question:  Why is Puerto Rico even part of the United States?

An article in the Wall Street Journal reports that Puerto Rico’s pension fund is underfunded by $43 billion, which is on top of $70 billion in various forms of Government debt.  Puerto Rico is an “unincorporated territory of the U.S., which means that it probably harbors a lot of U.S. money hiding from the IRS.  That explains why Congress is using other people’s money to bailout their own money plus the money of those who fund Congressional seats.

Puerto Rico, for all intents and purposes, has financially collapsed.   Your tax dollars are keeping it solvent and paying out pension beneficiaries.  But the State of Illinois would love to have the size of PR’s problems.  The State pension fund in Illinois is underfunded by over $111 billion.  That’s based on a lot of assets like commercial real estate, junk bonds and private equity investments that are marked to fantasy.  Mark ’em to market and I bet the pension fund is underfunded by closer to $200 billion.

That’s just Illinois.  If we were to do a rigorous mark to market assessment of the State pension funds in California, Texas, New Jersey, New York and Florida, I’d bet my last roll of silver eagles that combined the pensions in those States – not including Illinois – are underfunded by  over $1 trillion.

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The graph above shows a 60-minute intra-day chart of the S&P 500 going back to late June. I’ve been featuring this chart in my Short Seller’s Journal every week.   The S&P 500 has basically flat-lined since July 7.  If you overlaid a bollinger-band width indicator, it would show a horizontal line since July 7.  The Fed has temporarily achieved the remarkable feat of removing volatility from the stock market.

The Fed has keyed the stock market to minimizing VaR.  “VaR” stands for “Value at Risk.”  It’s essentially a fancy-sounding term that measures how much an investment portfolio – or bank asset portfolio – might lose given certain volatility assumptions over time.  That’s it in a nutshell though I’m sure quant-geeks will get picky with that summary.

But the bottom line is that if market volatility shoots up for some reason, VaR will shoot up and that will incinerate every single big bank and pension fund  in this country.  Puerto Rico’s predicament will look like a feel-good Broadway musical by comparison.

A friend of mine did a comprehensive of study of public pension funds and concluded that a 10% or more drop in the S&P 500 over a sustained period of time would induce the collapse of all public pension funds.  I think he assumed the best case in terms of how pensions currently mark their assets.  If you notice, the 10%-plus  sell-offs last August and January were followed by sharp “V” bounces – both time.  That was undoubtedly the work of the Fed and my friend’s quantitative work explains why.

I would be surprised if there’s ever been a 7-week period of time when the volatility in the stock market has been as low as it has been since July 7.  Especially considering the high volume of economic, political and geopolitical events that are occurring simultaneously, each of which individually has caused sharp market sell-offs historically.

Another friend/colleague of mine told  me today that one of clients stated that he thought the Fed could hold up the market forever.  My response to that is, if that were the case the whole world would be speaking German right now.

The U.S. collapse will happen either now or later.  For the latter outcome, at some point the Fed will need to print 10’s of trillions of dollars to prevent that horizontal line on the graph above from turning into a downward-pointing near-vertical line.  Of course, please review the history of Germany circa 1923 to see how the money printing alternative worked out…

Economic And Political Collapse Leads To WW3

As the United States slides further into economic and political collapse, its military belligerence around the globe is escalating the probability that an “accident” of some form will trigger the outbreak of World War Three.    As this three-legged monster evolves, the degree of U.S. Government propaganda is at all-time highs.

As an example, yesterday on CNN – aka the Clinton News Network, an “analyst” summarily dismissed allegations surrounding Hillary’s health problems as “sexism” and today CNN’s health “expert” asserted questions about Trump’s health.  If questioning Hillary’s health is a form of misogyny, then isn’t questioning Trump’s health a form of misandry?

On the economic front, the Governments economic reports continue to fail the test of serious analysis. For instance, its new home sales report for July was idiotic.  The Government statistical propagandists managed to take an alleged increase of 4,000 homes in the south – an assumption of which in and of itself fails the test of reality – and statistically transformed it into a 72,000 home month to month sales gain and a 144,000 year over year home gain.   Meanwhile, the number of working age Americans who leave the workforce hits new 30-year highs every month.  We can assure you that if Americans are not working, they are also not out paying record prices for new homes.

Finally, perhaps the biggest source of financial propaganda is the Government-sponsored price controls imposed on the precious metals market.  That this occurs on a daily basis is no longer even open for debate.  The price-suppression of gold is the equivalent of shutting down all weather satellites ahead of hurricane season.   It will end in a disaster eventually.

In this episode of the Shadow of Truth, we explore the rising risk of WW3 breaking out and its connection to the current U.S. political and economic climate.  In addition, we discuss why the current effort to control the price of gold will fail:

More On The Government’s Fraudulent New Home Sales Report

This is from a reader who posted this comment:

I live in “the south” in a very very nice area by the beach.  A “developer” built over 20 new homes and purchased several more lots to build on.  His last home sold 6 months ago and the rest stay EMPTY!  Lock box, not sold, and some for sale signs have been taken off to decrease competition from the other people trying to sell their home.

The average asking price is $500,000 .  The lots are cleared but undeveloped. He put a sign up on one lot to show the home that “could” be built there IF anyone purchased it.
In short… IT’S OVER! WE’RE BACK TO 2007 LOOKING DOWN AT A DEEPER AND STEEPER DECLINE!

I’m beginning to think that the Census Bureau now includes “intent to sell” as a “sale” because I’m sure there’s a lot of people who are thinking of selling of in order  to “get ahead of the market.”  Sorry, it’s too late.

Hillary’s Crimes: Hidden In Plain Sight

In the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily; and thus in the primitive simplicity of their minds they more readily fall victims to the big lie than the small lie…It would never come into their heads to fabricate colossal untruths, and they would not believe that others could have the impudence to distort the truth so infamously. Even though the facts which prove this to be so may be brought clearly to their minds, they will still doubt and waver and will continue to think that there may be some other explanation.  – Adolph Hitler, “Mein Kampf”

The fact that Hillary Clinton is a few months away from the Oval Office – with the massive financial support of noted anti-humanitarians like George Soros, the Rothschild Family, Warren Buffet and most Wall Street CEOs – continues to blow my mind.

She brazenly flaunts her criminality with unabashed impudence.  She’s gotten away with every form of illegality for so long, I’m not sure she’s even intellectually, let alone Untitledemotionally, capable of distinguishing between right and wrong.

The Clinton Foundation is Hillary’s personal piggy-bank into which billions have been paid enabling the wealthiest Americans and foreigners to access the highest avenues of policy implementation deep inside Washington, DC.   That point is not even debatable.

Astonishingly, despite all the evidence, Clinton supporters smugly look the other way.

The New York Post has summarized it the best:

The Democratic Party often warns us that mixing big money and politics will corrupt democracy. They must have nominated Hillary Clinton to prove it.

The Clinton Foundation was ostensibly set up to solve the world’s most pressing problems. Though it’s done some fine work, its most fruitful program has been leveraging Clinton’s position in the State Department to enrich her family, friends and cronies…It is becoming clear the foundation was a center of influence peddling. Rock stars. Soccer players. Conglomerates. Crown princes. All of them paid in. All of them expected access to the US government.

Want a seat on a government intelligence advisory board even though you have no relevant experience? The Clinton Foundation may be able to help.

Recently released emails prove the charity’s officials had sought access to State Department personnel while Hillary was in charge. Folks like the prince of Bahrain, who donated $32 million to the foundation, needed to get in touch.

An Associated Press investigation finds that more than half the private citizens who met or spoke with Clinton while she was secretary of state also happened to donate to her foundation. What are the odds?  – New Revelations Show A Nation For Sale Under Hillary Clinton

Quite frankly, I’m at the point at which I’m rooting for an HRC Presidency.  First, I don’t think Trump is a better choice other than the fact that he’s less corrupt.  So what if he’s bankrupted his casino empire three times and so what if he skips paying taxes.  I don’t know any “three comma” net worth people who pay much in taxes.

It really doesn’t matter which candidate gets the voter reward.  It’s a Hobson’s Choice. But I want to see HRC take over the Oval Office so I can watch the utter horror on  Clinton faces when she turns on them more quickly than a steroid-addled Barry Bonds could turn on a fast-ball.  That alone will be priceless.

More On Yesterday’s New Home Sales Fraud

As I detailed yesterday – LINK – yesterday’s new home sales report was complete fiction. Notwithstanding all of the other statistical manipulations that go into the Government’s Seasonally Adjusted Annualized Rate of sales metric, including flawed data sampling, Mark Hanson – who does cutting edge housing market analysis – reduced yesterday’s new home sales report to its essence:

A rounded 4,000 more homes sold on a Not Seasonally Adjusted basis than in June, ALL from the Southern region.  This added up to a massive 72,000 month to month and 114,000 year over year Seasonally Adjusted Annualized Rate surge and headlines of “9-year highs,” all due to bogus seasonal adjustments that should not have applied due to the number of weekends in the month…”  – Mark Hanson, M Hanson Advisors

The 4,000 more homes sold in the South month to month more than likely results from flawed data collection, for which the Census Bureau is notorious.  But even assuming that the number is good, the Government’s “seasonal adjustment” sausage grinder translated that into 72,000 more homes sold in July vs June and 114,000 year over year on a Seasonally Manipulated Annualized Rate basis.

Not to pile on to what now should be the obvious fact that the Government’s new home sales report is not more credible than its employment report – both for which the Census Bureau collects the data – Credit Suisse published research earlier in this month for July in which its market surveys showed that:

  •  its “buyer” index declined in July to 40 from 41 in June;
  • expected traffic declined in 29 of 40 markets in July vs 25 in June – including Portland, Seattle and New York experiencing “sharp declines;”
  • “Florida markets remained depressed;”
  • California overall was lower in July

Finally, the Mortgage Bankers Association reported that purchase mortgage demand hit a 6-month low in July.  New Home “sales” are based on contracts signed.   If mortgage applications and contract signings are highly correlated, as 93% of all new home buyers use a mortgage.  If mortgage applications are declining, it means that contract signings are declining.

How on earth is it at all possible that the Government was able to measure a 9-year high in new home sales for July when every other actual market transaction indicator declined, some precipitously?

The housing market is headed south right now.  Inventory is piling up all over metro-Denver, especially in the high-end areas.  Emails to me from readers who are industry professionals all over the country are reporting similar occurrences in their areas.

The Government can populate the news headlines with fraudulent propaganda – something which has become de rigeur – but propaganda and fraudulent economic reports do not generate real economic activity.  At some point the elitists running the system will be at a loss to explain the difference between their lies and reality.  That’s when we’re all in big trouble…

Guest Post: The Human Stain

I shuddered when it was announced that Stanley Fisher was elevated to co-Chairman of the Fed.  He is a wholly-corrupt representative of the neo-conservative movement that has enveloped this country.   People who consider themselves “liberals” and Democrats are unwittingly supporting a viper’s nest of necon totalitarianists.  Hillary Clinton was the mad-bomber who helped orchestrate the Obama Government’s steamrolling over Libya and the Ukraine and the attempted steamrolling over Syria.  When HRC is in the Oval Office, Stanley Fisher will be elevated to King of the Fed and it’s lights out for the middle class.

One of subscribers has written an excellent of summary of the one aspect of the political and economic drive toward totalitarianism in this country.  Notice how he omits Bernanke and Yellen.  They were mere dishrags for the people behind the scenes who are actively attempting to orchestrate the future of this country (Soros, Gates, Buffet, Rothschilds, Kissinger, etc):

I agree with you, the world’s move away from the fraudulent dollar is bigger than interest rates. My belief is that they are trying to buy two months. All they care about is winning the election, because they can loot like never before … literally trillions of dollars … as the sick, withdrawn witch is under constant medical care within the Imperial Bedroom at the WH.

This is unfolding as some kind of twisted, gothic, Elizabethan drama, with a demented Queen orchestrating State viciousness and lunacy from the privacy of her chambers. If HRC won’t even hold a press conference during her so-called campaign, what will she be like when she gets in?  She will turn her back on the people so fast it will be unprecedented in all of U.S. history. The Invisible, Corrupt, Murderous, Greedy, Thieving Queen: coming soon to the American Theater of the Absurd. And the Court of Sheer, Inexcusable American Stupidity.

There’s an old saying that our faces shed their masks as we grow older. In other words, our faces come to show who we really are. Stanley Fisher is a perfect example … that face literally exudes evil. When his face begins to talk, the situation goes from “mere” evil into depths of the inferno. Lucifer has only rarely had such a talented acolyte.

His voice is a totally contrived, studied, phony blend of arrogance, fake aristocracy, haughtiness, superciliousness, elitism, royal tonality, superiority, and condescension. It is as if he concocts it in front of his bathroom mirror to get it right … it is completely contrived and fake, and self-engineered to make him look superior. I can’t listen to him any more … my gag reflex can’t take it.

[Larry] Summers, another phony and fraud, has imported aspects of the voice from his idol, Stanley Fisher, and he too is impossible to listen to unless a person has some strange desire to vomit.

Speaking of broken masks revealing the true persons, look at Soros and Greenspan. Faces that have become truly grotesque over time, revealing who the persons truly are.

Everything the people need to know stands right before their eyes, but they do not see a thing. They listen to and worship the likes of Stanley Fisher and Greenspan as if they are gods, and not the human wrecking balls they actually are.

The political and economic collapse of the U.S. has long since “crossed the Rubicon.”  The public violence that is spreading like the plague in places like Chicago, Milwaukee and Baltimore is a symptom of this underlying collapse – a collapse that has been covered up with extreme propaganda, shock and false-flag fear events and the glorification of U.S. military imperialism.

The Government’s New Home Sales Report Is Idiotic

Absurd surges in new home sales activity were not significant…Headline reporting of this series is of no substance, as seen frequently with massive, unstable and continuously shifting revisions of recent history… – John Williams, Shadowstats.com on the June report.

Like everything else going on in the financial markets, the Government’s new home sales report is thoroughly inconsistent with all of the actualized supporting data and bears absolutely no resemblance to observable reality.

The Census Bureaus, which is notorious for producing fraudulent data, reports that new homes sales hit a 9-year high in July on a “statistically adjusted, annualized rate” basis. However, it had to revise its original report down for June to 582k from 592k.   Bloomberg theatrically describes the report as indicating “sky high momentum.”  These are, of course, fairytale numbers.

This is how John Williams of Shadow Government Statistics described last month’s new home sales report:    “Despite ‘benchmarking’ to the unstable seasonal-adjustment factors with the April 2016 release, this series remains extraordinarily unstable and consistently unreliable on a near-term month-to-month basis as weather headline sales increased or decreased.”  (Shadowstats.com)

The Government’s numbers were “driven” by an unexplainable 18% surge in new home sales in the South.  Yet, according to Redfin.com’s data for July, homes sales for July in the south’s biggest MSAs (population areas) cratered:   Atlanta -12.9%, Dallas/Ft Worth -13.3%, Miami -24.2%, Orlando -16.1% (LINK).  In other words, the Government’s metric conflicts drastically with observable reality.

Additionally, the new home sales report is entirely at odds with the ongoing economic contraction as reflected in most private-sourced economic reports.  This morning, for instance, the Richmond Fed’s manufacturing index collapsed the most on record (going back to 1993).   Another report on U.S. manufacturing activity released this morning showed continued weakness in the manufacturing sector, with the employment index at its lowest in four months.  If economic activity is contracting and real jobs (not Census Bureau fake jobs) are declining in number, homes are not being purchased.  Again, the new home sales report does not fit the facts.

Finally, in the report it showed that new home inventory is declining.  However, I look at several new homebuilder financial reports every quarter and they all show inventory levels that are ballooning (and being financed with debt).   For instance, Toll Brothers reported this morning (more on that later) and its inventory level of new homes increase 5.3% from the end of last quarter and 6.8% from the end of January.    DR Horton is the country’s largest new homebuilder, its inventory level has soared nearly 10% over the last four quarters.

Also, the same Census Bureau has been reporting well in excess of 1 million supposed housing starts for the last several months.  How is it possible that starts exceed sales by a significant amount and yet inventory is said to be shrinking?  Once again, the facts do not fit the report.

Remember the Redfin.com report referenced above when existing home sales are reported tomorrow. The National Association of Realtors uses the same statistical meat grinder used by the Government in producing its seasonally adjusted annualized fictional account of the housing market.

As far as demand at the lower end of the market, I will republish the market color I received earlier this month from one of my Short Seller Journal subscribers, who has been a real estate professional for over 3 decades:

You are spot-on the housing market. I think the flippers in Denver metro are driving the under $400,000 price to a frenzy and the over $500,000 in the burbs are dropping in price. Some of these flippers have 8-10 houses at the same time. A little jiggle and they will dump. Then the part time rental landlords follow in selling as the rental market gets tough.

The only reason that prices keep rising is because the Fed’s near-ZIRP interest policy and the Government’s sub-prime dressed-in-drag mortgage-lending programs have enabled buyers to pay more than ever for a home and make monthly payments – for now.  As the real economy continues to implode, delinquencies and defaults will pile up as quickly as they did from 2008-2010, led by the flippers reference in the quote above.

Housing: I’ve Worked Thru 4 Bubbles – They All End The Same

The three primary drivers of the economy are starting to head south:  retail, housing, autos.  I can smell the housing market slipping away now. I’ve been early on housing, like I was when the mid-2000’s Bubble 1.0 popped, but I was eventually very correct (I sold my dream house in November 2004).

The housing market is beginning to crater. I draw on “hands on” data from the Denver area because I can get “boots on the ground” due diligence accomplished. Denver is considered somewhat of a demographic “bellweather” for economic trends as they unfold. I don’t care what the media propaganda is reporting, in Denver housing sales are rapidly slowing, inventory is rapidly building and prices are falling. I’ve witnessed two $2 million+ homes in my area reduce their offer price 14% and 20% respectively shortly after their initial listing.

Ultra-high end resort areas are starting to get killed. Aspen is reporting that sales are down more than 42% in the first-half of 2016 vs. 2015: Aspen’s Sustained Nosedive. Same with Long Island’s Hamptons, where sales volume in East Hampton and Southampton plunged 53% and 48% respectively from a year ago: LINK.

Once the high-end wets the bed, the rest of the market follows very reliably and obediently.

My view is supported by the homes sales data for July reported by Redfin.com last week. According to Redfin, home sales (closings) fell 11% in July:  LINK.  Redfin of course concocts a ridiculous calculus to rationalize the decline, but that’s nothing more than a disconsolate effort to defer acceptance of the unpleasant but inevitable reality.

Perhaps most shocking in Redin’s report is the extent to which the bottom fell out of what had been some of the hottest markets in the country.  Year over year for July closings fell 46% in Vegas, 24% in Miami,  21% in Portland, 20-% in Oakland and 11% in Denver.

I’ve been focusing on the housing market in my weekly Short Seller’s Journal  because the homebuilder and related home construction stocks are no-brainer shorts.  It’s been my view that flippers/”investors” have been the majority of existing home sales volume reported this year.   I have a subscriber who is three decade-plus real estate professional in Denver who is sharing some great insider color on the market, something you will NEVER get from the National Association of Realtors:

You are spot-on the housing market.   I think the flippers in Denver metro are driving the under $400,000 price to a frenzy and the over $500,000 in the burbs are dropping in price. Some of these flippers have 8-10 houses at the same time. A little jiggle and they will dump. Then the part time rental landlords follow in selling as the rental market gets tough

I am selling a $309,000 condo and showing another buyer $300,000-$350,000 houses in the same part of Denver. Condos and houses of the same 1980’s age are not worth the same. Every time the condo and house of same square footage and age get the same price, the prices fall. Condos go down the farthest of anything.

I believe the flippers who are facing getting “stuck” with their inventory will start to panic and look to unload their “investments.”  Many of them are using debt to make their purchases.  This of course will hasten the downturn in housing. This is exactly how the end of the big Housing Bubble 1.0 was triggered.

The current housing bubble is the most extreme of the four bubbles I have witnessed since the late 1970’s.   Prices for new homes have moved above the prices of the last bubble. In many areas, existing home prices are now at all-time highs.  This is despite the fact that sales volume is roughly 2/3’s of the volume of the last bubble.  This activity is occurring amidst rapidly rising inventories.
The next downturn in housing will be worse than the last one because the Government Untitled1has aggressively stuffed as much mortgage debt as possible into the system with its 3% to no-percent down payment programs, reduced mortgage insurance requirements and by looking “the other way” on credit scores.

If the Fed hikes rate in September, as it incessantly insists will definitely possibly happen, it will be lights out for housing.  On the other hand, it can only take interest rates down 50 basis points to zero, probably will not enough stimulate sales because anyone with a high degree of monthly payment sensitivity has most likely already overpaid for their “dream” home.  When the Government introduced 0-3% down payment programs plus subprime programs.

Lies, More Lies And Hillary Clinton Allies With Rothschilds

The mainstream U.S. media has been propagating outright lies about the alleged geopolitical belligerence of Russia and China when, in fact, the United States Government has been the implementing the world’s most aggressive and deadly deployment of military hardware and militarily offensive overtures in the Middle East, eastern Europe, Eurasia and the Far East.

Those who bother to “keep up” with news by reading their local newspaper or, more likely, catching  a little Fox News or CNN online or on TV are inundated with news stories about the “antics” of Russia with regard to Russia’s territorial rights in Crimea or of China with regard to China’s territorial rights in the South China Sea.   But those narratives are nothing more than fictionalized propaganda.   The truth is that the U.S. – under the guise of “NATO” – has been surrounding Russia’s border with militarily offensive military equipment and personnel.  The U.S. has been directly and aggressively confrontational with China over China’s territorial claim to certain South China Sea islands.

The same false narrative has been applied to the situation in Syria.  The U.S. wants Syria’s President Assad removed and a U.S./Saudi puppet installed because it benefits U.S and Saudi elitist/royalty energy interests. Syria is also historically a key strategic location geographically.   But Russian, and now China, has drawn a line in the “sand” in Syria.  The entitled, “exceptional” U.S. oligarchy is unhappy with this and floods the mainstream media airwaves with a level of propaganda that might make Joseph Goebbels blush but would make Edward Bernays proud.

Finally, a report was out over the weekend that the entitled Hillary Clinton, who aspires to be the next Queen President of the U.S. puddle-jumped in her lear jet (I’m not sure how she managed to make enough money to afford a lear jet on a Senator’s salary) from Matha’s Vineyard to Nantucket, where the Rothschilds (Lynn Forester de Rothschild) hosted a $100,000 per head fundraiser.   It’s a shame that Hillary’s faithful supporters have no clue with regard to the meaning of a Rothschild-funded Oval Office.

In the latest episode of the Shadow of Truth, we discuss why the United States has become the most corrupt Government in modern history, if not all of history:

The Fed’s Latest Comedian: Stanley Fisher

Stanley Fisher embarrassed himself and the Fed today by regurgitating the standard Fed threat to raise rates in 2016. The Fed officials are starting to sound like that teacher on the Peanuts cartoon:

We are close to our targets,” Fischer said in a speech at the Aspen Institute in Aspen, Colorado on Sunday. “Looking ahead, I expect GDP growth to pick up in coming quarters, as investment recovers from a surprisingly weak patch and the drag from past dollar appreciation diminishes,” he added, without giving explicit views on his rate outlook.  LINK

Someone needs to put a muzzle on these guys. The economy is meeting the Fed’s goal of what, creating the lowest labor force participation rate in history? I have to believe the Fed is looking at the real economic data reports and not the seasonally manipulated annualized rate garbage fed to us by the likes of the Government, auto industry and housing industry. Retail sales, including and especially restaurant sales, are declining and possibly on the verge of collapsing. Same with housing. I have been reviewing the real data in-depth in my weekly Short Seller’s Journal.

It’s especially funny that Fisher is bragging about a strong in economy from his perch at the Aspen Institute in Aspen, Colorado. Why? Because Aspen real estate is collapsing: Brokers At A Loss To Explain Sudden, Precipitous Drop In Aspen Real Estate: (LINK)

High-end sales that fuel Aspen’s $2 billion-a-year real estate market are evaporating, pushing Pitkin County’s sales volume down more than 42 percent to $546.45 million for the first half of the year from $939.91 million in the same period of 2015

I was just in Aspen two weeks ago.  I wandered into the Ralph Lauren store and it was a morgue.  The salesperson was hounding me like a starving wild animal.  It was uncomfortable.

I’d love to see the Fed hike rates next month at their next FOMC circus.  In fact, hike them 50  basis points instead of the gratuitous one-quarter of one percent they teased us with at the end of 2015.   A rate hike might finally put the hammer on Clinton’s Presidential aspirations.  We already can see that her supporters could give a shit about her psychopathic criminal behavior.

Fisher apparently thinks the Fed has “neared its goals” for the economy.   If he thinks falling housing, retail and auto sales – combined with shrinking jobs market – are worth goals, hell raise rates 1%.

The the truth is that the only goal the Fed has accomplished is an almost daily delivery of good belly-laugh.