Author: Administrator

“It’s Pretty Obvious This Will End Badly”: In Historic Reversal, Grantham’s GMO Goes Short US Stocks

Via ZeroHedge

With retail investors taking over the extremely illiquid market,  resulting in crazy intraday swings where the horde of robinhood retail traders alone can send a stock soaring (and tumbling)…

… many veteran investors are throwing in the towel on what is emerging as the most furiously ridiculous rally in history in what is now better known as “Jay’s market” (with 73% of Wall Street claiming that the market is only up due to the artificial gimmick of the Fed’s balance sheet explosion and not due to fundamental factors). And with one after another investing legend such as Warren Buffett, Stanley Druckenmiller, David Tepper boycotting the artificial rally, and either selling or pulling out, today GMO’s Jeremy Grantham became the latest to bail on what Bank of America recently called a “fake market.”

In a letter to GMO investors, Grantham writes that “we have never lived in a period where the future was so uncertain” and yet “the market is 10% below its previous high in January when, superficially at least, everything seemed fine in economics and finance. And if not “fine,” well, good enough. The future paths include many that could change corporate profitability, growth, and many aspects of capitalism, society, and the global political scene.”

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Liberal Mush from the Mad Dog

Guest Post by Pat Buchanan

Liberal Mush from the Mad Dog [Mattis]

It was not Trump who divided America in this racial crisis. The nation was united in revulsion at the criminal cruelty that led to George Floyd’s death… What divided America were the methods and means protesters began using in the first hours of the Minneapolis riot — the attacks on cops with bottles, bricks and Molotov cocktails.

In his statement to The Atlantic magazine, former Defense Secretary General James Mattis says of the events of the last 10 days that have shaken the nation as it has not been shaken since 1968:

“We must not be distracted by a small number of lawbreakers.”

Is “a small number of lawbreakers” an apt description of wilding mobs who have showered cops with bottles, bricks and rocks in 40 cities, looted stores in the hundreds, torched police cars, and injured dozens of Secret Service personnel defending the White House?

Is “a small number of lawbreakers” the way a patriot would describe anti-American anarchists who desecrated the Lincoln Memorial, the World War II Memorial on the Mall and the Korean War Memorial and tried to burn down the Church of the Presidents in Lafayette Square?

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It turns out you -can- spot a bad apple. You just can’t remove one

Guest Post by Simon Black

So it turns out that Derek Chauvin, the former Minneapolis police officer who was filmed murdering George Floyd last week, had 17 different complaints of serious misconduct during his career.

That puts him among the 10% worst offenders in the Minneapolis police department.

The complaints vary from being named in a brutality lawsuit, to using demeaning, unprofessional language in public, to aiming his weapon at children.

But Chauvin never got into any serious trouble.

Continue reading “It turns out you -can- spot a bad apple. You just can’t remove one”

An Accidental Incongruity?

Guest Post by Eric Peters

President Trump is getting grief from the leftie press for threatening to bring out the military to stop the riots spreading across the country like, well, a virus.

But why isn’t the leftie press caterwauling about the indifference of the Lockdown Mafia – i.e., the governors and mayors, et al who’ve been siccing armed government workers on moms walking their kids in public parks in the name of a virus they claim is an open-ended threat to “public safety” – to the very real threat posed by this virus? 

It’s not as though the Lockdown Mafia hasn’t got the stomach to use force to “stop the spread.”

It’s a question of who the Lockdown Mafia deems worthy of stopping. Apparently, moms taking their kids to a public park for a walk are worthy.

Also gym owners who open their doors to people who want to work out; restaurants that want to serve.

Continue reading “An Accidental Incongruity?”

THIS DAY IN HISTORY – FDR takes United States off gold standard – 1933

Via History.com

On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable.

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QUOTES OF THE DAY

“The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by an endless series of hobgoblins, most of them imaginary.”

H.L. Mencken

“Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats.”

H.L. Mencken

“Democracy is the theory that the common people know what they want, and deserve to get it good and hard.”

H.L. Mencken

“The aim of public education is not to spread enlightenment at all; it is simply to reduce as many individuals as possible to the same safe level, to breed and train a standardized citizenry, to put down dissent and originality. That is its aim in the United States, whatever the pretensions of politicians, pedagogues and other such mountebanks, and that is its aim everywhere else.”

H.L. Mencken

In Show Of Solidarity, COVID-19 Vows Not To Infect Anyone Protesting Inequality

Via The Babylon Bee

U.S.—In a powerful show of solidarity with the Black Lives Matter movement, COVID-19 has vowed not to infect anyone protesting inequality.

The official COVID-19 account tweeted out, “In solidarity with those protesting inequality, I hereby vow not to infect anyone at BLM rallies.”

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On the Other Hand, There’s Rodney King

Guest Post by Ann Coulter

On the Other Hand, There's Rodney King

Why is this case the one inciting mass protests? Ninety-nine percent of the country is denouncing the Minneapolis police in the most damnable terms possible over the death of George Floyd. The 99% are demanding that the 1% “hear their voices”?

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TET OFFENSIVE

Guest Post by Mary Christine

On June 1, 2020 this was posted at WRSA from a reader:

CA,

I’ve decided that these George Floyd Protests are the Tet Offensive.

Background:

The North Vietnamese launched the Tet offensive to turn the Viet Cong loose everywhere at one time. Additionally, there was a huge, visible battle at Khe Sanh to try and encircle a fire base and destroy the USMC forces there. For all the fighting though, it wasn’t really about the military matchup between the two sides. It was about the battle of wills. The North calculated that they could employ the We Are Everywhere model and through demoralization achieve what they couldn’t achieve in destruction.

They were right beyond their wildest dreams. The US had applied a doctrine of warfare could have come right out of Bill Lumbergh’s Office Space. The US gave space and time for such an offensive to be developed and launched. Walter Cronkite declared Vietnam to be a quagmire and thus wrote the epitaph.

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KNEELING WILL NEVER BE ENOUGH

The Chaos Election

Guest Post by The Zman

If any other president in recent history was facing both wide scale riots and an economic depression before his reelection, the smart money would be on the side of the challenger, regardless of his quality. For the longest time, conventional wisdom has said re-election campaigns are a referendum on the times as much as the performance of the sitting president and his party. Despite the gloom and doom, Trump’s re-election chances remain a coin toss at this point in time.

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PROJECT VERITAS EXPOSES ANTIFA

“Only” 1.87 Million Americans Started To Claim Unemployment Benefits Last Week

Via ZeroHedge

Despite yesterday’s massive beat in ADP employment data, in the last week 1.877 million more Americans filed for unemployment benefits for the first time (slightly higher than the 1.83mm expected).

Source: Bloomberg

That brings the eleven-week total to 42.644 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative has turned the corner (even though the 1.877 million rise this last week is still higher than any other week in history outside of the pandemic)

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