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The author Mike Shedlock
Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Mish’s Global Economic

Increasingly Angry Farmers Blame Trump, Not China

Farmers are angry over crop reports, broken ethanol promises, tariffs, crop reports, Trump, and mounting debt. Minnesota Farmers Union President Blasts Trump ​ Iowas Farmers Accuse Trump of Breaking Promises In Iowa, Angry Farmers Say Trump Broke Ethanol Promises. Iowa farmers are pushing back after President Trump reneged on a promise to review a national program that gives waivers to small refineries that don’t add ethanol to their gasoline. The president had promised corn farmers he...

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Tick Tock: Merkel Gives UK 30 Days to Solve Brexit

Boris Johnson met Angela Merkel today. She gave Johnson 30 days to do the impossible. Tick Tock German Chancellor Angela Merkel Gives Boris Johnson 30 Days to Come Up With Solution to Backstop. During a friendly press conference on his first overseas visit as PM, which was notable for the absence of any comments from Johnson or Angela Merkel critical of each other’s Brexit positions, Merkel at one point appeared to set Johnson a 30 day deadline. She said that the backstop had always been a...

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Trump Proclaims Himself the “Chosen One” to Take on China

"I am the chosen one" says president Trump. U.S. President Donald Trump said on Wednesday his life would be easier if he had not mounted a trade war with China but said “I am the chosen one” to take on Beijing. Chosen One Considers Options to Spur Economy Yesterday, the chosen one said he was Considering Options to Spur the Economy. Executive Order Bloomberg reported Trump Says He Can Order Capital Gains Tax Break Without Congress. President Donald Trump said he can cut taxes by indexing...

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BLS Revises Payrolls 501,000 Lower Through March

BLS annual revisions knocked off 501,000 jobs through March. Private jobs fell by 514,000 jobs. The BLS Employment Stats Annual Revision just knocked off 501,000 payroll jobs but don't look for it in the reported numbers. Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to...

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Ireland Backstop Serious Question: Who Will Enforce It? Mexico?

The EU insists the backstop is non-negotiable. I happen to have a serious question. Hello Donald Tusk and Jean Claude Juncker ​ I asked that at 7:55 PM on Tuesday Wednesday morning at roughly 3:00 AM UK MP Daniel Hannan asked a similar question. Will Mexico Pay for the Irish Border? ​ EU Insistence ​ Since the EU insists there will be a backstop or a hard border, will someone, anyone, please tell me how that is going to work if Boris Johnson says the UK won't abide by it and Ireland...

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Another Trump Trade Fiasco, This Time With Japan

Hopes for a trade deal between the US and Japan have faded. Autos and Agriculture are the sticking points. Japan Trade Deal Hopes Fade It's not just China. No one should be surprised that Hopes of a Trade Deal With Japan Have Faded. “It will be a very tough negotiation,” said one of the officials, who spoke on condition of anonymity due to the sensitivity of the matter. “If there is to be an ‘agreement’ we need to have something we can formally announce, which is tough,” said another...

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Germany Seeks Migrant “Coalition of the Willing” Repeating Merkel’s 2015 Mistake

Germany's Foreign Minister, Heiko Maas, marches down the same path that doomed Angela Merkel. Please consider German FM Maas Calls for EU Migrant Redistribution Coalition. Germany should promote a "coalition of the willing" among European Union countries that are prepared to accept refugees saved in the Mediterranean Sea, Foreign Minister Heiko Maas said Saturday. "We must now move forward with those member states that are ready to receive refugees — all others remain invited to...

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Italy’s Gov’t Collapses, Prime Minister Resigns: What’s it Mean? What’s Next?

Italian Prime Minister Giuseppe Conte announced his resignation in the Italian Senate ending the coalition government. Odd Couple Fails Italy's "odd couple" government, an alliance between Left-wing M5S party and the Right-Wing League party collapsed today. The collapse was long in the making as the only thing the parties had in common was an anti-immigration stance. At the time the coalition formed, the Five Star Movement (M5S) was the senior party with the League (previously the Northern...

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Big Banks Win Again: Volcker Rule Gutted

Regulators stripped down rules put in place following the Great Financial Crisis that restricted speculation. In a major win for big banks and Wall Street U.S. Regulators Gut the 'Volcker Rule'. U.S. banking regulators on Tuesday approved changes easing a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account, giving Wall Street one of its biggest wins under the Trump administration. The Office of the Comptroller of the Currency (OCC) and the...

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Chicago Teachers Union Goes to Venezuela, Praises Maduro for Not Closing Schools

Four Chicago Teachers Union representatives went to Venezuela, a failed nation, singing praises of its corrupt leader. Mayor Rahm Emanuel closed some decaying half-empty Chicago schools. Those closures prompted a CTU visit to Venezuela in praise of its socialist leader Nicolás Maduro whose corrupt and dictatorial regime has sparked rebuke from some 50 nations around the world. Surprised? The Chicago Tribune comments Surprised by CTU’s Venezuela Visit? Then You Haven’t Been Paying Attention....

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