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Registered Investment Adviser Caleb Lawrence 

The major averages enter the final hour with significant losses on little news.

The Philadelphia Fed regional index gained .9 points in April to 23.2. New orders fell by more than half to a still solid 18.4. Employment components improved markedly. Price data hit new recent series highs.

The parade of scams, thefts and investigations for the various crypto currencies continues with another Initial Coin Offering or ICO turning out to be just another fraud after Savedroid investors lost 50 million. This follows last week’s 660 million Pincoin ICO scam.

Nonetheless the mainstream media continues to congratulate itself and the Fed for how well the economy is doing while continuing to ignore various inconvenient truths. Debt in the post crisis period has soared nearly across the board and numerous studies have shown that without this massive increase Gross Domestic Product growth would have been negative in the post crisis period since 2009. The latest data shows that global debt increased nearly 10% last year up 21 trillion to 237 trillion while global GDP struggled to grow even 3%. When debt grows at a rate 3 times that of the economy and debt is already at record levels were collectively asking for a replay of the 2007-2009 crisis. Yet it will be worse this time as the aggregate debt levels are significantly higher.

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