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“Hamilton” won 11 Tonys, but came up one short of tying the record set by “The Producers.” …read more

Source: ‘Hamilton’ falls just short of history with 11 Tonys

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for latest details.

…read more

Source: ‘The Last Ship’ delays premiere due to shooting

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By Tyler Durden

FX, equity, and bond markets are in turmoil as Asian markets begin trading with Japan ugly, Sterling getting spanked, China devaluing FX (stocks down hard), and crude ($48 handle) and US equity futures (Dow -70) extending losses (as bond markets are all tumbling to record low yields). The hangover from further brexit concerns is not helped by the weakness in Japanese and Chinese data tonight.

First Japanese manufacturing data was a disaster…

Then Chinese data largely disappointed. A “meet” in Industrial Production – hovering at multi-year lows…

*CHINA MAY INDUSTRIAL OUTPUT RISES 6.0% FROM YEAR EARLIER

Retail Sales missed…*CHINA MAY RETAIL SALES RISE 10.0% FROM YEAR EARLIER (lowest since 2006)

And FAI missed… *CHINA JAN.-MAY FIXED-ASSET INVESTMENT EXC. RURAL RISES 9.6% (lowest since 2000)

And if the anxiety over global growth and Brexit were not enough, this China data has sparked even more turmoil in markets as Asia gets going…

First, Japan…

• *JAPAN'S TOPIX INDEX EXTENDS DROP TO 3%; NIKKEI 225 FALLS 3%

Japanese stocks shorts biggest since 2008…

And Japanese 10Y Yields record lows (along with 20Y and 5Y)…

But it's not just Japan, Germany, and Switzerland…

• TAIWAN 10-YR GOVT BOND HITS RECORD LOW OF 0.76%

In China, as we could have guessed by Bitcoin's surge, the Yuan is tumbling…

PBOC devalues the Yuan fix by over 2 handles – back near 5 year lows…

As the Yuan basket plunged to lowest since Nov 2014

Chinese stocks are down most in 6 weeks:

• *HANG SENG INDEX FALLS 2%
• *CHINA'S SHANGHAI COMPOSITE INDEX FALLS 1.3% TO 2,889.91 AT OPEN

And anything Brexit-related…

Cable at 2mo lows…

Sterling shorts biggest in 3 years…

and GBPJPY is a bloodbath… Pound plunging to lowest since Aug 2013…

And finally, gold is holidng its recent gains…

Which must be very upsetting for The BIS. Given this much turmoiling, one can only imagine the central bank efforts to make sure Monday opens green on the NYSE.

Charts: Bloomberg

…read more

Source: Markets In Turmoil As Brexit Fears Mount And Japan, China Data Tumbles

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By Tyler Durden

Authored by Paul Craig Roberts,

Some examples of the 'abuse' one gets when telling the truth:

If I criticize the Israeli government for abusing Palestinians and stealing their country, the Israel Lobby accuses me of being an anti-semite who wants to repeat the holocaust. In the same batch of emails, anti-semites denounce me for being too easy on Israel and covering up for the Jewish conspiracy against mankind.

When I write about the One Percent using the government to loot the economy, I receive emails blaming me because I worked for Reagan “who started it all by cutting tax rates for the rich.” These people have no conception of supply-side economics, its purpose, success, and the way it prepared the way for Reagan to negotiate the end of the Cold War. At one point in their lives they read a left-wing screed against Reagan, and that is the extent of their understanding. But they are full of blind hate.

When I write about Washington’s crimes against other countries, I receive emails asking me where I was during Iran-Contra and Grenada. Apparently, they think that a Treasury official can run the State Department and Pentagon. Some of the readers are so confused that they think Reagan overthrew Allende in Chile. Alllende was overthrown in 1973. Reagan was inaugurated in 1981. It is dispiriting that there actually are people this ignorant and so proud of it that they will accuse me of helping Reagan to overthrow Allende.

When I point out the dangers of the reckless folly of Washington’s aggressions against Russia, China, and the independent Muslim world, superpatriots denounce me for being anti-American. There is a stratum of the US population that thinks that it is a criminal act to disbelieve the government or to question its judgment and motives. “You are with us or against us.”

When I document the death of the US Constitution and the rise of the American Police State, “law and order” conservatives admonish me that the police state only appies to terrorists and criminals and does not apply to law abiding citizens. They are convinced that Snowden and Assange are traitors, and no amount of evidence or reason can convince them otherwise. Neither can they be convinced that in the 21st century, law has become a weapon in the hands of government and no longer is a shield of the people. The Rule of Law in America is dead.

All of my life I have confronted the vast bulk of humanity living in a false reality created by self-serving powerful interest groups and the government that they control. People believe the lies that define their reality, because they lack the education and the emotional and intellectual strength to confront the obvious lies.

Every truth-teller confronts this barrier every day of his or her life. Every truth-teller wishes he/she could force red pills down the throat of the population.

In American today there is nothing true that you can say that does not result in a heaving of abuse. The …read more

Source: Paul Craig Roberts On The "Frustrations Of Telling The Truth"

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By BullionStar

Within the world of central bank and government gold reserves, there is often an assumption that these gold holdings consist entirely of gold bullion bars. While this is true in some cases, it is not the fully story because many central banks and governments, such as the US, France, Italy, Switzerland, the UK and Venezuela, all hold an element of gold bullion coins as part of their official monetary gold reserves.

These gold coin holdings are a legitimate part of gold reserves since under International Monetary Fund (IMF) definitions, “monetary gold consists of gold coins, ingots, and bars”. In central banking parlance, monetary gold is simply gold that is held by a central bank or government as a reserve asset. Other central bank reserve assets include foreign exchange holdings and holdings of IMF Special Drawing rights.

Elsewhere in IMF definitions, it is stated that “monetary gold is generally construed to be at least 995/1000 pure.” Many government and central bank gold coin holdings consist of previously circulated gold coinage. Since gold coins often had – and still have – a purity of less than 99.5% gold due to the addition of metals for added durability, this ‘generally construed’ leeway in the IMF definition is undoubtedly a practical consideration that allows gold coins to be classified as monetary gold.

Central banks and governments hold gold for the same reasons that private citizens hold gold. Gold is real money with no counterparty risk, gold is a store of value, and gold is a safe haven asset. In general, central banks and governments are as happy holding bullion in gold bar form as in gold coin form. This is because physical gold is physical gold, and a gold coin and a gold bar will both provide their holders with the same benefits and protections. Only the physical form differs. In practice, the types and quantities of gold coins held by central banks and governments are extensive and varied as a quick tour d’horizon reveals.

Starting with the largest official sector gold holders, 3 of the top 5 gold holding countries have substantial gold coin holdings in their claimed reserves. The Banque de France, the guardian of France’s gold reserves, holds 2435.4 tonnes of gold consisting of a massive 100 tonnes of gold coins, and 2,335 tonnes of gold bars. Of these gold coins, 45% are French gold coins (probably Napoleans) and 55% are foreign gold coins, some of which are from the US.

Banca d’Italia stores approximately half of Italy’s 2451.8 tonnes of gold under its headquarters in Rome, with most of the other half stored at the Federal Reserve in New York. Of the 1199.4 tonnes of Italian gold in Rome, Banca d’Italia states that it holds 4.1 tonnes of gold coins, in the form of 871,713 coins. This would give each gold coin an average gold content of 0.151 troy ounces. This hoard most likely includes historic gold Italian 10 Lira and 20 Lira coins.

The US Treasury, the official holder of the US …read more

Source: Central Banks & Governments and their gold coin holdings

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By williambanzai7

.

They can blather on and on that there is no such thing as radical muslim extremism, gun control is a pancea (anybody looked at Frances gun control laws?) and the LGBT culture is embraced by Islam…yadda yadda yadda

In the end the bottom line is this: This whole “junior varsity” ISIS phenomena is something that emerged on their watch.

They droned them, they own them.

.

…read more

Source: IT TaKeS a JiHaD…

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By Tyler Durden

Submitted by David Stockman via Contra Corner blog,

There is a deep irony embedded in the Fed’s savage assault on savers and its delusional doctrine of interest rate repression. While this actually results in monumental windfalls to speculators and the one percent, it’s all justified in the name of boosting the labor market and the wage bill.

So the chart in Jeff Snider’s nearby post is especially salient. It shows that all this money printing has been for naught. Notwithstanding the 9X eruption of the Fed’s balance sheet from $500 billion at the turn of the century to $4.5 trillion today, growth in the most basic measure of labor input—-total hours worked——has come to a grinding halt.

Compared to labor hours growth of nearly 3% annualized during the Reagan expansion of the 1980s and nearly 2% during the start-and-stop stagflationary economy of the 1970s, labor hours growth over the two boom-and-bust cycles since the Fed went full frontal on money printing in December 2000 has averaged just 0.15% per annum.

Stated in aggregate terms, during the 10-year expansion between 1980 and 1990, labor hours employed in the US economy grew by 23.5%. By contrast, during the last 15 years combined, labor hours employed have risen by only 2.3%.

Needless to say, this dismal outcome is not for want of potential labor supply. At the turn of the century, the civilian population aged 16 to 65 years was 177 million. That number has since grown to 205 million, meaning that the potential labor pool grew by 16% or nearly 7X faster than hours employed.

These figures also stick a fork in the Fed’s blind fixation on the U-3 unemployment rate and the nonfarm payroll numbers. Both are a relic of a half-century ago world of mines, factories, warehouses and retail shops based on a 40+ hour workweek on a year round basis.

By contrast, in today’s world of flexible just-in-time production, hours-based labor scheduling and gig-based employment patterns, there is really no such standardized labor unit as a “job”.

Likewise, the BLS conventions for counting as “employed” anyone on a payroll for even a few hours per week, and omitting from the labor force denominator tens of millions of potential workers not actively looking for jobs at the moment of the surveys, mean that its headline series are essentially noise.

Most certainly they do not validly measure economic “slack” in the labor force and therefore the degree to which the Keynesian bathtub of “potential GDP” is less than filled to the brim.

The silliness of the Fed’s targets is underscored by the graph below, which shows that the nonfarm economy is now employing only 15 billion more labor hours than it did in the year 2000. By contrast, assuming a standard work year of 2000 hours, the 28 million increase of the population 16-65 years old theoretically was capable of producing 56 billion more labor hours.

So only 27% of those potential hours were actually absorbed by the nonfarm economy.

Likewise, as the jobs mix …read more

Source: The Fed Has Whiffed Again – Massive Monetary Stimulus Has Not Helped Labor, Part 1

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By Tyler Durden

Last month we reported that citizens in Venezuela had finally become so desperate for food that angry mobs flooded the streets and looted all of the supermarkets that were rumored to still have anything left on their shelves.

Not long after, tired and hungry protesters took to the streets of Caracas once again, this time marching toward the presidential palace as they chanted “No more talk – we want food!.” The mob was able to get within about six blocks of the palace before police in riot gear blocked the way, and began to shoot tear gas into the crowd to disperse the protest.

And now, as president Maduro remains defiant on allowing a referendum to take place to vote on his ouster, food riots and violent looting are taking place every day in a stark reminder of just how far the socialist utopia has fallen.

More than a quarter of the estimated 641 protests in Venezuela last month were over food, a figure that has risen every month this year, and the enormous social unrest in the country is something that should keep Maduro awake at night much more than the politics of it all. Despite hours in lines, Venezuelans increasingly find that coveted supplies of subsidized flour and rice run out before they can buy them. Many people are skipping meals, getting by on mangoes stripped from trees – or taking matters into their own hands and doing things such as rushing stopped food trucks and stealing whatever food is available as we showed last week.

“We're not eating. People are desperate for a looting.” said Miza Colmenares, a mother of three who had spent the night in line at a supermarket and had not eaten since the previous day when she had eggs for breakfast.

From Reuters

Supermarkets have become flashpoints across Venezuela, one of the world's most violent countries.

More than 10 lootings occur every day now, according to the Venezuelan Observatory of Violence, and are increasing in the usually more insulated capital.

More than a quarter of the 641 protests last month were for food, according to a tally by the Venezuelan Observatory of Social Conflict, a figure that has risen every month this year.

Venezuela's angry streets are arguably a bigger threat for Maduro than the political opposition, which is pushing to remove him via a recall referendum this year. One recent food protest came within blocks of the Miraflores presidential palace.

It is a remarkable turnaround for a government which prided itself on social welfare programs such as Cuban-staffed medical posts and subsidized supermarkets. It won elections time-and-time again thanks to devoted support from Venezuela's poor.

But with their beloved former president, Hugo Chavez, dead for three years and the economy deteriorating rapidly, many former “Chavistas” have turned on Maduro. “Behind all this is the president, the rat in his palace, eating riches while we fight to buy pasta,” said homemaker Maria …read more

Source: Violent Riots And Looting Are Now A Daily Occurrence In Venezuela

    

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