Though the U.S. government’s official position is that North Korea is to blame, it’s not clear exactly who has hacked Sony and one could argue that it is nothing more than a propaganda show designed to distract the American public from more important matters like a collapsing global economy, problems in Russia or the fact that our Congress just passed a spending bill padded with all sorts of goodies for banking behemoths.
But it has nonetheless been interesting to observe.
So much so that even the President of the United States has now gotten involved. After Sony reportedly pulled ‘The Interview’ from theater distribution earlier this week in response to threats of a “9/11-style attack” from the hacking collective that calls itself the Guardians of Peace, the President said in a press conference that Sony executives made a mistake.
Beginning in 2015 and escalating from then on, skilled workers from all over the world will have the digital equivalent of green cards. They will be legal to hire. They will flood into America’s middle-class job markets.
The last major barrier is coming down: the language barrier.
[...] Mercantilism is about to get hammered in the world’s labor markets. The free market is about to score another victory. Skype will soon announce to the unemployed, college-educated, 20-something workers of the world: “Y’all come!”
From China, from India, from Singapore, from Latin America, from Spain, and from Greece they will come. They will offer their services to America’s businessemen. “Hire us. We speak fluent English — digitally.”
They will not be living inside America’s borders. So, they will not be illegal aliens. They will be legal aliens.
Next week will be short and quiet, unless *something happens.*
The economic calendar has a few things on it. It is included below.
Russia added 600,000 ounces of bullion to its gold reserves in November.
The major preoccupation of the mainstream media this holiday season is the ability of Americans to watch an asinine movie, in incredibly poor taste, about the government sanctioned murder of the actual head of state of another sovereign nation, just for laughs.
On the heels of a nearly $4 surge in the price of crude oil, today King World News is pleased to share two guest pieces discussing what the implications are of the recent, massive collapse in the price of crude oil and what to expect going forward. Included are 3 shocking charts showing the massive collapse in the price of oil.
First, here is just a small portion of Jason Goepfert’s internationally acclaimed work: “The latest Commitments of Traders report showed a disappointing development for those looking for stabilization in crude oil. The commodity is oversold by nearly any objective measure, but “smart money” hedgers still aren’t buying aggressively (see chart below).
There are no free markets in this country anymore, only interventions – Chris Powell, Treasurer of GATA
The latest sell-off from last week has resulted in a 3-day, 100+ point move in the S&P 500 (click to enlarge):
[...] Take a look at that graph for a moment. It would be considered the 9th wonder of the world if it had been the result of true, laissez faire, interevention-free stock market. I posted a graph of the S&P 500 going all the way back to 1971 which shows how absurdly off the rails this current stock market has become. You can see that graph here: ROFLMAO.
The current stated p/e ratio of the S&P 500 is around 20. The current stock market, by many metrics, is among the most overvalued stock markets in U.S. history. The long term average p/e ratio for the SPX is around 14. However, that only tells part of the story.
So the Swiss National Bank announces a plan for negative interest rates and gold prices fall. Of course negative interest rates are negative for gold! Only a blockhead would think that NIRP should be gold bullish.
And if you don’t think I’m being facetious, then you obviously haven’t been hanging around Turdville for long….
The case arose from a traffic stop in North Carolina based on a broken brake light. But state law there required only a single working “stop lamp,” which the car in question had.
In an opinion by Chief Justice John G. Roberts Jr., the Supreme Court ruled that the officer’s mistake was reasonable and so did not run afoul of the Fourth Amendment’s ban on unreasonable searches and seizures.
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