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Via MintPressNews.com, While often remembered for his philanthropy, the last surviving grandson of America’s first billionaire died today, leaving behind a dark legacy indicative of how American nobility often shape policy from behind the scenes. No one person encapsulates the enduring legacy of the “robber barons” of the Industrial Age quite like David Rockefeller. Rockefeller, who died this week at the age of 101, was the last surviving grandson of John D. Rockefeller, the

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Low ROE relative to the world, Telecoms has highest profitability Looks expensive on a PB basis given the low ROE Earnings and price momentum are both low Good news is that risk is low Malaysia Currently Does Not Look Very […] The post Malaysia Currently Does Not Look Very Attractive appeared first on ValueWalk.

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When the system is rigged, "democracy" is just another public-relations screen to mask the unsavory reality of Oligarchy. Democracy in America has become a hollow shell. The conventional markers of democracy--elections and elected representatives--exist, but they are mere facades; the mechanisms of setting the course of the nation are corrupt, and the power lies outside the public's reach.History has shown that democratic elections don't guarantee an uncorrupt, functional government. Rather, democracy has become the public-relations stamp of approval for corrupt governance that runs roughshod over individual liberty while centralizing the power to enforce consent, silence critics and maintain the status quo.Consider Smith's Neofeudalism Principle #1: If the citizenry
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The Indian Sales Managers Index (SMI) for March, shows that the Indian economy is in recovery mode from December’s demonetisation policy. The abrupt impact of demonetisation hit small and medium size businesses hard as they predominately rely on cash based […] The post India Sales growth and Prices bounces back post demonetisation appeared first on ValueWalk.

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As is customary virtually every time the Chinese central bank commences some form of tightening, overnight the PBOC injected "hundreds of billions of yuan into the financial system after some smaller lenders failed to repay borrowings in the interbank market", according to people familiar with the matter. According to a brief note by Bloomberg, Tuesday’s injections followed missed interbank payments on Monday, anonymous sources said; the matter is not made public over concerns of bank

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On the same day as Kim Jong Un threatens the US with "first-strike' nuclear ICBM and unveils propaganda showing the destruction of American forces, AP reports U.S. military officials expect another North Korean missile launch in the next several days. Earlier today a Pyongyang envoy stated that North Korea will pursue "acceleration" of its nuclear and missile programs. This includes developing a "pre-emptive first strike capability" and an inter-continental

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MaXiNe WaTeRS...

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Authored by Daniel Lang via SHTFplan.com, The world is changing faster than ever before, but that doesn’t mean that we aren’t being acclimated to it. It’s truly a testament to the ability of humans to adapt to just about any circumstance. We have more food, wealth, and life-saving technologies than anyone in our history. We have a nearly unlimited stream of entertainment and information. Yet we take it all for granted. Because we’re so acclimated to this world, we often

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In January, 19 US states raised their respective minimum wages. Washington was among the most generous, hiking by $1.53 (bringing it to $11 per hour). Arizona got an increase of $1.95—their “bottom rung” now sits at $10 per hour. In […] The post Jobs – Automation Annihilation appeared first on ValueWalk.

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With the Dow tumbling 240 points and the dollar weakening further, today a legendary short seller said the stock market is finally set to crater after an 8-year rally, but gold and silver will be the big winners. The post Legendary Short Seller Says Stock Market Set To Crater After 8-Year Rally, But Gold & Silver Will Surprise appeared first on King World News.

Read more: http://kingworldnews.com/legendary-short-seller-says-stock-market-set-to-crater-after-8-year-rally/

The Teacher Retirement System of Texas (TRS) is engaging in one of the more historic movements in the hedge fund industry. With hedge fund fee plans under fire, Brad Gilbert and Dale West only want to pay for alpha. In […] The post As Trend, TRS Pension Managers Seek Win / Win Situations appeared first on ValueWalk.

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The S&P 500 and DJIA haven’t seen a 1% drop since October 2016. For some perspective, Hillary Clinton was the presidential frontrunner the last time markets fell 1%. This is the longest such streak for both indices in over 20 […] The post 5 Charts That Scream Danger appeared first on ValueWalk.

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... stocks have soared despite these miserable growth fundamentals. So what gives in this no-earnings-growth environment? Turns out the only thing that has soared is the price-earnings multiple. Over the three-plus years, it expanded by 47% from a P/E ratio of 18.15 on January 1, 2014, to P/E ratio of 26.64 today...This combination of flat earnings and soaring stock prices, and thus expanding P/E ratios, is not uncommon. It comes in cycles: periods of multiple expansion are followed by periods of multiple compression. The current cycle of year-over-year multiple expansion has lasted for 57
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We use a lot of words to talk about problems in the economy: inflation, CPI, GDP, the jobless rate. But LIBOR? That stands for the London Interbank Offered Rate, and it's one of the most important numbers in the world. In fact, it's an interest rate that trillions of dollars depend upon each day. During the height of the financial crisis, one London banker decided he could make a lot of money if he just fudged that number. And he did, until he was caught. Marketplace host Kai Ryssdal spoke with David Enrich, a Wall Street Journal editor who wrote about the LIBOR scandal in his book, "The Spider Network." Below is an edited transcript of their conversation. Kai Ryssdal: I think, maybe, first things first, is a little make-me-care paragraph here. If I have a credit card or a car loan or a mortgage, why do I need to know about LIBOR? David Enrich: Because how much money you're paying each month depends in large part on LIBOR. This is an interest rate that is responsible for basically all other interest rates in the world. A lot of people describe it as the world's most important number and assumed that it was a reliable number. It's basically an arbitrary figure pulled out of thin air by a bunch of low-level functionaries at banks. There's not, at least historically, there is very little thought or effort that was put into setting this number in a precise, realistic way. Ryssdal: OK, so with that as background, tell me now about the protagonist of this book, Tom Hayes, and why and what he did with LIBOR. Enrich: Well, protagonist, I would maybe quibble a little bit with the word, because protagonist makes it sound like he's a good guy. And what he is, is he's a complicated guy. He is a mildly autistic British mathematician who is in his early 30s when he came of age in the banking industry. And he was someone who is very good with numbers, not very good with humans or social cues. He recognized a way that he and his colleagues and competitors could nudge LIBOR up or down by very small amounts every day to make a lot of money for themselves based on these complicated instruments called derivatives that they trafficked in. Which, for a long time, made him the toast of the industry. I mean, everyone was trying to hire him. Goldman Sachs, CitiGroup, J.P. Morgan, everyone wanted this guy because he was so good at pushing the envelope. Ryssdal: Yeah. So I mean not to spoil the book, but Tom Hayes does wind up in jail. You wind up corresponding with him. You get extraordinary access to him, and his emails, and texts, and all kinds of things. And you actually say this in the acknowledgment section of the book: "I don't quite understand why he cooperated with me." Enrich: I was working on a profile of him back in 2013, and one day my phone rang in the evening and it was Tom Hayes, who is, I think, really desperate to find someone who would listen to him. But I watched him go from this kind of arrogant, very cocksure trader to sinking into this suicidal depression and making a series of gambles with his legal strategy and with the prosecutors that basically ruined his life and ruined his family's life. And it was really instructive for me as a financial journalist. You know, everyone goes around banging the drum for more bankers to go to jail, and then I finally get to know a banker who's about to go to jail, and I, of course, develop some sympathy for him. Ryssdal: Now that all is said and done, Tom Hayes is in jail. People have lost jobs. All of that. What of LIBOR itself? Is it now more controlled and disciplined? Enrich: Yeah, it is. There's been so much regulatory attention on this in the past. The next financial scandal is very unlikely to involve LIBOR. And that's the interesting thing right now, I think, is that the pendulum swung very hard in the pro-regulation direction after the financial crisis. It seemed that people had really learned the lesson. And now in the early days of the Trump administration, and we're seeing that pendulum swinging just in the absolute polar opposite direction very quickly. 

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The FBI director testified on Capitol Hill, confirmation hearings begin for Supreme Court nominee Neil Gorsuch and more changes to the health care bill. And that was just Monday. We take a look at what happens when everything, or maybe nothing, is a crisis. Spoiler alert: It all depends on your point of view.  Alyssa Mastromonaco talks to us about what it was like in the White House under President Barack Obama and her new book, "Who Thought This Was a Good Idea?" Also, she answers our Make Me Smart question, and you do, too.     

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Another "ag gag" law is in the works in Arkansas. These bills are brought under the pretense of safety -- both for the person supposedly breaking them, as well as for the employees of the entity "trespassed" upon. The unspoken aim of these laws is to prevent whistleblowing, and they often spring into existence after someone has exposed horrible practices at local businesses -- in most cases, the mistreatment of animals. The other consequence of most of these laws -- unintended or not -- is to

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With the stock market selling off near 30 points on the S&P 500 by the close Tuesday – the Russel 2000, a “Trump rally” staple, was down 2 ¾% on the day and now negative on the year – a […] The post “Soft” and “hard” data at widest divergence in history … Bearish For Equities appeared first on ValueWalk.

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My wife and I started looking for a new car recently. Our old, faithful Volvo 850 — nearly 20 years old now — is long (way long) past its prime. I know, I know — I should have gotten rid […] The post The New Subprime Risk appeared first on ValueWalk.

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On Thursday night, the House is expected to vote on a bill to repeal Obamacare. The only hurdle is Republicans themselves. House leaders are desperate to get enough conservatives on board to get the bill to the Senate, so last night they made some changes to it. One sweetener: letting states add work requirements to Medicaid eligibility rules. Click the audio player above to hear the full story.

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There’s news today of another travel-related ban from the Trump administration, but this one impacts what happens when you get on the plane. Passengers coming to the U.S. on direct flights from eight countries in the Middle East and North Africa will not be able to carry anything larger than a smartphone on the plane. Administration officials cite security for the new travel restrictions, but they didn’t point to any specific threat. Some of the people who will be most impacted are business travelers, and it’s also not good news for airlines in the region. Twice a month, Danny Sebright travels from Washington, D.C., to the United Arab Emirates for business. “And I immediately first thought was, 'Well, how am I going to fly back and forth to do my business in the UAE and not be able to use my laptop on the 14-hour flight each way?'” he said. As the president of the U.S.- UAE business council, Seabright typically spends those hours in the air writing memos and sending emails. From now on, his thumbs will be doing all the work on his iPhone. The restrictions could cost airlines like Qatar and Emirates some of their best travelers, said George Hobica, founder of airfarewatchdog.com.  “The business traveler is the cash cow for these airlines,” Hobica said. Hobica said many devices hold sensitive information and airlines typically don’t cover damages. “If I were a business traveler, I would not allow my laptop to be put in the cargo hold,” Hobica said. “Absolutely not." Hobica thinks many travelers from the countries included in the ban will change their routes to connect in Europe. “I’m sure that the CEOs of Delta, American and United are jumping in the aisles right now,” he said. For years, U.S. carriers have complained loudly about the subsidies Middle Eastern competitors get from their governments. Samuel Engel, who runs the aviation group at the consulting firm ICF, said over the last decade, long-haul routes from the Middle East to the U.S. have increased dramatically.   “What they’ve really been affecting is the traffic that previously used to connect over Europe and also the traffic going between the U.S. and other points in Asia,” Engel said. Engel said the device ban could potentially tip the competitive balance a bit.

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Wharton’s Mauro Guillen and American University’s Michelle Egan discuss ongoing turmoil in Europe. Europe is facing testing times these days. The Dutch elections last week were a bright spot for those who are concerned with a rise in far-right populism. […] The post Following The Dutch Elections, Can Europe Pass More Crucial Tests? appeared first on ValueWalk.

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