by Andy Hoffman Miles Franklin:
Last night marked a sad day in the history of America’s dying culture. After 156 episodes, “The Good Wife” ended its reign as the nation’s top prime-time drama. For seven years, the show was must-see Sunday night television, in a medium where writing, producing, and performing – like music – has been unceremoniously “phased out” by dumbed down, get rich quick commercialism. For me particularly, “The Good Wife” – and the “Big Bang Theory,” which likely has just one season left itself – have been the only shows, other than ESPN’s “Sports Reporters,” that I regularly watch. And now that the Good Wife is gone, with the Big Bang Theory right behind it, the odds of my retaining our cable contract when it expires later this year are close to zero. Good riddance to what is becoming a blight on society – featuring reality shows, one-time specials, and anything else that can generate a quick buck; and farewell to one of America’s great, industry-leading arts.
To that end, I’d like to be “happier” this morning – but as usual, I’m agitated by the unrelenting stress caused by a gold Cartel intent on leaving me not a second to breathe easy – even amidst a bull market that commenced six months ago, featuring record demand, “peak production,” and vanishing above-ground inventories; the latter, as described in Paul Mylchreest’s latest missive, describing just how tight the physical gold market has become.
To that end, this weekend’s epic regarding how the Fed, the Cartel, and Powers that Be are “on the precipice” couldn’t better describe the rapidly growing tsunami of political, economic, and social reality better. And this, before the headlines of the past 48 hours.
1. Essentially all Greek unions commenced a three-day strike, as its psychotic, soon-to-be deposed Parliament voted for additional “austerity measures” to unlock a €4 billion “bail-out” payment, to be used entirely to pay off ECB bond interest payments. In other words, a 2016 “GrExit” is becoming as real of a 2016 possibility as a UK “BrExit.”
2. China reported massively weaker than expected April imports (-11%) and exports (-2%), despite the PBOC having “injected” (printed) $1 trillion of new “credit” (debt) into the economy in the first quarter alone. After which, the state run People’s Dailyominously espoused that “after comprehensive judgment, our economic recovery cannot be U-shaped or V-shaped, but will be L-shaped.” In other words, admitting China’s economy is toast – as its historic credit bubble implodes! Heck, even top MSM cheerleading lackey Yahoo! Finance’s top story this morning was the following…
3. ECB board member Vitor Constancio, speaking at a conference, unleashed his best Mario Draghi impression, in espousing the ECB is not only determined to “pursue expansionary monetary policies,” but will do “whatever is necessary” to achieve its goal of 2% inflation – with which, it has “plenty of additional policy tools” to utilize.
4. Saudi Arabia’s oil minister was unceremoniously replaced after 21 years on the job. Incredibly, the “oil PPT’s” initial reaction was to goose prices higher, despite the new oil minister’s statement that Saudi Arabia has absolutely no plans to change its (essentially all-out) production strategy.
5. The U.S. Treasury rejected the Central States Pension Fund’s request to cut benefits to 270,000 retired truck drivers, construction workers, and other service workers, despite the fund’s claim that it will be insolvent within ten years otherwise. In other words, the government essentially admitted that it will “bail out” the CSFP down the road with freshly printed dollars – as well as countless other, massively underfunded retirement plans.
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