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Jun 1, 2016

GATA | THE GATA DISPATCH - June 1, 2016: Auto, Housing Debt Worsens as Petrodollar Fades, Embry Tells KWN

Submitted by cpowell on  June 1, 2016 June 1, 2016

Sprott Asset Management's John Embry tells King World News today that auto loan debt in the United States has gotten junkier than mortgage debt, which is pretty junky itself, while the U.S. dollar is losing support from the oil trade. An excerpt from the interview is posted at KWN here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GATA | THE GATA DISPATCH - June 1, 2016: GoldSeek Radio Interviews GATA Chairman Bill Murphy

Submitted by cpowell on Wednesday, June 1, 2016. June 1, 2016

GoldSeek Radio's Chris Waltzek today interviews GATA Chairman Bill Murphy about the changing dynamics of gold and silver trading. The interview is 11 minutes long and can be head at GoldSeek here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

WSJ | Forex Closing on June 1, 2016

The Wall Street Journal Forex Closing
Major Currencies
Wednesday, June 1, 2016

WSJ | Major Indexes Closing on June 1, 2016

The Wall Street Journal Major Indexes Closing
Major Indexes 5:39 p.m. EDT 06/01/16

SEC Press Release - June 1, 2016: Brokerage Firm Charged With Anti-Money Laundering Failures.

 SEC Seal

The Securities and Exchange Commission today charged a Wall Street-based brokerage firm with failing to sufficiently evaluate or monitor customers’ trading for suspicious activity as required under the federal securities laws. 

DealBook P.M. Edition on June 1, 2016: Top Story: Fed Report Points to Slight Rise in Inflation, Tight Job Market

Wednesday, June 1, 2016
Fed Report Points to Slight Rise in Inflation, Tight Job Market Inflation pressures grew slightly across most of the United States from April to mid-May, the Federal Reserve said in a report that also pointed to rising labor costs for American companies. The Fed's Beige Book found that labor markets appeared to be tightening despite "modest" job growth.

WSJ | Most Actives Closing on June 1, 2016

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 06/01/2016

WSJ | Biggest Gainers Closing on June 1, 2016

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 06/01/2016

WSJ | Biggest Decliners Closing on June 1, 2016

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:46 pm ET 06/01/2016

NYT | International Business - June 1, 2016: Countries Must Spend to Escape "Low-Growth Trap," O.E.C.D. Says

Applicants at a job fair in Louisville, Ky., in May. The O.E.C.D. scaled back its estimate for economic growth in the United States. Luke Sharrett/Bloomberg
PARIS — The world economy is locked in a “low-growth trap” and will expand this year at its slowest pace since the financial crisis, the Organization for Economic Cooperation and Development said on Wednesday, urging governments to increase spending.

Wall Street at Close Report by CNBC on June 1, 2016: Stocks Squeeze Out Gains; Consumers Staples Lead
Evelyn Cheng
U.S. stocks closed well off session lows Wednesday, the first trading day of June, helped by an intraday recovery in oil prices and better-than-expected manufacturing data.

FTC Scam Alerts - June 1, 2016: Learn How to Fight Fraud - at Your Library!

Federal Trade Commission Consumer Information

by Carol Kando-Pineda
 Counsel, FTC's Division of Consumer & Business Education

Book lovers flock to their local library to pick up a favorite classic or the latest bestseller. But today library visitors also want and need a whole lot more. In addition to providing traditional services, librarians help diverse groups of people navigate a complicated world, including how to avoid scams.
As for scams, there’s one thing we know for sure: we’re all consumers – and we’re all targets for fraud. Scammers are good at what they do. They’re professionals who know how to create confusion and prey on emotions to throw people off-balance just long enough to take advantage. Our job is to give people a heads-up so that maybe they don’t get knocked off balance and they don’t get ripped off.

Read more >

CMI Spot Prices at Close on June 1, 2016

Spot Prices as of traditional New York closing times

Wednesday, June 01, 2016

FRB Beige Book - June 1, 2016: : Summary of Commentary on Current Economic Conditions by Federal Reserve District

 Beige Book

Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.
January 13 HTML | PDF
March 02 HTML | PDF
April 13 HTML | PDF
June 01 HTML | PDF
July 13
September 07
October 19
November 30
Last update: June 1, 2016

The Guardian | Opinion | EU Rederendum - June 1, 2016: EU Debate: The Most Abusive Political Campaign Ever in Britain
Andrew Sparrow
Thanks everyone, that was a really insightful and worthwhile discussion. Really pleased to see such great comments below the line (as James says putting them politicians to shame).
We will be back next week with another debate – if you’ve got any comments/ suggestions/ideas etc then drop me an email on or tweet @guardianopinion.
Cheers everyone - happy Wednesday!
We’ll be wrapping up comments in a few minutes - thanks for all the contributions over the past two hours. Loads of great argument below the line, and you’ve been quite polite, too, putting those politicians to shame.
Here are a couple of contrasting views, taking in Cameron’s “shrill denunciations”, bombast, and the potential for a post-Brexit geographical schism.

Within the Tory party the political and personal have become deeply enmeshed

Passions are bound to run high when a question of national destiny is being decided, but the gravity of the issue doesn’t explain why levels of personal acrimony in the EU referendum campaign seem so high. Is it all that much more vicious than any other campaign? Last year’s general election was hardly a genteel affair. Neither was this May’s London mayoral race. Politics can be a nasty business.
But an addition quotient of vitriol flows from the origins of this referendum in deep, old schisms within the Conservative party. Civil wars in politics tend to be more vicious and personal than contests along party lines because they involve more atavistic emotions – chiefly betrayal. Tories expect Labour MPs to disagree with them and vice-versa. In that arena, it is possible – often, but not always – to separate political combat from personal hatred. But when someone from your own party, someone whom you considered a colleague, an ally, sides against you, the wound is deeper.
‘There are Tory MPs who have always despised David Cameron.’
‘There are Tory MPs who have always despised David Cameron.’ Photograph: POOL/Reuters
There are Tory MPs who have always despised David Cameron. They believe (not without cause) that he has surrounded himself with a gilded elite and treats rank and file Conservatives much the way an imperial cavalry officer might view grimy infantry conscripts. They long suspected him of harbouring Europhiliac tendencies but went along with the pretence of his EU membership “renegotiation.” Some appear to have operated under the delusion that Cameron might not throw the full authority of his prime ministerial office at the job of winning the referendum for Remain. They seem genuinely aggrieved that he is even trying.
And, of course, in Boris Johnson they have a figurehead whose ambition to one day lead the party gives him every incentive to see Cameron’s personal brand irrevocably tarnished, regardless of the result. Within the Tory party the political and personal have become deeply enmeshed. The task of advancing a particular message has become indistinguishable from the job of discrediting the other side’s messengers. In that climate it is hardly surprising that the fight looks and sounds dirty.
To counter the (often warranted) criticism of campaigners on both sides, we asked commenters if any politicians have impressed them during the referendum campaign.
Any suggestions, do post them below the line. One reader has suggested Alex Salmond:
Meanwhile LyntonCrosby (presumably not that Lynton Crosby) thinks Liam Fox has done a good job.
Strong points backing Corbyn here ... anyone want to respond to this below the line?
Whither the “kinder” politics we were promised just months ago? Corbyn initiated this supposed new change of direction, but Cameron was also said to have “welcomed the more civilised” exchange during the Labour leader’s first bash at PMQs. Cut to the present EU referendum debate and the internecine ranting of both sides (and, in terms of party allegiance, the same side) has reached a nadir.
The polls pull in and out with the tide of Dover, but this might be less a fluctuation of inaccurate methodology and dodgy results (cough, 2015 general election, cough) and more a genuine reflection of changing minds.
One thing is clear: this is a franchise which, as with the Scottish referendum, seems to be engaging the people. Which, even with the highest turnout in the last election since Blair’s 1997 new dawn, can’t often be said. Or at least we’re always being told (especially the young) to be more politically active. It is a shame that, rather than providing facts and measured arguments, the campaigns have focused on juvenile potshots and, in the case of buses and bananas, blatant mistruths.
Scotland’s referendum on independence: a more positive campaign?
Scotland’s referendum on independence: a more positive campaign? Photograph: Murdo MacLeod for the Guardian
As for the nasty aspect of the campaign in comparison to others: as colleagues below have noted, as well as the enthusiasm and positivity of the Scottish referendum, there was also abuse fired across ethernet connections from both factions. I prayed for the Twitter mentions of my colleagues covering the vote. More recently, the London mayoral campaign wasn’t what one would call amicable.
I just hope people – and we will, because we’re not stupid – research and vote after consideration of the facts (although the Brexit camp is slightly hamstrung because it is not too sure what a post-EU UK would look like – and at least Ukip’s Suzanne Evans admitted as much).
Vox pops of Boris Johnson blustering Thames-side about directives on balloons, hair like a helicopter landing in a haystack, are just a distraction. Farage, waving a passport around and straining for coverage – think cat’s paw clawing around the edge of a door – is just a distraction. Liam Fox is, well, a distraction, (also someone who shouldn’t still have a political career after giving his crooked mate a job at the heart of British defence, but whatever). Think about – from all angles – the issues that matter in regards to the future of the UK: trade, movement of people, legislation. Or, if you are still stuck, I am sure this analysis will help. You are welcome.
We felt our debate needed an entirely unscientific poll. Judging by what’s been written so far, these are the politicians who haven’t exactly impressed you with their tone during the EU referendum campaign. But who has been the rudest?
— Guardian politics (@GdnPolitics) June 1, 2016
An unscientific poll for our EU debate: which politician has been the rudest?
Boris Johnson has an early lead, with 50% at the time of writing.
Navigating these political campaigns is a voter’s nightmare. The deluge of “facts” and “counter facts” being issued by both sides of the debate is not unique to the referendum – it is reminiscent of general election campaigns, of course. In this instance, however, we are being treated to examples of out-and-out misinformation and a level of noise that is making it hard to hear the voices of those who will be most affected by the decision.
The question of whether the British public is apathetic towards Europe or whether this disengagement is the result of a communications and image problem between Brussels and the wider electorate has long been debated. This time around, the politicians campaigning on either side are falling into that trap again – swinging between statements that are aimed very much at the individual voter’s interests (house prices, for example) to issues so broad and complex that they will only obfuscate the real issue if not properly handled.
As the electorate, we need honest, fact-based assessments of how different communities and people within Britain and Europe will fare. Where are the voices from lower income families, from younger voters in or out of education and work? Where are the undecided voters airing their views on what they need to know? Who is answering their questions, informing them through their campaigns? The abuse of facts discussed by Andrew Sparrow goes hand-in-hand with an abuse of this relationship with the public.
This comment looking at immigration and the language of the campaign raises some good points. Let us know what you think below the line.
An interesting response on Corbyn. People criticise his lack of involvement, but maybe it’s better than getting involved for all the wrong reasons and playing political games. What does everyone think?

Referendums bring out the divisive worst in us all – leaving a bad, lingering smell

Like all but the most fanatical partisans in the Brexit debate (yes, there are also still some on the Remain side), I read and listen to it all with only half an ear most of the time. Referendums are not meant to be a pub brawl or a multiple choice question which is how they are usually treated. It’s another reason why they’re such a bad idea.
So Margaret Thatcher would never have held one and she didn’t. They bring out the divisive worst in us and will leave a bad, lingering smell like a house fire. Just look at Scotland’s independence referendum in 2014. Anyone who says it was more civilized than 23 June version obviously wasn’t there.
But as in Scotland so in wider Britain, some politicians can rise above it. On Radio 4 I recently heard Vince Cable and Gisella Stuart thrashing out an issue on which both Lib Dem pro-EU man and Labour Brexit woman have long-held convictions. They managed to behave decently towards each other. It can be done.
Compare that with the testosterone fuelled bravado coming from the posh boys, Dave, Boris and George, all too easily copied by members of their gangs, the likes of Chris Grayling and John Redwood, the Vulcan’s Vulcan. Norman Tebbit was born with a witty sneer on his lips, but what does weighty ex chancellor, Nigel Lawson, think he’s up to? Not trying to compete with his domestic goddess of a daughter, I hope. Even Michael Gove, a naturally courteous man, has said some rude and silly things.
‘Even Michael Gove has said some rude and silly things.’
‘Even Michael Gove has said some rude and silly things.’ Photograph: Ken McKay/ITV/REX/Shutterstock
The Labour leadership’s behaviour in the contest? Is Jeremy Corbyn involved ? Like many voters I had no idea. A classic left Euro-sceptic, the best Corbyn can manage is to do little positive harm. If Britain votes Brexit it won’t do him any good.
Who has behaved conspicuously badly? Toxic Nigel Farage would if they let him, but the plan seems to be to lock him in the coal shed as much as possible. That leaves Boris Johnson, Boris Trump as I have taken to calling him (“ Boris is a nicer chap, but their campaigns are the same,” says Ken Clarke), as the winner: an outrageous and shallow abuse of his talents, as he well knows.
But Priti Patel, the junior employment minister whom Brexit newspapers like to call a “cabinet member” (she’s not), has said harsh things that won’t be forgotten either. Ambition does funny things to people. Just look at Tony Benn who dreamed up the 1975 EU referendum and thought he’d win. It didn’t solve anything. For the losers it rarely does, they keep trying until they win or get hammered.

Bits | The Business of Technology - June 1, 2016: American Tech Giants vs. the Nation-State

Wednesday, June 1, 2016

The New York Times

The New York Times

Wednesday, June 1, 2016

Daily Report
American Tech Giants vs. the Nation-State | Virtual reality is all fun and games, until your avatar gets strip-searched at the border.

European Markets at Close Report, by CNBC on June 1, 2016: Stocks Ends 1% Down as Miners, Banks Weigh; ECB, OPEC Eyed.
Arjun Kharpal, Alexandra Gibbs, Holly Ellyatt
European stocks finished in the red on Wednesday as sharp declines from European banks and miners weighed on sentiment, ahead of a number of key policy events due out later this week.

The pan-European STOXX 600 ended down 1 percent provisionally, with almost all major sectors posting strong losses by the close.

FDIC Press Release - June 1, 2016: Net Income Declines 2 Percent to $39.1 Billion At FDIC-Insured Institutions in First Quarter 2016.

ESA | Construction Put in Place: Construction Spending in April 2016 was down 1.8% at a Seasonally Adjusted Annual Rate from Revised March 2016...More

 ESA Overlay Banner

Construction spending in April 2016 was $1,133.9 billion at a seasonally adjusted annual rate, down 1.8 percent from the revised March 2016 estimate and up 4.5 percent from April 2015. 

Economics & Statistics Administration

Bloomberg Politics - June 1, 2016: Kristol Eyes Conservative Lawyer David French for Independent Presidential Run Eyes Co
Mark Halperin  John Heilemann
Two Republicans intimately familiar with Bill Kristol’s efforts to recruit an independent presidential candidate to challenge Donald Trump and Hillary Clinton have told Bloomberg Politics that the person Kristol has in mind is David French—whose name the editor of the Weekly Standard floated in the current issue of the magazine.

U.S. Stock Market Future Indications Update, by MarketWatch - June 1, 2016: Dow, S&P 500 on Track for 2nd Slide in a Row Ahead of Economic Reports.

Anora Mahmudova, Victor Reklaitis
U.S. stock futures on Wednesday were under pressure, putting the market on track to extend the prior day’s drop as investors stayed cautious ahead of big economic releases later this week.

Bloomberg View - June 1, 2016: There Goes the Fed Credibility.

Narayana Kocherlakota
Back in January 2012, the Federal Reserve promised to keep its preferred measure of inflation close to 2 percent over the longer run. More than three years later, that promise remains unfulfilled, casting doubt on the central bank's willingness to deliver.

NYT First Draft on Politics - June 1, 2016: Donald Trump Lashes Out at Media While Detailing Gifts to Veterans, by Maggie Haberman and Ashley Parker

Wednesday, June 1, 2016

The New York Times

The New York Times

Wednesday, June 1, 2016

The lobby of Trump Tower in Midtown Manhattan before a news conference on Tuesday.
The lobby of Trump Tower in Midtown Manhattan before a news conference on Tuesday. Damon Winter/The New York Times
Donald Trump Lashes Out at Media While Detailing Gifts to Veterans

DealBook Today's Top Headlines - June 1, 2016: The Struggles of Today's Sumner Redstone | Dell Buyout Deal Shortchanged Shareholders | Softbank to Sell Stake in Alibaba

Wednesday, June 1, 2016
THE STRUGGLES OF TODAY'S SUMNER REDSTONE Twenty years ago, Sumner Redstone might have taken the "Godfather" approach to his business. But now, struggling with ill health, Mr. Redstone has failed to quickly remove Philippe P. Dauman as chief of Viacom, Steven Davidoff Solomon writes in Deal Professor.

U.S. Stock Market Future Indications, by MarketWatch - June 1, 2016: U.S. Stock Futures Drop as Under Armour Nike Help Lead the Way Lower.
Victor Reklaitis
U.S. stock futures on Wednesday signaled a lower open, putting the market on track to extend the prior day’s drop as investors stayed cautious ahead of big economic releases later this week.

Asian Markets at Close Report, by MarketWatch on June 1, 2016: China Shares Struggle After Data Cast Doubt on Further Stimulus

Chao Deng
Major stock benchmarks fell in Asia Wednesday as decent economic data out of China and Australia had investors dialing back expectations for monetary stimulus, while in Japan, the market snapped five straight sessions of gains.

The Guardian | UK | Media | Media Briefing - June 1, 2016: Today's Media Stories from the Papers

Top story on MediaGuardian

New York Times’ Paris staff launch bid to save editorial operation
Journalists claim international edition will lose the ‘sensibility’ it has had for 130 years