- On Europe's Train Wreck Of Monetarist Absurdity
Authored by Constantin Gurdgiev via True Economics blog,
One chart that really says it all when it comes to the fortunes of the Euro area economy:
And, courtesy of these monetary acrobatics, we now have private corporates issuing debt at negative yields, nominal yields…
The train wreck of monetarist absurdity is now so far out on the wobbly bridge of economic systems devoid of productivity growth, consumer demand growth and capex demand that even the vultures have taken into the skies in anticipation of some juicy carrion. With $16 trillion (at the end of August) in sovereign debt yielding negative and with corporates now being paid to borrow, the idea of the savings-investment link – the fundamental basis of the economy – makes about as much sense today as voodoo does in medicine. Even WSJ noted as much.
As I recently quipped to an asset manager I used to work with:
"A mudslide off this mountain of debt will have to happen in order to correct the excesses built up in recent years. There is too much liquidity mass built into the markets devoid of investment demand, and too weak of an economy holding it. Everywhere. By fundamental metrics of value-added growth and organic demand expansion potential, every economy is simply sick.
There is no productivity growth. There is no EPS growth, even with declining S down to waves of buy-outs. There is debt growth, with no capex & no EPS growth to underwrite that debt. There is a global banking system running totally on fumes pumped into it at an ever increasing rate by the Central Banks through direct monetary policies and by indirect means (regulatory shenanigans of ever-shifting capital and assets quality revisions). There is no trade growth. There is no market growth for trade. Neither supply side, nor demand side can hold much more, and countries, like the U.S., have run out of ability to find new lines of credit to inflate their economies. Students – kids! – are now so deep in debt before they even start working, they can't afford rents, let alone homes. Housing shortages & rents inflation are out of control. GenZ and GenY cannot afford renting and paying for groceries, and everyone is pretending that the ‘shared economy’ is a form of salvation when it really is a sign that people can’t pay for that second bedroom and need roommates to cover basic bills. Amidst all of that: 1% is riding high and dragging with it 10% that are public sector ‘heroes’ while bribing the 15% that are the elderly and don't give a damn about the future as long as they can afford their prescriptions.
Take kids out of the equation, and the outright net recipients of subsidies and supports, and you have 25-30% of the total population who are carrying all the burden for the rest and are being crushed under debt, taxes and jobs markets that provide shit-for-wages careers. Happy times! Buy S&P. Buy penny stocks. Buy bonds. Buy sovereign debt. Buy risk-free Treasuries… Buy, Buy, Buy we hear from the sell-side. Because if you do not 'buy' you will miss the 'ladder'… Sounds familiar, folks? Right on… just as 2007 battle cry 'Buy Anglo shares' or 2005 call to 'Buy Romanian apartments' because, you know… who wants to miss 'The Ladder'?.."
Which brings us to the simple point of action: don't buy bonds. Don't buy stocks. Hold defensive assets in stable proportions: gold, silver, land, fishing rights… anything other than the fundamentals-free paper.
- Silver Rocket and Gold Moribund, Report 18 September, 2016
The prices of both metals were down again this week.
We would guess that it has something to do with the fact that everyone knows: higher rates are coming to the dollar. The yield on the 10-year Treasury closed the previous week at 1.762% and this week at 1.701%. It may not look like much, but this is a change of +1.7%.
Just repeat after me: “the Fed makes the economy more stable.”
In any case, there are a few holes in the “bonds are in a bubble” bubble. One is that the worldwide trend for 35 years is falling rates. If one wishes to argue that this trend is over, one would have to acknowledge its cause and argue that this cause is no longer in effect (one would need a real theory, not just the old “inflation expectations” saw).
More immediately, why are junk bonds and equities not dropping commensurately? If you look at a chart of junk bond yields, you see less volatility and the opposite trend. Since July 1, the Bloomberg High Yield Corporate Bond index is up 3.8%. In the same period, the Bloomberg US Treasury Bond Index is down 1.1%. When a bond price falls, that means the interest rate is higher.
For reference, 6-month LIBOR is up from 0.92% to 1.25%, or +36% (thirty six, not a typo).
We aren’t bond or equity traders, but we think it’s crystal clear that if rates are truly moving up, a lot, and durably, then all assets will be repriced lower. And if the US dollar is alone in bucking the falling rates trend, then look for a rising dollar index (i.e. all the other currencies will fall further, as traders will short them to get the even-greater interest rate differential).
Needless to say, the idea of a rising dollar does not fit the bond-bubble-burst rising-rates Narrative.
So for the moment, the prices of the metals—silver more than gold—are driven by this Narrative. How long until this Narrative bursts?
There was an interesting news item this week, CME Group announced that it will presently launch a futures contract for the gold-silver ratio. This security will make it easier for the public to trade the gold-silver ratio. We think this is good, as it encourages arbitrage thinking. Of course, like every product in the market-casinos today, this one is designed to generate dollars (unlike our fund, which deals in physical metal, and generates gains in gold). We will have more to say about this contract as it gets closer to launch (Oct 24).
Read on for the only true picture of the fundamentals of the monetary metals. But first, here’s the graph of the metals’ prices.
The Prices of Gold and Silver
Next, this is a graph of the gold price measured in silver, otherwise known as the gold to silver ratio. It did not change this week.
The Ratio of the Gold Price to the Silver Price
For each metal, we will look at a graph of the basis and cobasis overlaid with the price of the dollar in terms of the respective metal. It will make it easier to provide brief commentary. The dollar will be represented in green, the basis in blue and cobasis in red.
Here is the gold graph.
The Gold Basis and Cobasis and the Dollar Price
We switched from the October to December contract this week.
The price of gold fell this week, as did the basis.
The Monetary Metals fundamental price of gold is down just about as much as the market price.
Let’s look at silver.
The
Silver Basis and Cobasis and the Dollar Price
The price of silver dropped just as much as gold, in proportion. The basis dropped more.
Our fundamental price is now two bucks under the market price. Does this mean the market price has to drop immediately, now that we know this? No, right now the market is in the grips of a mini silver mania (we would not dare say bubble, at least not without trigger warnings). Like the interest rate anomalies, it would be strange to see the price of silver take off like the famed mythological silver bug rocket while the price of gold languishes, moribund.
© 2016 Monetary
Metals - US Desperately Pumps "Humanitarian" Smokescreen For Failing Syria Ceasefire
Submitted by Finian Cunningham via Strategic-Culture.org,
Washington’s lie about seeking a genuine ceasefire in Syria is in danger of being exposed for the world to see. So, hilariously, a charade is being hurriedly orchestrated in order to hide this ignominy. As usual, the Syrian government is being scapegoated for the real cause of violence in the country. That real cause is Washington’s state-sponsored terrorist-fueled war for regime change.
After four days of continuing deadly breaches by US-backed «rebels» since the Kerry-Lavrov ceasefire deal was implemented last Monday, Washington and the dutiful Western mainstream media are preparing the inevitable excuses.
Rather than focusing on ongoing «rebel» violence in contravention of the truce, US Secretary of State John Kerry fingered the Syrian government for preventing humanitarian access to insurgent-held eastern Aleppo as the reason for why the ceasefire is in danger of collapsing.
Kerry accused the Syrian government of causing «unacceptable repeated delays» in delivery of humanitarian aid convoys to the northern city. Some 300,000 people are estimated to be stuck in dire conditions in the eastern side of Aleppo, which has become a key battleground in the five-year war.
Western media reports followed suit with Reuters reporting: «Syria ceasefire deal in balance as Aleppo aid plan stalls». Another publication, USA Today, made the more pointed claim: «The regime has broken its pledges on the distribution of life-saving supplies».
So, in Washington’s artful spin of events, it is the Syrian government of President Bashar al Assad which is reneging on the ceasefire arrangement by blocking food and medical supplies to starving civilians. This, of course, plays handily into the broader Western narrative that the Syrian «regime» is the ultimate villain of the piece. The vile Assad is mercilessly denying children food and water, goes the spin.
Based on that premise, Washington is giving notice that it will not follow through on its ceasefire commitment to join with Russian air forces for targeting terror groups like ISIS (Daesh) and al Nusra Front. Those anticipated «joint operations» between US and Russian aircraft were supposed to be the highlight of the ceasefire plan worked out last weekend in Geneva by Kerry and his Russian counterpart Sergey Lavrov.
But that supposed «breakthrough» is now in doubt. McClatchy News reported at the end of the week: «US to Russia – Syria military cooperation not guaranteed».
US State Department spokesman John Kirby told reporters four days into the truce: «If, by Monday we have continued to see reduced violence and no humanitarian access, there will be no Joint Implementation Center [with Russian military]».
Washington is mendaciously trying to pretend that there have been no breaches of the ceasefire and that the whole problem revolves around «no humanitarian access» being granted by the Syrian authorities. If the US does indeed backtrack from its stated prior commitment to cooperate with Russian forces for targeting terror groups then it is safe to assume that the entire ceasefire «deal» will be dead, even as a rhetorical concept.
Admittedly, the level of violence in Aleppo and across the country subsided when the US-Russian ceasefire pact came into effect on September 12. Russian and allied Syrian forces halted their campaign of air strikes. Opposition violence appeared to abate too. Nevertheless, the truce was reportedly violated multiple times by anti-government militias, not just in Aleppo, but in other locations, such as Latakia, Hama and Homs.
Furthermore, there was no apparent distinction between so-called US-backed moderate rebels and recognized terror groups in carrying out these violations. All insurgents groups were engaging in sporadic attacks – in contravention of the putative ceasefire.
Credible Russian military reports confirmed that Syrian army units had observed the truce and had begun demilitarizing a major access road into eastern Aleppo. Syrian troops are being replaced by Russian units to safeguard the route. However, it is the militants who are refusing to withdraw from the Castello Road area, which would provide the humanitarian aid convoys access to the city.
Indeed, insurgent factions openly declared that they would continue shelling and sniping in the Castello Road precisely in order to prevent the aid convoys arriving because they opposed the ceasefire accord even being implemented.
Russia has correctly criticized the US as using a «verbal smokescreen» to conceal why the ceasefire is failing. The point is that Washington has negligible control over its declared moderate rebels. In fact, there is no control because in practice there is no distinction between the myriad illegally armed insurgents.
Like the ceasefire called earlier this year in February, this latest one is breaking down because all the militants continue to breach any cessation. As Lt General Vladimir Savchenko, chief of the Russian Center for Reconciliation in Syria, points out, the US-backed opposition is using the ceasefire simply as an opportunity to rearm and regroup.
And Washington’s policy is impotent about altering that. The CIA and Washington’s allies in Britain, France, Saudi Arabia, Qatar and Turkey armed the anti-government insurgents, including the known terror groups. The regime-change conspirators created a veritable Frankenstein monster over which they now have little control even to the point of getting it to at least appear to be complying with a ceasefire for tactical reasons.
The latest ceasefire is floundering like the previous attempt because Washington’s assertions about «moderate rebels» dissociating from «terror» groups is total and utter humbug.
Risibly, as one could have predicted, John Kerry’s bombastic appeal last weekend for US-backed «rebels» to «separate» from the extremists so that American and Russian forces could then get on with the task of eliminating the terrorists has been subsequently shown to be the consummate delusion that it is.
Washington and its allies are being caught out spectacularly in their lies over the Syrian conflict. The stone-cold truth is that they have been sponsoring terrorist proxies for the criminal purpose of regime change.
So conspicuous and damning is Washington’s nefarious role in Syria’s conflict – which has resulted in 400,000 dead and millions turned into desperate refugees – that this crime has to be covered up at all costs. But covering it up is becoming futile because of the increasing glaring reality.
Syria’s ceasefire is flawed because Washington, the supposed co-architect of the truce along with Moscow, is not motivated by finding a peaceful resolution to the conflict. The conflict is all about regime change and deploying terrorist agents to achieve that. That is why the ceasefire is failing – yet again.
The unbearable truth about Washington and its criminal gang of state-sponsors of terrorism has to be concealed from public view. And that is why Washington and the dutiful Western media lie machine are cranking up the «explanation» for the ceasefire unravelling as being due to the fault of the Syrian «regime» and its Russian ally for not delivering on humanitarian commitments.
This American smokescreen has been pumped out for nearly six years in Syria. It is really galling to hear the likes of John Kerry and Barack Obama talk about «human suffering» and the need for humanitarian ceasefires.
The suffering and violence in Syria will stop when Washington is seen for the criminal regime that it is. That day is coming. The American smokescreen is dissipating with each passing day because of its absurd contradictions.
And the terrorists – state sponsors and proxies alike – are finally being exposed.
- Japandemonium: Government Blasts "Sexual Apathy" Amid Worrying Number Of Virgins
Japan’s demographic challenges are well-known: It’s home to the world’s oldest population and has a shrinking birthrate and an astonishing number of single people. But, as The Independent reports, it seems that, despite government efforts to incentivize marriage and child-rearing, things aren’t quite trending in the right direction.
According to the Japan Times, a new survey of Japanese people ages 18 to 34 found that 70 percent of unmarried men and 60 percent of unmarried women are not in a relationship. It gets worse: Around 42 percent of men and 44.2 percent of women admitted that they were virgins.
As The Indepdent explains, the Japanese government under Prime Minister Shinzo Abe has said it wants to raise the nation’s fertility rate from 1.4 to 1.8 by 2025. It’s offering better child-care services and tax incentives for married couples, though such programs have yet to bear statistical fruit.
Most people surveyed said they want to get married at some point. It’s just not clear when.
“They want to tie the knot eventually. But they tend to put it off as they have gaps between their ideals and the reality,” Futoshi Ishii, head researcher for the study, told Japan Times. “That’s why people marry later or stay single for life, contributing to the nation’s low birthrate.”
This is not unique to Japan — in various parts of the developed world, economic uncertainty is reshaping the way millennials and other young people conceive of their sex lives and marital choices. But it’s particularly pronounced in the Asian nation, where experts and government officials have spent the better part of a decade fretting over the country’s population decline and, as WorldViews once put it, “sexual apathy.”
- Police Seek Motive Behind NYC Bombing, As Strange SJW Manifesto Take Credit For Explosion
In a day in which the Islamic State claimed responsibility for a “soldier” who stabbed nine people in a Minnesota Mall, authorities were urgently trying to avoid labeling last night’s IED explosion in midtown Manhattan which injured 29 people, as the second terrorist attack in the same day. So, it not terrorism, what was it? According to the latest attempt to steer the narrative, and as we reported last night, investigators are treating the explosion as an “intentional act,” and while they haven’t ruled out terrorism, weren’t willing to label the explosion as a terrorist act until authorities had a better idea of a motive, Mayor Bill de Blasio said.
Manhattan: New video shows moments before the explosion that went off at West 23 St 7th Ave. pic.twitter.com/I2Bhav2KBx
— NYC Scanner (@NYScanner) September 18, 2016
Investigators had recovered bomb components near the explosion scene that are “indicative” of an improvised explosive device, NYC’s new Police Commissioner, James O’Neill said. Additionally, officials said they were trying to determine if the explosion in Manhattan, an unexploded device that was found four blocks away, and a blast earlier in the day about 80 miles away in New Jersey, were the work of the same individual or group, even if – as mayor de Blasio would like you to believe – there was no element of actual terrorism.
According to the WSJ, authorities on Sunday said they see similarities between the bombs—cellphones were used in all three devices—but that they hadn’t made a clear connection. The main focus remains on the Manhattan blast. “I’m concerned,” said NYPD Commissioner James O’Neill. “We did have a bomb that was detonated…and we have no one apprehended so of course I’m concerned.” The explosion came on Mr. O’Neill’s second day on the job.
Investigators were also working to analyze the bomb in search of any DNA material and evidence from both devices is being sent to the FBI bioterrorism lab in Virginia for further analysis.
Luckily, nobody was seriously hurt: all of those injured were released from hospitals as of Sunday morning, authorities said. Most of the injuries were the result of flying debris and glass. One person suffered a serious injury that was described as a puncture wound, officials said.
Meanwhile, an odd manifesto posted on Tumblr by someone claiming to have orchestrated the bombing on behalf of the LGBTQ society, was being vetted by authorities. Investigators are scrutinizing the posting but haven’t yet determined if it is authentic, according to two people familiar with the investigation.
The manifesto consists of two Tumblr posts that went up Sunday: “I’m the NY Bomber,” the blog post claims, with the nameless writer claiming the bomb had been planted in protest of Donald Trump and broader mistreatment of the LGBT community. While New York officials have not announced a motive or suspect in the explosion, that hasn’t stopped some from circulating and crediting the page. As Pix11 first reported, the blog is titled, “I’m the NY bomber. This will be my manifesto,” and contains two entries:
Taking a human life
I don’t know exactly how I feel about taking human lives
However, what I do know is that If I don’t do what needs to be done nobody will pay attention. LGBTQ+ people are much more likely to commit suicide than straight cisgendered people. It seems that nobody cares, however what if people from the LGBTQ+ community started lashing out in response to the violence and oppression we face with violence and possibly oppression? I’m sure that would give people a reason to not stand by while so many people are being oppressed. I suppose I’m just going to have to move forward knowing that what I am doing had a purpose and will in fact make a difference. I’ll keep you all posted.* * *
Manufacturing Test Explosives
Hi.
You probably have all seen the news by now, the explosives detonated in New York City, that was me. Those were just some tests, I know where I have made errors and I will not make the same mistake next time.
I did it because I cannot stand society.
I cannot live in a world where homosexuals like myself as well as the rest of the LGBTQ+ community are looked down upon by society.
It is 2016 and we are still being viewed as mentally ill, sinners, attention seekers, and just plain weirdos in general. I am not going to stand by while under classed and underprivileged people are oppressed. I am not going to stand by while there is inequality in my country such as the racism being seen in white police officers all over the country. I am not going to live in a country where it is OK to have a misogynist, xenophobic, racist Islamophobic, republican candidate running for President of The United States! That’s implying that republicans in general should even be taken seriously as they are all cisgendered privileged white people.
This is not the end, this is just the beginning. I will be remembered. I will make a difference. I will eliminate my targets before it is too late.The blog, whose author claimed to be a member of the LGBT community and threatened to plant more explosives, was inexplicably scrubbed from Tumblr shortly after 2 p.m. Sunday.
For now, NYPD Commissioner James O’Neill has repeated what he said since last night: “Right now we don’t have enough information to make any final conclusion… During the course of the investigation we are going to determine what the motivation is at some point. We’ll say it loud and clear and if it is an act of terrorism we’re going to come out and say it.”
The second IED device was considered to be the best lead, federal and local officials cited by the WSJ said. Authorities moved the device to a secure NYPD facility in the Bronx around 2:30 a.m. Sunday morning. Authorities were able to successfully open the device Sunday evening so it didn’t explode in the process. Investigators found what appeared to be explosives in the device and have turned it over to the Federal Bureau of Investigation for further testing, a senior law enforcement official said.
Whether the anonymous blogging SJW is the culprit behind the bombing, or if this is indeed the lethal act of some local terrorist cell, remains to be seen.
We many not have to wait long for an answer: the explosion comes just as the city prepares to host the United Nations General Assembly, an annual gathering of top leaders from around the world that historically has put authorities in the city on high alert.
“You will see a very substantial NYPD presence this week, bigger than ever,” Mr. de Blasio said. “We would normally have an expanded presence. You will see an even stronger presence now.”
In other words, anyone who needs to travel in or through Manhattan over the next week, find alternative plans.
- China 'Banking Stress Indicator' Spikes To Record High
China’s credit-to-gross domestic product “gap” has reached 30.1%, the highest for the nation in data stretching back to 1995, according to the Basel-based Bank for International Settlements. As Bloomberg points out, the warning indicator for banking stress rose to a record in China in the first quarter, underscoring risks to the nation and the world from a rapid build-up of Chinese corporate debt.
The gap is the difference between the credit-to-GDP ratio and its long-term trend. As BIS explains:
The build-up of excessive credit features prominently in discussions about financial crises.
While it is difficult to quantify “excessive credit” precisely, the credit-to-GDP gap captures this notion in a simple way.
Importantly from a policy perspective, large gaps have been found to be a reliable early warning indicator (EWI) of banking crises or severe distress.
Readings above 10 percent signal elevated risks of banking strains. A blow-out in the number can signal that credit growth is excessive and a financial bust may be looming.
While the BIS says that credit-to-GDP gaps have exceeded 10 percent in
the three years preceding most financial crises, China has remained
above that threshold for most of the period since mid-2009, with no
crisis so far.But, according to BIS data, in the first quarter, China’s gap exceeded the levels of 41 other nations and the euro area.
This feeds into the debate earlier that China “needs a recession.”
- ReaDY Fo KiLLeRY…
- Michael Pento: "These Are The Most Dangerous Markets I've Ever Witnessed"
Submittted by Adam Taggart via PeakProsperity.com,
In this week's podcast, Michael Pento, fund manager and author of The Coming Bond Bubble Collapse, explains how the United States is fast approaching the end stage of the biggest asset bubble in history. He describes how the bursting of this bubble will cause a massive interest rate shock that will send the US consumer economy and the US government—pumped up by massive Treasury debt—into bankruptcy, an event that will send shockwaves throughout the global economy:
These are the most dangerous markets I have ever witnessed in my entire life, and I’ve been investing for over 25 years. Let’s go over some numbers to let you know exactly how tenuous this bubble is. Its membrane has been stretched so wide and so tight that it’s about to burst, and any semblance of even maybe a little sharp object, something even a hemophiliac wouldn’t be afraid of, sends the market careening downward.
Global central bank balance sheets are up from $6 trillion in 2007 to $21 trillion today and they are still being expanded at the pace of $200 billion each and every month. What’s happening is that the robotraders, the algorithms, the frontrunners on Wall Street and around the world are just gaming the system, looking for the next increase in central bank credit to take their collateral to the ECB or to the Bank of Japan or to the Fed and buy more stocks and bonds.
That’s the game we’re playing. Even a hint that it might someday end sends the entire investment community scampering for the door; and that door is very, very narrow and can only fit a few people through it. So let’s go through a couple of more data points to emphasize just how big this bond bubble is and why it’s so important.
So the European Central Bank is buying corporate bonds. I hope everybody knows that. So much that there's now 30% of investment-grade debt in Europe trading with a negative yield. This is not sovereign debt (as asinine as it is to ever be able as a sovereign nation to issue debt and get paid to do so). Investment grade bonds in Europe now trade with a negative yield.
The Bank of Japan owns 50% of all Japanese government bonds, JGBs.
About 25 percent (and this number vacillates between days where the German tenure goes north or south of the flat line) of global sovereign debt trades with a negative yield.
So what happened on September 8th? Last Thursday, Mario Draghi came out and gave a press conference after leaving rates unchanged in the European Union. The audience was asking questions like: Did you discuss helicopter money? No, we really didn’t discuss it. Did you discuss extending the QE program beyond March of 2017? No, we didn’t discuss extending the 80 billion purchases of assets beyond March. There was a stirring in the audience, the reporters were beside themselves. They couldn’t believe that Mario Draghi, even though he didn’t even hint about stopping QE, he didn’t extend its duration or its quantity. That sent markets cratering. The Dow fell 400 points. The U.S. 10-year yield jumped from 1.52% to 1.68% in one day.
Now, the market had a bounce back the next day, then was down again more than 200 points on the Dow. So you can tell, anybody with any objective, critical, independent mind can tell this is an unsustainable, very ephemeral rally in stocks that has occurred since 2009. And when the bond market breaks, when that bubble bursts, it will wipe out every asset — everything will collapse together — because everything is geared off of that so-called 'risk free' rate of return.
If your risk free rate of return has been warped down to 0% for 96 months, then everything — and I mean diamonds, sports cars, mutual funds, municipal bonds, fixed income, REITs, collateralized loan obligations, stocks, bonds, everything, even commodities — will collapse in tandem along with the bond bubble burst.
Click the play button below to listen to Chris' interview with Michael Pento (27m:46s).
- Is This What Panic Looks Like? Reuters Polls Show Huge Shift In Electoral Map Toward Trump
A few weeks back, Reuters/Ipsos released a fun, interactive electoral college map that allowed users to model their own expectations of how the 2016 presidential election would play out. Reuters also offered up their own scenario based on their internal polling data from all 50 states. And, as early as August 26, 2016 Reuters was predicting a landslide victory for Clinton.
But, now it’s looking increasingly likely that Reuters will have to “tweak” their polling data again as recent results show a massive Trump surge that have thrust him into the lead.
Here is Reuters’ latest prediction of what the 2016 electoral college map will look like once all the votes are counted. Notice that the entire central portion of the U.S. has turned red (including Colorado and New Mexico) along with Florida and South Carolina in the Southeast. And perhaps even more shocking is that Reuters has been forced to move Pennsylvania out of the Democrat column and into the “Too Close To Call” column.
So, here is a comparison of some of the Reuters polling data by states that have shifted since late august.
Florida has swung 11 points toward Trump moving the state from solid Hillary to marginal Trump.
Pennsylvania has swung 5 points toward Trump moving the state from solid Hillary to “Too Close To Call.”
Nevada has also swung 5 points toward Trump moving the state from marginal Hillary to marginal Trump.
South Carolina has swung 8 points toward Trump moving the state from “Too Close To Call” to solid Trump.
Colorado has swung 6 points toward Trump moving the state from marginal Hillary to marginal Trump.
And Iowa has swung 11 points toward Trump moving the state from marginal Hillary to solid Trump.
New Mexico also moved from “Undecided” to Trump though Reuters didn’t have polling data as of August 26, 2016 for that state.
And let the mainstream media panic continue…
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