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After every non-farm payroll report we provide our own breakdown of what the real unemployment rate is in a country in which the labor force participation rate has not been adjusted to normalize for the Second Great Depression. In the most recent

Good luck trying to predict where gold prices are going, because even the head of the world’s most powerful bank admits he hasn’t a clue. When asked about the drop in gold prices by U.S. senators during his testimony on monetary policy Thursday, U.S

The big question in terms of European data next week is whether PMI indices can sustain their recent improving trend, and at what pace. We see good reasons to expect a further, moderate and uneven increase in July flash PMIs. The cyclical momentum

Prussian military theorist Carl von Clausewitz famously declared war is “mere policy by other means.” Detroit’s bankruptcy is similar. Saddled with billions of dollars in bond debt and pension obligations it can never repay, Michigan’s largest city

In a wide-ranging interview with Xinhua, the Chinese finance minister Lou Jiwei started from the normal fantasy-land of central-planners by noting that the topic of a Chinese hard-landing "was not discussed at the G-20," because "no participant

In last week's prediction for the week ahead my streak I guessed that the main theme would be whether we had dodged the bullet on the matter of a correction. This proved to be pretty accurate, despite news about China, the Bernanke testimony, and

EUR/USD remained stable, ignoring some euro-zone issues and enjoying some dollar weakness. Flash Manufacturing and Services PMIs and German Ifo Business Climate are the main events on our calendar. Here is an outlook on the important events to watch

We're looking at a very quiet start to the week in markets. Following a weekend which saw Japanese elections result in pretty much exactly what everyone was expecting (a strong win for Shinzo Abe's party) markets are doing nothing. Japan ended the

A former CIA official and a retired Air Force general will address next week's Def Con hacking convention, which for the first time asked federal officials to steer clear because of anger over alleged government spying. Joseph DeTrani, a long-time

No discussion about gold is complete without a good conspiracy theory. While most theories are easily dismissed, some stay around for a while due to a confluence of circumstantial evidence surrounding them. Wall Street veteran Art Cashin addresses

In every era, there are certain people and institutions that are held in the highest public regard as they embody the prevailing values of society. Not that long ago, Albert Einstein was a major public figure and was widely revered. Can you name a

"QE in my view is less efficacious for the real economy than most people suppose," may just be the sentence that ends Larry Summers' run at becoming the next 'most powerful person in the world'. As the FT reports, the chubby ex-chief economist for

U.S. retail sales rose 0.4% in June and just 0.1% excluding autos, with both measures well below consensus estimates. The report raises new questions about the strength of the U.S. economy, the health of consumers and the timing of any Federal

Goldman is baaaaaack.... if only in soaring compensation. While the firm reported trading results that were largely unspectacular in Q2 (very much as the Jefferies early glimpse foretold) with solid drops on a Q/Q basis in the two key revenue

Wall Street's blowout quarter for big bank earnings comes in the shadow of a daunting specter—An onslaught of potential Washington regulation that could put a major dent in profits. Recent days have seen an increased likelihood that banks will have

Federal Reserve Chairman Ben Bernanke heads to Congress to speak to the House Financial Services Committee on Wednesday at 10:00 a.m. ET and then to the Senate Banking Committee on Thursday at 10:30 a.m. ET. This will be Bernanke's 16th so-called

The release of Ben Bernanke's testimony, this morning, left forex traders confused as ever but avoiding a one-directional reaction is most likely the Fed Chairman's intention. Failure To Harden While Bernanke repeated that the Fed may taper QE in

The US dollar is firm against the major and most emerging market currencies. Asian equities could not match gains in the US yesterday and the MSCI Asia-Pacific Index fell fractionally. This reflects weakness among emerging market equities, as the

The evidence is everywhere: mortgage rates are at a two-year high, applications have fallen for four straight weeks after climbing for more than a year, and Fed Chairman Ben Bernanke says he would have to "push back" if the impact of rising interest

Federal Reserve Chairman Ben Bernanke said this week that inflation in the United States needs to be higher. Yes, he actually came right out and said that. It almost seems as if Bernanke is trying to purposely hurt the middle class. On Wednesday