[228] The Japanese QE experiment, Rickards on China and Merkel on investing
Our lead story: Just yesterday, we told you that QE was done – the Fed closed the door on its third program of large scale asset purchases to expand its balance sheet and QE3 was history. However, as the Japanese show us, QE is an economic policy zombie that no amount of garlic protection can prevent from rising up again to work its magic on our global economy! Erin weighs in.
Then, Erin talks to Jim Rickards – chief global strategist at West Shore Funds and author of The New York Times bestselling book "The Death of Money." Jim tells Erin how far Chinese growth will have to fall in order to make a successful rebalancing a possibility and gives us his prediction on what will happen if oil prices continue to stay weak.
After the break, Erin sits down with David Merkel – founder and president of Aleph Investments. The top 449 companies in the S&P 500 spent $2.4 trillion – more than half their profits – on buybacks between 2003 and 2012. David tells us what he thinks is the driving factor behind this and gives us his top macro investment ideas for the next few years.
And in The Big Deal, Erin and Edward Harrison talk about Japan. Take a look!
S&P has downgraded China’s outlook from stable to negative plus the first round of migrants in Europe are being forced to return under a new EU-Turkey deal. Ameera David reports. Then Ameera sits down with Pavlina Tcherneva – research scholar at the Levy Economics Institute and associate professor of economics at Bard College – to talk about how realistic the Sanders economic plan is. Afterwards, RT correspondent Marina Portnaya breaks down a new study that shows low income Americans can no longer afford rent, food and transportation
After the break, Ann Pettifor, Economist and Director of Prime Economics, comments on recent trends in both the UK and Eurozone economies. And in The Big Deal, Ameera and Edward discuss how despite the massive risk-on rally in emerging markets, skepticism is still warranted..
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American and European markets are slipping as COVID-19 cases are continuing to surge around the globe. Meanwhile in Canada, the extradition hearing for Huawei's chief financial officer continues as the state of the global 5G race changes with Sweden’s Ericsson announced it will supply BT with 5G cell tower equipment in major cities across the United Kingdom.
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Today was Janet Yellen's first day on the job as head of the Federal Reserve. And the Federal Reserve has already begun tapering its large scale asset purchase (quantitative easing) program. But the Yellen Fed will still be concerned with keeping equities and housing prices from falling.
Many new economy companies have benefitted from the market rally during the Fed's QE program. One company which is getting a bid as the Fed transition occurs is Herbalife. Nevertheless, the head of the Federal Trade Commission has agreed to meet with minority and consumer activists to hear concerns about the company. Erin Ade details the discussions.
Then, Erin talks to Gerald Celente, author, trend forecaster, and publisher of the "Trends Journal" about the Fed, the US Economy and global economic trends. The US Federal Reserve has pared its QE program even before Janet Yellen took the reins. The question for Celente is what this means for the US economy. Yields have gone down, not up. But Celente believes this will not last and that the economy is faltering to boot.
And then, Erin and Boom Bust producer Edward Harrison discuss municipal deals that are making the rounds in two troubled locations, Detroit and Puerto Rico.
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Our lead story today is Scotland, as voters are about to choose whether to remain part of the United Kingdom or to secede. If the “yes” campaign --seeking independence for Scotland-- secures a majority, it will usher in the most dramatic constitutional change in Britain since the two countries united in 1707. Erin and RT correspondent Polly Boiko weigh in.
Then, Erin sits down with Arnold Kling of AskBlog and The Cato Institute to discuss mortgage finance, particularly mortgage fraud. Can fraud be rooted out in the originate to distribute model dominated by Freddie Mac and Fannie Mae? Kling gives us his view.
After the break, Erin speaks with Dr. Ron Paul, former congressman and three-time presidential candidate, to talk about the Fed hiking rates and the state of the U.S. economy.
And in The Big Deal, Erin and Edward Harrison take a deep dive into the considerations behind the latest Fed moves and what to expect from the Fed and the economy going forward. Take a look!
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Is retail going belly up or is there hope on the horizon? We’re speaking to Steve Malzberg and Alex Mihailovich to find out! The next Brexit vote is next Tuesday, but if worse comes to worse, is the UK ready? Hilary Fordwich joins us from Miami, Florida to find out what happens if it all goes belly up! [1232]
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More than a year and a half into the COVID-19 pandemic, could we soon see the Federal Reserve begin to taper its asset purchases? Former Fed Insider Danielle DiMartino Booth lends her insight into what measures we can expect moving forward from the U.S. central bank. Tesla has now entered the upper echelon of U.S. companies as the Elon Musk venture has cleared the $1 Trillion market cap. Boom Bust's Ben Swann and Christy Ai bring us the latest on the electric vehicle behemoth. And Todd Shipley of Dark Intel joins the program to discuss the growing wave of cyber attacks hitting businesses in 2021.
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OPEC has reached a compromise with the United Arab Emirates. The agreement is to lift the amount of oil the cartel member can eventually pump. This is part of a wider agreement with Russia-led producers to boost global supplies. Crude prices fell immediately after news of the deal, though they quickly recovered.
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In emerging markets, first the Turkish PM resigns and markets have had a volatile reaction with the Turkish Lira dropping on the news. Then, Brazil’s service sector is in freefall with the latest PMI showing numbers well into recession territory as layoffs mount. Ameera David weighs in. Then, Bianca Facchinei takes a look at a conservative think tank’s analysis which indicates that Republican presumptive nominee Donald Trump’s deportation plan would shave 2% off US GDP. Afterwards, with S&P downgrading Atlantic City’s credit rating, Cate Long, Partner at Puerto Rico Clearing House, analyses what’s in store for the city.
After the break, Ameera sits down with natural resources expert and Sprott US Holdings CEO Rick Rule to talk about precious metals and natural resource investing. And in The Big Deal, Ameera and Edward Harrison discuss the rise of the Alternative fuer Deutschland, a party founded just three years ago but polling above all other third parties at this time..
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President Trump is laying out a map to re-open the US economy in three phases in the coming weeks. Meanwhile, the number of reported deaths due to COVID-19 inside the country hit a record of 4,591 in just 24 hours. Meanwhile, the automobile sector is facing mounting stress as the outbreak has brought the market to a screeching halt. What does this look like for car manufacturers, and will Americans spend their stimulus check on car purchases?
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