Friday, December 2, 2016

Buying Up All The Lies With Both Hands. What Else?

The biggest lie this week was the OPEC "deal", two years in the making, to cut global daily production by 1.1%, back to where it was six month ago, assuming zero cheating. And assuming that U.S. producers don't continue to ramp up production...

This just in:
Dec. 2, 2016
Baker Hughes Reports Increase In U.S. Rig Count

And of course, today's jobs report indicated that the relentless swapping out of high quality jobs for low quality jobs - the theme of Obama's Presidency - continues unabated.

Here we see the Labor Participation Rate for 25-54 year olds (red) with the "official" unemployment rate, which excludes the long-term unemployed. In other words, the unemployment rate is a function of people giving up on finding a decent job:

This Sunday is the Italian Referendum to decide whether or not to concentrate MORE power into the hands of the incumbent megalomaniac:

The latest opinion polls, published before a two-week blackout phase of polling in Italy, indicated a 53.5 percent to 46.5 percent in favor of the "no" camp

Officials and senior bankers according to various media reports anticipate that up to eight of Italy's troubled lenders are at risk of failure should Renzi lose the upcoming referendum.

Global financials rallied into this event, what else?

Then on December 14th, the Fed will decide whether or not to raise rates at the end of the cycle, for the first time ever.

What economy? CasinoConomy? Wherein a bunch of serial dumbfucks bid up their OWN stocks, while telling themselves they're wealthy?

Last but not least, the other massive lie that was already bought with both hands is the Trump reflationary corruption rally itself - the bidding up of junk cyclicals which had their heyday in the 1950s. This fake rally is already rapidly losing steam, an inconvenient month early.

This is the wage "reflation" behind this fake rally. Deja vu of 2008...