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By Tyler Durden

American consumers love debt, wall street loves securitizing that debt and collecting massive fees for selling it and pension funds, with no viable alternative investments courtesy of accommodative Fed policies, love buying that debt for the extra 25bps of yield it provides. It’s a “win, win, win”, right?

Well, until it’s not. While real median incomes in the U.S. have been stagnant for almost a
decade, real household personal consumption has continued its steady
rise as American’s have simply replaced lost income with new debt. But,
with household leverage near all-time highs and interest rates on the
rise, we suspect this could all end very badly for the U.S. consumer and those pension funds that were forced to “stretch for yield.”

Per a Bloomberg article posted today, the average U.S. household is carrying roughly $133,000 worth of debt, spread between mortgages, credit cards, auto loans, student loans and the newly-popular, crowd-funded, personal loans.

To be sure, while staggering, this is nothing new as the growth of U.S. consumer debt has basically gone exponential since the early 90’s.

Meanwhile, real median household income has yet to recover to pre-recession 2007 levels.

That said, up until now, the cost of the staggering increases in notional consumer debt outstanding has been offset by lower interest rates. As a result, historically low rates have have kept the ratio of household debt service to disposable income levels near multi-decade lows.

But rising rates could change all this in the very near future. As a quick example, lets assume the median household makes $56,000 per year and gets to take home 75% of that, or roughly $42,000. As we mentioned above, the average household has roughly $133,000 of debt outstanding. Assuming the average rate on that debt is 5% (which seems generous but stick with us) would imply $6,650 worth of interest payments per year, or roughly 16% of take home pay.

Unfortunately, a significant portion of consumer debt carries floating interest rates. Therefore, in the most dire scenario, a 1% increase in rates will translate into an extra $1,330 of annual interest payments, $110 per month, and a roughly 3.2% reduction in discretionary personal income.

So while the fed-induced treasury bubble has been fun for debt-thirsty Americans willing to take on any amount of leverage so long as they can afford the monthly payments, we suspect the unwind is going to be equally painful.

…read more

Source: Are Debt-Laden American Consumers About To Get Crushed By Higher Interest Rates?

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By Tyler Durden

Submitted by Finian Cunningham via Strategic-Culture.org,

The US and its terrorist-sponsoring partners are seeing their criminal regime-change project in ruins, as the Syrian army and its allies win a spectacular victory to retake the strategically important city of Aleppo.

Western governments and their flunkies at the UN are cynically, perversely decrying a “meltdown of humanity?.

Closer to the truth is their own “meltdown of sanity?. This is because the official Western narrative about the Syrian war is finally being exposed on a glaring scale.

The exposure for the whole world to see is one of a systematic, fake propaganda cover that concealed a criminal enterprise – an enterprise involving terrorist proxies, or fake moderate rebels, whom the Western governments have sponsored for the past six years in a conspiracy to overthrow the government of Syria. The gravity of this systematic crime committed by Washington and its various partners is now unfolding.

Unable to cope with their own cognitive dissonance over the criminality, the Western governments and their complicit corporate news media are resorting to outright denial and to compounding lies with even more lies.

Instead of dealing with the reality that Syrian state forces have recaptured Aleppo from brutal, illegally armed groups, which the West and its regional clients have bankrolled and armed, the West distorts the dramatic victory as the “fall of Aleppo?. One report on American channel CNN even referred to the victorious Syrian army and its allies as “persecutors?.

With typical unhinged emotion, US ambassador to the UN Samantha Power cited unverified reports of civilians being executed in Aleppo, and slammed Syria and its allies Russia and Iran for having “no shame?. It is Power and her Western partners-in-crime, including top UN officials, who should be hanging their heads in shame.

Among the hysterical soundbites about alleged atrocities and slaughter being lobbed around this week was this from UN “humanitarian? official Jens Laerke who said Aleppo was seeing a “meltdown of humanity?. Catchy words, but divorced from reality.

Western news media outlets were screaming headlines alleging summary executions of women and children by the Syrian army and its Russian, Iranian and Lebanese allies as they moved in to finally retake the whole of the northern city.

Outgoing UN chief Ban Ki-Moon talked in disparaging tones about an “uncompromising military victory?, while his underlings Rupert Colville and Jan Egeland decried “hellish? conditions and “war crimes? committed by Syria and Russia.

The problem is that all these sensational, reckless assertions are based on unverified claims by anonymous “activists? or persons involved with militants – militants who are integrated with terror groups like Jaysh al Fatah, Jabhat al Nusra, Ahrar al Sham and Nour al din al Zenki. All of them affiliated with the internationally proscribed Al Qaeda terrorist network – which the Western governments claim to be at war with.

It truly is a grotesque revelation when Western governments and UN officials publicly spout propaganda on behalf of terrorist groups.

Samantha Power and her British counterpart at the UN Matthew Rycroft cited UN “reports? of 82 civilians being executed, including 11 …read more

Source: Aleppo Victory… US And Its Crime Partners Suffer "Meltdown Of Sanity"

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By Monetary Metals

By Bron Suchecki

Last week ZeroHedge reported on the amended London Silver Fixing Antitrust Litigation which included damaging chat logs provided by Deutsche Bank that reveal collusion between bullion bank traders to “shade”, “blade”, “muscle”, “job”, “spoof” and “snipe” the silver market.

While the amended complaint only provides selected examples from the 350,000 pages of documents and 75 audio tapes that the plaintiffs received as part of the settlement with Deutsche Bank, what has been provided shows cliques of traders who worked together against the interests of their clients.

Below is a network map of these cliques, which shows every trader mentioned in the complaint with the lines indicating who chatted with whom (view the map online here).

The key ringleader is DB Trader-Submitter A (submitter refers to their role submitting orders into the London Fix) and this sort of hub and spoke model is common in social networks. The two persons with a slash and two banks in their name indicate that they moved banks during the period of the complaint. This is not uncommon in bullion banking since it is a small industry and would increase the risk of collusion between former workmates, something the management of the banks should have been alert to.

The lack of connection between these groups is likely due to them being in different timezones. The group of four in the top left corner are most likely in Singapore, given the use of Singlish terms like “lah” in the chats. The larger group is based mostly in London with one in New York, based on references in the complaint. The group of three at the bottom may be in Dubai, although that is speculation.

The chats have a jovial feel with traders calling each other “bro”, “dude” and “mates” and show no care for clients on the other end of their schemes: for example, Deutsche Bank Trader B talks about “wanna ramp it up like really just buy at mmkt and fk everyone so bad”. No doubt these chats will now be a lot more stilted as traders realise that collusive behaviour brings with it personal consequences like jail terms, as it did with LIBOR.

Nick Laird at goldchartsrus.com has collated all the chats in chronological order here with a chart of the silver price underneath to help put the chats in context of market price action at the time. In general, the chat logs show collusion to tactically/short-term manipulate the London Silver Fix and spot market (curiously, there is no mention of Comex futures, but the plaintiffs are only giving us a sample in this complaint).

With the Deutsche Bank chat logs showing a collusive network across banks, it would seem unlikely that the defendants will be able to refute the antitrust claim by the plaintiffs. The next question is that of damages. As it stands, the tactical nature of the manipulations means that the defendants are likely to argue that the members of the class action can …read more

Source: Silver Smoking Gun to Stop Dishonest Dealing

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By The_Real_Fly

Those who deny the assertions put forth by the Washington Post, citing unnamed and nefarious CIA sources, regarding Russian intervention in the US elections, are being labeled as traitors. Conservatives view all of the Russian hysteria business as the final stage of grief being played out in public, by a completely broken and mentally addled globalist movement left in shambles. The media is attempting to up the rhetoric by moving past the discovery phase of the investigation, without ever having to actually prove that Russia meddled with the elections, in order to attempt to implicate the GOP and of course Donald Trump. Nevermind the fact that Julian Assange plainly stated today that Wikileaks did not receive the data from any state source, and certainly not Russia.

Democrats are only capable of believing what they want to believe, which is that Russia helped Trump win. How else could they grasp the reality that America turned on them and their degradative policies that seek to annihilate the middle class?

In an NPR interview today, President Obama promised revenge against Putin for his meddling. Note that this is extremely uncouth and unseemly — especially since he is a lame duck President. To start a conflagration before the next President takes office is nothing less than a slap in the face to Trump.

Obama: The US will respond to Russia hacking at a time and place of our choosing. https://t.co/xJCwozgoeb

— Maddow Blog (@MaddowBlog) December 16, 2016

source: CNN

“I think there is no doubt that when any foreign government tries to impact the integrity of our elections that we need to take action and we will at a time and place of our own choosing,” Obama told National Public Radio.

Describing potential countermeasures by the US, the President said “some of it may be explicit and publicized; some of it may not be.”

He said he directly confronted Russian President Vladimir Putin about a potential US response, and said his counterpart acknowledged his stance.
“Mr. Putin is well aware of my feelings about this, because I spoke to him directly about it,” Obama said.

Obama and Putin conferred on the sidelines of the G20 meeting in China in September.

Afterwards, Obama told reporters he raised cybersecurity with the Russian leader.

Intelligence agencies in October pinned blame on Russia for election-related hacking. At the time, the White House vowed a “proportional response” to the cyberactivity, though declined to preview what that response might entail.

Officials have said US actions against Russia may not be revealed publicly.

Speaking Thursday at the White House, Press Secretary Josh Earnest declined to say whether the US had already begun its response to Moscow’s actions.

“The President determined once the intelligence community had reached this assessment that a proportional response was appropriate,” Earnest said. “At this point, I don’t have anything to say about whether or not that response has been carried out.”

Enter Keith Olbermann, the liberal elite left personified. They have no interest in democracy.

Since Putin personally led attack on our …read more

Source: Obama Vows to Exact Revenge Against Russia for Unsubstantiated Russian Hacking Claims

    

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By Michael Snyder

The collapse of the euro is accelerating, and it looks like we could be staring a major European financial crisis right in the face early in 2017.  On Thursday, the EUR/USD fell all the way to $1.0366 at one point before rebounding slightly.  That represents the lowest that the euro has been relative to the U.S. dollar since January 2003.  Ever since 2011, I have been relentlessly warning that the euro is heading for parity with the U.S. dollar.  When the EUR/USD was trading at about $1.40 that must have seemed like crazy talk, but I never wavered.  I just kept warning people that the euro was going to weaken greatly relative to the U.S. dollar.  Here is one example from March 2015: “How many times have I said it?  The euro is heading to all-time lows.  It is going to go to parity with the U.S. dollar, and then it is eventually going to go below parity.”  After Thursday, we are almost there, and once we do hit parity that is going to be a sign that all sorts of chaos is about to erupt in Europe.

For years, so many people that write about our coming economic problems have been proclaiming that the death of the U.S. dollar is imminent.

But I have always taken a different approach.  I have always maintained that the collapse of the euro comes first, and that the death of the U.S. dollar happens some time later.

So many people have wanted to get rid of all of their dollars in anticipation of the coming crisis, but that is a huge mistake.

First of all, without exception everyone needs an emergency fund that can cover at least six months of expenses in case there is a job loss, a health emergency or all hell breaks loose for some reason.

Secondly, cash is going to be king during the initial stages of the coming crisis.  Later on the U.S. dollar will rapidly lose value, but at first it will pay to have significant amounts of cash available to you.

Most people out there seem to think that a strong dollar is great news and that it is a sign of good things to come under Donald Trump.

But the truth is that an overly strong U.S. dollar is actually very bad news for the global economy.

For the U.S., a strong dollar hurts our imports and tends to drag down our GDP.

For the rest of the world, a strong dollar makes it more expensive to borrow money.  The economic boom in the developing world following the last financial crisis was fueled by mountains of cheap dollars that were borrowed at ultra-low interest rates.  But now the U.S. dollar is surging and interest rates are spiking, and that is starting to cause major problems.

It now takes much more local currency to pay back those dollar-denominated loans that were made in emerging markets during the boom times.  If the U.S. dollar continues to rise we are going to see a staggering number of …read more

Source: Major Economic Warning Sign: The Euro Is Heading For Parity With The U.S. Dollar

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By Tyler Durden

The Town Council of the small town of Bunker Hill, Indiana, home to 888 residents, is likely wishing they had “do-over” this morning after constant budget cuts and alleged “illegal, unethical, and immoral” requests from council members resulted in the entire police force quitting. Per the Fox 59 affiliate in Indianapolis, the Bunker Hill town Marshall and his 4 deputies all walked off the job earlier this week and have no intention of returning.

An entire Indiana town has no police officers after every single one walked off the job. The officers blame the Bunker Hill Town Council for the situation.

Thomison served as town marshal for four years until Monday night when he and four other officers handed over resignation letters to the council, telling them they have had enough.

“They would not communicate with us or the officers and they kept scaling back,” said Thomison.

In their resignation letters, the officers accuse council members of asking them to “do illegal, unethical, and immoral things.” They cited examples like asking police to run background checks on other town councilors to find their criminal history. The officers also claim they were threatened when they said no.

Another issue they brought up in the letter was their safety. The officers say they were all forced to share one set of body armor, putting their lives on the line while they were out making arrests and serving warrants.

“I did not want to send someone out there with bad body armor so I would take mine off and provide it to the other officers. I told them we have to provide this, there is an IC code that explains that and says that the town has to provide that body armor,” said Thomison.

Meanwhile the Bunker Hill Town Council offered the following statement to residents saying that disagreements with the police force were “caused by the lack of funding available to the town” but that council members had never asked officers to “be involved in any illegal, unethical or immoral actions.” Well, clearly it seems like someone is stretching the truth slightly.

Like most small towns, there have been from time to time, disagreements in the policy making process between the town council and other town departments. The current town council as well as prior councils have, on occasion, had disagreements with Mr. Thomison over a number of things. These disagreements have primarily been caused by the lack of funding available to the town to invest in the police department. However, the council denies that it has failed to provide body armor for the marshal or reserve deputies. The council is well aware of Indiana law on the topic and has complied with it fully. Further, the council absolutely denies that it has ever asked Mr. Thomison or any of the reserve deputies to be involved in any illegal, unethical or immoral actions.

The council admits that it had made a number of cuts to …read more

Source: Entire Police Department Quits After "Illegal, Unethical, And Immoral" Requests By Town Council

    

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