Volatility in financial markets as well as deflationary pressures from the plunge in energy prices shouldn't keep the U.S. central bank from raising rates, Cleveland Fed President Loretta Mester said Thursday.
New figures on the funding of so-called “super PACs,” the nominally independent “political action committees” that are the main vehicles for corporate bribery of would-be officer-holders, shed light on the degree to which the political system is controlled by big business in general, and Wall Street in particular.
Statistics compiled from Federal Election Commission reports by the Center for Responsive Politics, an election watchdog group, and the Wall Street Journal show that cash from major banks and investment, real estate and insurance firms accounts for more than $116 million of the $290 million raised thus far in the current election cycle by super PACs and other independent campaign organizations. That amounts to 40 percent of the total
Still Flying With The Doves – Mario Draghi continues to lean toward further stimulus, but aggressively enough to spook some folks, like my friend Peter Boockvar over at the Lindsey Group.
Here’s a little of what Peter wrote:
Mario Draghi spoke in the town of his toughest crowd, Frankfurt, Germany and I believe his comments and behavior continues to cross the line of responsibility and prudent judgment as he is repeating his scorched earth policy in order to generate higher inflation. I’ll refer to this as monetary carpet bombing when he said “There can be no doubt that if we needed to adopt a more expansionary policy, the risk of side effects would not stand in our way. We always aim to limit the distortions caused by our policy, but what comes first is the price stability objective.” The underline is mine and what he essentially is saying that he doesn’t care about all the financial instability he is causing, the deep hole he is digging, the impossibility of a smooth eventual exit as long as he gets to 2% inflation as soon as possible. Dangerous
Developments on the Turkish-Syrian borderThe Russian Defense Ministry has said that movements from Turkey’s side of the border leads to suspicions that they are preparing a ground invasion of Syria. “We have serious grounds to suspect intensive preparations by Turkey for a military invasion on the territory of the sovereign state of Syria,” Major General Igor Konashenkov, Defense Ministry spokesman, told journalists. “We are recording more and more signs of concealed preparations by the Turkish military,” he added.