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By Tyler Durden

Following her Trump-weaker-dollar-destroying performance yesterday, Fed chair Janet Yellen reprises her role as Mnuchin-slayer tonight with an appearance at Stanford's Institute for Economic Policy Research. In a speech entitlted “The Economic Outlook and Conduct of Monetary Policy” she is expected to deliver a similarly hawkish tone confirming multiple rate hikes (though no rush) and potentially erasing the dollar weakness from today…

Janet Yellen Live Feed (due to begin at 2000ET)…

As a reminder, here is her speech from yesterday:

Good afternoon. It is a pleasure to join all of you at the Commonwealth Club for lunch today, not the least because the club and the Federal Reserve have a few things in common. Both organizations, as it happens, have a board of governors and a chair. And both the club's and the Fed's histories extend back more than a century. The club, as many here know, was founded in 1903, and the Federal Reserve a decade later. Perhaps because of our shared origins in the Progressive Era, a period of reform in American life, we hold certain values in common. According to your website, the club is nonpartisan and dedicated to the impartial discussion of issues important to your community and the nation. At the Fed, we too are nonpartisan and focused squarely on the public interest. We strive to conduct our deliberations impartially and base our decisions on factual evidence and objective analysis. This afternoon I will discuss some challenges we've faced in our recent deliberations and may face in the next few years.

Perhaps, though, it is best to start by stepping back and asking, what is–and, importantly, what isn't–our job as the nation's central bank? And how do we go about trying to accomplish it? The Federal Reserve has an array of responsibilities. I'll mention our principal duties and then focus on one–monetary policy, the responsibility that gets the most public attention.

In addition to monetary policy, we–in collaboration with other regulatory agencies at both the federal and state levels–oversee banks and some other financial institutions to ensure they operate safely and soundly and treat their customers fairly. We monitor the financial system as a whole and promote its stability to help avoid financial crises that could choke off credit to consumers and businesses. We also reliably and safely process trillions of dollars of payments for the nation's banks and the federal government and ensure that banks have an ample supply of currency and coin to meet the demands of their depositors. And we work with communities, nonprofit organizations, lenders, educators, and others to encourage financial and economic literacy, promote equal access to credit, and advance economic and community development.

But, as I noted, monetary policy draws the most headlines. What is monetary policy, exactly? Simply put, it consists of central bank actions aimed at influencing interest rates and financial conditions more generally. Its purpose is to help foster a healthy economy. But monetary policy cannot, by itself, create a healthy economy. It cannot, for instance, educate young people, generate …read more

Source: Janet Yellen Speaks Again – Live Feed

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By Tyler Durden

Via Priceonomics.com,

In 2012, Jon Wheatley bought a $40,000 apartment in Las Vegas so that he could rent it out on Airbnb .

“I was surprised by just how cheap real estate was in Las Vegas,” says the British-born Wheatley. “I didn’t want to live in Vegas, and I wasn’t planning on being there very much. So when I looked at Airbnb, it looked almost too good to be true.”

Wheatley looked at the rates of similar apartments on Airbnb, and he decided that the apartment could pay for itself. He bought the flat and spent 3 weeks and $10,000 on furniture and renovations. After a year of remotely renting out the apartment, he says , he’d made $13,000 in profit.

When we ask if he recommends doing this, he replies, “One hundred percent. The model definitely works.”

In only 8 years, Airbnb’s premise—to allow someone to host a business traveler in a spare bedroom, or a family to rent their apartment to tourists while they’re out of town—has made it a $25 billion company . Co-founder Brian Chesky often talks about how anyone can turn extra space in their home into an asset that helps them pay their rent.

But the economics of short term rental sites Airbnb and VRBO also appeal to people who do not live in the house or apartment they rent out. This includes go-getters like Wheatley, as well as professional real estate investors.

Outside the real estate scene, however, this development has not been met with a positive reaction. In cities like San Francisco and New York, where housing is a scarce, politicized resource, the prevalence of property owners renting out multiple apartments has inspired protests, critical press, and the attention of regulators and lawmakers.

Photo via Airbnb

What’s missing from the already fractious debate over Airbnb, however, is the fact that the big players in the real estate market aren’t involved. At least, they aren’t involved yet .

Companies like AvalonBay and Camden Property Trust own tens or hundreds of thousands of units, and they spend hundreds of millions of dollars buying and constructing residential buildings. These companies normally rent out apartments to people who sign year-long leases. But they could instead rent them out on sites like Airbnb. We partnered with Priceonomics to investigate whether this real estate investing trend could spread to these big players.

At this point, we’re seeing that the uncertainty created by municipal debates over how to regulate Airbnb is keeping major investors out of the short-term rental game. For individual investors, however, the door is more or less wide open.

The Rise of the Professional Airbnb Investor

The financial benefit of an Airbnb property is clear to investors. They can make more money from short term rentals for the same reason you typically spend more on …read more

Source: Will Real Estate Investors Take Over Airbnb?

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By Tyler Durden

Submitted by Peter Schiff via Euro Pacific Capital,

There is much we don’t know about how the Trump presidency will play out. Will the Wall get built? Who will pay for it? Will it have at least some fencing? Will repeal and replace happen at exactly the same time? Will Trump throw a ceremonial switch? Will there be a Trump National Golf Course in Sochi? It’s anyone’s guess. But of one thing we can be fairly certain. President Trump is very likely to preside over the largest expansion of Federal budget deficits in our history. Trump has built his companies with debt and I’m sure he thinks he can do the same with the country. His annual budget deficits are likely going to be huge. This development will make a greater impact on the investment landscape than most on Wall Street can imagine.

In the past half-century, Republican presidents have been the going away winners at the deficit derby, a fact that should make any true conservative blush. The sad truth is that annual deficits exploded under Ronald Reagan and George W. Bush, and generally contracted under Bill Clinton and Barack Obama (despite the latter's distinction of having added more total debt than all previous presidents combined.) Some of the explanation is just luck of the draw, some walked into office in the midst of recessions they didn’t create. But the better part of the explanation is baked into the political dynamics.

Democrats want to raise spending and taxes. Republicans want to cut spending and taxes. But whereas Democrats have generally succeeded on both of their missions, Republicans have just succeeded in one. (Actual spending cuts require politically difficult choices that are much harder to vote for than perennially popular tax cuts). This puts a giant thumb on the Republicans’ budgetary scale.

Like prior Republicans, Trump has promised to cut taxes, on both corporations and individual taxpayers…even the wealthy. But unlike prior Republicans, he has not paid a word of lip service to spending cuts. He has promised to spend now, and spend big. Trump just doesn’t do the austerity thing. It’s for losers.

In addition to fronting the cost of building the 2,000 mile Wall (accounts receivable has a reliable address in Mexico), Trump plans big increases in military spending, both on active military and on our veterans. His reboot of Obamacare has yet to be presented, but as he has promised that no one will lose coverage, not even those with pre-existing conditions, we can be sure that Trumpcare won’t be cheap. But his big project will likely be his promised $1 trillion plus infrastructure spending plan. Most importantly, he diverges from most Republicans by promising no structural changes in Social Security and Medicare, the entitlement leviathans that are the sources of the vast majority of Federal red ink.

To aid him in these budget-busting efforts, Trump will have the benefit of a compliant Congress in which his own party controls both Houses. Most Republican senators and representatives now seem eager to …read more

Source: Peter Schiff Warns "Trump Deficits Will Be Yuuge": What That Means For Gold & The Dollar

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Paul McCartney filed a lawsuit against Sony/ATV in an attempt to regain the copyrights to a long list of Beatles hits that he either wrote or co-wrote. …read more

Source: Paul McCartney sues to get songs back from Sony

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for latest details. …read more

Source: Why GOP govs like Medicaid under Obamacare. Hint: $

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Russian officials in Davos said they are not expecting Donald Trump to lift economic sanctions imposed on the country after it annexed Crimea from Ukraine. …read more

Source: Russians aren’t counting on Trump to lift sanctions

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Russia and the United States are now engaged in a cyber cold war. …read more

Source: The emergence of the ‘cyber cold war’

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By TDB

Via The Daily Bell

Xi portrays China as global leader as Trump era looms … China will build a “new model” of relations with the United States, President Xi Jinping said on Wednesday in a speech that portrayed China as the leader of a globalized world where only international cooperation could solve the big problems. -Reuters

With Trump focusing on domestic problems, China is stepping up to become an international moderator and consensus builder.

“Trade protectionism and self-isolation will benefit no one,” Xi told the United Nations in Geneva. “Big countries should treat smaller countries as equals instead of acting as a hegemon imposing their will on others.”

During his speech, Xi made an extraordinarily bold proposal, saying the world should unite on a variety of major issues supposedly tearing governments apart today, “everything from environmental protection to terrorism and nuclear disarmament.”

“We will build a circle of friends across the whole world,” Xi said. “We will strive to build new model of major country relations with the United States, a comprehensive strategic partnership of coordination with Russia, a partnership for peace, growth, reform and among different civilizations and a partnership of unity and cooperation with BRICS countries.”

We have discussed how it seemed to us the BRICs were being set up as an adversarial power block to the West. But now China is going beyond the BRICs. UN Secretary-General Antonio Guterres reportedly told Xi it was “very reassuring to see China assuming such a clear leadership in multilateralism in today’s world.”

Of course China’s perspective has been contradicted by some, including civil rights campaigners who have made negative statements about China’s record. Western governments have complained about China’s domestic problems under Xi.

Others say that China’s plans to expand its presence greatly in the South China sea is just more evidence of China’s ongoing aggression. China denies this.

Xi has said reportedly, “We always put people’s rights and interests above everything else and we have worked hard to develop and uphold human rights. China will never seek expansion, hegemony or sphere of influence.”

But this is surely contradicted by what Xi is doing. According to Reuters, his state media has announce that law enforcement and judicial officials in China “must be absolutely loyal to the ruling Communist Party.”

China’s domestic security chief Zhou Yongkang has been incarcerated for life over bribes and other abuses of power. Zhou once was in charge of China’s formidable domestic security forces. He is held up as an example of what will happen to those who don’t make sure they are honest and respectful.

A just released party statement said those who work in these areas should have “clear political beliefs, high professionalism, commitment and discipline.” Training courses will help guarantee party loyalty, the document said, along with strict supervision of abuse of power.

Generally, President Xi Jinping has made many moves to shore up and expand his power since taking office. One can look on this as coincidence or as part of a larger pattern, as we do.

It …read more

Source: More Cooperation Between America and China Than There Seems

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Khalid al-Falih says he is not worried about increased competition from U.S. shale producers. …read more

Source: Saudi oil minister: I don’t lose sleep over shale

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Trump Treasury pick Steven Mnuchin defends his record on foreclosures at a confirmation hearing. …read more

Source: Steven Mnuchin defends foreclosure record

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