Podcast: Pushing Beyond the Confederate Flag Soundbites
After listening to the Confederate flag debate for several days, I was left feeling like neither "side" of the issue really captures the crux of the matter.
Nullification In Effect: Medical Marijuana Dispensaries Coming to Hawaii
HONOLULU, Hawaii (July 23, 2015) – Medical marijuana dispensaries will open in Hawaii in 2016, representing another step toward nullifying the federal ban on cannabis in practice in the Aloha State. On July 14, Gov. David I. Ige signed HB321 into law. The bill sets up the framework for operating retail medical marijuana dispensaries in…
“Green Banks” Will Drown in the Red
"A state solvency report released by the Mercatus Center has each of these five states ranked in the bottom third of the country, with their solvency described as either 'low' or 'poor.' This all raises the question of whether these governments are able to find sound investment opportunities in the first place. Recently, though, there have been calls to extend the struggling green banking system to the federal level. Mark Muro and Reed Hundt at the Brookings Institute assert that demand for green banking institutions and the types of companies they finance is so strong that the existing state-based green banks cannot muster enough capital to meet demand." Continue reading →
Obama renewing call to reauthorize Export-Import Bank
"President Barack Obama is ramping up pressure on Congress to reauthorize the Export-Import Bank. The obscure federal agency's charter expired last month after lawmakers refused to reauthorize it. The bank underwrites loans to foreign companies purchasing American products, but conservatives call it corporate welfare. Obama on Wednesday plans to meet at the White House with owners of small- and medium-size businesses that have benefited from the bank. Senate Majority Leader Mitch McConnell of Kentucky has floated the possibility of attaching the bank's reauthorization to a six-year highway and transit bill." Continue reading →
The Ex-Im Bank Is Dead (For Now)
"After 81 years of funneling taxpayer dollars to favored companies, projects, and geopolitical outcomes under the guise of advancing some vague conception of the 'U.S. economic interest,' the Export-Import Bank of the United States will end its financing operations at midnight tonight. Proponents of the Bank have been regrouping and strategizing to move legislation to reauthorize the Bank at the soonest possible chance. In fact the White House is hosting a conference call for the purpose of advancing that outcome. The battle may be over but the war continues." Continue reading →
Nullification: The Power to Right Wrongs
THOMAS JEFFERSON wondered how the country would respond if its government passed a law that was clearly unconstitutional. As Secretary of State under George Washington, he had already witnessed the wheels of government trying to enlarge provisions in the Constitution in order to give the administration unchecked powers to tax and spend. Washington established the…
Texas Gold Depository Shifts Economic Power to State; Ends Fed Monopoly on Money
A bill recently signed into law in Texas that will set up a state gold depository represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Fed. Gov. Greg Abbot signed the law creating the state gold bullion and precious metal depository last…
Here’s a risk to stocks you’ve likely overlooked
"Michael Milken, the creator of junk bonds, once remarked: 'Liquidity is an illusion.....It’s always there when you don’t need it, and rarely there when you do'. The problems with liquidity underscore the distorting effects of central bank intervention in financial markets. Official policies in the aftermath of the financial crisis have forced excessive risk taking in search of returns. Yet regulatory changes have contributed to a reduction in trading liquidity. Over time, investors can become increasingly exposed to ever more risky financial assets that in a crisis would be difficult to trade — triggering a major collapse in prices." Continue reading →
Aussie, Kiwi And Loonie Under Commodity Currency Attack
"Recent actions and rhetoric from Commonwealth Prime Ministers, and their respective policy makers, have put their commodity sensitive currencies under pressure. In Australasia, the kiwi ($0.6592) and Aussie dollar ($0.7370) both linger within striking distance of their six-year lows. In North America, the loonie has fared no better, straddling its own six-year low, while under attack from last week’s Bank of Canada (BoC) rate cut to +0.5%. For now, dealers and investors are willing to trade as if they do not expect any short-term market reprieve for any of these commodity and interest sensitive currencies." Continue reading →
Bank of Canada Admits Recession, The Solution: More Bubbles
"What made the Canadian recession easy to spot was the Canadian yield curve inverted out to three years following a surprise rate cut by the Bank of Canada on January 21. It remains to be seen if the US follows. The US contracted in the first quarter, but the second quarter rebound was a bit stronger than I expected. I awarded Canada the 'Blue Ribbon' for the first yield curve inversion of any major country following the great financial crisis. I smell an 'Operation Twist' type move by the Canadian central bank to rectify this horrific 'recession-signaling' condition. If so, the sweet spot for banks and hedge funds to front-run the trade appears to be 5Y or 7Y notes. Some banks may already be in on it." Continue reading →
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