End of an Era

I write here about markets because that is what I know. I try to expose the growing insanity that I see every day. But the problems apparent in the markets—greed, deception, the disregard for common sense and common decency—did not begin in the markets. Rather, the problems reflect a deep decay in personal morality, the basic standards that govern our lives and make us responsible human beings.

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The Deception Continues: October Payrolls Rise 161,000, Unemployment Rate Dips To 4.9%

This morning, we got more happy news from the Bureau of Labor Statistics. The talking heads announced the results of the Establishment Survey: 161,000 jobs added in October. Did that sound good? You have to look under the hood, dear reader. Consider these facts from the same report.

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Deutsche Bank’s Slow Motion Bank Run

Last month, I wrote about the problems at Deutsche Bank (DB) as the stock slumped and markets worried that this could be a European Lehman event given DB’s huge derivatives position and its critical role as counter-party in the EU banking system. See my post of September 28, 2016. But the world did not end immediately and the market went back to sleep. DB’s stock rose and that was the end of it, right? NOT.

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