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political

dailycaller.com

2017-11-27

http://dailycaller.com/2010/03/26/the-top-8-most-precocious-or-wonky-bloggers-that-are-smarter-than-you/

The top 6 bloggers &/or personalities that are smart

To commemorate this week’s launch of the news blog Eye Street here at the Daily Caller, we’re ditching the blogroll for something more personal — a quick recap of some of our favorite political hotspots, and why we love them. (Note: Some readers have emailed asking whether this is an entirely exhaustive list of smart bloggers. The answer is yes.) 6. ezra klein Why we love him: 25-year old wunderkind Ezra Klein shares more than a few similarities with The Office’s Ryan Howard. He works for a struggling paper company. Men chase him. And if you squint, he even kind of looks like Ryan Howard. Three strikes, we’re in love. First, though, it’s necessary to get some dirty laundry out of the way. Back when he blogged in between final exams and keggers (circa 2007), Klein made waves for arguing that the Nazis, for all their bad press, did a “pretty good job” increasing economic growth. Just a year later, he tweeted that the late Tim Russert should be “f—ked with a spicy acid-tipped dick.” We reached out to Klein to see if he wanted to clarify those comments for an unrelated hit piece we were working on, but he directed us to his already public explanation: It was a private Twitter account. Would you like it if someone revealed what was on your private Twitter account? (We had our editorial staff check their private Twitter accounts, and sure enough, there were acid-tipped dicks pretty much everywhere. Point for Klein.) But the big reason to read Klein’s Washington Post blog is that he doesn’t work for himself. He works for you. If you’re a single-mother without health insurance, for example, just shoot Klein an email and he’ll head to an online calculator that you could probably head to yourself and tell you just how much President Obama’s recently passed health-care legislation will help you turn your life around. As anyone who’s asked Markos Moulitsas for directions knows, that’s the kind of dedication most bloggers just don’t have. Probably the only thing about Klein that gives us pause is his almost unfailing defense of the recently passed health-care reform bill, to the point that he overlooks flaws in some sinking ships like the Federal Employee Health Benefits Program (FEHBP) – the “good kind of market” that he says is working as a “cost control” for federal employees. The FEHBP’s premiums have risen substantially faster than premiums in the private insurance market, and we’re not afraid to point it out.* Even if it means we’re probably racists. *To be fair, neither was Klein. Last October, anyway. 5. glenn reynolds One-line blurb that doesn’t really make it clear where the hell the link will take you.

bias

lifenews.com

2017-11-27

https://consciouslifenews.com/iran-blamed-911/1122163/

Greg Scott

Iran Now Blamed for 9/11

FAIR USE NOTICE. Many of the stories on this site contain copyrighted material whose use has not been specifically authorized by the copyright owner. We are making this material available in an effort to advance the understanding of environmental issues, human rights, economic and political democracy, and issues of social justice. We believe this constitutes a 'fair use' of the copyrighted material as provided for in Section 107 of the US Copyright Law which contains a list of the various purposes for which the reproduction of a particular work may be considered fair, such as criticism, comment, news reporting, teaching, scholarship, and research. If you wish to use such copyrighted material for purposes of your own that go beyond 'fair use'...you must obtain permission from the copyright owner. And, if you are a copyright owner who wishes to have your content removed, let us know via the "Contact Us" link at the top of the site, and we will promptly remove it. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Conscious Life News assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms. Paid advertising on Conscious Life News may not represent the views and opinions of this website and its contributors. No endorsement of products and services advertised is either expressed or implied.

political

dailycaller.com

2017-11-27

http://dailycaller.com/buzz/massachusettsunited-states/page/2/

Jeff Winkler, Jonathan Strong, Ken Blackwell, Pat Mcmahon, Julia Mcclatchy, Admin, Matt Purple

The Daily Caller

New Hampshire is the state with the highest median income in the nation, according to the U.S. Census Bureau’s report on income, poverty and health insurance

fake

coed.com

2017-11-27

https://coed.com/2014/08/29/abigail-ratchford-is-winning-instagram-30-photos/

President, Executive Editor - Coed Media Group., Nyc Via Austin

Abigail Ratchford is Winning Instagram [30 PHOTOS]

Abigail Ratchford‘s Instagram page is a force to be reckoned with. One second you pull it up and the next second it’s morning and you have no idea where the time has gone. OK obviously that’s not true (you know exactly where that time has gone) but you get my point. Homegirl knows she’s got “it.” She’s in New York City visiting for the weekend–but somehow she’s also on Sunset Boulevard… How’s that possible? Because her billboard for 138 Water is currently posted there. Abigail has been blowing up over the past couple of years so we’re excited to see what’s coming next. Follow Abigail on Facebook | Twitter | Instagram VIEW GALLERY

fake

coed.com

2017-11-27

https://coed.com/2010/04/09/how-to-have-sex-in-a-car-2/

How To: Have Sex In A Car

Nothing says “I love you” like a sweat-stained, back-scratched, toe-curled, romp in your Dads Hummer. Perhaps more accurately, car sex says “I can’t wait to get back to the dorm so why don’t we just get it on here” or my personal favorite “let me assure you that this, whatever this is, is not turning into a relationship”. Backseat ugly bumping has some serious advantages over your more typical coitus locations, and describing the reasons why you would want to engage in four-wheeled fornication is akin to asking Scrooge Mcduck why he loves diving into a pool of his own gold doubloons; because he can. Whatever your reason for wanting some Toyota Torpedoing (insert “can’t stop” joke here), there is no denying that sex in any public place poses its problems for the randy philanderer. Worry no more, because here at COED magazine we sympathize with your plight, and offer you the following rules for making sure that your next Ford Fusion doesn’t crash and burn. 1. Location, Location, Location While your grandparents may have had a ‘swell ol’ time” up at Lookout Point, the truth of the matter is that unless there is some risk of getting caught you might as well be having sex in a locked bedroom. Abandoned camp grounds, empty streets, and your own driveway, do not offer the adrenaline fueled anxiety that is necessary for the perfect quickie. For those who are just beginning their foray into the automotive, I would recommend the crowded parking lot. It offers just enough fear of getting caught to intensify the moment, as well as the safety and comfort of being surrounded by other cars. A mid-range enthusiast might enjoy the octane proximity of the break-down lane on the highway — high risk, high reward. To the Volvo veteran who is just looking for his next car sex fix there is but one option, the “Charlie Sheen” i.e The hottest car Chase scene in history. 2. Screw going Green, go SUV You look over at her with a knowing glance, she unclasps her hand from yours and scratches your arm, hinting at both of your desires. Oh no, your Prius is only getting 45 mpg’s, better take this baby back up to 55. A scene out of the weirdest romance novel ever? Maybe, but the truth is that if you are crammed into a nature loving, eco micro-machine, the only thing you are conserving is your own fruity-ness. Ditch the ‘save the planet’ attitude for one evening and get into an automobile that extends your options (trunk, backseat, front seat), not limits them (masturbating at home, crying, and eating a ham sandwich… at the same time). 3. Weather Report: Avoiding a Cold Front What does the weather have to do with your Mini Cooper going full throttle with her Gelandewagen? More than you think. If it’s cold outside when you start heating it up, your windows are going to fog up and create the perfect perspiration shield for your nasty deed, or your shot for shot remake of that weird scene in Titanic. Of course, if the temp gets too hot inside and you happen to have a leather interior, you’re going to run into some movement binding sweat friction which could upset your Daewoo darling. Keep the A/C on low and you’ll be sure to keep your rpm’s at their most optimal. 4. Get Creative What’s the point of having sex in a transportation vehicle, if you’re only transporting her the to back seat for some uninspired missionary. You’ve got some serious tools at your disposal so don’t be afraid to use them. The front seats have adjustment buttons on the side which can and should be your best friend during the act, giving you the ability to change positions without doing any work.- go from reclined to upright in a matter of moments without any awkward limb shifting. If you’ve got a centrally located shifter, then you are in possession of the greatest mobile sex toy on the planet. Put the car in neutral and you will notice that the drive shifter is vibrating. Put the back of your forearm on top of this…you are now the proud owner of a Manual Stimulant the likes of which her second-drawer down vibrator has never seen. Congratulations. 5. Quick shot: Fear not Sex in the car should be like a Lamborghini; superior handling, unsurpassed luxury, but above all Fast and Furious. Don’t worry about lasting forever because I promise you, she’s not. You’re having a quickie, and that’s exactly what it should be. Bedroom heroics are best saved for the bedroom, and this fact should make car sex that much more enticing. There isn’t any pressure to ‘go all night’ because if you did, the chances of getting caught by Joe-Lawmaker would be all but assured. Get in, and get out, just make sure that you take a moment to realize how mind-numbingly cool you are for taking part in this decades old top gear tradition. And, there you have it, the most important advice I can give you before your sloppy jalopy journey. While this list may enhance your sexual auto undertakings, having a girl who is excited about this prospect is a pretty essential part of the process, and if you found her hold on tight, because it’s going to be a wild ride.

fake

coed.com

2017-11-27

https://coed.com/2015/04/14/ryan-kovacik-vcu-birthday-video-ambulance-joyride-info/

Wyatt Is A Gettysburg College Graduate, Nyc Native Who Is Flattered That You'Re Interested About Reading Up On Him.

Ryan Kovacik: VCU Student’s 21st Bday Ambulance Joyride

Ryan Kovacik, a VCU premed student and certified EMT, did what any person celebrating their 21st birthday would do when they come across an unoccupied ambulance–he stole it and took it for a little joyride session. Maybe he had work the next day and needed a quick IV pick me up. Maybe one of his friends had been drinking too much. Either way, his trip was cut short when EMT’s hailed him on the ambulance radio and asked him to return the emergency vehicle. He was pulled over and arrested while he was en route to returning the ambulance. No harm, no foul.

fake

coed.com

2017-11-27

https://coed.com/2010/07/16/how-to-create-the-ultimate-power-hour-playlist/

How to Create The Ultimate Power Hour Playlist

Quarters, beer pong, boat races, and flip cup are all perfectly suitable methods of taking down beer, but they all pale in comparison to the guzzling glory that is The Power Hour. 60 minutes, 60 one-minute songs, 60 shots of beer- its elegance is awe-inspiring, and with the proper selection of tunes we guarantee your pre-game will never be the same; and with that in mind we offer you the following How to guide in creating your hour of power. 1. Inspire your Drinking Minions. The beginning of any drinking game can be tricky; get off on the wrong foot and you might lose valuable participants and their even more valuable peer pressure. This is why I recommend starting each power hour with a prelude anthem. It’s not part of the 60 songs, and drinking can be optional but it’s sure to put everyone in the mood. Recommendation: A Bard’s Tale: The Cocktail Bar Poem: 300 Call to Battle: 2. Mix it up. While I will not dispute the sheer magnificence of listening to 60 minutes of 80’s power ballads, after 45 minutes of “Here I go again”, you definitely will be “born to walk alone” after everyone leaves. You are trying to inspire the masses with your righteous musical taste so show them your diversity with rock, rap, pop, oldies, hell why not throw in some boy band music – even the most hardened jock will be unable to contain his fist bumping when “Bye Bye Bye” comes on. 3. Song Numbers: What Number is this Again? Because who won’t be impressed by strategically placed numbered songs in your power hour. Song 1: “Start Me Up” – The Rolling Songs Song 2: “Song 2” – Blur Song 7: “Seven Nation Army” – The White Stripes Song 21: “21st Century Breakdown” – Green Day Song 30: “Living on a Prayer” – Bon Jovi (Cause you’re halfway there) Song 40: “40oz. to Freedom” – Sublime Song 50: “Ayo Technology” – 50 Cent Song 60: “Final Countdown” – Europe 4. Editing: Hit the Sweet Spot “Africa” by Toto has just come on, and you’ve got a hoard of party-goers just itching to “Bless the rains”, the only problem is that the chorus doesn’t come in until 1:05, thus blue-balling the crap out of everyone’s ears. This is where we separate the booze Busch Leaguer’s, from the moonshine Marvels. Listen to each song you’re putting on the power hour and trim it up to ensure you’ve got the songs “sweet spot”. In iTunes, go to Song Info (command I), then go to Options – – the start and stop time of the song will be right there. 5. Taking it Seriously: With so many drinks to take down in an hour, things can fall apart faster than you can say “Dude, you haven’t taken a shot since Tupac.” You want everyone participating, but being a dick about the rules is best left for frat initiation and the step-by-step on the back of a home pregnancy test (someone, and I’m not pointing fingers, had a few scares junior year). It’s much easier, and the same amount of alcohol, to chug a beer every 9 songs, so make this an option for the less die-hard. Also, I wouldn’t get too upset if most of the girls in your company wander off after song 20 – let them know you don’t mind with a casual “No pressure, we’re all just getting ready for a kick-ass night.” I guarantee your tolerance will pay off in the long run.

fake

coed.com

2017-11-27

https://coed.com/2014/01/08/sophia-bush-on-chicago-pd-see-her-tonight/

J.R. Taylor Has Spent Several Years Covering All Aspects Of Pop Culture For Prestigious Publications. Well, They Were Prestigious.

Sophia Bush on “Chicago PD” [SEE HER TONIGHT]

See Her Tonight Sophia Bush on Chicago PD (10 PM EST, NBC) We have Sophia Bush starring–not guesting–on the new NBC show Chicago PD, which is the network’s big bid for creating a CSI-styled franchise off of Chicago Fire. Sophie Bush is a good start to that kind of thing. In fact, the See Her Tonight column is going with Sophie as a regular star in this mid-season show instead of jumping on Ashley Tisdale as a guest again on Super Fun Night. That’s mostly because we would only be figuratively jumping on Ashley, of course. Anyway, we’re hoping that Chicago PD has guest stars as hot as Chicago Fire‘s Lauren German and Shiri Appleby. For now, though, we won’t waste the opportunity to celebrate Sophia Bush’s return to television. She looked set for stardom during her long stint on the teen drama One Tree Hill, but Sophia was quickly canceled when she attempted a sitcom with last year’s Partners. At least One Tree Hill ran long enough to give Sophia some comfort after getting replaced by Claire Danes in Terminator 3: Rise of the Machines. Sophia really deserved some stardom as part of 2006’s John Tucker Must Die. That underrated teen comedy always deserves a second look–as does Sophia herself, showing up on Chicago PD reprising a character she played on Chicago Fire last year. We’re actually a little confused over whether her character is a cop or an informant. Wait, that’s clarified now because we follow Sophia on Twitter. Now check out these pics to enjoy some other things that we’re looking forward to…

political

dailycaller.com

2017-11-27

http://dailycaller.com/2010/10/20/incumbency-at-issue-in-massachusetts-race/

Incumbency at issue in Massachusetts race

For Barney Steverman, the 2010 election comes down to two words: No incumbents. “There isn’t a Democrat that I would vote for today,” said Steverman, an 86-year-old registered Democrat and World War II veteran who is supporting Republican Charlie Baker in his bid to unseat incumbent Gov. Deval Patrick (D). “As far as Beacon Hill goes, it’s the same old, old, old,” Steverman said, noting that speaker after speaker of the state House has been brought up on criminal charges. “That’s why I say, no incumbent for me. I want a complete change.” Voters such as Steverman are just the kind that Baker will need to reach out to if he is to succeed against Patrick — and with less than two weeks until Election Day, the Republican is doing everything he can to rally those voters. The question for Baker — as well as for Patrick and the other major player in the race, state Treasurer Tim Cahill, a former Democrat running as an independent — is whether that anti-incumbent sentiment will be enough to turn Massachusetts red again, nine months after Sen. Scott Brown’s (R) come-from-behind win in the special election to replace the late Sen. Ted Kennedy (D). Full Story: The Fix – Incumbency at issue in Massachusetts race – The Washington Post

political

dailycaller.com

2017-11-27

http://dailycaller.com/author/ajfluehr/page/2/

The Daily Caller - Part 2

IDF: Global Jihad links on flotilla Dozens of passengers who were aboard the Mavi Marmara Turkish passenger ship are suspected of having connections with global jihad-affiliated terrorist organizations, defense officials said on Tuesday, amid growing concerns that Turkish warships would accompany a future flotilla to the Gaza Strip. Read More DNC pushing sex scandal story they don’t know is true The DNC, the political wing of a president who launched his campaign decrying slash-and-burn campaign tactics, is highlighting new stories about a sex scandal rocking a GOP primary. Read More GOP moves to repeal healthcare law, unlikely to pass House Republican leaders introduced a bill Thursday to repeal and replace the sweeping healthcare law adopted in late March. Read More Find something to cut, Hoyer tells panel heads House Democrats are scrambling to jumpstart a long-stalled effort to trim the federal budget, spurred by deficit worries that have left them unable to push much of their agenda. Read More Opinion: Mass. health care disaster foreshadows ObamaCare’s fate The future of US medicine under ObamaCare is already on display in Massachusetts. The top four health insurers there just posted first-quarter losses of more than $$150 million. Most of them blamed the state's decision to keep premiums at last year's levels for individual and small-business policies, when they'd proposed double-digit hikes to match the soaring costs they've seen under the state's universal-coverage law. Read More New SurveyUSA poll has Fiorina walloping Campbell, Whitman solidifying her lead California's GOP primary polls are moving back and forth so dramatically some observers might have whiplash. Any conventional wisdom about how the U.S. Senate and governor's races will shape up should be tossed out the window until the real tally on June 8. Consider this: two weeks ago former Congressman Tom Campbell held a 11 percentage point lead over Carly Fiorina in the GOP governor's primary. That lead has now incredibly evaporated into a 23 point deficit if SurveyUSA's new poll results are accurate. Read More Bipartisan Senate bill aims to take ‘retarded’ out of federal lexicon Senators are preparing to eliminate all references in federal law to the terms “mental retardation” and “mentally retarded individual.” Read More House panel votes to block Obama Gitmo plan President Barack Obama’s hopes of closing the Guantanamo Bay prison for terror suspects is slipping further away. The defense authorization bill approved 59-0 by the House Armed Services Committee late Wednesday night contains language barring funding to build or convert any facility in the U.S. to accept former Guantanamo detainees. Read More Iran likely to avoid new sanctions with deal to send uranium to Turkey TEHRAN, Iran (AP) — Iran agreed Monday to ship most of its enriched uranium to Turkey in a nuclear fuel swap deal that could ease the international standoff over the country's disputed nuclear program, just as pressure mounts for tougher sanctions. Read More Flying high: Philadelphia dismantles Montreal Canadiens 6-0 in Game 1 PHILADELPHIA (AP) — James van Riemsdyk, Danny Briere and Simon Gagne scored in a span of 9:23 in the second period against playoff star Jaroslav Halak, and the Philadelphia Flyers routed the Montreal Canadiens 6-0 in the Eastern Conference finals opener on Sunday night. Read More Lindsay Lohan is in Cannes, says she’s in ‘compliance’ with traffic school Lindsay Lohan isn't letting an all-important court date that's just four days away from getting in the way of jetting off to France. Read More Europe’s dream of grand resurgence goes bust For much of the last quarter century, European pundits, particularly in France, have been promoting the notion that the old continent sat on the verge of a grand resurgence. The events of the past month—culminating in a trillion dollar rescue of the Euro—should, at least, put that dodgy notion to rest. Read More Fears $$21.3M will be wasted on New York subway cameras that don’t even record A four-year push to hook up hundreds of cameras in 32 subway stations has become an embarrassing boondoggle, with a ballooning pricetag and nothing yet to show for it. Read More Pelosi to artists: Quit your jobs, U.S. taxpayers have your health care Nancy Pelosi spoke to musicians and the artistically inclined in Washington DC, and instead of telling those in attendance they should get a job, she brought quite a different message: they needn't bother working, because the taxpayers of the United States would cover their health care. Perhaps channeling her San Francisco district, Pelosi explained that without a job they would be free to focus on their talents, passions and aspirations because they wouldn't be "job locked." Read More Flyers beat Bruins in historic game 7 The Philadelphia Flyers were down 3-0 at one point in the first period but battled back with one goal in the first period and two more in the second to tie the Boston Bruins 3-3. Read More

political

dailycaller.com

2017-11-27

http://dailycaller.com/2010/06/08/toddler-seen-drinking-beer-at-phillies-game/

Toddler seen drinking beer at Phillies game

PHILADELPHIA – Another month, another Philadelphia Phillies controversy, after a child at a game is seen on camera drinking from a beer bottle. Video of the unidentified child surfaced on Monday after the Phillies lost to the Padres on Sunday. In two video shots taken from an official game broadcast, the blonde child is seen with a plastic beer bottle in his right hand, drinking from the bottle. The child appears to be between three and four years old, and is also wearing a white Phillies home jersey. Full story: Child Seen With Beer At Phillies Game

political

dailycaller.com

2017-11-27

http://dailycaller.com/2010/06/08/new-helen-thomas-israel-interview-footage-released-by-rabbilive-com-video/

New Helen Thomas Israel interview footage released by rabbilive.com [video]

Rabbilive.com, the site that first released the video of Helen Thomas telling Jews to ‘get the hell out of Palestine,’ has now released new footage of the infamous interview on YouTube.

bias

conservapedia.com

2017-11-27

http://www.conservapedia.com/Psychology_and_pseudoscience

Psychology and pseudoscience

From Conservapedia Psychology is the scientific study of mind and behavior and the practical application of psychological therapy. Unfortunately, the field of psychology is riddled with sloppy work, pseudoscience and scientific fraud. Psychology studies: Major problems with replication and transparency Over half of psychology studies fail reproducibility test, Nature, August 27, 2015 Psychology is not science - Discusses lack of transparency of Dutch psychologists in terms of their data for their experiments Psychology studies and statistical errors In 2011, the New York Times reported: “ Also common is a self-serving statistical sloppiness. In an analysis published this year, Dr. Wicherts and Marjan Bakker, also at the University of Amsterdam, searched a random sample of 281 psychology papers for statistical errors. They found that about half of the papers in high-end journals contained some statistical error.[1] ” Significant percentage of psychologists having depression and/or suicide ideation Theodore beale reported: “ This is why therapy is reliably doomed to failure:.. In addition to the 46 percent of psychologists who the NHS reports as being depressed, "out of 800 psychologists sampled, 29 per cent reported suicidal ideation and 4 per cent reported attempting suicide."... Would you go to a plumber whose toilet is overflowing? Would you hire a computer programmer who didn't know how to use a computer? Then why would you ever talk to one of these nutjobs in order to fix whatever mental issues you might be having?... There is very little scientific evidence of the benefits of psychology. I read one recent study which showed that neurotic individuals actually stabilize on their own at a higher rate than those who seek therapy. This is no surprise, as the foundations of psychology are literally fiction.[2] ” Effectiveness of laymen vs. trained psychologists Christian author Todd A. Sinelli wrote in an article entitled To Whom Shall We Go?: “ Psychology is ineffective, impotent, and embarrassingly deceptive. The great humbug is that “the psychological industry has successfully concealed its ineffectiveness from the general public. Pastors, churches, and the laity have been brainwashed into believing that only psychologically trained professional counselors are competent to deal with serious problems.” Empirical research indicates that this is not so. In his study conducted in 1979 and entitled "Comparative Effectiveness of Paraprofessional and Professional Helpers", J.A. Durlack writes, “The research reviewed forty-two studies that compared professional counselors with untrained helpers. The findings were ‘consistent and provocative.’ Paraprofessionals achieve clinical outcomes equal to or significantly better than those obtained by professionals (...) The study, on the whole, lent no support to the major hypothesis that (...) the technical skills of professional psychotherapists produce measurably better therapeutic change.” At the conclusion of this study, psychologist Gary Collins reluctantly admitted, “Clearly there is evidence that for most people, laypeople can counsel as well as or better than professionals.” Again, the bottom line is that Christians are not to turn to psychologist for guidance. Primarily because the Word of God instructs us not to and God has given us the ability to counsel one another through His Word.[3] ” See also: Abstract - Comparative effectiveness of paraprofessional and professional helpers and PubMed citation - Comparative effectiveness of paraprofessional and professional helpers A 1985 paper entitled Does professional training make a therapist more effective? which was published by the University of Texas reported there was no substantial difference in between the results that laymen and trained psychologists are able to achieve.[4][5] Psychiatric quackery revealed by race often unnecessarily causing misdiagnosis Self-portrait of a person with schizophrenia. The picture reflects how schizophrenia can distort a person's perception. In 2005, The Washington Post reported: “ John Zeber recently examined one of the nation's largest databases of psychiatric cases to evaluate how doctors diagnose schizophrenia, a disorder that often portends years of powerful brain-altering drugs, social ostracism and forced hospitalizations. Although schizophrenia has been shown to affect all ethnic groups at the same rate, the scientist found that blacks in the United States were more than four times as likely to be diagnosed with the disorder as whites. Hispanics were more than three times as likely to be diagnosed as whites.[6] ” Rosenhan experiment The main building of St Elizabeths Hospital, located in Washington, D.C., which is now boarded up and abandoned, was one of the sites of the Rosenhan experiment. The website Frontier Psychiatrist wrote: “ The ‘Rosenhan experiment’ is a well known experiment examining the validity of psychiatric diagnosis. It was published in 1975 by David Rosenhan in a paper entitled ‘On being sane in insane places’ The study consisted of two parts. The first involved ‘pseudopatients’ – people who had never had symptoms of serious mental disorder – who, as part of the study, briefly reported auditory hallucinations in order to gain admission to psychiatric hospitals across the United States. After admission, the pseudopatients no longer reported hallucinations and behaved as they ‘normally’ would. Despite this many were confined as inpatients for substantial periods of time and all were discharged with the diagnosis of a psychiatric disorder. For the second part of the experiment staff at a teaching hospital, whose staff had learned of Rosenhan’s above results, were informed that one or more pseudopatients would attempt to be admitted to their hospital over an ensuing three month period. Many patients were subsequently identified as likely pseudopatients but in fact no pseudopatient had been sent.[7] ” The atheist psychologist Sigmund Freud promoted pseudoscience See also: Sigmund Freud's view of religion and Atheism and science and Atheism and depression and Atheism and suicide Sigmund Freud and the atheistic and pseudoscientific Freudian psychoanalysis has had a cultish following.[8][9] See also: Atheist cults Karl Popper indicated that psychoanalysis is merely a pseudoscience because its claims are not testable and therefore they cannot falsifiable.[10] Freud was a proponent of the notion that theism was detrimental to mental health.[11] Oxford Professor Alister McGrath, author of the book The Twilight of Atheism, stated the following regarding Freud: “ One of the most important criticisms that Sigmund Freud directed against religion was that it encourages unhealthy and dysfunctional outlooks on life. Having dismissed religion as an illusion, Freud went on to argue that it is a negative factor in personal development. At times, Freud's influence has been such that the elimination of a person's religious beliefs has been seen as a precondition for mental health. Freud is now a fallen idol, the fall having been all the heavier for its postponement. There is now growing awareness of the importance of spirituality in health care, both as a positive factor in relation to well-being and as an issue to which patients have a right. The "Spirituality and Healing in Medicine" conference sponsored by Harvard Medical School in 1998 brought reports that 86 percent of Americans as a whole, 99 percent of family physicians, and 94 percent of HMO professionals believe that prayer, meditation, and other spiritual and religious practices exercise a major positive role within the healing process.[11] ” [12] The prestigious Mayo Clinic found that that religious involvement and spirituality are associated with better physical health, mental health, health-related quality of life and other health outcomes. The prestigious Mayo Clinic reported on December 11, 2001: “ In an article also published in this issue of Mayo Clinic Proceedings, Mayo Clinic researchers reviewed published studies, meta-analyses, systematic reviews and subject reviews that examined the association between religious involvement and spirituality and physical health, mental health, health-related quality of life and other health outcomes. The authors report a majority of the nearly 350 studies of physical health and 850 studies of mental health that have used religious and spiritual variables have found that religious involvement and spirituality are associated with better health outcomes.[13] ” American millennials, irreligion, therapy and pseudoscience See: American millennials, irreligion, therapy and pseudoscience

bias

conservapedia.com

2017-11-27

http://www.conservapedia.com/LaVeyan_Satanism

LaVeyan Satanism

From Conservapedia LeVeyan Satanism is a form of atheism which extolls the values of Satan which are described in the Bible. It is a very prideful and hedonistic worldview. Some specific characteristics of Leveyan Satanism is that it incorporates egoism, self-deification, the occult/magic, Social Darwinism and naturalism. It was found by Anton LeVey in 1966. The Church of Satan was also founded by LeVey. Related quote See also: Atheism quotes "Look at Satan's reason for rebelling against God. It's not that he doesn't recognize that God is greater than he is. He does. It's just that he doesn't want to play by anybody else's rules. This idea that it is better to reign in hell than to serve in heaven is Satan's motto, and it turns out that this is also the motto of contemporary atheists such as Christopher Hitchens." - Dinesh D'Souza [1] See also

bias

lifenews.com

2017-11-27

https://consciouslifenews.com/spy-satellites-ukraine/1175324/

What Did US Spy Satellites See in Ukraine?

Robert Parry| Commondreams In the heat of the U.S. media’s latest war hysteria – rushing to pin blame for the crash of a Malaysia Airlines passenger jet on Russia’s President Vladimir Putin – there is the same absence of professional skepticism that has marked similar stampedes on Iraq, Syria and elsewhere – with key questions not being asked or answered. The dog-not-barking question on the catastrophe over Ukraine is: what did the U.S. surveillance satellite imagery show? It’s hard to believe that – with the attention that U.S. intelligence has concentrated on eastern Ukraine for the past half year that the alleged trucking of several large Buk anti-aircraft missile systems from Russia to Ukraine and then back to Russia didn’t show up somewhere. Yes, there are limitations to what U.S. spy satellites can see. But the Buk missiles are about 16 feet long and they are usually mounted on trucks or tanks. Malaysia Airlines Flight 17 also went down during the afternoon, not at night, meaning the missile battery was not concealed by darkness. So why hasn’t this question of U.S. spy-in-the-sky photos – and what they reveal – been pressed by the major U.S. news media? How can the Washington Post run front-page stories, such as the one on Sunday with the definitive title “U.S. official: Russia gave systems,” without demanding from these U.S. officials details about what the U.S. satellite images disclose? Instead, the Post’s Michael Birnbaum and Karen DeYoung wrote from Kiev: “The United States has confirmed that Russia supplied sophisticated missile launchers to separatists in eastern Ukraine and that attempts were made to move them back across the Russian border after the Thursday shoot-down of a Malaysian jetliner, a U.S. official said Saturday. “‘We do believe they were trying to move back into Russia at least three Buk [missile launch] systems,’ the official said. U.S. intelligence was ‘starting to get indications … a little more than a week ago’ that the Russian launchers had been moved into Ukraine, said the official” whose identity was withheld by the Post so the official would discuss intelligence matters. But catch the curious vagueness of the official’s wording: “we do believe”; “starting to get indications.” Are we supposed to believe – and perhaps more relevant, do the Washington Post writers actually believe – that the U.S. government with the world’s premier intelligence services can’t track three lumbering trucks each carrying large mid-range missiles? What I’ve been told by one source, who has provided accurate information on similar matters in the past, is that U.S. intelligence agencies do have detailed satellite images of the likely missile battery that launched the fateful missile, but the battery appears to have been under the control of Ukrainian government troops dressed in what look like Ukrainian uniforms. The source said CIA analysts were still not ruling out the possibility that the troops were actually eastern Ukrainian rebels in similar uniforms but the initial assessment was that the troops were Ukrainian soldiers. There also was the suggestion that the soldiers involved were undisciplined and possibly drunk, since the imagery showed what looked like beer bottles scattered around the site, the source said. Instead of pressing for these kinds of details, the U.S. mainstream press has simply passed on the propaganda coming from the Ukrainian government and the U.S. State Department, including hyping the fact that the Buk system is “Russian-made,” a rather meaningless fact that gets endlessly repeated. However, to use the “Russian-made” point to suggest that the Russians must have been involved in the shoot-down is misleading at best and clearly designed to influence ill-informed Americans. As the Post and other news outlets surely know, the Ukrainian military also operates Russian-made military systems, including Buk anti-aircraft batteries, so the manufacturing origin has no probative value here. Relying on the Ukraine Regime Much of the rest of the known case against Russia comes from claims made by the Ukrainian regime, which emerged from the unconstitutional coup d’etat against elected President Viktor Yanukovych on Feb. 22. His overthrow followed months of mass protests, but the actual coup was spearheaded by neo-Nazi militias that overran government buildings and forced Yanukovych’s officials to flee. In recognition of the key role played by the neo-Nazis, who are ideological descendants of Ukrainian militias that collaborated with the Nazi SS in World War II, the new regime gave these far-right nationalists control of several ministries, including the office of national security which is under the command of longtime neo-Nazi activist Andriy Parubiy. It was this same Parubiy whom the Post writers turned to seeking more information condemning the eastern Ukrainian rebels and the Russians regarding the Malaysia Airlines catastrophe. Parubiy accused the rebels in the vicinity of the crash site of destroying evidence and conducting a cover-up, another theme that resonated through the MSM. Without bothering to inform readers of Parubiy’s unsavory neo-Nazi background, the Post quoted him as a reliable witness declaring: “It will be hard to conduct a full investigation with some of the objects being taken away, but we will do our best.” In contrast to Parubiy’s assurances, the Kiev regime actually has a terrible record of telling the truth or pursuing serious investigations of human rights crimes. Still left open are questions about the identity of snipers who on Feb. 20 fired on both police and protesters at the Maidan, touching off the violent escalation that led to Yanukovych’s ouster. Also, the Kiev regime has failed to ascertain the facts about the death-by-fire of scores of ethnic Russians in the Trade Union Building in Odessa on May 2. The Kiev regime also duped the New York Times (and apparently the U.S. State Department) when it disseminated photos that supposedly showed Russian military personnel inside Russia and then later inside Ukraine. After the State Department endorsed the “evidence,” the Times led its newspaper with this story on April 21, but it turned out that one of the key photos supposedly shot in Russia was actually taken in Ukraine, destroying the premise of the story. More from Commondreams

fake

coed.com

2017-11-27

https://coed.com/2008/07/24/bike-jump-fail/

Bike Jump Fail

Rate this: OOOOUUUUUUUUCCHH!! F**K ME! That has got to hurt. It helps to remember that your friends build sh*tty ramps and you suck at riding bikes, before trying the gap at top speed. If you’d thought of that first, maybe your face wouldn’t look like that now.

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coed.com

2017-11-27

https://coed.com/2011/03/01/he-said-she-said-9-things-girls-shouldnt-do-in-the-bedroom/

I'Ve Written Thousands Of Articles Including Posts For Coed, Guyspeed, Thefw, Tv Fanatic, G-Men Hq, Brobible, Nfl Spin Zone. I'Ve Also Authored Scripts For Woven Digital'S Short-Form Videos Published Uproxx, Brobible., Here Are Links To My Writing Samples, Social Networks

He Said / She Said: 9 Things Girls Shouldn’t Do In The Bedroom

He Said/She Said is a new series designed to help dudes understand what chicks are thinking. Every week we’ll be throwing out a topic for debate…you can read the guy’s side here and the girl’s side at CollegeCandy.com. This week’s topic: awful, terrible, despicable things chicks do to dudes during sex that they need to stop ASAP. There are some pretty misleading sex advice articles floating around. I remember leafing through a copy of Cosmo when I was dating my first girlfriend and I was SHOCKED at the toro turd nuggets of misinformation they were spewing forth. It lead me to 2 theories: 1. The editors and contributors of Cosmo date and/or hook up with guys who patronize them for God knows what reason. 2. The editors and contributors of Cosmo are playing one helluva sick prank on its readers. I always find it funny that women need any advice when it comes to sex. To me, the onus is on the guy to perform and the girl to direct – faster, slower, right there, harder, to the left, to the left, to the right, to the right, now dip, baby, dip. Guys are pretty simple when it comes to pleasing us sexually. We don’t ask for much, yet these articles make it seem like we’re Rubix cubes of Fort Knox schematics. I’m not saying you should clock in and clock out – it’s always nice to mix it up, but you don’t have to pull sh*t out of left field to get it done. It’s difficult for a girl to really suck in bed, but here a couple ways they can: 1. Sucking of the nipples. I’m not sure which one of the wiz kids at Cosmo tested this out and received the thumbs up, but men’s nipples could be the most pointless parts of the anatomy ever. Some guys might be into it. Majority of those guys most likely have nipple rings. If that’s the case, you have free license to ill, but to dedicate any more than a pinch, flick, or lick to the male nipple is a waste of time. 2. Machine gunning my junk. I hooked up with a girl junior year and though she was fun to hang out with I couldn’t bear another session with her in the sack. She jerked my johnson so frickin’ hard, I thought she was being timed and a prize was involved. That transitioned to what I can only loosely call “a blowjob”, which was basically the same as the handjob with slightly more lubrication. I almost had an anxiety attack. My penis’s life flashed before its eye. This is it, I thought, she’s going to literally rip and/or bite my c*ck off. I’mma be a Ken doll for the rest of my days. I mean, WHERE’S THE FIRE? Luckily, I think she might’ve suffered whiplash forcing her to cease and desist. From what I’ve heard through the grapevine, most female mags tell its readers to treat the meat stick like an ice cream cone. Sometimes they say to throw in a nibble. If you’re opposed to a beej, and you want to give a HJ (cheaper than a ZJ), please make sure you use SOME kind of moisture. Your spit, your secret bottle of KY, stick of butter, hand lotion – something slick to avoid making our warrior get road rash. Slow, long, and wet usually lead to bigger, better climaxes. 3. Finger in the ass. Yeah, I know. What a double standard. Most guys plead, beg, borrow, and steal to get you to do anal, the girls that end up caving in rarely enjoy the experience. Yet, we’ll leave the country if you even hint at the possibility of putting anything near our bungholes. I’ve only had 1 or 2 girls try this on me and it’s an absolute boner killer. Almost impossible to bounce back from. Though, rubbing of the taint area is not all that bad, I tend to tense up and lose my focus because I know the next stop is my chocolate starfish. I don’t know how much easier to make this: focus on the dong and mind the stepchildren. 4. Talk sh*t. Keep in mind, this is different from dirty talk. Talking dirty can really enhance the sexperience, but I don’t want to feel like I’m f***ing Michael Jordan or Muhammad Ali. Some guys are super competitive and get off on being challenged. I like being challenged, but I also don’t want you sounding like the drill sergeant from “Full Metal Jacket”. You can be playful, you can tease, but when you start belting out, “Is that all you got?!” or “Aw, lil baby d*ck gettin’ tired?” you either A) make us see red, which takes us to our weird, bad place or B) has us focus more on awesome comebacks, thus distracting us from the task at hand. It can be demoralizing – best move is to keep things positive. 5. Choking, hitting, and/or scratching. Again, some people are into this. But if you’re just getting into it with a new partner, you might want to hold off on the asphyxiation until the second or third date. It’s something you should probably discuss first. I thumbed a girl once… yes, THUMBED, and she got so excited that she left serious Wolverine-like gashes on my chest. The Red Hot Chili Peppers like pleasure spiked with pain, but for most dudes it can be scary. Plus, who knows if the guy sees that as a ticket to retaliate? Things could get bananapants real quick. 6. Stay silent. So, trash talking is off limits and maybe you’re not so great with the dirty talk. But, if the only thing we hear are crickets and an occassional ball slap, it can be awkward. You don’t have to say anything award-winning but moaning or whispering “yes” goes a long way. Playing soft music can fill the void, but it’s rare you’ll both agree on something that won’t kill the mood. 7. Use teeth. Chicks love vampires, which might explain why they like biting. I’ve had a couple girls tear layers off my lips during kisses and it’s frightening as f*ck. The sight of blood doesn’t turn me on. Likewise, I’m not looking to fly into the Danger Zone when you flash your pearlies near my pillar. It might look cool but it immediately sends shivers down my spine, inducing nightmarish premonitions. I begin to think, “Oh snap, is THIS how she gets me back for deleting The Bachelor?” 8. Treat our man juice like it’s sewage. Again, a neat little double standard. We cringe at the thought of touching the guy goo, but then we marvel at the abilities of porn stars to take a load or five to the grill. Are we saying you HAVE to do facials or even pearl necklaces? Not at all. But, we also don’t want you freaking out and fleeing the scene if some gets on you or your sheets. That kind of reaction makes us feel like dogs who wet the rug. 9. The Dead Fish. To me, you could do every other item on this list and still manage to have a decent sex life. But, you pull the dead fish and you are straight up F’d in the A. You can find a guy or three who might actually want you to digitize their bicycle spokes (see #3), or feed on their man boobs, or verbally belittle them. However, I defy you to find a dude other than a necrophiliac, who’s into a chick who just lays there. Why are you even having sex in the first place? As men, we have every right to turn up the heat when we see this maneuver – I’m talkin’ titty twisters, finger in the mouth, tongue in nostril, anything to snap you out of that maddening malaise. I’m not saying girls should stop trying to improve their sex lives, but maybe put down Cosmo and pick up some high quality adult entertainment. See how the pros do it. Take notes. Most important of all, keep the lines of communication open before, during, and after. Practice makes perfect. So, get out there and get some strange ass. No more butthole surprises. Liked this? Check out these: He Said She Said: WARNING, Applying Labels Can Be Dangerous To Your Health He Said / She Said: “Dormcest” (Hooking Up With Roommates/Neighbors) He Said / She Said: Swiping The V-Card He Said / She Said: Her Number Doesn’t Really Matter He Said / She Said: Sex…During Her Period

fake

coed.com

2017-11-27

https://coed.com/2011/03/15/he-said-she-said-going-soft-makes-things-hard/

I'Ve Written Thousands Of Articles Including Posts For Coed, Guyspeed, Thefw, Tv Fanatic, G-Men Hq, Brobible, Nfl Spin Zone. I'Ve Also Authored Scripts For Woven Digital'S Short-Form Videos Published Uproxx, Brobible., Here Are Links To My Writing Samples, Social Networks

He Said / She Said: Going Soft Makes Things Hard

He Said/She Said is a new dating, sex, and relationship series designed to help dudes understand what chicks are thinking – we know, an impossible feat. Every week we’ll be throwing out a different topic for debate…you can read the guy’s side here and the girl’s side at CollegeCandy.com. This week’s topic: what to do when Captain Winky doesn’t stand to attention. I gotta admit, this week’s topic is tough for me. While most of you reading that previous sentence might jump to the conclusion that I’m about divulge my battle with erectile dysfunction – I actually have quite the opposite “problem” – I can’t keep the damn thing down. Just about anything can awaken it from its slumber: bus rides, train rides, car rides, rollercoaster rides, helicopter rides – what can I say, I guess I love transportation. It’s safe to assume if you’re sitting next to me on the subway, I’m probably all chubbed up. Am I proud of this “gift”? Most of the time, no. But when it’s the rare instance of a lady demanding it, then I’m thankful. Girls are either surprised, annoyed, or even frustrated when they discover my “ability”. They either think this guy is the horniest man I’ve ever met or they think they must not have satisfied me the first time around, making them feel inadequate (not true), or they’re like dude, chill out, I have sh*t to do today. I’ve only come remotely close to being unable to get it up 2 maybe 3 times in my life. In those select scenarios, it’s usually because I’ve been drinking a sh*t ton of booze for hours on end or I’m having doubts about what I’m about to do. In all those cases, I’ve managed to pull through. How? I don’t pop a pill or try to get myself psyched up, I just focus on what turns me on. But, what about those guys who easily get whiskey d*ck or suffer from impotence / ED? I have a couple friends that get teased for this. They do extremely well with the ladies, they’re able to attract them and bed them, but their difficulty getting and staying hard becomes an issue. So, what are some of the causes and how should those guys go about dealing with it? After some very brief research, here are some leading causes: Anti-depressants Neurogenic disorders like Parkinson’s disease, Alzheimer’s disease, and stroke Psychological causes: performance anxiety, stress, mental disorders (clinical depression, schizophrenia, substance abuse, panic disorder, generalized anxiety disorder, personality disorders or traits, psychological problems, negative feelings Surgeries that may damage the nerves and blood vessels involved in erection Aging (which many of you don’t have to worry about now, but your 60s will surely suck) Kidney failure Diseases such as diabetes and multiple sclerosis affect the nervous system and inhibit blood flow Smoking – it promotes arterial narrowing and the incidence of impotence is 85 percent higher in male smokers compared to non-smokers Some causes have obvious treatments: Quit smoking Alter your diet to promote kidney health Don’t drink your weight in Wild Turkey – it reduces testosterone production, which is critical for libido and physical arousal Exercise Get a prescription for Viagra, Levitra, or Cialis Get a FDA approved “vacuum therapy” device aka penis pump Don’t get old I’m going to address the “psychogenic” causes that are within your control when it happens in the heat of the moment like anxiety, stress, and negative thoughts and/or feelings. If you’re getting boners in your sleep, you can probably chalk up your impotence to psychological rather than something circulatory or physical. For guys, don’t panic. Relax. I know that’s easy to say now but difficult to do when the chick is pummeling you with questions and possible wisecracks, “What’s wrong?” “Are you okay?” “Tell me what to do” “Am I not good enough for you?” When this happens it’s important to keep a level head and reassure her that she’s not doing anything wrong. For girls, chill out. If anyone should understand the complexities of achieving arousal and orgasm, it should be women. You ladies have the combination lock of circumstances and conditions that help you get into a place or mindset that allows you to climax. The same holds true for some dudes. It’s just a matter of figuring out his combination. It could be as simple as turning off the lights, lighting candles, playing some soothing / chill music. But, the most important thing to keep in mind is HE controls the situation. The issue is in HIS head. All you can do is help guide him to a non-stressful, calm place so his brain can process that you’re hot and can do great things to his body. Liked this? Check out these: He Said / She Said: Your Place Or Mine? He Said / She Said: 9 Things Girls Shouldn’t Do In The Bedroom He Said She Said: WARNING, Applying Labels Can Be Dangerous To Your Health He Said / She Said: “Dormcest” (Hooking Up With Roommates/Neighbors) He Said / She Said: Her Number Doesn’t Really Matter

fake

coed.com

2017-11-27

https://coed.com/2011/04/12/he-said-she-said-who-should-control-birth-control/

I'Ve Written Thousands Of Articles Including Posts For Coed, Guyspeed, Thefw, Tv Fanatic, G-Men Hq, Brobible, Nfl Spin Zone. I'Ve Also Authored Scripts For Woven Digital'S Short-Form Videos Published Uproxx, Brobible., Here Are Links To My Writing Samples, Social Networks

He Said / She Said: Who Should Control Birth Control?

He Said/She Said is COED’s dating, sex, and relationship debate series designed to help dudes understand what chicks are thinking – we know, an impossible feat. Every week we’ll be throwing out a different topic for debate…you can read the guy’s side here and the girl’s side at CollegeCandy.com. This week’s topic: who should be responsible for birth control? Ever since I was handed my first condom in the kitchen of a friend’s house after senior prom, I’ve been obsessed with condoms. Throughout college, I carried way way way too many condoms with me at all times. Even when I had a serious girlfriend who I’d known for years, I couldn’t bear the thought of not wearing a condom. When she finally convinced me to go without one because she said she was on birth contrl, I absolutely positively had to pull out. Call it a trust issue, but something about not being able to see the birth control at work throws me off. The majority of men hate condoms. They say they can’t feel anything, it detracts from the experience, it makes them soft, they’re not big enough (shut up, Holmes). I’ve had multiple friends openly admit they don’t ever wear condoms. If the girl insists, he just passes. And these guys f*** like champions. How their d*cks are still intact is beyond me. How they’re not rivaling Antonio Cromartie for most illegitimate children is beyond me. Don’t get me wrong, I’ve had 2-3 sexperiences when I was wearing a condom and I thought I’d be in the market for diapers and a crib. They’re not 100% foolproof. But to raw dog and cross your fingers? It can’t be worth those precious few minutes of passion. From what I gather, men expect women to be on birth control. Just look at Knocked Up. Rogen’s trying to wrap his willy, Heigl’s barking instructions, he abandons the rubber and goes in for the kill thinking she’d be on birth control. Yes, I’m definitely surprised she wasn’t. And, I do assume (read: HOPE TO GOD) every girl is on birth control, but who knows who’s telling the truth or not. If it’s your girlfriend, you’re more likely to trust her, but even then she could just be out for your seed! Even when the girl asks if a guy has one, I’d say more times than not the guy will say no and respond with, “You don’t have any?” Call me condom crazy, but EVERY PERSON who doesn’t want babies or STDs should carry condoms. Here’s an interesting story. The company I used to work for hosted a party at a bar near a college campus. To promote our sponsor, we tried to hand out FREE condoms that were supposed to stimulate both guy and girl with a unique proprietary gel. It was ALARMING how many people turned them down and said, “I don’t use condoms.” Have fun at the doctor, kids! I read somewhere that it costs something like $$250k to raise a kid. You have that kinda cream laying around? If so, can a brother get $$20? I need to go pick up another pack of condoms. Liked this? Check out these: He Said / She Said: Going Soft Makes Things Hard He Said / She Said: Your Place Or Mine? He Said / She Said: 9 Things Girls Shouldn’t Do In The Bedroom He Said She Said: WARNING, Applying Labels Can Be Dangerous To Your Health He Said / She Said: “Dormcest” (Hooking Up With Roommates/Neighbors)

fake

coed.com

2017-11-27

https://coed.com/2008/05/31/sneakers-centennials-and-rock-n-roll/

Sneakers, Centennials, and Rock ‘N Roll!!!

It seems that Converse (#1 choice of 1920s b-ball stars and indie rock hipsters alike) is celebrating 100 years of being in the sneaker business by releasing a line of limited edition kicks that pay homage to rock greats The Beatles, The Grateful Dead, The Doors, and Kurt Cobain. The designs, which are printed on both the classic Chuck Taylor and Jack Purcell high tops, feature iconic images associated with the groups, such as the Dead skull and Cobain’s sketches from him journals. (On a side note, you almost have to admire Courtney Love’s complete and utter lack of shame.) While the collection will no doubt incite rage-filled, hEavI!Ly? PunCtu.ATeD!!! posts on message boards across the Internet, condemning the sneaks as selling out of the highest order, I myself think they’re kind of fly. Sure, they reek of corporate gimickiness and maybe they’re not very rock-and-roll in the pissing-on-audience-members-while-smoking-crack sense, but, a) Converse shoes do have kind of a history with the music industry, b) the shoes wouldn’t exist if the people that have legal control over the bands’ images didn’t approve, and c) there’s a lot of merch out there associated with these musicians that is a lot more shitty than these sneakers are. Plus, they’re pretty rad-lookin’. Will I be purchasing them? Hell no. But they’re not so terrible that I’ll judge people I see wearing them at the bar. At least, I won’t judge them on their footwear. Their flat-ironed hair and guyliner is still fair game.

political

thinkprogress.org

2017-11-27

https://thinkprogress.org/pope-benedict-uses-christmas-speech-to-call-same-sex-marriage-a-manipulation-of-nature-6018801009b6/

Pope Benedict Uses Christmas Speech To Call Same-Sex Marriage A ‘Manipulation Of Nature’ – ThinkProgress

At his annual Christmas speech to the Vatican, Pope Benedict XVI called same-sex marriage a “manipulation of nature” to be deplored and an attack on the “essence of the human creature.” It was the second time this week that Benedict took aim at marriage equality: People dispute the idea that they have a nature, given to them by their bodily identity, that serves as a defining element of the human being. They deny their nature and decide that it is not something previously given to them, but that they make it for themselves. The manipulation of nature, which we deplore today where our environment is concerned, now becomes man’s fundamental choice where he himself is concerned. Benedict has repeatedly condemned same-sex marriage as “defection in human nature” that bears an “immense human and economic cost.” Most recently, he used his World Day of Peace message to claim that marriage equality presents a “serious harm to justice and peace.”

political

thinkprogress.org

2017-11-27

https://thinkprogress.org/star-wars-the-force-awakens-succeeds-but-trades-wisdom-for-wows-57bf05e275ad/

‘Star Wars: The Force Awakens’ Succeeds, But Trades Wisdom For Wows – ThinkProgress

WARNING: The following contains minor spoilers from Disney’s Star Wars: The Force Awakens. You may find it odd that ThinkProgress asked its religion reporter to review Disney/Lucasfilm’s new blockbuster Star Wars: The Force Awakens, directed by J.J. Abrams. To be honest, it’s largely because I’m probably the biggest Star Wars fan in the building — my desk is covered with X-Wing decals, my tea infuser is a Death Star, and I have a small Christmas tree at home festooned with Star Wars-themed ornaments (my favorite is a talking Darth Vader). And don’t even get me started on the R2-D2 Halloween costume I used to wear as a child. But experience with religion is actually a good foundation from which to assess any addition to the Star Wars universe, whose fans express such rabid devotion that “Jediism” is literally a religion in some parts of the world (usually jokingly…usually). Star Wars nuts like myself bring an intimidating level of scrutiny to any new fable in the galaxy far, far away, which makes the task set before Abrams — to satisfy devotees so zealous they effectively excommunicated Star Wars creator George Lucas when his early 2000s-era prequels didn’t meet expectations — a challenge of galactic proportions. With that in mind, I’m happy to say that the yarn Abrams spins in Awakens will delight Star Wars fans and newcomers alike — albeit with more than a few tradeoffs that won’t exactly disappoint, but that may change Star Wars forever. The Light: Awakens “rhymes” a lot, but in a good way, and it also sings amazing new songs Some critics have already expressed frustration with the fact that Abrams’ Awakens “rhymes,” essentially repeating story beats from the original Star Wars films. The movie does, in fact, replicate several aspects of the old trilogy, but it works amazingly well early on: The first third of Awakens wowed and delighted me in a way I haven’t felt in a theater in years — maybe since I saw the re-release of A New Hope. The characters make the audience laugh and gasp while soaring through a universe that is unmistakably Star Wars, complete with the droid beeps, lightsaber hums, and Wookie growls we’ve come to know and love. It’s a testament to both Abrams’ talent as a director and his clear adoration for Lucas’ creation; even if you’re just a causal fan of the originals, the plethora of nostalgia-ridden references will have you pumping your fist in celebration. (The rhyming game is also true to the original trilogy, which, lest we forget, intentionally repeats lines of dialogue several times and blows up the Death Star twice.) Ren is a special kind of evil, one arguably more menacing than the monster he clearly aspires to emulate — Darth Vader. This isn’t to say there’s nothing new here. Without giving too much away, the story includes several of your old favorites (Harrison Ford, Peter Mayhew, and Carrie Fischer reprise their roles as Han Solo, Chewbacca, and General Leia), but focuses primarily on two very new, deeply compelling characters who triumph in the face of impossible odds: Finn (John Boyega), an ex-Stormtrooper looking to escape his past, and the Luke Skywalker stand-in Rey (Daisy Ridley), who has trouble embracing her future. Both young actors shine in their budding roles, bringing a double-punch of much-needed diversity to the lead Star Wars cast (it even passes the Bechdel test “with flying colors”) while carving out their respective spaces as the future of the franchise. They have different strengths, but they mesh well: Boyega is hilarious as the giddy and often overeager Finn, and Ridley’s earnestness makes you want to root for Rey really, really hard. Meanwhile, Oscar Isaac’s performance as the crack Resistance pilot Poe Dameron is equal parts charming and dashing, so much so that you wish the film spent more time in his cockpit. The most captivating addition to the saga, however, is Kylo Ren, a new villain portrayed admirably by Adam Driver. Ren is a special kind of evil, one arguably more menacing than the monster he clearly aspires to emulate — Darth Vader. Whereas Vader and the Emperor were expressions of a focused, concentrated darkness, Ren is something closer to raw, chaotic rage. He doesn’t respond to failure by biding his time and waiting for the right moment to strike, but instead tends to furiously swing his unstable-looking lightsaber in frustration until nearby objects are reduced to cinders. His lightsaber, by the way, is a none-too-subtle visual metaphor for his mental state: Ren is unhinged, a man whose internal struggles make him a threat to everyone around him, especially those he loves. A note to parents: This is a villain that will undoubtedly frighten children — heck, he terrified me. Abrams’ work also feels different. Unlike the relatively static camerawork of the original trilogy, the new film is as kinetic as Abrams himself, bouncing rapidly from one brilliant action sequence to another, barely letting the audience breathe. It’s also literally more kinetic than any previous Star Wars film: blaster bolts throw people across rooms, explosions toss Stormtroopers like rag dolls, and the aging Millennium Falcon seems suddenly capable of taking way more punishment than it used to. In truth, the action eventually becomes a bit much, and the second half of the film crosses the line into overstimulation several times, generally valuing combat over much-needed exposition. Though a regular viewer of Abrams’ films will be used this sort of overwhelming action, original trilogy purists may find it off-putting. Still, this newfound energy is partly what makes the film’s unlikely rockstar — the spherical droid/wonderball/cuteness explosion known as BB-8 — work so well, and what will keep audiences coming back to see him and the rest of the characters bounce around spaceships in future installments. Well, that, and a bunch of jaw-dropping revelations that I won’t spoil for you here. The Dark: The film doesn’t “teach,” and lacks a central moral compass Ironically, despite the film’s aforementioned proclivity to rhyme, one of its greatest weaknesses is something it doesn’t copy from the originals. A classic hallmark of a Star Wars film is the presence of a wizened master, a moral exemplar who teaches an eager pupil valuable lessons — usually about the Force, but also about life. The original trilogy used the tag-team of Obi-Wan Kenobi and Yoda to steer Luke Skywalker through his adventures and away from the Dark side, and Lucas’ prequel saga offered a hodgepodge of various Jedi masters to bestow wisdom on the viewer, even if the intended subject — Anakin Skywalker — ultimately failed to heed advice. Awakens, by contrast, virtually abandons this concept. Rey and Finn find kinship with Han and other characters, but not tutelage. With the exception of an all-too-brief encounter with Lupita Nyong’o’s character (a fabulous computer generated figure who I will not name, but who should’ve gotten more screen time), the two newcomers are basically left to figure things out by themselves. But while Han is arguably the film’s father figure, he doesn’t pretend to be a moral exemplar, and that leaves our characters — and the story — somewhat adrift. This will no doubt resonate with our “Do It Yourself” generation, fiercely independent Millennials who celebrate home-brews, iPhone jailbreaks, and even handcrafted reworkings of the original Star Wars. And the shift is expressive of characters who thirst for self-reliance: Rey, a scrap-peddling orphan, spent years surviving on her own in the desert of the planet Jakku, and Finn’s story arc sees him desperate to forge an independence long denied to him. Both characters clearly admire the swashbuckling Han, whose primary life tutor is time, experience, and trial and error. But while Han is arguably the film’s father figure, he doesn’t pretend to be a moral exemplar, and that leaves our characters — and the story — somewhat adrift. Han even seems to acknowledge the absence of a genuine mentor about midway through, when he watches Rey struggle with a blaster before saying, “You have a lot to learn” — but then offers no further instruction. Han doesn’t become Rey’s teacher in any real sense, leaving her to discern life’s secrets — not to mention details about things like the Force — entirely on her own. This rugged individualism remains true to the spirit of Han, Rey, and Finn. But it also changes the way audiences have historically interacted with Star Wars films. There is no moral compass in Awakens, no hooded figure to offer sagacity in the face of Kylo Ren’s reckless sadism. In fact, Awakens is, quite literally, a quest to find such a teacher. It’s a universe filled with characters, both young and old, who are desperate to mature, but with no one to instruct them as to how. The result is a story swelling with the power of the Force, but none of the wisdom that’s supposed to accompany it. The Rest: Ultimately, The Force Awakens feels more like a story than a myth — and the difference matters Much has been written about how Lucas’ original trilogy is emblematic of history’s greatest myths, particularly how it mimics the traits of archetypal heroes and religious figures outlined in scholar Joseph Campbell’s book The Hero with a Thousand Faces. George Lucas himself has acknowledged the influence ancient story models (and Campbell’s work) had on the crafting of Star Wars, and many argue that it was the series’ mythic quality — which can also be seen in beloved series such as Harry Potter and the Lord of the Rings saga — that made it so successful. Awakens, however, does not emulate these mythic patterns, which some believe are what makes a tale timeless. Instead, the newest Star Wars feels a bit more like an amazing story that has little interest in being repeated for ages — even if it might be. It’s reminiscent of the now-defunct Star Wars Expanded Universe, a lexicon of stories crafted by authors, artists, and video game producers that added new tales and filled in the gaps that pockmarked Lucas’ otherwise beloved universe — but none of which succeeded in becoming myths unto themselves. Abrams toes a similar line, making his Star Wars characters more “real” by divorcing them from established — but ultimately simplistic — tropes. The movie is strengthened by it, but it will likely cost it some staying power in the long run. As Yoda would put it: a myth, this is not. As Yoda would put it: a myth, this is not. In fairness, the lack of legend in Abrams’ work is likely due to the radical shift currently rocking the film industry, where standalone films and even trilogies are being cast aside in favor of mega-moneymakers such as the Marvel franchise, with stories that are told over the course of dozens of films instead of two or three. Disney has already made it clear they intend to do the same with the Star Wars franchise, releasing one every year for as long as they can. This is a different kind of storytelling framework than Lucas’ era, and helps explain why Awakens feels like the first episode of a great series instead of standalone film. Such is the odd emotional space that Awakens ultimately occupies. Abrams’ creation is no less beautiful, no less fantastic than anything Lucas created. It’s arguably better directed than at least one of the original films (not to mention all of the prequels), and nails the universe-building challenge as well as the obligatory creation of at least one iconic character — BB-8. The acting is superb, the action sequences are Oscar-worthy, and the characters — homo sapien, robot, or otherwise — are in some ways more human than any Star Wars film to date. But this time, when the film ended and the lights went up, I didn’t want to rush home and write my own fan fiction, explore extra details in Wookieepedia (yes, that’s a thing), or imagine how Jedi wisdom mirrors the words of real-life sages. Instead — for reasons that will be made clear when you see the film — I desperately wanted to click the “next episode” button, as if on a Netflix binge, which is a dramatic departure from how the original Star Wars films made me feel. It’s a distinction between a Lucas myth and the light speed jaunt across the galaxy that Abrams has set in motion, which is less about ancient archetypes and more about creating a series of really, really amazing stories. It’s different, and I will miss Lucas’ embrace of the timeless as I watch the untold number of Star Wars movies, television shows, and virtual reality experiences to come. But rest assured, Abrams: Thanks to you, I’m going to watch every damn one of them, just as soon as I clear off a space on my desk for BB-8.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-31/beijing-blowback-begins-china-orders-anbang-sell-its-overseas-assets

Beijing Blowback Begins: China Orders Anbang To Sell Its Overseas Assets

Two weeks ago, when discussing the troubles plaguing one of China's conglomerates and "boldest dealmaker", HNA Group - recently best known for acquiring Anthony Scaramucci's SkyBridge capital in a transaction that has yet to close - we said that what until recently was one of the world's most aggressive roll-ups of varied companies from around the globe, including stakes in Hilton Companies and Deutsche Bank, as well as countless Chinese acquisitions, could very soon become the "reverse roll-up from hell", as the stock price of HNA tumbled, putting the roughly $$24 billion in loans that had been taken against HNA stock in jeopardy of breachin their LTV limits, forcing a massive margin call, and potential firesale liquidation of the company's assets as shown in the chart below... ... which have been hit with the double whammy of various rating agency downgrades in recent months, further eroding the collateral value of HNA's various assets. Yet while the fate of HNA's conglomerate future still remains largely in the hands of the market, which could easily prompt a firesale if it were to push HNA stock low enough, another Chinese conglomerate may not have the benefit of the market's potential generosity, because according to Bloomberg, Chinese authorities have asked HNA's peer, Anbang Insurance Group, the insurer whose chairman was recently detained in June and was classified as a potential "systemic risk" to China's economy, to sell its overseas assets. In addition to demand a liquidation of many if not all assets acquired by Anbang over the past three years, the government also asked the company - whose Chairman will surely comply following his brief "detention" - to bring the proceeds back to China after disposing of holdings abroad, suggesting not only growing concerns about Chinese capital outflows, but Beijing's apparent intention to undo the massive Chinese M&A wave that swept the globe from 2014 through most of 2016, and led to the infamous "Chinese acquisition premium." Bloomberg notes that it is not clear yet how Anbang will respond, and in a WeChat message, the insurer said that “Anbang at present has no plans to sell its overseas assets," although that is sure to change once Beijing asks again, less politely this time. "Currently, Anbang’s various businesses and operations are all normal, and the company has ample cash and sufficient solvency capabilities.” Anbang, together with HNA, Wanda and Fosun, were the four most prominent Chinese conglomerates which unleashed a buying binge across the globe, fueled by soaring sales of investment-type insurance policies. Since 2015, the four companies completed a combined $$55 billion in overseas acquisitions, 18% of Chinese companies’ total, and according to some, were instrumental in accelerating China's capital outflows over the same period. Anbang first emerged in the public arena with its high profile 2014 acquisition of New York’s Waldorf Astoria hotel. Subsequently, Anbang and its peers acquired such trophy assets as AC Milan, Legendary film studios and Hilton Worldwide. Anbang alone made billions in acquisitions in such businesses as the Westin St. Francis, InterContinental Miami, Rabobank's mortgage portfolio and various other M&A targets around the globe. However, it all ended with a thud in mid-June, when Anbang Chairman Wu Xiaohui was detained for questioning, while the policies fueling the company's growth have been all but banned by regulators. At this moment Anbang is merely a shell corporation, with virtually no new business creation, one whose massive debt load threatens to careen the company soon if it does not find sources of cheap liquidity and fast. At a twice-a-decade conference on financial regulation convened by President Xi Jinping this month, policy makers pledged to rein in corporate borrowing and said that preventing systemic risk was an “eternal theme.” Making matters worse is that Anbang’s rise in recent years was fueled by sales of lucrative wealth-management products that offered among the highest yields compared with peers, a key spoke of China's $$9 trillion shadow banking universe. China’s insurance regulator this year started clamping down on what it termed “improper innovation” and tightened rules on high-yield, short-term investment policies. Anbang and other aggressive insurers such as Foresea Life got caught up in the crackdown. Where Anbang's death spiral could turn especially aggressive, is if Anbang customers start surrendering their policies and stop buying new ones, a feedback loop that would accelerate a continuing cash drain at the company, while forcing its existing product suite of wealth products to default, leading to the biggest risk facing China's economy: a shadow bank run. One Anbang product, called Anbang Longevity Sure Win No. 1, boosted the firm’s life insurance premiums almost 40-fold in 2014 by offering yields as high as 5.8 percent. That helped provide fuel for the firm’s more than $$10 billion of overseas acquisitions since 2014 and equally ambitious investing in the domestic stock market. If investors realize that not only China's M&A party is over, but that the shadow banking sector is facing a potential default cliff, the scramble to recover invested capital will be unprecedented. For now, Anbang can delay the inevitable cash call by following Beijing's demands, and slowly - at first- begin liquidating its trophy offshore assets, and repatriating the proceeds, effectively inverting the outbound M&A surge that marked the past three years. The good news is that at least at this moment, there are plenty of willing buyers for the upcoming Anbang firesale..

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-03-22/banks-stocks-could-undperform-years-update

Banks Stocks could underperform for years (Update)

90-days ago Joe Friday shared that if history was a guide, banks could under perform the broad market going forward. The chart below was shared on 12/23/16 (See Post Here). It highlighted that since the highs in 2007, when the Bank/SPY ratio became very over bought, banks lagged the broad market for a good while. CLICK ON CHART TO ENLARGE Since the highs in the financial crisis, each time banks have attempted to out perform the S&P and momentum was very high, banks struggled going forward and the broad market didn’t have tons to brag about. Below looks at the performance of the S&P, Banks (XLF) and Regional Banks (KRE), since the Joe Friday post on 12/23/16. CLICK ON CHART TO ENLARGE The post election “reflation theme” needs the banks to do well going forward, keep up with the S&P or out performing it. If banks would continue to under perform or decline in price, it will raise questions if the reflation theme has peaked out. Really important what banks do going forward friends, keep a close eye on them! The reflation theme wants the Bank/SPX ratio (top chart) to breakout! If it would, positive price message for Banks and the bullish case for stocks. Blog: KIMBLECHARTINGSOLUTIONS.COM/BLOG Get our daily research posts delivered to your inbox here Website: KIMBLECHARTINGSOLUTIONS.COM Questions: Email [email protected] or call us toll free 877-721-7217 international 714-941-9381

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-02/indian-banks-slash-interest-rates-cash-shortage-leads-manufacturing-contraction-econ

As Cash Shortage Leads To Manufacturing Contraction, Economic Shockwaves, Indian Banks Slash Interest Rates

Over 50 days after Indian Prime Minister Narenda Modi stunned India's population when he announced on November 8 he would unexpectedly eliminate 86% of the existing currency in circulation in what was supposed to be a crackdown on the shadow economy, but instead has resulted in a significant hit to the broader, cash-based economy, overnight we noted the first official confirmation of how substantial the impact of Modi's demonetization has been, when the Nikkei India Manufacturing Purchasing Managers Index printed at 49.6 in December, the first contraction reading since December 2015, as the war on cash crippled demand. According to the report, output and new orders fall for first time in one year; companies reduced buying levels and payroll numbers; Input cost inflation accelerated, while charges rose at softer rate. Commenting on the report, IHS Markit economist Pollyanna De Lima said that “having held its ground in November following the unexpected withdrawal of 500 and 1,000 bank notes from circulation, India’s manufacturing industry slid into contraction at the end of 2016. Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout 2016. Cash flow issues among firms also led to reductions in purchasing activity and employment. Looking at the upcoming timeline of cash exchanges, she noted that "with the window for exchanging notes having closed at the end of December, January data will be key in showing whether the sector will see a quick rebound.” As Bloomberg added, other recent data also mirror the stress. Motorcycle maker Bajaj Auto Ltd.’s total sales slipped 22 percent in December, the steepest fall in at least 21 months. Motorcycle sales, a key indicator of rural demand, declined 18%. India’s biggest automaker by volume, Maruti Suzuki Ltd., reported a 4.4 percent drop in domestic December sales, the first decline in six months, while overall sales fell 1 percent from a year earlier. A continued slowdown will strip India of its position as one of the world’s fastest-growing big economies and risk a political backlash against Modi. On Wednesday another key economic report is due, when the Service PMI data is due before focus shifts to the government’s first official growth estimate for the year through March. India’s economy, which until recently was expected to be the world's fastest growing, large economy, outpacing China... ... is now expected to grow 6.9% in the year through March, according to a consensus estimate. That’s well below the 7.3% predicted by a survey in November and the previous year’s 7.6% actual expansion. At this rate of deterioration, China, and its "goalseeked" 6.5% annual growth rate may soon regain the top spot among world economies. Meanwhile, in an attempt to offset the slowing economy as a result of the Prime Minister's unprecedented demonetization gamble, overnight Indian banks, led by market leader State Bank of India, announced sharp cuts to their lending rates after the recent surge in deposits as ordinary Indians brought their cash to the bank for "safekeeping", raising hopes that lower borrowing costs will help spark credit growth in Asia's third-largest economy. On Sunday, State Bank of India, India country's biggest lender by assets, said it had cut its so-called marginal cost of funds-based lending rates (MCLR) by 90 bps, while unveiling new products for mortgage loans, one of the fastest-growing areas. Other lenders including Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Dena Bank followed suit and also cut their lending rates by 45-90 basis points across tenures. Analysts expect more lenders to follow suit. Banks have received 14.9 trillion rupees ($$219.30 billion) in old 500, and 1,000 rupees notes from depositors since Modi's cash overhaul. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Cited by Reuters, Arundhati Bhattacharya, chairman of SBI, said at a news briefing on Monday, the rate cuts were intended to "jump start" credit growth and could raise it by 100-200 bps in the year ending in March. Even if accurate, it remains to be seen if such credit growth will have an offsetting impact on economic growth. SBI now expects credit growth for 2016/17 fiscal year to be 8-9%, Bhattacharya said, still lower than the lender's previous formal guidance of 10-12% growth. Any signs of a revival in credit could ease some of the worries from Modi's move, which has sparked a severe cash shortage that has paralyzed parts of the economy. The rate cuts also come after Modi on Saturday warned banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi's comments were made in a special New Year's eve speech in which he defended his ban on higher-value cash notes and announced a slew of incentives including channeling more credit to the poor and the middle class. Some have expressed optimism that the combined impact of banks cutting lending rates and subvention provided by the government to small businesses is likely to help turn around growth faster than expected in the next fiscal year," said Saugata Bhattacharya, chief economist at Axis Bank, the third-biggest Indian lender. Many others remain skeptical. For now, however, the immediate impact was on Indian Bonds, which rose after SBI's interest cutting announcement, pushing the yield on the sovereign note due September 2026 to 6.4% from 6.51%. If anything, this is the latest sign that in a world drowning in leverage, and whose economy is priced to perfection, any ongoing "tightness" and rising rates, will only lead to adverse consequences not only in Emerging Markets, but developed ones as well.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-09-23/americas-fake-stability-boobs-credit

America's 'Fake' Stability & Boobs On Credit

Authored by Jim Quinn via The Burning Platform blog, Do you ever hear something so startlingly mind numbingly ridiculous you realize it must be a sign things have gotten so fucked up something has got to give? As I was driving to work yesterday morning on the Schuylkill Expressway a commercial comes on the radio from a plastic surgeon advertising for anyone looking for a better set of boobs. I had never heard a plastic surgeon commercial before, so I thought that was unusual. But, that wasn’t the best part. This plastic surgeon was offering no money down 18 month interest free financing on your new boobs. I wonder if they are moving boobs with subprime debt the same way the auto companies have used subprime debt to move cars. Of course, when a deadbeat defaults on an auto loan the car is easily repossessed. What happens when a bimbo defaults on her boob loan? How narrow minded of me. What happens when some dude who wants to be a bimbo defaults on his/her loan? I guess it was just a matter of time before breast enhancement met debt enhancement in this warped world of materialism, narcissism, financialization, and delusions. Now that revolving credit has reached a new all-time high of $$1 trillion and total consumer debt outstanding has exceeded it’s 2008 peak at $$12.8 trillion, the Fed has completed its job of helping the average American again in-debt themselves up to their eyeballs. This is considered a success story in this twisted, perverted, bizarro world we call America today. The solution to an epic debt induced global financial catastrophe caused by Federal Reserve easy money, Wall Street fraud, and Washington DC corruption has been to increase global debt by 50% since 2007, with virtually all of it created by central bankers and the governments they control. In what demented Ivy League educated academic mind would piling $$68 trillion more debt on the backs of taxpayers as a cure for a disease caused by the initial $$149 trillion of debt be considered rational and sustainable? It’s like having pancreatic cancer and trying to cure it with a self inflicted gunshot. And no one seems to care about or even notice the coming reset when this mass debt induced hysteria of delusion turns into the biggest financial collapse in the history of mankind. This entire ponzi scheme edifice of debt is nothing but a confidence game. When people begin to realize they can’t repay their own debts, start to understand their governments will never honor their debt based promises, and realize central bankers are nothing more than pretend wizards behind a curtain, the confidence will evaporate in an instant and a collapse which will make 2008/2009 look like a walk in the park will ensue. That’s when civil and global war will engulf the world and teach people real lessons about the real world. The boobs on credit commercial I heard this week is just another example of Wall Street and their Deep State crony co-conspirators completing their scheme to financialize every aspect of our lives and entrap us in chains of debt, beholden to these modern day Wall Street slave owners. When you see the record number of retail bankruptcies and store closings happening when GDP is supposedly rising by 3% and witness with your own two eyes the number of vacant storefronts and restaurants across our great land of materialism, you might wonder why revolving credit card debt is at a new all-time high. The answer is Wall Street has successfully financialized virtually every aspect of our day to day lives. Consumer and taxpayer transactions which required cash or check ten years ago can now be paid with a credit card. You can pay your IRS bill with a credit card. You can pay your real estate taxes with a credit card. You can pay your utilities with a credit card. You can pay your school tuition with a credit card. You can pay your rent with a credit card. You can “buy” furniture and appliances without paying for seven years. And guess what? That’s what millions of average Americans are doing. In addition, they are driving “rented” $$35,000 automobiles on seven year nothing down payment plans. This massive debt induced fraud of a recovery gives the appearance of normalcy and stability . The stock market is at all-time highs is used as the narrative of central banker success. We’ve experienced extremely low volatility as the central bankers around the world have coordinated their money printing/debt creating schemes to purposely elevate financial markets to give the masses confidence that all is well. Anyone with critical thinking skills knows all is not well. The longer this fake stability is maintained the greater the collapse. Success breeds disregard for the possibility of catastrophe. So you can call me the boy who cried wolf, but our Minsky Moment is approaching. Sometimes they do ring a bell at the top. In this case they are shaking fake boobs at the top. “Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.” – Hyman Minsky

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-19/evans-flips-hawkish-dovish-says-fed-could-wait-until-december-next-hike

Evans Flips From Hawkish To Dovish, Says Fed "Could Wait Until December" Before Next Hike

Earlier today, NY Fed president Bill Dudley sparked a hawkish storm in the markets, when in a bizarre statement he doubled down on the Yellen's "hawkish hike" rhetoric, and made it seem that easing is now perceived by the Fed as a bad thing: FED'S DUDLEY: HALTING TIGHTENING CYCLE NOW WOULD IMPERIL ECONOMY Then moments ago, today's second Fed speaker of the day, Chicago Fed's dovish, FOMC voter Charles Evans delivered a Dr. Jekyll and Mr. Hyde statement, where first, in his prepared remarks and during the subsequent Q&A in New York he sounded rather hawkish, while speaking to reporters after the event he flipped at emerged as his usual old dovish self. First, here are the highlights from the dovish Evans: “I think where we are with the funds rate right now is kind of in line with my outlook.” "US fundamentals are good, no reason this won't continue" Evans sees a "high threshold to change the Fed's balance sheet unwind plan" Evans said there are only "small differences" in whether the FOMC hiked rates 2, 3, or 4 times in 2017. Evans says he didn’t dissent last week because “we’re at a point where the real economy is really doing quite well” Evans agreed with Yellen and others that the reductions in the balance sheet should gradual and like "watching paint dry". “I can’t just sort of say, it’s without risk to continue with very accommodative low interest rates" “Beginning to adjust the balance sheet is one of the easier, more natural things to do, soon, sometime this year" He also said something which really doesn't make any sense, to wit: “I want to assure you that if we know things are going wrong we will act.” The statement is clearly meaningless because on countless occasions the Fed has said it has no way of seeing asset bubbles in advance, and since an asset bubble is the biggest risk facing global markets, one wonders just how the Fed could know that "things are going wrong." And then as he was leaving, the dovish Evans we all know so well, made a surprise appearance: “We could wait until December” and assess the data and still be able to get the three hikes in which are implied by the median dot in the latest quarterly Fed forecast and assess the data and still be able to get the three hikes in which are implied by the median dot in the latest quarterly Fed forecast “I think it’s going to be important to see several months of markedly better inflation data.” “I think that it’s about the policy path from here that is the risky part. Now, it could be that we’ve already gone too far. I don’t think that’s the case” “I think if we were to race to a higher funds rate too quickly without seeing improvements in inflation, that could be quite a concern. And it’s that part that I think where we need to stop and kind of go, you know -- I just think the message out of the conservative central banking story was, we need to get inflation to 2 percent”: Evans His non-committal conclusion was that “we’re at a point where we’d be well- served to meaningfully monitor the data.” During his speech, the dollar initially strengthened, then weakened, but since the end of his speech it has resumed its autopilot move higher as Dudley's comments clearly take presedence, bizarre as they may have been.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/07/xiaomi-redmi-pro-2-cancelled-to-be-replaced-by-x1-device-001826289.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

Xiaomi Redmi Pro 2 cancelled; to be replaced by X1 device

Xiaomi hasn't provided any confirmation regarding its heavily-speculated Redmi #Pro 2 #Smartphone ye, but that certainly hasn't stopped the rumor mill from churning away. Alleged images of the Redmi Pro 2 emerged on Chinese social media website Weibo. Now, there are several shocking reports that claim that the Chinese tech giant might have decided to cancel the possible successor to last year's Redmi Pro. A new flagship smartphone According to a report by GSMArena, the company has been rumored to be planning to replace its Redmi Pro 2 line-up with another smartphone called "Xiaomi X1." The major highlights of this smartphone will be its bezel-less design tagged along with special features. Advertisements Advertisements The report further goes on to clarify that the questionable Xiaomi X1 will come in two variants. The first variant will feature a bezel-less design, while the other one will pack a regular display. Talking about the normal model, the Xiaomi X1 smartphone is expected to pack a 5.5-inch full-HD display with a screen resolution of 2,160 x 1,080 pixels. Furthermore, the smartphone will most probably be powered by Qualcomm's Snapdragon 660 processor. Rumored specs and features The regular variant of the Xiaomi X1 will offer 4GB of RAM coupled with 64GB of internal storage. On the camera front, the Xiaomi X1 smartphone is expected to flaunt either IMX362 or IMX386 dual-camera set-up. There will also be a fingerprint sensor located on the rear panel of the device. As far as the connectivity options are concerned, the smartphone will most definitely feature a 3.5mm audio jack along with other basic facilities. Advertisements As far as the pricing of the aforementioned smartphone is concerned, it will vary from storage variant to storage variant. While the 64GB Xiaomi X1 is expected to be priced at 1,999 Yuan (approximately Rs 19,049), the 128GB Xiaomi X1 will start at a base price of 2,499 Yuan (approximately Rs 23,847). As noted by several reports, the bezel-less variant of Xiaomi's X1 will be higher in terms of price. The device is expected to arrive in two storage options: 6GBRAM/64GB ROM that will most probably be priced at around 2,299 Yuan and the 6GB RAM/128GB ROM that will be priced at around 2,799 Yuan. However, none of the above-given information has been officially confirmed by the company as yet. Therefore, readers are advised to consider the most of the information as rumors. In fact, a separate report even claimed that Xiaomi will be launching both X1 as well as Redmi Pro 2 smartphones. #Xiaomi Redmi

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-12/disappointing-3-year-auction-prices-highest-yield-2010-lowest-bid-cover-2009

Disappointing 3 Year Auction Prices At Highest Yield Since 2010, Lowest Bid To Cover Since 2009

The result of today's 3 Year auction, coming at a time when the When Issued was printing above auction stops since April 2010, would be closely watched as a critical test of demand, particularly foreign demand, following selloff sparked by U.S. presidential election, strategists quoted by Bloomberg said. At the same time, they added that the condensed auction schedule, December seasonality, proximity to the Dec. 14 FOMC decision and today’s oil-driven UST selloff, which helped push UST yields above last year’s highs for the first time, may muddy the analysis. “This month’s supply could be somewhat more challenging to underwrite relative to recent averages,” JPM strategist Jay Barry said in note Further factors limiting foreign demand could be the recent USD strength, which has widened the cross-currency basis swap, increasing hedging costs for foreign private investors, Citi strategist Jabaz Mathai said in note. Positives for the auctions include repo value as both the 3Y and 10Y have recently traded special, indicating a short base which may support demand. With that out of the way, here are the results as reported moments ago by the US Treasury. The high yield on the 3Y auction printed at 1.452%, 0.1bps higher than the 1.451% When Issued, and as expected, the highest since April 2010, indicating further weakness into the auction despite the substantial short base. The internal were just as poor, with the Bid to Cover sliding from 2.685 in November to only 2.653, the lowest since July 2009, and well below the 6 month average of 2.808. Demand by foreigners, on the other hand, did not disappoint, with Indirects taking 42.6%, in line with last month's auction, even if well below the 49.9% 6MMA. Directs took down 9% of the auction leaving 48.5% for Primary Dealers. Overall, a modestly disappointing auction which came in as expected, and which was likely impacted by this week's event calendar. And now, all eyes on both the 10Y auction later today, as well as the FOMC decision on Wednesday.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-19/bofa-has-fed-become-concerned-about-surge-stocks

BofA: "Has The Fed Become Concerned About The Surge In Stocks?"

In a unexpectedly gloomy note from BofA's Chief strategist David Woo, titled "Sell before it's too late", the analyst writes that this is "a market with risk off written all over it" largely as a result of a string of weaker-than-expected US data over the past week, which "has only strengthened our view that the US economy is losing momentum" and adds that the culprit is the lack of progress in tax reform in Washington. As Woo explains, the reason for his gloomy economic view is that companies after companies across the country have been telling the bank lately that they are withholding major decisions on hiring and investment until there is greater clarity on tax reform, which he says "should come as no surprise." Running a business without knowing what taxes you will be paying, whether interest and labor costs will be tax deductible, how long you have for capital expenditure depreciation is like driving at night without headlights. If you can't see, you slow down ? the increased uncertainty around tax reform has become a damper on economic growth. The data are bearing out this wait-and-see attitude. Core durable goods orders have been flat for three consecutive months and the three-month moving average of nonfarm payrolls slowed in May to the most sluggish pace since the Eurozone crisis in 2012 What did surprise Woo is that against a backdrop of a rolling over economy, the Fed doubled down on its hawkish tone and wonders "what it sees ("solid" job gains, businness fixed investment that "continues to expand", risk to the economy being "roughly balanced") that we do not." His answer: "Can it be the case that its hawkishness was prompted by something other than its reading of the economy? For example, is it possible that the Fed has become concerned about the recent surge in the equity market, especially tech stocks that has been feeding off low interest rates and low volatility? According to our equity strategists, the P/E of the tech sector (19x) is currently at its highest levels post-crisis while the EV/Sales ratio is at the highest sinec the Tech Bubble" Woo adds that whether the Fed's hawkiness was indeed intended as a warning shot to tech stocks or not, momentum behind the recent tech rally was already fading even before the FOMC meeting. The fact that large cap active funds have never been more overweight the tech sector in the history of our data and the possibility that there could be a bigger correction ahead make us think that the balance of risks for both US rates and USD/JPY remains on the downside (notwithstanding the Fed's plan to hike one more time and to start shrinking its balance sheet this year). It's not just tech however, because as the BofA strategist also notes, "the price action in the energy market is also raising a red flag in our eyes. In the face of continued inventory build and increasing rig count (Chart 2), WTI front month contracts fell to a two-month low last week. BofA's commodity team maintains its view that supply/demand balance points to a deficit of 830 thousand b/d over 2H2017 but is becoming concerned that hedging ratios among North American producers for 2018 are only a quarter of their normal levels. As Woo warns, if WTI breaks below $$44 per barrel (it is currently at $$44.68), $$38-40 levels could be in play. To be sure, today's hawkish comments by Dudley in light of last week's increasingly disappointing economic data suggest that the Fed is indeed focused on "other things" although if Yellen is hoping to mute the relentless grind higher in stocks, one look at today's market action shows that she and the Fed will both have to try much harder...

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-18/china-central-bank-injects-record-1035-trillion-bank-liquidity-week

China Central Bank Injects A Record 1.035 Trillion In Bank Liquidity This Week

Heading into the Chinese Lunar New Year, local banks are suddenly starved for liquidity like never before. On Tuesday China’s benchmark money-market rate jumped the most in two years, with unprecedented cash injections by the central bank being overwhelmed by demand before the Lunar New Year holidays. Demand for cash in China tends to increase before the Lunar New Year holidays, when households withdraw money to pay for gifts and get-togethers. Month-end corporate tax payments are adding to the pressure this time, with the break running from Jan. 27 through Feb. 2. At that point the PBOC usually steps in with liquidity "injections" in the form of reverse repos. However, what it has done this year is literally off the charts. On Wednesday, the People’s Bank of China put in a net 410 billion yuan ($$60 billion) through open-market operations, the biggest daily "injection" on record. Despite this massive boost in liquidity, the interbank seven-day repurchase rate still jumped 35 basis points, the most since December 2014, to 2.76 percent, according to weighted average prices. Yesterday, the overnight repo rate rose 10 basis points to 2.50 percent, the highest since April 2015, according to weighted average prices. So, with liquidity still scarce, moments ago on Thursday morning, the PBOC added another net injection of 190 billion consisting of 100Bn in 7-day repo and 150BN in 28-day repos, offset by 60bn yuan in previous loans maturing. As a result, the PBOC has injected a net of 1.035 trillion yuan via reverse repos so far this week, an all time high. It was unclear if the rise in 7-day interbank repo rate had continued to rise. “The PBOC aims to ensure that the liquidity situation remains adequate, while the 28-day reverse repo is apparently targeted at covering the holidays,” said Frances Cheung, head of rates strategy for Asia ex-Japan at Societe Generale SA. “There could also be preparation for any indirect tightening impact from potential outflows.” Liquidity conditions are under pressure also because loans are due to mature under the Medium-term Lending Facility, according to Long Hongliang, a trader at Bank of Hebei Co. in Beijing. There are 216.5 billion yuan of MLF contracts maturing this week, data compiled by Bloomberg show. The PBOC offered 305.5 billion yuan of loans to lenders using the tool on Jan. 13, compared with 105.5 billion yuan due that day. As Bloomberg notes, China’s central bank has been offering more 28-day reverse repos than one-week loans in the past two weeks, while curbing the injection of cheaper, short-term funds amid efforts to lower leverage in the financial system. It drained a net 595 billion yuan in the first week of January, before switching to a net injection of 100 billion yuan last week as the seasonal funding demand started to emerge. However, this week's injection so far of over CNY 1 trillion suggests that there may be something more to the banks' liquidity needs than simple calendar action.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/showbiz-tv/2017/08/video/avatar-2-james-cameron-discusses-possibilities-to-release-movie-in-vr-004650857.html

Blasting News

‘Avatar 2’: James Cameron discusses possibilities to release movie in VR

Cancel ‘Avatar 2’: James Cameron discusses possibilities to release movie in VR A lot of fans are expecting to see 'Avatar 2' on the big screen via virtual reality but James Cameron is not sure if this will be the case. 24 August 2017

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-06/chinese-volatility-explodes-yuan-tumbles-most-one-year-after-biggest-2-day-rally-eve

Hokumytrader, Not Verified

Chinese Volatility Explodes: Yuan Tumbles Most In One Year After Biggest 2-Day Rally Ever

While China's unprecedented currency moves have quickly become the main talking point across global markets which otherwise have started off 2017 in an eerily calm fashion, it is the sudden surge in two-way volatility that has emerged a major threat to global market stability. Case in point, the offshore Yuan fell as much as 1.1% to 6.8623 a dollar in Hong Kong, the most in exactly one year, after a record 2.5% surge over the past two sessions. This took place as a result of conflicting signals, as on one hand China continued to drain liquidity and sent overnight deposit rates into all time high territory, yet on the other the PBOC raised its fixing less than projected, but still the most since 2005, and Goldman Sachs advised its lients that the best time to short the yuan are just after interventions - like the recent one - which flush out bearish positions, or when China concerns were off traders’ radar screens. China’s central bank raised its daily reference rate by 0.92% to 6.8668 per dollar on Friday the biggest rise since unpegging from the US dollar in 2005, following a 1 percent drop in a gauge of the greenback’s strength overnight. The offshore yuan was trading 0.8 percent weaker at 6.8457 per dollar as of 5:23 p.m. in Hong Kong, paring its weekly gain to 1.9 percent, the most in data going back to 2010. The onshore rate slumped 0.6 percent. Friday’s fixing was weaker than Mizuho Bank Ltd.’s prediction of 6.8447 and Australia & New Zealand Banking Group Ltd.’s estimate of 6.8456. As we observed on Thursday evening, Yuan short sellers were once again squeezed in Hong Kong this week after interbank borrowing rates soared, and the dollar weakened as Bloomberg News reported that Chinese policy makers were preparing contingency plans to support the exchange rate even as they prepared for trade war with Donald Trump. The three-month yuan interbank rate in Hong Kong, known as Hibor, surged to a record high, while the overnight rate jumped 23 percentage points to 61 percent, the highest since last January’s cash crunch. Rising interbank rates can make some short positions prohibitively expensive. The move widened the offshore yuan’s premium over the onshore rate to 1.6%, the most since February last year. While borrowing rates in Hong Kong remained elevated on Friday, a broad recovery in the U.S. currency eased some of the pressure on bears. Speaking to Bloomberg, Roy Teo, senior currency strategist at ABN Amro Bank NV in Singapore said that “The offshore yuan is sinking because there is some recovery in the dollar, perhaps the unwinding of short-yuan positions has mostly been done, and it’s closing the gap with the onshore currency.” The yuan is likely to weaken this year as capital outflows continue and the U.S. Federal Reserve increases interest rates, Teo said. As shown in the chart below, in wildly volatile swings, the gave back much of its gains after a week that echoed the short squeeze in January of last year. That abrupt reversal marked the beginning of a nearly 5 percent rally lasting two months. Chinese policy makers have several reasons to engineer a stronger or stable yuan in the short term. U.S. President-elect Donald Trump has pledged to label the country a currency manipulator on his first day in office, while the exchange rate came close to breaking through the psychologically-important level of 7 per dollar earlier this week. Policy makers also want to avoid a flood of capital outflows as citizens’ annual foreign-exchange quotas reset for the new year. Meanwhile, Goldman warned that the Yuan will probably drop to 7.3 per dollar by December, emerging-market strategists led by Kamakshya Trivedi in London predicted in a note dated Thursday. “The squeeze will have a temporary impact,” Luke Spajic, head of emerging Asia portfolio management at Pacific Investment Management Co., said in Hong Kong. “But I don’t think it necessarily changes the challenge, and the challenge is they still have to worry about the $$50 billion to $$60 billion a month of outflows and what they’re going to do about the value of their currency. And they have to face the fact that the U.S. is probably going to keep hiking rates.” Benjamin Fuchs, chief investment officer at the $$2 billion hedge fund BFAM Partners (Hong Kong), said China’s moves to repeatedly tighten capital controls risk eroding confidence in its currency. The dollar’s advance against the yen and other currencies has also increased competitive pressure on China to let the yuan depreciate, he said. “We’re starting to see more and more of a negative cycle being created,” Fuchs said. China’s attempts to curb outflows are “just making people want to take money out quicker, and make companies change their behavior.” The biggest problem, however, is that this volatility is starting to spillover into other currency, and asset markets, and as a result of the Chinese interventions even the dollar is starting to backoff from its recent 13 yearhighs. Finally, in what may be a mockery of what traders observe every day, moments ago the PBOC said that China will keep the Yuan exchange rate "Basically Stable." It added that it "will continue to improve yuan exchange rate formation mechanism this year" according to a statement after PBOC annual meeting on 2017 work. Among other PBOC focuses: To improve policy framework, infrastructure for global yuan: PBOC To maintain prudent, neutral monetary policy: PBOC To keep liquidity basically stable: PBOC Considering that China has failed abysmally at all three so far, markets are increasingly concerned that the worst possible outcome may be inevitable: China losing control over the currency. The global consequences would be severe.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-04-07/boring-equity-action-masks-devastating-eurodollar-unwinds-after-dudley-speech

Boring Equity Action Masks "Devastating Eurodollar Unwinds" After Dudley Speech

On the surface, and in equities, it was a painfully boring day. Stocks tumbled overnight after yesterday's Syrian airstrikes, then as it emerged that the conflict will likely be contained, futures ground higher and not even the worst jobs report in nearly a year managed to put a damper on today's rebound, as the narrative shifted to the drop in the unemployment rate, which dropped to 4.5% on the back of a 400K+ increase in employment according to the BLS' Household Survey. A sharp bounce in the dollar/USDJPY/treasury yield complex during Bill Dudley's speech around noon tried - and failed - to inspire a levitation in the S&P ... ... which ended up closing the day small in the red, despite so much earlier drama. And yet, while on the surface things appeared calm, below the surface, and especially in the Eurodollar complex there was a surge in activity, courtesy of the abovementioned Bill Dudley remarks. What happened? Recall the previously discussed Eurodollar 2018 (EDZ7/EDZ8) spread, which as we showed yesterday, had finally broken below a key support level... ... and was threatening to pull the technical support for the 10Y. In fact, with the 10Y dropping as low as 3.28% in early trading during the overnight, risk-aversion phase, the reflation trade appeared all but dead. That's when Bill Dudley took the podium. This is what he said: “Some people misconstrued what I said last week. I said a little pause. A pause is pretty short already, and I think a little pause is even shorter than that. Presumably at the time that you make the decision on the balance sheet you might want to forgo the decision on short-term rates just to make sure that the balance-sheet decision doesn’t turn out to be a bigger decision than you thought you were making. So, I would emphasize the words ’little pause.’” While those words were largely ignored by equity traders, momo chasers and various algos, they meant all the difference to Eurodollar traders, and anyone who had assumed that following Bill Dudley's comments last week, that the Fed would "pause" its rate hikes during the balance sheet runoff phase. We'll start with the result, and show just how big the move in the EDZ7/EDZ8 trade was: what the chart below shows is that as a result of Dudley's hawkish comments, the Eurodollar spread spiked to the highest level since the FOMC Minutes, where as a reminder the Fed's balance sheet unwind was a primary topic. So what happened? As RBC's Charlie McElligott expains, Dudley delivered the “clarification heard ‘round the (global macro trading) world,” as Dudley, in a mid-Friday afternoon interview, sought to alter the market’s initial interpretation of his massively impactful comments made last week, in turn disrupting thematic trades across the macro landscape. Those comments about the likelihood of a “little pause” in the Fed’s hiking trajectory as-and-when the FOMC begins the process of balance-sheet normalization sent shockwaves through the front-end of the US rates complex, forcing devastating stop-outs / unwinds in MEGA popular macro “reflation” trades like Eurodollar redpack shorts / EDZ7EDZ8 steepeners and the EDZ7-8-9 butterfly and a LOT pain at various and unconstrained funds over the course of the past week. As McElligott adds, the pain seemingly-culminated in this morning’s Syria strike / NFP headline clunker / Stockholm terror attack trifecta, which sent markets into their initial ‘risk off’ spiral, driving a major UST bid. Even as stocks recovered over the course of the morning (as per my note this morning), rates remained pinning near the high-profile psychological 2.30 level nearly all day. Seemingly, the mix of new longs (after the momentum in the ‘short rates’ trade reversed 3 weeks ago) and capitulation from legacy shorts was behind the strength. And then, Dudley “dropped the bomb” in his above-quoted “clarification.” Essentially, Dudley said that the Fed will NOT be substituting B/S policy tweaks for Fed hikes, which as noted had quickly become the new market narrative in short-order. He was clearly taken aback by the market reaction to his comments and viewing them as a statement on the Fed looking to reduce the scale of the overall 2018 hiking landscape. In turn, the price-action via the stop-outs and unwinds in the front-end trades over the past week were violently reversed this afternoon. Indeed, as the chart below shows, the vollume in the Eurodollar spread was the highest since election night! Some other aftereffects: nominal yields turned sharply higher. Breakevens turned off their worst levels too. UST curves flattened. The US Dollar screamed higher against everything from G10 to EM (everybody’s recent ‘fave’ high-yielding longs as it seemed the Dollar was ‘stuck’). In equities, the higher rates dynamic reinvigorate “cyclicals” and “value” factor, while “defensives” / “low volatility” / “anti-beta” factor market-neutral rolled over. And as I’ve been pointing-out, “growth” logically settled-back too, as it had become a hyper-crowded “hiding-place” over the course of the year as investors sought stocks which could perform without fiscal policy and interest rate exposure. Thus, FAANG and PANE (FB, AAPL, AMZN, NFLX, GOOGL and PCLN, AMZN, NFLX, EXPE story stocks in tech / consumer discretionary) lagged broad index on the day. Thus ‘momentum’ market-neutral reversing lower on the day too. McElligott's conclusion: As such, I’m getting sudden jolts of confidence from the last of the ‘reflation hold-out’ clients, now feeling really emboldened. And for the folks who didn’t cover their rates shorts or unwind their ED$$ curve trades, there are now STATUES being built for Dudley in various fund offices around midtown. The one RISK that I see right now for ‘risk’ is this: that we are seeing the largest move TIGHTER in ‘real rates’ since the day post-March Fed hike. This idea of “tightening faster than we are growing” / “inflating faster than we’re growing” continues to be a concern to monitor. Bloomberg opined also, noting that Dudley comments benefited a fresh wave of hawkish Eurodollar Bets. Re-established downside options positioning across eurodollars unexpectedly benefited from Dudley comments Friday as focus shifts to clarity from Yellen on Monday. Signs are emerging that traders are looking to re-establish eurodollar put positions across 2018 maturities, potentially a sign that the rally in reds -- triggered by Dudley’s comments a week ago -- may have been overdone. Friday’s CME open interest changes rose in June 2018 eurodollar puts by 106k contracts; largest gains across 9762 (+25k), 9800 (+30k) and 9812 (+48k) strikes consistent with downside trades initiated Thursday. While open interest is starting to build again across June-18 eurodollar puts, there has been a sharp drop in Jun-17 open interest, reflecting position liquidation. Latest CFTC positioning data, covering week ending April 4, shows speculators adding $$1.8M/DV01, to record eurodollar shorts. Earlier this week, a purge of eurodollar positions saw heavy losses, one of which included a trade liquidated Wednesday for a $$15m hit, across Jun/Sept./Dec mid-curve eurodollar spreads from March 1. The purge came as a result of a collapse in eurodollar spreads, along with the Fed probability term structure which inverted as the rate-hike probability edged higher for June 2017 but then fell further out after Dudley’s comments last week. If all of this sounds overly technical for regular equity traders, don't worry it is, however the implications for the yield curve, and thus the reflation trade, or what's left of it, are substantial. It also means that as we pointed out yesterday, suddenly focus has intensified on Janet Yellen, who’s scheduled to speak at 4pm Monday at University of Michigan, taking questions from the audience and Twitter. What she says may roil if not the equity market, then certainly lead to a new set of big headaches for eurodollar traders.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/showbiz-tv/2017/05/photo/photogallery-jennifer-lawrence-not-apologizing-for-being-caught-pole-dancing-in-tabloid-video-1334373.html

Blasting News, P. Ghose, M. . Meehan, C. Preston, M. Minnicks, S. Johnston

Photogallery - Jennifer Lawrence not apologizing for being caught pole dancing in tabloid video

Back to article: Jennifer Lawrence not apologizing for being caught pole dancing in tabloid video

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-02-03/despite-dismal-jobs-data-dollar-jumps-feds-williams-headlines

Not Verified, Lowerslowerdelaware_Lsd

Despite Dismal Jobs Data, Dollar Jumps On Fed's Williams Headlines

Disappointing earnings growth this morning seemed to convince traders that The Fed would likely be on hold through March (and The Fed's statement earlier in the week did nothing to help_ but after tumbling all morning, the dollar is now jumping higher because The Fed's John Williams says he "sees some arguments to raise rates in March." The Fed is clearly in panic mode that they have lost contro of the narrative... *WILLIAMS SAYS MARCH IS ON THE TABLE, DECISION DATA-DEPENDENT *FED'S WILLIAMS SAYS ALL FOMC MEETINGS ARE LIVE *FED'S WILLIAMS: INFLATION MOVING BACK TO 2% *WILLIAMS SAYS MARCH IS ON THE TABLE, DECISION DATA-DEPENDENT *WILLIAMS SAYS 3 HIKES `REASONABLE GUESS’ FOR FED RATES IN 2017 *FED’S WILLIAMS SAYS NOT WORRIED ABOUT U.S. ECONOMY STALLING *WILLIAMS: INFLATION WILL BUILD UP IF WE PUSH ECONOMY TOO HARD *FED'S WILLIAMS SEES SOME ARGUMENTS TO RAISE RATES IN MARCH And sure enought the algos buy it!!

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-04-06/cudmore-its-now-matter-when-not-if-markets-break-down

Space Shitle, Not Verified

Cudmore: "It's Now A Matter Of When, Not If, Markets Break Down"

After yesterday's sudden last hour swoon, in which the DJIA tumbled over 200 points after the FOMC Minutes, the biggest intraday reversal in 14 months, suddenly the bears - especially those who until recently were on the fences - are getting more vocal, such as Mark Cudmore, Bloomberg's former FX trader who this morning writes that "it’s now a matter of when, not if, markets break down into a proper bout of risk-aversion." As for timing, he sayd that "we’re debating the hour rather than the week." His full note: The Markets Have Made Their Negative Feelings Clear It’s now a matter of when, not if, markets break down into a proper bout of risk-aversion. As for timing, we’re debating the hour rather than the week. The catalyst might be headlines from the Trump-Xi summit, or the ECB’s comments, or it might be the labor report tomorrow, or something else entirely. It doesn’t matter. Markets have made clear which way they want to go, they just haven’t picked which catalyst they’ll blame. It’s not about where assets are priced today -- the key levels have still not broken -- it’s the path they followed to arrive there. After the strong ADP jobs report, equities rallied, Treasuries fell, the yen slumped, etc. The moves were powerful enough to squeeze out weak risk-asset bears and breed complacency among bulls. Then the Fed minutes were delivered. The reversals were sharp and just at the moment when nobody was thinking of the downside to risk assets. This means the market will have to chase these moves. But not aggressively quite yet -- most traders will now be nervously watching the ranges and counting on them to hold again. The key remains the 2.3% yield level in 10-year Treasuries. With the Fed intimating that balance sheet reduction may come sooner than investors expected, thereby potentially reducing the pace of rate hikes, that market is fundamentally fragile as well. It’s tempting to argue that, no matter all that has been thrown at markets in recent months -- from a Fed hike to the failure of the health-care bill -- the ranges still hold. It’s this attitude that has only raised their relevance and increased the likely volatility when they cleanly break. I’d be surprised if the levels survive Thursday, let alone until the weekend. The tide has already turned and we’re soon going to see who is swimming naked.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-15/deutsche-fed-has-created-universal-basic-income-rich-and-now-it-cant-get-out

Deutsche: The Fed Has Created "Universal Basic Income For The Rich" And Now It Can't Get Out

Two weeks after Aleksandar Kocic highlighted the moment in 2012 when the market stopped caring about newsflow and reality, and, in a word "broke" with pervasive complacency setting in regardless of macro uncertainty... ... Deutsche Bank's post modernist master of stream-of-consciousness narrative is back with a new essay dissecting his favorite topic, the interplay between the Fed and markets, the so-called "umbilical limbo" that connects the two in the form of ultraeasy monetary policy and QE in general, and more importantly, the narrative that the Fed has spun over the past ten years, which while supportive of risk assets, has concurrently resulted in what Kocic calls a "permanent state of exception" from normalcy as a result of the Fed decision to defer the financial crisis indefinitely. It is the unwind of this exceptional state, created symbiotically between the Federal Reserve and the markets, that is the source of consternation for markets, and manifests itself in the upcoming "tricky" renormalization of both the global rate structure, and the unwind of central banks' balance sheets and trillions in monetary stimulus. And, quick to revert to his favorite philosophical abstraction, Kocic notes that more than anything the Fed is hardly eager to "disown" the power it has been exercising for years in its attempt to avoid, or at least delay the next crisis: The Fed (and central banks in general) carries an implicit responsibility for orderly re-emancipation of the markets, which makes stimulus unwind especially tricky. This highlights the deep dichotomy of power: While a state of exception is an exercise of power, there is a clear tendency to disown that power. And the only way to avoid facing the underlying dilemma is to never give up the power. This creates a new status quo -- a permanent state of exception. In practical terms, this confirms what we have been warning about for years, namely that the Fed is increasingly "acting as a non-economic actor" - and a price-indescriminate one at that - whose "communications with the markets (“removal of the fourth wall”), excessive accommodation, unconditional support for risk, convexity supply to the market, etc. in place, its role is aimed more and more at achieving “social” and not necessarily financial goals." In some ways, this was to be expected at a time when the traditional defender of social goal, key among them stability - the government - is increasingly unable to perform its duties due to a record and growing ideological chasm between the left and right, which has forced the Fed to resort to preserving the social order through the only "monetary channel" under its control: pushing asset prices to ever higher nosebleed levels, in hopes of boosting the confidence of the general public that "all is well, just look at the S&P", a trope most recently adopted by none other than Donald Trump. Stock Market at new all-time high! Working on new trade deals that will be great for U.S. and its workers! — Donald J. Trump (@realDonaldTrump) July 15, 2017 At its simplest, this boils down to merely perpetuating the capital markets' status quo, or as Kocic calls it "Monetary policy continues to be supportive for stocks, bonds and USD at the same time." This has been a radical departure from traditional relationships across different assets (in the long run, the two can only rally if the third one sells off). These correlations are the gift to the market. In the past years, owners of US risk assets and bonds (as a “hedge”) have been enjoying persistent positive externalities allowing them to make money on both stocks (the underlying) and bonds (the “hedge”). To market participants who observe the lack of solid economic growth coupled with a global market cap that just hit a new all time high, this divergence creates a sense of deep confusion, yet one which few are willing, or able, to challenge in keeping with the mantra of "don't fight the Fed." Still, problems are increasingly emerging, most recently from Bank of America, which in a note yesterday urged the Fed to finally "take that punch bowl away"... ... and warning that the longer the Fed's status quo persists, the greater the risk of a violent renormalization, i.e., crash. If we are wrong and central banks do not take away the punch bowl, things will get much messier eventually. “Bubbles” may form that will eventually burst, leading to much higher volatility than necessary. Keeping rates low in response to persistent positive supply shocks that keep inflation low could lead to imbalances, with a painful eventual correction. Central banks did this mistake before the global crisis and kept monetary policies too loose as inflation was low, ignoring very easy financial conditions, excessive and sometimes irresponsible credit expansion and a housing price bubble. We do not believe, or at least we hope, they will not repeat the same mistake twice. Amusingly, BofA was hopeful that central banks had learned their lesson from "making this mistake before the global crisis" adding that "we do not believe, or at least we hope, they will not repeat the same mistake twice." And yet, last week's events cast significant doubt on this "hope." There are other problems with perpetuating a "permanent state of exception",not least among them the fact that the market will remain broken via an "indefinite suspension of traditional market exchange" which also means that the Fed must reinforce its control over risk prices every day through a "continuous uninterrupted exercise of power." In essence, it is all about diluting the possible downside of stimulus unwind -- an attempt to have an option to obfuscate without losing one’s credibility. With traditional market rules and relationships breaking down, central banks appear to be chasing the illusive target, which means that victory and the final goal are not well defined, which in turn insures the persistence of the “battle” and indefinite continuation of the state of exception. This implies indefinite suspension of traditional market exchange, which means continuous uninterrupted exercise of power that must be won every day. Kocic previously touched on this topic, calling it a state of market "metastability", in which the "persistence of low volatility causes misallocation of capital. This is how complacency leads to buildup of risk – it is the avalanche waiting to happen." He continued: Complacency is a source of metastability. It has a moral hazard inscribed into it. Complacency encourages bad behavior and penalizing dissent – there is a negative carry for not joining the crowd, which further reinforces bad behavior. This is the source of the positive feedback that triggers occasional anxiety attacks, which, although episodic, have the potential to create liquidity problems. Complacency arises either when everyone agrees with everyone else or when no one agrees with anyone. In these situations, which capture the two modes of recent market trading, current and the QE period, the markets become calm and volatility selling and carry strategies define the trading landscape. But, calm makes us worry, and persistent worrying causes fear, and fear tends to be reinforcing. Fast forward to Friday, when in his latest tangent he points out that in order to minimize the "fear" experienced by market participants caught in the metastability trap, they have no choice but to be comforted each and every day by the central bank exercising its "power" by perpetuating the "indefinite suspension of traditional market exchange", something it can only do if the motives of all actors - central banks and investors - are aligned: Everyone is incentivized to participate in the reinforcement of the state of exception, while various forms of contestation of the power are inhibited. For example, attempts at shorting bonds are penalized by a steep curve, protection against volatile unwind is discouraged through wide vol calendars, negative carry etc. And yet this daily interference leads to the abovementioned build up of imbalances, which for a Fed now focusing on its "social" role results in a layering of paradoxes: The fuzziness of its objectives, as seen through obfuscation of the objective function and metrics (a.k.a. moving the goalposts), has become a policy tool that undermines the power of a reality check. Collapse of short-dated volatility is a referendum on the near-term power of central banks, and softening of long-dated (and forward) vol represents first signs of acceptance of its extension and possible permanence. Therefore, when going back to the original postulate, the discontinuity between existing and future policy, it is clear why the Fed is concerned, especially at a time when as the Deutsche Bank strategist writes, QE has become nothing more than "universal basic income for the rich." The accommodation and QE have acted as a free insurance policy for the owners of risk, which, given the demographics of stock market participation, in effect has functioned as universal basic income for the rich. It is not difficult to see how disruptive unwind of stimulus could become. Clearly, in this context risk has become a binding constraint. Putting it all together, Kocic - perhaps not surprisingly - urges his readers to revert to a state of learned helplessness, to borrow a term, and effectively not fight the Fed, at least as long as the Fed remains dovish: In our view, as long as the Fed remains dovish, there is little upside in holding gamma. Although the market is vulnerable to event shocks, in the absence of additional information, it would be difficult to endure the time decay of a long gamma position. If anything, reshaping of the curve is likely to lead to steepeners and more curve volatility. Curve gamma is currently trading at all-time lows and could be perceived as a better value as a potential hedge against event risk. Yet while the current episode of metastability appears firmly entrenched - in fact the longer it persists - the more volatile the outcome, although here in a surprising relent, even Kocic appears to have given up and and suggests that the "permanent state of exception" may indeed be... permanent: "Vega is a different story. Given the continued tension between the Fed and the market, from this vantage point, higher vol in the future looks almost inevitable, but given a possibility of a (semi-) permanent status quo and the state of exception, this might be a long shot." Still, not everyone has thrown in the towel: as BofA's Michael Hartnett wrote two weeks ago, "monetary policy will have to tighten to raise volatility, reduce Wall St inflation, and reduce inequality. There are two ways to cure inequality: you can make the poor richer, or you can make the rich poorer. The Fed will reduce its balance sheet in the hope of making Wall St poorer." At this moment, whether or not Hartnett is right, is the most important question for both the market and Janet Yellen. * * * Kocic' full note below

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/05/new-instagram-updates-again-copy-from-snapchat-001703417.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

New Instagram updates again copy from Snapchat

#Facebook may have been one of the leading platforms of social media in the 21st Century, but even they are not above cribbing a few things from the other online services out there and giving these their own spin. Nowhere else is this more evident perhaps, than with photo-sharing application of #Instagram, which they acquired in 2012. Social media regulars have been noticing a trend wherein Facebook has been introducing new features in the Instagram app that are near copies of features from another image-sharing platform, #Snapchat. Following several amazingly Snapchat-like updates for Instagram over the course of the past several months, Facebook has done it once more. Advertisements Advertisements ‘Copycat’ features No sooner had Snapchat introduced a new option for their photo and video sharing to become “infinite” when Instagram announced Tue, day May 16 that they have a bunch of new features. A quick once-over of these upgrades however shows quite a resemblance to the things Snapchat users have been able to do already. Just over a year and a half ago Snapchat introduced filters for images on their platform that added special effects like adorable animal ears on people’s heads, or rainbow-colored “puke” spilling out of their mouths. Instagram’s got it now too. Now users of the Facebook subsidiary have a choice of (initially) eight image filters to put stuff like glasses and tiaras on the face or head of not just one but multiple people in an Instagram photo. Advertisements This feature is accessible through a new “face” icon on the bottom right corner of the platform interface. Once a filter has been selected, users can merely take a picture, a video, or a clip via Boomerang, the Instagram sub-app that helps create short video loops. Previews of the new filters in action look very promising but it’s nothing Snapchat hasn’t done before. Snapchat fires back It needs to be said, however, that Snap Inc., the parent company of Snapchat, is very upset with the stunts Facebook has been pulling for Instagram. The most blatant copying occurred in August of last year when Instagram launched its “Stories” function, near identical to Snapchat’s core image sharing schtick that has the photos or video disappearing after 24 hours. Shortly after Instagram Stories took off, Snapchat daily active users began to slow down. Snap CEO Evan Spiegel summed up his feelings on this “plagiarism” last week in a statement saying, "If you want to be a creative company, you have got to be comfortable with and basically enjoy the fact that people copy your stuff." Other new Instagram features are a “Rewind” button that reverses a video footage prior to sharing, and a “magic eraser” tool that for once, doesn’t do the same thing as the same-named Snapchat version. It simply erases any color fill obscuring the image.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-02/chinese-interbank-lending-freezes-government-bond-trading-halted-after-massive-pboc-

King Tut, Not Verified, Hrh Feant, Hokumytrader

Chinese Interbank Lending Freezes; Government Bond Trading Halted After Massive PBOC Liquidity Drain

Earlier today, we were surprised to note that having aggressively drained liquidity from the interbank funding market, on the first trading day of 2017, the PBOC not only fixed the Yuan well lower (sy 6.9498 vs 6.9370 on the last day of 2016, even if this was well stronger than the Offshore Yuan), but the People's Bank of China withdrew even more liquidity. It did that by injecting CNY20 billion via 7-day reverse repos and another CNY20 billion via 14-day reverse repos in its open-market operations Tuesday, according to traders, while continuing to skip 28-day reverse repos. The move resulted in a net drain of CNY155 billion for the day, and followed a substantial drain of a net CNY245 billion last week - the first removal of liquidity in three weeks. We promptly followed up with a warning: PBOC drains a net CNY155 billion for the day. Keep an eye on overnight SHIBOR/ HIBOR/ Repo — zerohedge (@zerohedge) January 3, 2017 Just over an hour later, it appears our warning was warranted, because according to the latest daily fixing of the Treasury Market Association, as a result of the PBOC's massive liquidity drain which soaked up a nearly a third of a trillion Yuan in the past two weeks, the interbank market is freezing again as follows: 1-month yuan interbank rate in Hong Kong rises 1.16ppts to 13.01%, 3-month CNH Hibor +89bps to 10.02%; Most importantly, the overnight CNH Hibor rate soared 4.95% to 17.76%, the highest since September, andconfirming of yet another daily freeze in interbank lending simply so that the PBOC can punish all those who are still short the Yuan. The good news: at least the UCDCNH tumbled by as much as 200 pips on the session. The bad news, it is unclear how much more of this daily volatile punishment Chinese and Hong Kong banks can take. But wait, because the interbank freeze was not all, and in a repeat of two weeks ago when China's halted the trading of its government bond future, the Shanghai Stock Exchange announced that Shanghai halted trading of the 3.99% government bond due May 2065 after "abnormal fluctuations." It was not exactly clear what that particular phrase meant aside from "aggressive selling" as per the chart below. According to a statement, trading was set to resume at 11:06 am after being halted at 10:36am, but not before the exchange called on investors to "remain rational and reminded them of trading risks." In other words, please don't sell, especially when the central bank just yanked a near record amount of liquidity from the market.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/03/10/iran-military-and-technical-cooperation-after-sanctions/

Iran: Military and Technical Cooperation After Sanctions

…from SouthFront Iran has one of the Middle East’s largest militarys. While its military is strong enough to prevent any plans of an intervention in the republic, the conditions of the Iranian military equipment and used technologies aren’t the best. The long period of sanctions have prevented Tehran from effectively upgrading its arms and military equipment, leaving it behind regional powers such as Saudi Arabia, Turkey and the United Arab Emirates which have spent hundreds of billions of dollars on some of the most advanced weaponry on the international market. Decades of sanctions have also made it difficult for Iran to source spare parts to repair and maintain its existing military equipment, particularly the air force and navy. According to reports, about 80% of the Iranian Air Force needs repair works, about 20% of the Iranian Air Force isn’t not operationally ready. Tehran has proved remarkably adept at maintaining their weaponry and machinery relying on domestically sourced modifications and upgrades. However, maintaining aging equipment from multiple origins in unfriendly environment has been a complicated task. In the past Iran has relied on the size of its military and its developed asymmetric capabilities. Now, It is reasonable to expect Iran will seek to restore a more conventional balance of capabilities in its military by procuring better weaponry. Estimating Iran’s domestic industry, Tehran will need outside sources to improve its military capabilities. Even with renewed access to the international market, Iran has a little chance to procure any significant amount of defense equipment from Western countries. Continued policy differences and opposition from regional rivals effectively block Iranian access to U.S. and European defense markets. Russia and China are the only countries that can provide the advanced weaponry that will compare with that of Iran’s neighbors. And Moscow looks well positioned to become the primary supplier for Iranian defense needs. Russia holds an edge over China in key areas such as surface-to-air missile technology and air superiority fighter aircraft. And in Syria, everybody has seen a live demonstration of Russian equipment in battlefield operations. Tehran is already in significant negotiations with Moscow. A S-300 surface-to-air missile system deal has recently been made and the system appears to be on the verge of being delivered. There are also reports about the talks between Tehran and Moscow on supplying Russian-made Su-30 fighter jets T-90 tanks to Iran. The both systems are used in Syria. Both Russia and Iran will benefit from the military cooperation. Iran needs to upgrade its conventional weaponry, and Russia is looking for new arms markets. If a strong relationship between Tehran and Moscow become a fact, rapidly, the technological gap between Iran’s military and its regional rivals will narrow shifting the regional balance of power.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-11-24/dollar-shortage-goes-mainstream-when-will-fed-confess

King Tut, Not Verified

Dollar Shortage Goes Mainstream: When Will The Fed Confess?

Last week we posted the report by ADM ISI's Paul Mylchreest “Dollar Liquidity Threat is Getting Critical and the Fed is M.I.A” which summarized some of the key points in the ongoing, second phase of global dollar shortage, profiled here first in the start of 2015 and validated recently by the BIS. We discussed the bitter (and all too predictable) irony that the Federal Reserve doesn’t “get it”, having recently declared that that liquidity in financial markets was “adequate.” It isn't. More than 68,000 hits later, we suspect that many ZH readers are tracking the dollar liquidity crisis (and Fed ignorance) via the negativity in Cross Currency Basis Swaps (CCBS). The 3-month Yen/Dollar CCBS has made a new low of 81.75 bp (swapping Yen into dollars for 3 months costs 81.75bp annualised above covered interest parity) implying that the structural dollar shortage is deteriorating. While we’ve been writing about dollar shortages since the GFC, Mylchreest traced the timeline of the current shortage back to the first RMB devaluation in February 2014. He noted that it’s the one thing that even the central banks struggle to control… think Swiss Franc peg (SNB), impact on carry trade and the Yen (BoJ) and the severe weakness that we’re seeing in the RMB (PBoC). Indeed, a “glaring omission” is the failure of the Fed to set-up a dollar swap arrangement with the PBoC. Mainstream economists and media are playing catch-up. For example, Carmen Reinhart referenced the “dollar shortage” last month, as did Bloomberg, citing a new report by former Fed economist Zoltan Pozsar which summarizes everything we have said for years. In his latest “Global Money Notes” report, “From Exorbitant Privilege to Existential Dilemma”, Credit Suisse’s Zoltan Pozsar argues that “an FOMC determined to normalise interest rates has no choice but to become a Dealer of Last Resort in the FX swap market and provide qunatitative Eurodollar easing (“QEE”) for the rest of the world through its dollar swap lines.” According to Pozsar, Basel III and the money market reforms are tightening dollar funding markets causing an “existential trilemma” for the Fed in which “it is impossible to have constraints on bank balance sheets (restraining capital mobility in global money markets), a par exchange rate between onshore dollars and Eurodollars, and a domestically oriented monetary policy mandate. Something will have to give. It’s either the cross-currency basis, the foreign exchange value of the dollar or the hiking cycle. It’s either the Fed’s regulatory and monetary objectives, or control over the Fed’s balance sheet size. It’s either quantities or prices…” In terms of CCBS, Pozsar expects “Cross-currency bases will have to go more negative before the Fed steps in, and -150bp on the three-month dollar-yen basis is not an unlikely target”, which would probably lead to a severe bout of Yen weakness from here. The three month dollar-euro basis swap has declined to -43.9bp, closing in on its recent low of -58.8bp during the Deutsche Bank panic nearly two months ago. As an aside, it’s telling that fears about European banks still cause a scramble for dollar liquidity in a deja vu all over again. Pozsar, like Mylchreest, highlights how a dollar funding crisis tightens monetary policy for the rest of the world and could shred the RMB as it means “tighter financial conditions for the rest of the world. In turn, tighter financial conditions point to slow, not faster global growth as foreign banks pass on higher costs to their customers or worse: de-lever their books…If the Fed leaves the intermediation of all of the rest of the world’s marginal dollar needs to American bank’s constrained balance sheets, offshore financial conditions may tighten and the dollar may strengthen to the point where they are no longer consistent with the path envisioned for the funds rate: rounds of RMB devaluation would follow which also won’t help interest rate normalization.” So, the rest of the world is left to hang around, waiting to see if the Federal Reserve wakes up to what’s happening to dollar liquidity, and the threat it poses to the global economy and to its own (glacially slow) tightening cycle. And now that they may be finally catching on, we would like to see some economists or journalists sit Janet Yellen down and interrogate her about dollar funding markets. Although we doubt that they could extract a confession, it might be entertaining to watch.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/12/15/iran-sanctions-bill-becomes-law-without-obama-signature/

PressTV: Iran sanctions bill becomes law without Obama signature

US President Barack Obama has declined to sign a bill renewing existing sanctions against Iran, but allowed the legislation to become law, in an apparent effort to alleviate the Islamic Republic’s concerns that Washington is backtracking on the nuclear agreement. The US Senate passed a 10-year extension of the Iran Sanctions Act (ISA) on December 1, sending the measure to the White House for Obama to sign into law. The House of Representatives voted 419 to 1 last month to reauthorize ISA, which was first introduced in 1996 to punish investments in Iran’s energy industry based on accusations that Tehran was pursuing non-civilian objectives in its nuclear energy program. Under the US Constitution, the president has 10 days after Congress passes legislation to sign it, reject it or do nothing. The White House had said that the US president was expected to sign the bill into law, but Obama did not approve the measure as the Wednesday midnight deadline passed. In a statement late on Wednesday, White House Press Secretary Josh Earnest said the president had decided to allow the legislation to become law without his signature. “The administration has, and continues to use, all of the necessary authorities to waive the relevant sanctions” lifted as part of the nuclear deal between Iran and the 5+1 group of countries, Earnest said. Iran and the five permanent members of the UN Security Council — the United States, Britain, Russia, China, France as well as Germany – reached a landmark nuclear agreement last year, under which Tehran agreed to limit some aspects of its nuclear program in exchange for the removal of nuclear-related sanctions. The two sides began implementing the deal, dubbed the Joint Comprehensive Plan of Action (JCPOA), on January 16. However, members of Congress said they wanted ISA to be extended for another decade to send a strong signal that any US president would have the ability to “snap back” sanctions on Iran. “This administration has made clear that an extension of the Iran Sanctions Act, while unnecessary, is entirely consistent with our commitments in the Joint Comprehensive Plan of Action (JCPOA),” Earnest said. “Consistent with this longstanding position, the extension of the Iran Sanctions Act is becoming law without the president’s signature,” he added. “Ensuring the continued implementation of the JCPOA is a top strategic objective for the United States and for our allies and partners around the world,” the Earnest statement said. Iran had vowed to respond strongly if the sanctions were renewed, saying they violate the nuclear deal between Iran and the 5+1 group. Iranian President Hassan Rouhani said on Tuesday that Iran had warned that the approval of the ISA would amount to a breach of the nuclear deal. The Obama administration has expressed reservations about the utility of the legislation, yet American lawmakers argued that renewing the law was critical to maintaining pressure on Iran, claiming that Iran would be unaffected by the renewal, as long as it continues honoring the nuclear deal. US Secretary of State John Kerry speaks during a press conference after a meeting in Paris on December 10, 2016. (Photo by AFP) US Secretary of State John Kerry said on Wednesday he had told Iranian Foreign Minister Mohammad Javad Zarif that “to ensure maximum clarity,” the State Department had issued new, redundant waivers exempting Iran from sanctions lifted under the nuclear agreement. “Extension of the Iran Sanctions Act does not affect in any way the scope of the sanctions relief Iran is receiving under the deal or the ability of companies to do business in Iran consistent with the JCPOA,” Kerry argued.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/gaming/2017/10/video/an-overwatch-guide-to-fighting-in-junkertown-004694161.html

Blasting News

An Overwatch guide to fighting in Junkertown

Cancel An Overwatch guide to fighting in Junkertown Junkertown is still a newly added map and a lot of players don't know how to effectively attack on it 18 October 2017

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-13/connecticut-capital-hartford-downgraded-junk-moodys

Connecticut Capital Hartford Downgraded To Junk By Moody's

Just two days after S&P downgraded Hartford to junk, Moody's has piled on, pushing the Connecticut State capital below investment-grade due to "the increased likelihood that the city will pursue debt restructurings to address its fiscal challenges." One week ago, Illinois passed its three year-overdue budget in hopes of avoiding a downgrade to junk status, however in an unexpected twist, Moody's said that it may still downgrade the near-insolvent state, regardless of the so-called budget "deal." In fact, a downgrade of Illinois may come at any moment, making it the first U.S. state whose bond ratings tip into junk, although as of yesterday, credit rating agencies said they were still reviewing the state's newly enacted budget and tax package. The most likely outcome is, unfortunately for Illinois, adverse: "I think Moody's has been pretty clear that they view the state's political dysfunction combined with continued unaddressed long-term liabilities, and unfavorable baseline revenue performance as casting some degree of skepticism on the state's ability to manage out of the very fragile financial situation they are in," said John Humphrey, co-head of credit research at Gurtin Municipal Bond Management. And yet, while Illinois squirms in the agony of the unknown, another municipality that as recently as a month ago was rumored to be looking at a bankruptcy filing, the state capital of Connecticut, Hartford, no longer has to dread the unknown: following S&P's downgrade to junk on Tuesday, Moody's just shifted Hartford's GOs to B2 from Ba2, with a negative outlook. Excerpted Moody's note: Moody's Investors Service has downgraded the City of Hartford, CT's general obligation debt rating to B2 from Ba2. The outlook is negative. The rating was placed under review for possible downgrade on May 30, 2017. The par amount of debt affected totals approximately $$550 million. The downgrade reflects the increased likelihood that the city will pursue debt restructurings to address its fiscal challenges. Last week, the city hired a law firm to advise it on debt restructurings. City management has made public statements indicating they will need to have discussions with bondholders about restructuring its debt regardless of the outcome of the state's biennial budget as debt service costs escalate sharply leading to budget deficits over the next five years. The rating also reflects the city's challenging liquidity outlook in the current fiscal year and weak prospects for achievement of sustainably balanced financial operations. The city currently projects a fiscal 2018 deficit of $$50 million and is seeking incremental funding from the state to close that gap. The state has not yet adopted a budget specifying aid for the city for the fiscal year beginning July 1. Even if the state's biennial budget allocates sufficient funds to address the current and following years deficits and create a fiscal oversight structure, the budget is still unlikely to provide a pathway to structural balance over the longer term. City deficits, partially attributable to escalating debt service costs, are projected to grow to $$83 million by 2023, making the city's weak financial position vulnerable to further deterioration. Rating Outlook The negative outlook reflects the possibility that the city will restructure its debt in a way that will impair bondholders. The outlook also incorporates uncertainty over state funding in the current fiscal year and beyond and the associated impact on reserves, liquidity and the ability to achieve sustainably balanced operations. In short: the capital of America's richest state (on a per capita basis), will - according to both S&P and Moody's - be one of the first to default in the coming months.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-27/deutsche-faces-60mm-derivative-loss-inflation-bet-gone-bad

Deutsche Faces $$60MM Derivative Loss For Inflation Bet Gone Bad

Just two months after Deutsche Bank was fined $$165 million for not only still rigging FX when its currency traders were found to still be participating in banned chat boards, but for violating the Volcker rule, the chronic German recidivist bank, whose endless criminal activity cost the jobs of the entire previous management team... has violated the Volcker rule one again. And this time the bank faces a double whammy of not only breaching the terms of its latest settlement with the Fed, but is also facing a $$60 million derivative loss for a TIPS-linked trade gone bad, which also happened to frontrun its clients! As Bloomberg reports, citing "people familiar", DB made a bet on U.S. inflation that puts the firm on course to lose as much as $$60 million, While the specifics of the trade are not available, it appears to have been a TIPS-linked bet on inflation rising. As everyone, and certainly the Fed knows, precisely the opposite has happened, and it is now another humiliating mark on the face of new CEO John Cryan, as he has to explain not only why the bank broke the terms of its consent order with the Federal Reserve, which stated, and we quote... The consent order requires Deutsche Bank to improve its senior management oversight and controls relating to the firm's compliance with Volcker rule requirements. ... but because the loss also apears to be in major breach of that particular unit's VaR limits, suggesting not only a Volcker Rule violation but also a general lack of risk oversight. Bloomberg confirms as much, reporting that the bank has "been examining whether Deutsche Bank traders breached risk limits on the deal" and adds that "a risk limit violation could indicate a weakness in the bank’s oversight of its traders in a business that earned about $$270 million in the first quarter. " Such a loss would be a setback for Chief Executive Officer John Cryan, who has been trying to improve the lender’s risk and operational controls that have drawn scorn from regulators around the world. In what appears to be a laughable explanation why the prop trade was not a prop trade, Deutsche Bank reportedly "made the trade in anticipation of how clients were going to transact and isn’t expecting the bet to reverse." So not only was it a prohibited prop bet, i.e., not a hedging trade which to our knowledge is the only Volcker loophole allowed, but Deutsche bank also was actively frontrunning its clients. That's not all. According to Bloomberg, "in a separate case, the bank last year began a review into whether it misstated the value of derivatives used to bet on inflation, known as zero-coupon inflation swaps." We assume that will be another several hundred million hit (oddly, never a benefit) to the books when it has to be unwound. In the first quarter, DB's fixed-income pretax profit was the result of €2.3 billion in revenue, an 11% increase on the year earlier, and as the German bank said, revenue from products tied to interest rates was “significantly higher.” The question now - as happens virtually every quarter for Deutsche Bank - is how much of its was also illegal.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-02-05/deutsche-bank-takes-out-full-page-ad-apologize-its-market-rigging-misconduct

Run Boy, Not Verified

Deutsche Bank Takes Out Full-Page Ad To Apologize For Its Market-Rigging Misconduct

Deutsche Bank took out full-page ads in Germany's Frankfurter Allgemeine Zeitung and Sueddeutsche Zeitung on Saturday, in which the country's biggest lender apologized for (getting caught) engaging in market manipulation and misconduct that has cost the company billions. In the ad, signed by CEO John Cryan on behalf of the bank's top management,the bank said its past conduct "not only cost us money, but also our reputation and trust." The ad said "we in the management committee and bank leadership as a whole will do everything in our power to keep such cases from happening again." While Deutsche Bank's transgressions culminated most recently with a December $$7.2 billion settlement with the U.S. Justice Department over its RMBS dealings in the years leading up to the financial crisis, other "misconduct" cases have included rigging Libor, the precious metals market, as well as money-laundering violations involving trades Russia. As reported last Thursday, Deutsche Bank reported a larger than expected €1.9 billion Q4 loss, driven by ongoing legal settlements costs, declining equity-trading revenue and surging client redemptions from its asset management business. Cryan also offered an extensive apology at the news conference. Deutsche Bank is in the midst of a wrenching restructuring, cutting costs and shedding riskier assets to meet tougher regulation aimed at preventing another financial crisis. In the latest aftershock from the relentless litigation against the bank, Deutsche Bank reportedly was set to announce layoffs of as much as 17% of staff in its equities unit and reduce fixed-income headcount by as much as 6%, while scrapping 2016 bonuses for as many as 90% of bankers. Of course, the best gauge of whether Deutsche has "learned its lesson", is to watch its actions in the coming months. With a repeal of the Volcker Rule looking increasingly likely under Donald Trump, the largest German bank may find it difficult not to engage in the same prop trading behavior that got it in serious trouble during the financial crisis.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-11-05/crushing-50-trillion-sideline-cash-conundrum

Holy Hand Grenade Of Antioch, Not Verified

Crushing The $$50 Trillion Sideline Cash Conundrum

Submitted by Michael Shedlock via MishTalk.com, Blackrock estimates there is a whopping $$50 trillion in cash “sitting on the sidelines”. Bloomberg writer Lisa Abramowicz calls it the $$50 Trillion Conundrum. As most Mish readers understand, there is no conundrum. Let’s go over why, one more time. There’s been a lot of discussion about how much cash investors are holding these days. BlackRock puts the figure at more than $$50 trillion, a figure that includes a host of different metrics, from central-bank assets to financial-firm reserves and consumer savings accounts. Other measures show a similar trend. Private-equity firms are amassing great piles of liquid securities, with Blackstone saying that nearly one-third of its assets are in cash. Fund managers in general have boosted reserves as a share of their portfolios to levels that match the highest since 2001. So what is the meaning of this trend toward bigger cash cushions? Several weeks ago, my response was to say that all this money will support asset values going forward. That may have been too simplistic. Just because there’s more cash in the financial system doesn’t necessarily mean that it’s available to buy securities, nor that it’ll prevent a repricing of debt and equities that have been propped up by years of unconventional monetary policies. In fact, it could even indicate more risk out there, as one reader astutely noted. Fund managers may be holding more cash to offset a bigger pool of leveraged derivative bets, which may or may not be sufficient to compensate for the risk. Sideline Cash Silliness Barring trivial exceptions, sideline cash can never support asset prices for the simple reason for every buyer of equities there is a seller. Money cannot flow into stocks or bonds. If $$50 trillion in sideline cash purchased equities and bonds, there would still be $$50 trillion in sideline cash. The minor exception to the rule there is a seller for every buyer are new or secondary offerings, trivial in comparison to the alleged sideline cash theory. Sideline cash is a function of Fed printing and the ability of banks to borrow money into existence. Statement 1: Several weeks ago, my response was to say that all this money will support asset values going forward. That may have been too simplistic. Wrong Statement 2: Just because there’s more cash in the financial system doesn’t necessarily mean that it’s available to buy securities, nor that it’ll prevent a repricing of debt and equities that have been propped up by years of unconventional monetary policies. Better, but still wrong, and missing a key point: In aggregate it cannot be used to buy securities. Just because there's more cash in the financial system doesn't mean that it's available to buy securities. https://t.co/dMqf3aZXGX — Lisa Abramowicz (@lisaabramowicz1) November 3, 2016 No Conundrum Sideline cash will keep rising as long as debt expansion and Fed printing continues, but not a penny of it can come into the markets, except for new or secondary offerings. There is no conundrum. Nor is there any such thing as “sideline cash”. Someone has to hold every penny printed into existence, at every point in time until reverse repos drain the cash.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-15/confused-whats-going-china-goldman-answers-all-your-questions

Confused By What's Going On In China? Goldman Answers All Your Questions

One day after China's rate policy unexpectedly decoupled with the Fed, and in light of recent developments in China's loan market discussed last night, Goldman's MK Tang writes that the firm has "received a number of inquiries on yesterday’s China money and credit data, as well as recent PBOC rate actions." To answer all lingering questions, Tang has published the following handy Q&A "to link these issues together by answering some of the key questions." China: Q&A on money and rates Q1. Didn't the PBOC suggest that its interest rate policy was partly tied to the Fed policy? Yes, but it does not have to be. The PBOC did not raise rates on open market operations (OMOs) today (and also kept 7-day repo rate fixing broadly stable at 3.44%), despite the Fed hike overnight. This is in contrast to March 16, when the PBOC raised OMO rates by 10bp immediately following the increase in Fed funds rate. Although the PBOC cited the Fed hike as a reason for its move on that occasion, domestic conditions (e.g., growth, inflation, financial leverage) seem to have been more important factors for its actual stance on interbank liquidity. Given the recent growth moderation from the very strong pace at the start of the year, announcements of tighter prudential policies from other agencies, and advancement in financial deleveraging (more on this below), the PBOC has in recent weeks signaled a less hawkish policy stance. In any event, we already expected an incrementally easier PBOC stance given the credit headwinds in the pipeline (see here) (Exhibit 1). Another reason why the PBOC may feel less pressure to hike is that the pace of FX outflow has slowed partly on tighter capital control. This increases the scope for China’s interest rate policy to be independent (as a reminder: according to the “impossible trinity” thesis, a less open capital account allows a country to maintain an independent monetary policy even without a flexible exchange rate regime). We also note that the abrupt RMB appreciation two weeks ago as well as the USD soft patch could also help reinforce RMB sentiment and mitigate potential outflow pressure driven by higher USD rates, in lieu of a corresponding rise in domestic rates. Exhibit 1: Interbank interest rates have trended down in the last several weeks Source: CEIC Q2. What is "financial leverage"? How is this different from shadow banking? While there is no universally adopted definition on these concepts, it is useful to distinguish two types of leverage in China. 1. One is credit extended to the real economy (i.e., non-financial corporates and households). This includes i) transparent forms of financing (e.g., bank loans, corporate bonds), ii) traditional shadow banking credit (e.g., trust loans, entrusted loans, undiscounted bank acceptance bills), and iii) newer form of shadow credit (e.g., credit extended by funds and brokers’ special purpose vehicles but booked as equity investment). The first two components are included in the official credit data (TSF), while the third one may not be. In light of this, last year we introduced our "money-implied" credit measure which should also capture this last credit component. In recent months, policy tightening has prompted a much more rapid slowdown in this shadowiest credit component than those reflected in TSF, as we recently discussed (Exhibit 2). 2. The other type of leverage is related to financial institutions borrowing money to invest in financial assets such as bonds, and this is often referred to as “financial leverage”. This is different from the first form of leverage in that the borrowing does not directly go toward supporting the real economy (see our note here for more discussion). This is not reflected in either TSF or our own money-implied credit measure (both of which are intended to include credit extended to the real economy only). There is no comprehensive data on this sort of leverage, though one proxy could be the amount of interbank repo borrowing by fund institutions (Exhibit 3). Exhibit 2: The part of credit to the real economy not captured in official data seems to have slowed particularly rapidly in recent quarters Source: Goldman Sachs Global Investment Research Exhibit 3: Fund institutions have borrowed heavily in the interbank repo market , suggesting high financial leverage Source: CCDC Q3. Why was M2 growth so weak in May? Is it because of financial deleveraging? Yes, but not entirely. At 9.6%yoy, M2 growth in May was even slightly weaker than the previous lows in early 2015. And indeed, M2 data had also surprised on the downside in the previous two months. In a statement yesterday, the PBOC suggested that the M2 weakness was to a large extent due to a moderation in financial leverage (the second type of leverage discussed in question 2 above). In particular, M2 held by NBFIs (non-bank financial institutions) grew at a very slow 0.7%yoy, vs. 10.5%yoy growth in M2 held by the real economy. The PBOC statement is in line with our assessment that the worst of financial leverage growth is probably behind us. Judging from the recent rate spreads in the interbank market (R007 minus DR007; i.e., general average repo rate less repo rate applied to banks only) and bond market (bond yields minus swap rates), liquidity pressures faced by NBFIs and the scale of bond positioning seem to have been meaningfully reduced in the past several weeks (Exhibits 4 and 5). Exhibit 4: Premium paid by NBFIs to borrow in interbank has narrowed and become less sensitive to underlying liquidity conditions Source: WIND Exhibit 5: Bond valuation (relative to swap) has also become less over-valued Source: CEIC That said, financial deleveraging does not seem to have been the only major reason for the slow M2 growth. A slowdown in liquidity accrued to the real economy (i.e., the first type of leverage discussed in question 2) also seems a likely key contributor (Exhibit 6). In particular, our proxy for M2 held by the real economy has been trending downward since late 2016 and probably fell much further in May, given information from the PBOC statement (our proxy is the sum of cash in circulation, and household and non-financial corporate deposits). The weakness in M2 held by the real economy is a particularly strong signal for slower credit extended to the real economy, because some other key forms of the real economy's financial savings (e.g., wealth management products, insurance products) are apparently also under pressure, given various regulatory tightening measures. Conceptually, a lower level of the real economy’s total financial savings (deposits plus non-deposit financial savings) is a likely reflection of less credit extended by the financial system to the real economy. This suggests that the trend of overall credit (including also credit not captured in TSF) extended to the real economy might have been softer than suggested by official credit data (we do not have sufficient data to update our money-implied credit measure beyond Q1 yet). If so, this would be a continuation of the pattern from Q1 and in line with our view for continued drag on credit given the past rise in market rates. Exhibit 6: M2 held by the real economy has been decelerating since late 2016, and probably slowed further in May Source: PBOC, Goldman Sachs Global Investment Research Q4. What is the outlook for interbank rates? We continue to expect interbank liquidity to be kept at a fairly stable level as in recent weeks, given slower growth momentum, material progress in financial deleveraging and a tightened capital control that can limit outflow pressures from higher US rates. Moreover, on a forward-looking basis, we expect the past increase in market rates to continue feeding through to actual lending rates (Exhibit 7), which could slow credit further. This argues for slightly easier interbank rates (as what we have already seen in the last few weeks) to pay for insurance against the credit headwinds in the coming months. On the other hand, given the cyclical strength in export demand, less leakage via FX outflow as well as an apparently stronger politically-driven willingness of local governments to support demand, economic activity could continue to perform fine despite the ongoing credit slowdown. For commodity demand in particular, our commodity team colleagues have suggested that bank loans (which have remained solid) may matter more than other forms of credit (which has slowed more rapidly). Overall, in our view, significant pre-emptive accommodation seems unlikely—we may not have any major monetary easing unless weakness in growth materializes. Exhibit 7: Market interest rates tend to lead bank lending rates by roughly 6 months Source: PBOC, CEIC, Goldman Sachs Global Investment Research

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2017/08/09/lockheed-martin-stocks-rise-as-trump-threatens-fire-and-fury/

Lockheed Martin Stocks Rise as Trump Threatens ‘Fire and Fury’

[Editor’s note: Fiery rhetoric and beligerent posturing comes naturally to Donald Trump, one of the few things he has managed to do with any degree of competence since squeezing his bloated, bloviating orange form into the big chair. Trump aims to line the pockets of his billionaire buddies that own the big defence contractors, therefore expect no cessation of his belligerence in foreign affairs. Ian] __________ TeleSUR Lockheed Martin Stocks Rise as Trump Threatens ‘Fire and Fury’ U.S. government demand for Lockheed Martin weapons and intelligence systems accounts for roughly 70 percent of its total revenue. The Pentagon’s top weapons supplier, the Lockheed Martin Corporation has experienced a sharp rise in their stock shares since threats of a potential “military option,” or in the words of U.S. President Donald Trump, “fire and fury,” have increased. Stock market shares of the military and security corporation has risen nearly 8 percent since July 4th, when the DPRK tested its first lon-range missile. Since last year at this time, shares have risen a whopping 20 percent for the company that specializes in producing war and security machines. The Vice President of Lockheed Martin’s Air and Missile Defense sector, Tim Cahill, told Reuters that demand for missile defense systems is on a sharp rise as global threats of war increase. “The level of dialogue around missile defense is now at the prime minister and minister of defense level,” Cahill said. Lockheed Martin is a private contractor, however its demand and production is heavily determined by the needs of the U.S. government, which accounts for over 70 percent of the corporation’s total revenue. Less than 30 percent of the company’s profit derives from international sales. They produce a wide range of advanced weapon and security technology, such as ships, missile systems, planes, security and intelligence products which are purchased by the Pentagon, intelligence agencies, and NASA. U.S. President Donald Trump recently threatened the DPRK with “fire and fury like the world has never seen” should they continue to make “threats.”

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/gaming/2017/07/street-fighter-v-trailer-confirms-the-arrival-of-fourth-character-of-season-2-001854861.html

Blasting News, Erwin Cruz, Sergida Dolores Baez, Akio Kishimoto

Trailer: 'Street Fighter V' confirms the arrival of fourth character of Season 2

Just before taking the wraps off the top 8 finals for "Street Fighter 5," Capcom unveiled the mystery character that is headed straight to its popular fighting video game. A new character is on its way to 'SF5.' Taking the center stage at the Evo 2017, the game developer announced the arrival of Abigail in the sixth installment of its hit "Street Fighter" series. For those unaware, the character hails from Capcom’s side-scrolling beat-'em-up video game dubbed, "Final Fight." It can be recalled that Abigail was originally one of the members of the bulky bruisers in the Mad Gear crew in "Final Fight," but players were highly unlikely to cross paths with the giant until towards the conclusion of the game. Advertisements Advertisements Other characters Polygon reported that in addition to Abigail, another Mad Gear gang member, Hugo, marked his debut in the "Street Fighter" series with "Street Fighter 3: Second Impact." While Hugo was without an iota of doubt massive, Abigail seems to be the biggest character to make an appearance in "Street Fighter" to date. As seen in the recently rolled out trailer, Abigail is roughly about twice the height of Ed. "Street Fighter 5" season two pass comprises six DLC (downloadable content) characters and Abigail is character number four. Until now, Capcom has brought in Ed, Kolin, and Akuma for the game's second season. Abigail with his stage Metro City Bar Area will be up for grabs on July 25. Here's the "Street Fighter 5" Abigail gameplay trailer, which gives us a brief glimpse of the Metro City Bay Area stage as well. Advertisements Other recent announcements There have been myriad "#Street Fighter V" related revelations this week, during the unveiling of the 2017 Capcom Pro Tour stage. Among other announcements, it was revealed that the famed Suzaku Castle stage would make a comeback on July 25. While the team behind the popular game refrained from making any additional announcement on Sunday, July 16, it's obvious that players will have a lot to delve into later this month as the game developer is still bent on building "SFV" as a platform. Players can get their hands on Abigail either by shelling out in-game fight money or along with "FF5" second season character pass, which will come bearing a price tag of $$29.99 and features the other downloadable characters for season two. A large number of players abandoned "Street Fighter V" following a rugged season one. Have you too given up playing the game or are you still counting on the arrival of new playable characters including Abigail? Share your thoughts in the comments section below. #Street Fighter V second season character pass #Street Fighter V characters

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-09-19/global-debt-bubble-understated-13-trillion-warn-bis

Global Debt Bubble Understated By $$13 Trillion Warn BIS

Global Debt Bubble Understated By $$13 Trillion Warn BIS - Global debt bubble may be understated by $$13 trillion: BIS - 'Central banks central bank' warns enormous liabilities have accrued in FX swaps, currency swaps & ‘forwards’ - Risk of new liquidity crunch and global debt crisis - “The debt remains obscured from view...” warn BIS Global debt may be under-reported by around $$13 trillion because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the BIS said on Sunday. Bank for International Settlements researchers said it was hard to assess the risk this “missing” debt poses, but that the main worry was a liquidity crunch like the one that seized FX swap and forwards markets during the financial crisis. The $$13 trillion unaccounted-for exposure exceeds the on-balance-sheet debt of $$10.7 trillion that data shows was owed by firms and governments outside the United States at end-March. The fact these FX derivatives do not appear on financial and non-financial institutions’ balance sheets under current accounting rules means little is known about where the debt lies. “The debt remains obscured from view,” Claudio Borio, head of the BIS’s monetary and economic department, and two colleagues, Robert McCauley and Patrick McGuire, said in its latest quarterly report. “Accounting conventions leave it mostly off-balance sheet, as a derivative, even though it is in effect a secured loan with principal to be repaid in full at maturity,” BIS said. Explaining the risk they added: “In particular, the short maturity of most FX swaps and forwards can create big maturity mismatches and hence generate large liquidity demands, especially during times of stress.” When buying a foreign asset, a domestic investor has three choices: buy a currency forward, undertake an FX swap or do a repurchase transaction. But while the first two are recorded on balance sheets on a net basis without taking the notional amount into consideration, a repo transaction is recorded on a gross basis, when all these three types of trades are essentially similar - secured debt. All these trades are used to remove the foreign exchange risk in a purchase of foreign securities. In a swap, two parties exchange currencies and agree to reverse the swap later. In a forward contract the parties agree to exchange currencies at a fixed date and price in the future. Swaps and forwards amounted to more than $$3 trillion a day last year, equivalent to more than 60 percent of total FX turnover, the BIS said. More than 90 percent of the market was in dollars and FX swaps accounted for 75 percent of the total. They are also overwhelmingly short-term. Three-quarters of positions had a maturity of less than a year at the end of 2016. Though the outstanding amount of FX swaps and forward contracts has quadrupled since the early 2000s to $$58 trillion - almost three times the $$21 trillion value of world trade - it dropped after the financial crisis, reflecting a drop in hedging needs as both trade and investments collapsed. The BIS said non-financial users employ FX forwards and currency swaps for speculation and to hedge international trade and foreign currency bonds. Institutional investors, asset managers and hedge funds used forwards to hedge their holdings and take positions while financial firms used swaps to hedge international bonds. While this debt is mostly secured as counterparties usually enter into forward transactions to reduce currency exposure, the make-up of these largely short-term transactions means they are often the most vulnerable to strains in the financial system. For example, European banks increased their reliance on these money market instruments during the global financial crisis to secure their dollar funding while the collapse of the structured products markets during the crisis sent shockwaves rippling through the system. “Markets calmed only after coordinated central bank swap lines to supply dollars to non-U.S. banks became unlimited in October 2008,” the BIS report said. As for who is lending the dollars to non-U.S. banks, the BIS said the funding came from U.S. banks, central banks European agencies, supranational organizations and private non-banks. “All of these appear to provide some funding, with U.S. banks and central banks together closing about half the gap,” it said. Source: Global debt may be understated by $$13 trillion: BIS - Reuters Related Content Gold Protect From $$217 Trillion Global Debt Bubble Global Debt Bubble Sees Wealthy Diversify Into Gold World Is Now $$199 Trillion In Debt News and Commentary Gold edges up as dollar eases; markets brace for Fed meeting (Reuters.com) Gold ends at 3-week low as U.S. stock indexes tap record highs (MarketWatch.com) Stocks in Asia Rise; Yen Steady After Two-Day Loss (Bloomberg.com) World stocks reach new peak as Fed-focused week begins (Reuters.com) Builder confidence slips in September on worries about labor, materials availability (MarketWatch.com) Source: Bloomberg Global debt may be underestimated by $$13 trillion, BIS warns (Reuters.com) Largest Gold ETF Highlights Bullion Traders’ Confusion (Bloomberg.com) In "Warning To Pyongyang", B-1B Bombers, F-35s Hold Mock Bombing Drills (ZeroHedge.com) India Considers Issuing Its Own Bitcoin-Like Cryptocurrency as Legal Tender (Bitcoin.com) Mexican Congress Debates the Monetization of the ‘Libertad’ Silver Ounce (Plata.com.mx) Gold Prices (LBMA AM) 19 Sep: USD 1,308.45, GBP 969.30 & EUR 1,091.25 per ounce 18 Sep: USD 1,314.40, GBP 970.16 & EUR 1,100.68 per ounce 15 Sep: USD 1,325.00, GBP 977.32 & EUR 1,109.16 per ounce 14 Sep: USD 1,323.00, GBP 1,002.44 & EUR 1,111.58 per ounce 13 Sep: USD 1,332.25, GBP 1,003.85 & EUR 1,112.43 per ounce 12 Sep: USD 1,326.25, GBP 1,000.66 & EUR 1,109.41 per ounce 11 Sep: USD 1,338.75, GBP 1,015.31 & EUR 1,114.24 per ounce Silver Prices (LBMA) 19 Sep: USD 17.15, GBP 12.70 & EUR 14.31 per ounce 18 Sep: USD 17.53, GBP 12.94 & EUR 14.66 per ounce 15 Sep: USD 17.70, GBP 13.03 & EUR 14.81 per ounce 14 Sep: USD 17.75, GBP 13.40 & EUR 14.91 per ounce 13 Sep: USD 17.91, GBP 13.50 & EUR 14.94 per ounce 12 Sep: USD 17.75, GBP 13.37 & EUR 14.87 per ounce 11 Sep: USD 17.85, GBP 13.51 & EUR 14.86 per ounce Recent Market Updates - Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials - Gold Up, Markets Fatigued As War Talk Boils Over - Oil Rich Venezuela Stops Accepting Dollars - Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today - British People Suddenly Stopped Buying Cars - Buy Gold for Long Term as “Fiat Money Is Doomed” - Conor McGregor – Worth His Weight In Gold? - Gold Has 2% Weekly Gain,18% Higher YTD – Trump’s Debt Ceiling Deal Hurts Dollar - ‘Things Have Been Going Up For Too Long’ – Goldman CEO - Physical Gold In Vault Is “True Hedge of Last Resort” – Goldman Sachs - Bitcoin Falls 20% as Mobius and Chinese Regulators Warn - Gold Surges To $$1338 as U.S. Warns of ‘Massive’ Military Response - Precious Metals Outperform Markets In August – Gold +4%, Silver +5% Important Guides For your perusal, below are our most popular guides in 2017: Essential Guide To Storing Gold In Switzerland Essential Guide To Storing Gold In Singapore Essential Guide to Tax Free Gold Sovereigns (UK) Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-14/german-2y-yields-hit-all-time-lows-ecb-fails-fix-record-collateral-shortage

German 2Y Yields Hit All-Time Lows As ECB Fails To Fix Record Collateral Shortage

When the ECB announced last week that it would expand the universe of eligible collateral for use by Eurozone institutions to include up to €50 billion in cash cash, it - and the market - hoped that the severe collateral shortage manifesting itself in an unprecedented squeeze in the repo market would be alleviated. As a reminder, last Thursday the ECB Governing Council decided that Eurosystem central banks will have the possibility to also accept cash as collateral in their PSPP securities lending (SL) facilities without having to reinvest it in a cash-neutral manner. The ECB added that "the introduction of cash as collateral in the context of PSPP securities lending is intended to enhance the effectiveness of the SL framework, thereby supporting the smooth implementation of the PSPP as well as the euro area repo market liquidity and functioning. " Following the news, 2Year Bunds quickly sold off last Thursday, with the yield rising by 6 bps to start, as suddenly it makes more sense to park cash with the ECB than to be penalized by -0.7% to hold German short-term debt. However, it was not meant to last, and less than a week later, even with overall Eurogroup liquidity hitting new all time highs earlier this week, German 2Y yields fell as much as 2.9bps to all time low of -0.773% as repo pressures continue to support the front-end, Bloomberg reported citing two traders. The traders added that the €50 billion in securities lending put forward by the ECB are seen as not enough, with structural issues remaining, exacerbated by year-end window dressing. Additionally, a second trader added that some dealers prefer not to trade with the Bundesbank, due to higher failure fees. Curiously, while Schatz futures rise to all time high of 112.275, downside continues to be bought in options, says a third trader based in London with a buyer again emerging in Feb. Schatz 112.00/111.90 put spread, 17k trades at 1 tick. Should the collateral squeeze continue, the ECB may be forced to unveil further intervention mechanisms, as well as additional jawboning by Mario Draghi, potentially before the next scheduled ECB council meeting, especially if the year-end repo shortage drives 2Y yields meaningfully lower.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/06/02/neo-cracks-appear-in-eu-unity-on-russian-sanctions/

NEO – Cracks Appear in EU Unity on Russian Sanctions

by Jim W. Dean, VT Editor … with New Eastern Outlook, Moscow No man undertakes a trade he has not learned, even the meanest; yet everyone thinks himself sufficiently qualified for the hardest of all trades, that of government. ~ Socrates __________ [ Note: Sometimes the angels smile and the timing is good. Sputnik is featuring an article on this topic featuring a Bloomberg news writer, but referenced this NEO piece. I could read the tea leaves that the Russians were promoting the St. Petersburg Economic Conference heavily, because it is a great stage to spotlight the sanctions disruptions, and also because the EU’s Donald Tusk is going to be there. We will be watching all the maneuvering going on in June, including the false ploys being planted in major media… yes, they do cooperate fully with the New World Odor people at these times. The Russian press is already covering how the EU and the US knows Kiev has been dragging its feet on implementing the Minsk agreement while blaming Russia, so they both will be tattooed with that fraud forever. Donbass has said it cannot set a date for elections, but it is running out of of time, as either the political planets get aligned to support an easing of the sanctions, or the EU could find a one country hold out situation that prevents renewal, with Hungary being the wildcard at this point. That said, we know votes can be bought, and they often are… JD ] ____________ – First published … June 02, 2016 – We are having one heck of a rollercoaster ride on the EU’s upcoming Russian sanctions renewal in July. The Russophobes, especially the Ukrainians, have predictably kept up their screams for “more, more”, while the voices of moderation call for an end to, or at least an easing of sanctions. The G-7 countries cast their votes early, a unanimous call for a renewal; and the EU Council was quick to follow, with ex-Polish President Donald Tusk, a hardcore Russophobe, making the announcement. But there are growing opposition rumbles being heard across Europe, led by some of the newer East European member countries who feel that the EU got suckered by US pressure for sanctions while the US only bears 10% of the lost business. EU exports of agricultural products were off 29% in the past year, equivalent to 4.4 billion Euros and an estimated 130,000 lost jobs. The French Senate passed a draft resolution in committee having large bipartisan support to push for sanctions removal, while the sponsors of the draft resolution, Yves Pozzo di Borgo and Simon Sutour, stated that, “Deteriorating relations between Russia and the EU are only causing regret. We believe that gradual easing of sanctions imposed against Russia is necessary, particularly in the field of economy.” The resolution is not binding on President Hollande, but indicates that the public is tired of being used as financial sacrificial lambs in geopolitical strategy games. The biggest surprise came from Germany when Foreign Minister Steinmeier seemed to undermine Merkel’s G-7 extension vote by posing that the time has come to show more flexibility as the sanctions have been totally ineffective. And he brought up another reason that mass media has not covered much, the possibility that the unanimous votes of all 28 members may not be possible without some compromise. EU unity is already under strain due to disagreements on how best to coordinate the fight against terrorism and the refugee problem, not just coming out of Syria, but Africa, Iraq and Afghanistan. A showdown is looming with Turkey on its demands that the rules be waived for its no visa ruling or the refugee deal is dead Hungary’s Foreign Minister Peter Szijjarto has already stated that his country is against the automatic renewal. In Kiev, there was no tone of reconciliation, with Poroshenko trying to get in front of the issue by instituting new Ukrainian sanctions against Moscow, and doing this with the backdrop of former NATO General Secretary Anders Fogh Rasmussen’s appointment as his new advisor. Rasmussen was one of the key players behind the West’s support for the Kiev coup and NATO’s push toward Russia’s border. He has already stated that he is advising Poroshenko that he must show progress at controlling corruption and pushing through reforms to help keep Western support for the sanctions. Missing in Rasmussen’s statements, or any of the EU pundits, is any demand for Ukraine to live up to its side of the Minsk Accords. The key issue on the table is moving forward on the Donbass elections, which has been stalled by strong opposition from the nationalist extremists. But Donbass is getting indirect support in other parts of Ukraine, like Odessa, who overwhelmingly just voted for decentralization with other districts voting similarly. Poroshenko can certainly read the tea leaves. The central government is not trusted. The West does have some financial levers to play, as the IMF will be coming to Kiev in June with the keys to the next badly needed funding for Kiev to keep afloat. One of those is slashing of energy subsidies which are going to cause great hardship, especially among pensioners on their $$45 a month stipends. The IMF is also going to demand the selling off of state assets, such as control of the energy pipelines, currently a major engine for graft payments. Western insiders will cherry pick the best industries to take over at fire sale prices that have export earnings potential while taking advantage of Ukraine’s low wages but well educated workforce. Ukrainians have only to look at Crimea to see what a bad move they made, since Crimea’s referendum allowed it to avoid the chaos that Kiev suffered. All extortion attempts by Kiev and the nationalists hooking up with the Tatars has failed. The energy bridge is functioning, and the rail and vehicle transportation bridge is on schedule. New Western polls in Crimea show landside approval for their reintegration with Russia, with 94% ethnic Russians, and almost 70% of Ukrainians agreeing the vote was legitimate, with 74% percent saying life would be better for their families. That puts a wooden state through the heart of Western claims of Russian aggression. Instead of having a precarious economy like Ukraine, Crimea has enjoyed a major expansion in support of the peninsula’s economy. Media hacks still keep pitching the Russian invasion of Ukraine, but still fail to show us the satellite or drone images or intelligence to prove it. The G7, in its sanctions renewal announcement, claimed justification by saying, “as long as repression continues,”… which is a bad joke. All of Ukraine was oppressed by this Western coup in Kiev when the former Ukrainian leadership was trying to maintain good relations with East and West. And this is the same G-7 that has wholeheartedly supported the proxy terrorist war against the Syrian people, which many view as quite the repressive act itself, with over 400,000 Syrians dead. So far Ukraine has gotten off lucky. Russia has taken the sanctions torment in stride. Prime Minister Medvedev is pushing for an extension on the food import bans to the beginning of 2018 so domestic investors have more planning room for crop production to meet demand. It also gives the growing EU anti-sanctions movement more incentive to push harder to begin turning things around. Moscow has been using its time wisely, as covered in Phil Butler’s recent NEO article about the food growing potential for Russia, with the increasing global desertification problem that is destroying fertile land and water resources. Russian water and food resources could become another economic engine, especially in the area of non-GMO products that are gaining in market demand. The Kiev coup has sparked a series of boomerangs against the latest US-EU-NATO Cold War plans. Russia and China have moved quickly to finalize long term energy projects that previously had been drifting. The CIS states are building an integrated air defense system, and offering Russia advance air bases. Despite the sanctions that were supposed to cripple the Russian economy, we see its military modernization on schedule, producing new generation weapons at a small fraction of Western outlays. Russia has no F-35 problems, nor are its people having to pay for $$4.4 billion navy destroyers like the Admiral Zumwalt. Russia’s actions in Ukraine and Crimea were never about aggression, but about protecting Russian people from the neo-Nazi collaborators of the Kiev coup, whose representatives bragged from the Rada’s rostrum about what they were going to do to all the Russian heritage people in Southeastern Ukraine. NATO is working to put a few more regiments on the Russian border. Moscow has responded by adding two new divisions. Its arms exports are booming, and Putin and Lavrov are two of the most respected world leaders. Why can’t the West see how counterproductive its actions have been? Does it even care? Maybe Lavrov maybe gave us the answer in his recent Pravda interview where he said, “Ukraine was only a pretext for the aggravation of the sanctions campaign, … the policy of containment against Russia began to manifest itself much earlier”. Donald Tusk is headed to Russia in June for the St. Petersburg International Economic Forum, and he has already said that EU-Russia relations will be the main topic for his visit. He recently shocked the European People’s Party where he put the whole idea of the European Union up for debate saying: “The specter of a break-up is haunting Europe. A vision of a federation doesn’t seem to me like the best answer to it…we failed to notice” [or did not care] “that ordinary people, the citizens of Europe, do not share our Euro-enthusiasm”. He added that it was time for “an honest and open debate on the subject.” I would not bet on Tusk finding such a debate in the EU, but I am certain he will in St. Petersburg. Jim W. Dean, managing editor for Veterans Today, producer/host of Heritage TV Atlanta, specially for the online magazine “New Eastern Outlook”. ___________

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/08/asus-zenfone-4-spotted-on-gfxbench-check-out-specs-and-other-details-001930127.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

Asus ZenFone 4 spotted on GFXBench? Check out specs and other details

#Asus accidentally spilled the beans about four impending #ZenFone 4 models comprising the ZenFone 4 Max, the Pro version, ZenFone 4 Selfie, and the ZenFone 4. The flagship smartphone was spotted on benchmark site GFXBench on Sunday, giving enthusiasts a brief glimpse of some of the phone's specifications. Let us take a gander at the details. Specifications and features According to a report from PhoneArena, the device will sport a 5.5-inch display with 1080 x 1920p resolution. The device will be powered by an octa-core CPU with a clock speed of 2.2GHz. It packs the Adreno 508 GPU, which implies it is the SD630 SoC under the hood. Advertisements Advertisements Another report from AndroidHeadlines suggests the specifications are for the U.S. model of the smartphone, which is hardly surprising given the SD835 processor as quite a few U.S. based leading flagships will be adopting this chip in 2017. In other words, the company could resort to using a different processor for the international model. The listing further indicates the ZenFone 4 will boast 4GB of RAM coupled with 64GB of internal storage. On the photography front, there is a single 12MP camera spotted on the GFXBench listing; however, there's hearsay about a dual camera setup comprising 12MP and 8MP cameras for the handset. There will be an 8MP front shooter for video chats and selfies. Moreover, It will come running on Android 7.1.1 out of the box. In terms of connectivity, the device will feature Wi-Fi 802.11ac, NFC, and Bluetooth 4.2. Advertisements Price and other speculations Aside from the details revealed via the GFXBench listing, the internet is brimming with all sorts of reports about the ZenFone 4. Multiple sources suggest the device will be backed by a robust 3300mAh battery. On top of that, there will be a 1TB capacity microSD slot that will let users expand the storage size if required. The Taiwanese handset maker is gearing up to unveil its brand new ZenFone 4 models on Thursday, August 17. The 4GB RAM variant is expected to come bearing a price tag of €499, which converts roughly to about $$590. The pro version of the phone is expected to see a price hike of about €50 (about $$59) or €100 (about $$118). It also remains to be seen what colors the handsets will come in, and their availability when it comes to carriers is also unclear at this point. AndroidHeadlines guesses that the device might be launched unlocked, meaning #Asus Zenfone fans looking to get their hands on the device will have to buy it online. .

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-20/strange-move-pboc-cuts-reserve-ratio-five-largest-banks-liquidity-shortage-soars

Scrubbing Bubblez, Not Verified

In "Strange Move", PBOC Cuts Reserve Ratio, Offers Temporary Funding Support For Largest Banks

Overnight the PBOC injected another CNY95 billion into its banking system bringing the total weekly injection to a record CNY1.13 trillion. However, it was not enough and overnight China allowed its five biggest banks to cut their reserve requirement ratio by 1% taking it down to 16% thus temporarily lowering the amount of money that they must hold as reserves to relieve pressure in its financial system as demand for cash surges ahead of the Lunar New Year holiday, Reuters reported. The banks affected by the move iclude ICBC, CCB, Bank of China, Bocom, and Agricultural Bank of China. The last time the central bank cut RRR was Feb. 29, 2016. The move is expected to release approximately 630 billion yuan in liquidity. The dramatic moves come in a bid to avert a cash crunch heading into the country's biggest holiday of the year. Earlier in the week short-term funding costs had spiked to their highest levels in nearly 10 years on fears that liquidity was sharply tightening, sparking a jump in the yuan currency. But China watchers polled by Reuters had not expected a cut in RRR until the third quarter of 2017, as such a move would put more pressure on the ailing yuan. Following the massive central bank liquidity injections, key funding and money market rates showed signs of easing on Friday but remained well above normal levels. But wait, that's not all, because also overnight, the PBOC said it provided a "temporary liquidity facility" to some major commercial banks for 28 days to help ease a cash crunch before the Lunar New Year holiday. According to Bloomberg, the operation provides more effective liquidity transmission before the week-long break, the People’s Bank of China said in a statement Friday. The PBOC said the new lending facility will have a funding cost for banks that’s around the same as open-market operations for a similar 28-day period, which is about 2.55 percent. That means the tool differs from cutting the ratio of deposits big banks must hold in reserve and suggests a fresh evolution of tools policy makers have been overhauling. Commercial banks had 11 trillion yuan ($$1.6 trillion) of sovereign and financial bonds outstanding as of December, Ming said, and have pledged about 43 percent of those to access funding through central bank open market operations, limiting room for further such operations. The PBOC’s statement Friday didn’t say whether the temporary funding required collateral. Should none be required, that would be unusual because most such tools involve collateral. The PBOC has shifted toward selective tightening after a two-year easing cycle. President Xi Jinping and other policy makers decided at their annual economic conference last month China should plan prudent and neutral monetary policy this year to prevent financial risks. "It’s too premature to conclude that there’s a change in China’s monetary policy direction," Raymond Yeung, chief greater China economist at Australia & New Zealand Banking Group Ltd. in Hong Kong, wrote in a note. "Liquidity management and leverage control seem to be more appropriate expressions to describe the policy direction of China’s central bank." "It’s likely the central bank will use temporary liquidity facility as a regular tool in the future to ease liquidity shortage before quarter-end or holidays," said Xia Le, chief economist at Banco Bilbao Vizcaya Argentaria SA in Hong Kong. The PBOC is using a new tool because older ones offer funds at a high cost and longer duration than needed, and it’s wasteful for banks that need money for five days to have to borrow for a full year, Xia said. While in the past the PBOC has engaged in similar moves ahead of the new year, the latest move suggested there were additional factors involved in draining liquidity: "Today's move seems to suggest that liquidity conditions are tighter than authorities' expectations, as capital outflows remain strong," said Zhou Hau, senior emerging markets economist at Commerzbank in Singapore. "But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today's strange move." The central bank will restore the RRR for the five banks to the normal level at an appropriate time after the holiday, according to Reuters' sources. "This is a temporary adjustment, and is mainly in response to the cash withdrawal, tax payment and reserve payment. (The RRR) will go back to the normal rate after the Lunar New Year holiday," one source said. The PBOC said later on Friday that it will provide temporary liquidity support for several major commercial banks for 28 days to ensure adequate liquidity ahead of the Lunar New Year, according to a notice posted on its official microblog. The funding cost for the liquidity support will be about the same as the open market operations rate over the same period, the PBOC said, without specifying any requirement for collateral. As noted previously, Chinese liquidity always tightens in China ahead of the Lunar New Year holiday, which this year starts on Jan. 27 and ends on Feb. 2, as households and companies usually withdraw huge amounts of cash from banks. The central bank typically responds by injecting ample funds into the market. But some traders say its injections this year have barely been keeping up with heavier demand. This year, the holiday also extends over the month-end, when corporate cash demand increases and some tax payments are due, adding to the strain. Analysts estimate that every 50 basis point cut in RRR systemwide effectively injects an estimated $$100 billion worth of long-term cash into the economy, which recorded its slowest growth in 26 years last year.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-19/financialism-not-capitalism

Money Counterfeiter, Not Verified, Elco The Constitutionalist, Squidbilly

Financialism, Not Capitalism

Submitted by Jeffrey Snider via Alhambra Investment Partners, Thirty-nine delegates signed the United States Constitution in September 1787, but three refused to. George Mason, Edmund Randolph, and Elbridge Gerry were against the final draft of the document, Gerry included even though he had chaired the committee that had produced the Great Compromise. Campaigning in his native Massachusetts, the former Revolutionary who had previously served in the Continental Congress among the Boston delegation of John Adams, John Hancock, and Samuel Adams arguing stridently for Independence, Gerry denounced the un-amended governing principles as “full of vices.” He was not alone in is opposition, as throughout the country there was a great debate more so about what was missing from it. Several of the states ratified it anyway, but on the explicit condition that it be amended with what became the Bill of Rights. James Madison, who drafted most of the text, wrote out 19, drawing from the Virginia Declaration of Rights largely written by George Mason. Madison proposed them to Congress on June 8, 1789; the House affirming 17, the Senate 12. The final ten were ratified on December 15, 1791, two and a quarter centuries ago last week. One of the final 12 that was rejected by the states, the original unratified Second Amendment (Congress could not change their pay until an election took place), was actually added as the 27th in 1992 over two hundred years later. Though that proposed item is an obscure political, historical reference, we know very well what became the actual Second, as the First, but also perhaps the Fifth. The Fifth Amendment decrees, “No person shall be…deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.” Private property is central in this amendment because private property was understood then as a central check not just on government but as the primary tangible instrument of freedom. There was and is everything a man might think up and dream, but what he could do with such endeavors is as important in the plying of a just and stable social arrangement. John Adams once wrote, “The moment the idea is admitted into society, that property is not as sacred as the law of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.” George Mason himself had declared, “Frequent interference with private property and contracts, retrospective laws destructive of all public faith, as well as confidence between man and man, and flagrant violations of the Constitution must disgust the best and wisest part of the community, occasion a general depravity of manners, bring the legislature into contempt, and finally produce anarchy and public convulsion.” It wasn’t just the Founding Fathers who called private property the “bedrock of capitalism”, though of course they never used those terms invented later, as it had been very well understood especially as an outgrowth of the Enlightenment. Winston Churchill, the greatest of English statesmen, said in the 20th century that: Personally I think that private property has a right to be defended. Our civilisation is built up on property, and can only be defended by private property. As private property defines capitalism and freedom, it offends collectivism and socialism. Friedrich Engels wrote, “the slave frees himself when, of all the relations of private property, he abolishes only the relation of slavery and thereby becomes a proletarian; the proletarian can free himself only by abolishing private property in general.” Hippy folksinger and little “c” communist Pete Seeger suggested, “In a world of private property, if something isn’t owned by somebody, it’s going to be misused by somebody else.” To all sides, banking has been a subject of so much consternation because it is a basic offense to all these perhaps intrinsic ideals. To the socialists and collectivists, banks are a primary source of inequality and oppression; to the original principles of the Bill of Rights, they can be too much wiggle room. For many today, banks should be abolished; to the founding generation they were to be severely constrained. One of the ways in which the latter could be accomplished was private property under the Constitution and Bill of Rights, and the inclusion of money into that realm. The argument for modern banking, however, is that the needs of modern economy cannot be so restrained. The most extreme example, for those that take this line of argument, was the Great Depression. Banking had become a vital, central instrument of trade and general commerce, and therefore pure emotions of the people who had by their rights as property owners deprived banks of necessary funds with which to maintain trade and the nation’s economic welfare. Banks were increasingly removed from property law and placed more and more unto financial law that imposes this socialist view (the “greater” good). I use the term “repo” exclusively not because it is shorthand but because it is altogether different from what the full term suggests. A repo is not a repurchase agreement; it is a collateralized loan. The way in which the latter became the former demonstrates a great deal about the overlaying of financialism in banking and modern money. For a very long time as repo became more popular, there was no actual agreement as to what a repurchase agreement actually was. It was not only unstandardized, it was treated very differently under the law. When the US Court of Appeals for the Fifth Circuit ruled on American National Bank of Austin vs. United States of America in January 1970, they overturned the District Court’s ruling siding with the Bank of Austin against the IRS. The government had charged the bank with a tax assessment based on its own ruling that the Bank did not own the municipal bonds which it had claimed as generating untaxable interest. The District Court found that repurchase agreements as they related to collateralized loans did not transfer title of ownership; the Appeals Court found instead: Since sale-versus-loan cases turn upon their own particular facts, United States v. Ivey, 5 Cir., 1969, 414 F.2d 199, the decided cases which have considered the precise question presented here offer little directional guidance toward a proper resolution of this case. We therefore take the route of ad hoc exploration through an expanse of essentially undisputed facts, see United States v. Winthrop, 5 Cir., 1969, 417 F.2d 905, to find that taxpayer was not entitled to the section 103(a)(1) income exclusion. [emphasis added] In citing United States v. Ivey, the Appeals Court was reaching back to a similar case of ownership question vis a vis taxation (it’s always taxation, i.e., the legitimate boundaries of government) in the collateralized arrangement of physical commodities. James L. Ivey was a cotton farmer in the El Paso Valley of Texas who throughout the 1950’s engaged financial relationships with RT Hoover Company, a brokerage firm. Ivey appointed Hoover as his agent in the sale of his cotton for each planting season, and through that arrangement Hoover would warehouse the commodities until sales could be realized. Hoover would, at times, obtain loans collateralized by the warehouse cotton receipts and from time to time advance cash to Mr. Ivey from those loan proceeds for expenses related to the engagement of cotton farming. Ivey had declared the advances from Hoover as income in the years in which they were still outstanding; the IRS determined that they were instead loans, collateralized by cotton, and that only the sale proceeds could be declared income. Ivey contended that it was his understanding that the transactions were ownership changes upon delivery, proceeds or not. Further, since he paid no interest on the advances it was his understanding that upon delivery the cotton was Hoover’s. The Court concluded that, “to treat what are in fact loans as sales would distort the taxpayer’s income.” The facts of United States v. Ivey do seem to confirm the Fifth Appeals Court’s ruling in Bank of Austin v. US; that cases involving repurchase agreements had to be determined on their own merits rather than treated in standardized fashion. The reason for that seemed more obvious at the time, but has become, I think, lost as the connection of money to property and then to economy was systematically erased during this era. I wrote earlier this year about a preceding case that had also recognized the obscured boundaries of repos and the clear establishment of title. In Union Planters National Bank of Memphis, TN v United States of America, there wasn’t even uniformity among the repo counterparties as to what was going on in these several trades; some were booked as repurchase agreements and all the legal niceties that should be derived from it, including a transfer of ownership; others were accounted as repos, collateralized loans where the understanding of each counterparty is on those terms. The District Court in the Union Planters case wrote in what surely seems obvious frustration, “one dealer advertised for sale to its customers those bonds which had been transferred to the Bank.” Thus, what does “sale”, “transferred”, even “bonds” mean under these arrangements? My preface to all this in May was, If the bedrock proposition of capitalism is private property and clear title to it, then repos have done little except make a mockery of it. First of all, the term “repurchase agreement” sounds abundantly clear and concise: one party sells something to another with an attached agreement to buy it back at some later date at some predetermined price. Legal title to the “something” should easily follow accordingly. But as with so many financial practices, the intrusion of “financial” changes everything. Repos would become standardized such that they were entirely understood as repos rather than repurchases. While that eliminated the individual concerns of case-by-case review of the facts, it also moved this form of money to become exclusively “money.” With standardization came proliferation, of course, to which is always assigned a positive outcome for the “great good.” It is only in these “later” years where these distinctions have been revealed as sticky and difficult for a great many good reasons. Repo fails, in particular, are an insult to the capitalist tradition. One of the primary imbalances that led to directly to panic in 2008 was the near total failure of the repo market, itself brought to that state by among several things the Lehman failure. In a world of fluid “fails” and rehypothecation, what did bankruptcy mean for these collateral chains where ownership was just this kind of fuzzy financial relationship? It was the ultimate form of unstable money, and the results of such monetary instability became very shortly thereafter obvious to everyone. It wasn’t just that one instance, however, as the whole of the wholesale monetary system had been unstable all along; it just had remained unchallenged prior to August 2007. A repo as distinct from a repurchase agreement is not reducible to defined terms. It is a peculiar instance of a system that works because it works. “Everyone” tolerates a certain amount of repo fails because that is just the cost of the “greater good” of fungible wholesale money. Another way of writing that is to suggest that repo system participants tolerate a certain amount of embedded and often visible instability. No monetary system will ever be perfectly stable, of course, because money is a social construct subject to the ever-changing human condition. That was one reason why it was once given the protection as property, so as to better align our own individual interests with understanding these variable parameters. Monetary policy is supposed to reduce instability through its various methods of currency elasticity, which is itself another form of socialism in money; to use more if intended instability to counter instability. The results have been predictable in just that way; central bankers for the most part satisfied that they had alleviated monetary issues in the banking system at least, while at the very same time the banking system became more and more unstable to the point of a global monetary shortage. We can see this very plainly through the conditions of the repo market: It is perfectly obvious that repo fails had been rising almost steadily since 2011, marked by short but intense bursts of illiquidity in the middle of 2013 and again in the middle of 2014. That all changed the week of August 12, 2015, a week we should all know very well by what happened with the Chinese yuan; not because it happened with CNY and the global importance of China, rather due to how the Chinese relate their system to the “dollar” system. Since repo fails are a highly observable form of unstable money becoming more unstable, the financial and economic results of the past year and a half are wholly unsurprising. Since the last week in August 2016, repo fails have not been less than $$200 billion (both “to receive” and “to deliver”) in any week. Of those fifteen weeks (thru the week of December 7), they have been greater than $$300 billion eight times, including each of the past four weeks going back to the week after the election (which does not propose the election as the cause). Fails have been above the $$500 billion level three times, and each of those weeks corresponding with a whole lot of Chinese money market instability (which does propose more than the contours of causation within a global monetary system). In the 31 weeks of 2015 prior to that week in August, repo fails were more than $$200 billion only three times; the highest level of fails was a spike to $$285 billion the first week last March just before the Chinese starting pegging CNY for as long as they could. You could say that the repo market has become “used to” a higher degree of instability for operation over the past two years, but it is much harder to make the same claim for money markets and general economic function globally. To economists, the two are unrelated; understanding both eurodollar operations as well as how they got that way reveals that not only are the two related, one does follow closely the other. Repo fails are only one possible form of monetary instability, but they are emblematic both of the immediate problem as well as the disease of the whole system. This is not capitalism, full stop. You can add whatever other term you like in its place, I use financialism not just because of the preference it gives to financial considerations above all else, especially economy, but also because the word embodies the balance of transformation from property law to finance law and all that has gone with it. The largest such drawback has to be not just the depression since 2007, but more so the derived inability of those who are supposed to know better, who claim they know better, but clearly don’t know any better about what has actually happened all this time. In short, we’ve wasted just about ten years calling a depression a recovery, and all because money is so unstable that it has become, for the mainstream as well as mainstream authorities, unrecognizable. If you don’t know what money is, you aren’t going to know when money is a problem. When money was property, we all had to know better because it was our own that was at stake. In the “modern” version, it is left centralized to the cabal of ignorance and ego, a concern that motivated exactly the writing, ratification, and righteous enshrinement of the Bill of Rights.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-22/if-blackrock-and-pimco-are-right-another-fed-shock-looms

If BlackRock And Pimco Are Right, "Another Fed Shock Looms"

Discussing the market's ongoing reaction to the schizophrenic split between the hawkish Fed and a market which now sees a 50% lower terminal Fed Funds rate than the FOMC, yesterday Jeff Gundlach said that the flattening yield curve could become a concern for US economic growth when two and three-year notes yield about the same. "Lower CPI in the next couple of months will be a cold bucket of water for the Fed tightening dreams," Gundlach said. "Commodities are super weak, with the dollar down year-to-date, no less." In not so many words, an error is forming: either "policy error" by the Fed, or one by the market, which will be forced to reconcile its dovish stance, potentially in violent fashion, with the Fed's relentless "data independence." It was this issue that was the topic of a note by Bloomberg's macro commentator Garfield Reynolds, who noted in his overnight Macro View note, that in addition to the Gundlach "quandary", if recent commentary by BlackRock and Pimco is right, then "another Fed shock looms." His full note below: Another Fed Shock Looms If BlackRock, Pimco Right: Macro View Once bitten, twice eager sounds like a contradiction but it can often seem like standard operating procedure in global markets - just look at the money piling into bets that the Federal Reserve is going nowhere soon with monetary tightening. It’s as if the February shock - when a deluge of Fedspeak made traders realize their bets against a March hike were wrong - never happened. Even after Fed Chair Janet Yellen made it clear she anticipates further rate increases, the “policy error” narrative is going full bore. Eurodollar options and fed funds futures signal no more moves for at least three months and no more than one more this year. Inflation is stubbornly low. Continuing sluggishness in U.S. data (surprise indexes are at about full disappointment settings) could stay the Fed’s hand, especially if employment joins the pity party. But BlackRock and Pimco, who between them manage more than $$6.5 trillion, indicated separately this week that weaker data may not necessarily be the end-all and be-all for the rate outlook. Fed officials have noted their mandate goes beyond just looking at the current pace of inflation. That means the “excessive obsession some market watchers have with the Fed hewing to its 2% inflation target is shortsighted,” according to Rick Rieder, BlackRock’s global chief investment officer of fixed-income. Pimco’s Joachim Fels says Yellen may be willing to accept lower inflation as she continues with the Fed’s policy path because for one thing it would then give greater scope for policy action down the road, and it could enhance financial stability amid concerns of rates being too low. And he cites interesting theories about higher nominal rates leading to higher longer-term inflation. The complacency in the bond market (10-year yields are heading for their narrowest monthly range since 2004!) and elsewhere seems especially brave considering how recently the market completely failed to read the Fed. Of course, there is another explanation, one offered by BofA earlier this week which suggested that the decoupling between the Fed's tightening intentions and the underlying economy has little to do with the data, and everything to do with the market bursting the stock market bubble. As BofA's chief strategist David Woo said, "Can it be the case that its hawkishness was prompted by something other than its reading of the economy? For example, is it possible that the Fed has become concerned about the recent surge in the equity market, especially tech stocks that has been feeding off low interest rates and low volatility?" If so, a "market shock" is indeed inevitable, the question is when. Then again, the market may be doubly-right: if Yellen does indeed "shock" the market, sending yields surging and risk assets tumbling, then a recession is virtually assured. As such, bond bulls are predicting not only its own near-term demise, but their long-term vindication after the shake out that will follow the "post shock" period.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-03-01/libor-spikes-most-15-months-8-year-highs

Turnball The Banker, Not Verified

Libor Spikes Most In 15 Months To 8 Year Highs

The cost of funding for your average joe, average corporation, and average swaps trader, surged overnight. 3M Libor rose by the most since Dec 2015 (Fed rate hike) to the highest level since April 2009. Biggest jump since the fed rate hike in Dec 2015... As Reuters reports, the cost for banks to borrow funds in U.S. dollars surged by the most since December 2015 on Wednesday, a day after a series of Federal Reserve officials jolted short-term interest rate markets with talk of a near-term rate rise. U.S. 3-month Libor was set near an eight-year high early on Wednesday at 1.09278 percent compared with 1.064 percent on Tuesday. The 2.878 basis point rise was the largest since Dec 17, 2015, the day after the Fed's first rate hike following the financial crisis and the Great Recession. The jump comes as short-term rate markets are rapidly repricing the risk that the U.S. central bank may deliver another rate increase as early as mid-March, when its monetary policy committee next meets. In recent days a clutch of Fed policymakers have spoken about the case for a near-term rate hike becoming more compelling in the aftermath of the election of Donald Trump as president and a Republican-controlled Congress intent on pursuing an aggressive pro-growth economic agenda. The latest voices to argue that case came on Tuesday, when both the influential heads of the New York and San Francisco Federal Reserve banks signaled they are concerned about waiting too long to press rates higher. Driving up the cost of funding to 8 year highs... Still when did a rising cost of funds ever hurt an economy? Oh wait. The last time 3M Libor was at this level, The Dow was half its current price...

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/12/29/obama-orders-sanctions-on-russia-over-alleged-election-interference/

Obama orders sanctions on Russia over alleged election interference

… from Press TV, Tehran [ Editor’s Note:This is about what we have been expecting, a fanny covering move by Obama so it could not be said he did nothing. Expect to see 35 US diplomats in Russia ordered to leave soon, as the Russians had already indicated their response would be an equivalent one. The backdrop on this has been Trump’s dissing the hacking claims, and the Obama security people did not put their proof on the table with the Obama announcement. So Trump will still have his reset button on the oval office desk to push when he wants. And with new security people coming into the top slots, I have a funny feeling that Trump is going to ask to see the evidence quickly, and then we might hear more about it. What Obama did not say is that his administration would stop all covert foreign election manipulation, color revolution and unconstitutional regime change activities in January, in an attempt to finally validate his Nobel Peace Prize. It certainly is going to be an interesting year in 2017. Most of us are working on major New Year articles, the looking back and looking forward kind, which this time of year is the sweet spot for doing. The Kissinger coverage this past week on his advising Trump to dump the Russian sanctions was not a fluke on its timing. I am thinking we will see Henry back in action as Trump’s Energizer Bunny foreign policy adviser to balance out his new people. It’s going to be a hell of a ride… Jim W. Dean ] ____________ – First published … December 30, 2016 – The United States has announced a series of economic sanctions against Russia over allegations that it interfered in the 2016 presidential election through cyber attacks. “I have ordered a number of actions in response to the Russian government’s aggressive harassment of US officials and cyber operations aimed at the US election,” outgoing President Barack Obama said on Thursday. “These actions follow repeated private and public warnings that we have issued to the Russian government, and are a necessary and appropriate response to efforts to harm US interests in violation of established international norms of behavior,” he added. According to statements from the White House and the Treasury Department, the sanctions target Russia’s FSB and GRU intelligence agencies, four individual GRU officers, and three companies who allegedly provided support to the GRU, and two Russian individuals for using cyber-enabled means to cause misappropriation of funds and personal identifying information. Under Thursday’s actions, the US also shut down of two Russian compounds in New York and Maryland that the United States says are used “for intelligence-related purposes.” In addition, Obama said that 35 Russian diplomats have been asked to leave the United States, declaring them as “persona non grata”. The White House said in a statement that there was the consensus from the US Intelligence Community that Russia’s intervention in US elections via cyberhacking as “unacceptable and will not be tolerated.” “Russia’s cyberactivities were intended to influence the election, erode faith in US democratic institutions, sow doubt about the integrity of our electoral process, and undermine confidence in the institutions of the US government,” the statement said. “These actions are unacceptable and will not be tolerated.” The Obama administration has repeatedly claimed that the hacking attacks weeks before the election against some Democratic organizations were carried out by Russia as part of Moscow’s plan to interfere in the election process in order to sway the vote in President-elect Donald Trump’s favor, a claim that has been rejected by Moscow. According to Obama, US intelligence agencies are in possession of evidence that shows Russian President Vladimir Putin supervised the hacking, which targeted the Democratic National Committee (DNC) and John Podesta, a top aide to defeated Democratic candidate Hillary Clinton. Several American senators, including Republican Senator Lindsey Graham, have called on the government to impose sanctions against Russia for its alleged meddling in the election. Graham said on Wednesday that Moscow needed to understand it had gone too far during the election, and that new sanctions would target Russian president. “It is now time for Russia to understand – enough is enough.” President-elect Trump has repeatedly called for better relations with Moscow. He has rejected claims that Russian intelligence agencies were responsible for the alleged hacking. Talking to reporters at his Mar-a-Lago resort in Florida on Wednesday night, Trump downplayed the allegations of Russian intervention in the election and stressed the need to move forward. He also turned down talk of imposing sanctions against Russia. However, in a statement released shortly after the announcement of sanctions, Republican House Speaker Paul Ryan described the Obama administration’s response an “overdue” yet “appropriate way to end eight years of failed policy with Russia.” ____________

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/08/galaxy-s9-to-sport-samsungs-new-lte-modem-and-12-gbps-download-speed-001895743.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

Galaxy S9 to sport Samsung’s new LTE modem and 1.2 Gbps download speed

Samsung may have launched the Galaxy S8 Android smartphone months ago, but the South Korean tech giant has reportedly started the production of its successor, the Galaxy S9. However, the tech company has announced its new Cat 18 LTE modem with 6CA support, which could debut in S9 next year. The tech giant’s Cat 18 LTE modem with 6CA support is set to go into production this year. The new LTE modem technology can reach download speeds of 1.2Gbps, which is 20 percent faster than Galaxy S8’s 1Gbps modem. The download speed of the new modem would allow future handsets of the tech company to acquire download speeds that could exceed fiber Internet landlines. Advertisements Advertisements In a press release, the tech giant made it known that its new Cat.18 6CA (Carrier aggregation) LTE modem can simultaneously access up to 6 LTE bands. The current S8 models with Exynos 9 8895 chipset only have 5CA LTE support, which can only link to 5 LTE bands at once. According to Tech Radar, Samsung made it known that its new LTE model will come along with a higher-order 256 Quadrature amplitude modulation scheme as well as a 4×4 Multiple-Input, Multiple-Output support, which increases bandwidth when signals are strong. Nonetheless, the Galaxy S9 Android smartphone would be the first mobile device to arrive with the new modem for international markets. Specs of the mobile device However, the #Samsung Galaxy S9 as well as the S9 Plus are expected to arrive with the same screen sizes and displays as the S8 handsets. Advertisements As reported by GSM Arena, the S9 will come with a 5.77-inch display, while the S9 Plus will boast a 6.22-inch display. But the upcoming smartphones are expected to come along with a dual rear-facing camera, Bixby AI personal assistant and a USB-C port. The tech company is reportedly planning to equip the Galaxy S9 with the Infinity Display technology. Expected release date As Samsung is competing with other companies that have been consistently increasing the RAM capacity, the mobile device is expected to boast an 8GB of RAM and 128GB or 256GB of built-in storage. Meanwhile, if the company adheres to its usual release cycle, the upcoming handset would be announced in March 2018, and might go on sale in early April. The S8 was delayed by a few weeks due to the fiasco of the Galaxy Note 7, which prompted the tech giant to launch a new eight-pointed safety program. Nevertheless, the mobile device is expected to have a $$720 price tag. #Galaxy S9 Release Date #Galaxy S9 Specs

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-08-14/let-banks-manage-risks-not-regulators

Let Banks Manage Risks, Not Regulators

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. No one knows yourself better than you do. The same concept applies with financial institutions and the risks they take. An outside entity will never understand the day-to-day operations that occur within the walls of a bank; moreover, the calculated risks that a financial institution takes when investing is best understood by the financial institution itself, not the government or any outside party. Shouldn’t these banks, therefore, determine how to utilize their capital if they are the ones who best understand the risks they take? In the last few years, a consensus for higher bank capital ratios has been established among politicians at the highest levels, in international financial circles, and among many of the respected academics working in this field. For example, in 2013, Anat Admati and Martin Hellwig published a new book, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It. In it, they advocate for substantial increases in capital ratios over and above the figures mandated under Basel III. The book was praised by Nobel laureate, Roger Myerson, who described it as being "worthy of such global attention as Keynes' The General Theory." But, is it necessarily true that banks with more capital are safer and stronger, and hence more resilient in coping with cyclical shocks? Even Lehman Brothers, which was incidentally not a bank, had a capital cushion that comfortably exceeded the regulatory minimum just before it went bankrupt. Unless regulators are so intrusive as to undermine the autonomy of bank management altogether, there is always a risk that banks will acquire assets of such low quality that high capital buffers would fail to protect depositors. Since 2009, the reaction of most banks to the new regulatory frenzy has been to run scared. They have restricted claims on the private sector and expanded low-risk holdings of cash reserves and government securities. (Under the Basel III rules, cash and government securities require no capital backing as they are deemed to be “risk-free”). The new difficulties that companies face in raising finance from the banking industry may hamper growth and innovation, as even the IMF and the OECD sometimes quietly acknowledge. Since bank credit lines are a key source of working capital for some businesses—notably those which trade products, commodities, and securities—the restriction on credit has acted as a pro-cyclical, supply-side constraint on the economy. For all the talk about the looseness of the Fed’s monetary policy in the QE era, the inconvenient truth is that overall broad money growth in the U.S. has remained rather subdued since 2008. By enforcing extra bank capital requirements in the middle of an economic downturn (that is, in late 2008 and 2009), central banks and the main regulatory agencies aggravated the cyclical weakness in demand. For a few quarters, the resulting depression in asset prices made some banks even less safe, illustrating the warning by Irving Fisher in his 1933 book, The Debt-Deflation Theory of Great Depressions. As Fisher noted, a paradox might be at work. Borrowers repay bank debt, but in the process they destroy money balances and undermine the value of stocks, houses, and land. That increases the real burden of the remaining debt. In his words, “the mass effort to get out of debt sinks us more deeply into debt.” Sure enough, it has been some years since the worst of the crisis, asset prices have recovered, and American banks have started once more to expand their lending. However, the economy is not firing on all cylinders. Banks today are not providing the same full range of loan facilities as before 2008, while the cost to non-banks of hedging risk (through arranging options and derivatives with banks) is higher than before. Arguably, the increase in capital-asset ratios in the financial sector constitutes a structural impediment to the supply-side of the American economy. High bank capital ratios have damaged the American economy on both a cyclical and a structural basis. The solution? Every bank shareholder has a strong interest in ensuring that managements do not take on too much risk relative to the capital entrusted to them. It must be emphasized that the stable macroeconomic performance of the Great Moderation (in the 20 or so years prior to 2007) occurred while banks operated with much lower capital-asset ratios than now. The solution is to scale back untimely and excessive bank capital requirements and restore market discipline on banks and other financial businesses. Let banks spend more time managing risks and less time managing regulators and politicians. This piece was originally published on Forbes.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2017/01/10/436739/

Trump might roll back Russia sanctions: Conway

… from Press TV, Tehran [ Editor’s Note: Trump is slowly moving over from Tweets to having his key staff doing what they are supposed to — roll out the President’s evolving positions to warm the media up. Conway was chosen to remind us all that changes are on the way on the Russian front. My guess would be that the Russian diplomats will be brought back; none of them had cancelled their apartment leases, and their kids are doing online classes to stay up on school work. If nothing else, Trump would do it just for spite, for Obama trying to box him in and poison the public well on his new foreign policy. Remember the Republicans did not try to cut our Nobel Peace Prize man off at the pass when he made his infamous Pax Americana speech in Cairo, and then went on to become the War President, other than his one highlight of ending the Iran nuclear weapons hoax on the world. Trump has to match Putin’s graciousness and coolness under fire to portray himself as being in Putin’s league, but Putin has a lot more experience at the geopolitical game than Trump. We will not see Trump holding four-hour annual press conferences to display his intimate command of everything going on in the country and the world, which includes being able to recite economic statistics endlessly with no notes. No one in the world can match Putin on his live press events. Trump is up against the “no Teleprompter” president, although Putin does read prepared speeches for some of his daily events. The NeoCons are betting that, as long as they and the media keep up the anti-Russian threat hysteria, it does not really matter what the truth is, as the public will only remember what they hear over and over. There is a history of this being the case. But Trump has the bully pulpit and a biting tongue, and as we have seen, no hesitancy in using either. The public will always know what Trump thinks about an issue that he has in his crosshairs. By the end of February, we will know a lot more… Jim W. Dean ] ____________ – First published … January 10, 2017 – President Barack Obama’s response to alleged Russia hacking attacks was “disproportionate,” says a top aide to Donald Trump, noting that the Republican president-elect is likely to roll back some of his predecessor’s actions against Moscow once he takes office. Kellyanne Conway, who led Trump’s presidential campaign, made the remarks on Monday night, when answering a question by USA Today on whether Trump would review any of Obama’s “steps” against Russia. “There does seem to be a disproportionate response, a punitive one, by President Obama in the instance of the alleged Russian hacking,” Conway said. “I predict that President Trump will want to make sure that our actions are proportionate to what occurred, based on what we know,” she added. In late December, Obama ordered a series of economic sanctions against Russia and ordered 35 Russian diplomats to be expelled over allegations that Moscow had tried to influence the November 8 presidential election in the US. According to a recent report by US intelligence agencies, “Russian President Vladimir Putin ordered an influence campaign in 2016 aimed at the US presidential election.” Moscow has categorically dismissed the allegation. Put together by the Central Intelligence Agency (CIA), the Federal Bureau of Investigation (FBI) and the National Security Agency (NSA) , the report charged that Putin “sought to help” Trump by launching a smear campaign against Clinton. Trump has disputed the report, arguing that these were the same agencies that falsely claimed in 2003 that Iraq had weapons of mass destruction. The real estate developer has also praised “very smart” Putin for not retaliating Obama’s actions and waiting instead for the next administration to take over. Conway’s comments came shortly after the US Treasury Department announced a new set of sanctions against five prominent Russian figures over what it called human rights abuses. ____________

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/07/finally-we-say-goodbye-to-microsoft-paint-001876231.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

Finally we say goodbye to Microsoft Paint

Microsoft has announced that a new update of #Windows 10 known as "Autumn Creators Update" will remove the long standing graphics editing tool: #Microsoft Paint, the Guardian reported. Microsoft introduced "#Ms Paint" in the very 1st version of Windows 1.0 in 1985, which was the licensed copy of "PC Paintbrush". It had compatibility with all the computer operating systems of Microsoft. What will be added in the new Windows 10 update? MS Paint was the simple Microsoft program to edit and draw images with available tools and one of the most fun loving program for millions of people around the world. Microsoft introduced the latest "Paint 3D" in the Windows 10 "Autumn Creators Update". Advertisements Advertisements It consists of new tools for 3D images and also 2D image editing but it is not an update of old version and does not operate like it. MS Paint is now on the deprecated list of Windows 10 apps and might be removed in future updates. It was not a very advanced application for high-level editing, but it was the most used app for quick cut and paste work. Until 1998, it was limited to only PCX formats and BMP (Bitmaps). JPEG support was not introduced until Windows 98 in the late 1990s. The most recent and improved version of MS Paint was introduced in Windows 7, but as compared to other alternatives of paint such as Paint.NET which is a third-party app, it was still considered to have poor features. Before Paint, Microsoft also killed "Clippy" in 2007 which was designed by Kevan J. Atteberry. Advertisements It was introduced in 2003. It will be a remarkable a moment in the history of Windows when users say their official goodbye to Paint. MS Paint will be on Microsoft store After seeing lots of love across the internet, Microsoft has decided not to kill MS Paint altogether. According to the general manager of Microsoft's Windows 3D Initiative, it will be available to download free from the Windows Store. The difference between in-built Paint and an external installation is that it will not be used in its current state in Snipping tools and Notepad. The system administrator will give permission to install Paint from the Windows store. List of the apps that will be removed along with Microsoft Paint 3D Builder app. Outlook Express. Reader app. Reading List. TCP Offload Engine, IIS Digest Authentication, RSA/AES Encryption for IIS, Image Backup (SIB) Solution and Windows PowerShell 2.0 are also in the list of Deprecated apps.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/07/ios-1033-update-latest-release-still-comes-with-bugs-ios-1034-needed-001870283.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

iOS 10.3.3 update: Latest release still comes with bugs, iOS 10.3.4 needed

Apple has started rolling out #iOS 10.3.3, believed to be the final version for the buggy iOS 10 series. The next update is anticipated to be #iOS 11, though the recent OS release is far from perfect. The Cupertino company may have exhausted all efforts to make iOS 10.3.3 as perfect as possible though it doesn’t seem to appear that way. Some bugs persist connected to Safari and other Apple device features like the Game Centre, Apple Music and app updates among others. Is it really the final iOS 10 update? Seeing that there are still bugs present, it may be hard for anyone to comprehend why Apple would leave iPhone and iPad owners hanging. Advertisements Advertisements There is no credible word that an #iOS 10.3.4 will come out though anything can happen in the coming months. With most set on the next version, there is still time for one to be released. The Cupertino company has yet to announce the official release date of the next mobile OS. Most believe that it will likely be out by September, debuting alongside the iPhone 7s/ 7s Plus and (hopefully) the much-awaited redesigned iPhone 8. For avid Apple device owners, releasing an update with bugs in tow may come as a surprise. A possible reason is that engineers have fallen short of resolving the iOS 10 bugs or purposely leaving them to force folks to update their mobile operating system. iOS 11 not made for all Most are aware how Apple constantly cuts support for their iOS, ideally one version behind the latest one. Advertisements Once the next operating system comes out, it is likely that iOS 10.3.2 will be getting the pink slip. If so, this means that the recently released mobile OS will be the base operating system for iPhone or iPad owners who may have older or passé models. So what happens once when the more advanced operating system comes out? The performance will be one issue, a reason why folks with older iPhones or iPads may be left on the earlier OS versions together with the bugs that most are experiencing right now. Does this indicate that iOS 11 will be bug-free? It will be too early to tell but expecting the next iOS to be perfect may be foolish. The problems may not come out initially but Apple has had its share of problems coming out afterward. The good news is that only people with newer models (likely iPhone 7 and up) will have to deal with it. Hence, a smooth working mobile phone does not hold promise for now. At any rate, it may boil down to a choice – a newer phone with iOS 11 or an older device with the recent OS version release. With plenty of bugs still around, most are hoping for one last update (iOS 10.3.4) to come out.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-02-24/interest-rate-differentials-increasing-financial-market-leverage-unsustainable-level

Interest Rate Differentials Increasing Financial Market Leverage To Unsustainable Levels

By EconMatters We discuss the rate differentials between Switzerland, Britain, Europe, Japan and the United States and how this Developed Financial Markets carry trade is incentivizing excessive risk taking with tremendous leverage and destabilizing the entire financial system in the process in this video. You want to know what is behind weekly market records, borrowed money via punchbowl central bank liquidity. This ends badly every time Central Banks. You can run this model 1 Million iterations, and it plays out the same way, the financial bubble implodes in on itself where liquidity evaporates into nothingness. It is ironic that when the bubble pops, given all the Central Bank infused liquidity to create this bubble paradigm, that all liquidity dries up, and all the sudden there is no real liquidity at all in the system when everyone direly needs it! Conclusion: Central Banks need a coordinated response to figure how they get out of this Developed World interest rate differential problem that risks blowing up the entire Global Financial System because of poor incentives in regards to promoting excessive leverage, poor risk management and imprudent investment decision making processes. My solution would be for the first four Central Banks to tighten Monetary Policy more than the US Federal Reserve. However, the status quo relationship is untenable, and the next alternative would be for the Fed to surprise market participants, showing traders to be on their toes, that there are risks to excessive leverage with borrowed central bank carry funds in a Risk-Off Environment.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-08-29/insurance-companies-could-face-staggering-500b-loss-during-next-downturn

Insurance Companies Could Face Staggering $$500 Billion Loss During A Crisis-Like Downturn

Here’s one more example of how central banks’ global coordinated monetary stimulus in the wake of the financial crisis has increased systemic risk in the US: According to an analysis conducted by BlackRock, insurers are more vulnerable to a market downturn now than they were ten years ago. The reason? Ultralow interest rates have forced insurers to venture into markets with higher yielding assets, forcing them to stomach more risk along the way. Whereas insurers once tended to adhere to only the safest types of fixed-income products – typically highly rated government and corporate debt – they’re increasingly buying exposure to risky high yield and EM products, along with illiquid private equity funds, to try and boost their earnings back to pre-crisis levels. These products carry a potentially higher reward for insurers, but heightened risks are also omnipresent. In a downturn similar to the 2008 crisis, BlackRock estimates that US insurers' holdings would drop by 11% - even more than they did during the crisis. Such a drop would be tantamount to $$500 billion in losses. “The world’s largest money manager mined regulatory filings of more than 500 insurance companies and modeled their portfolios in a similar downturn. Their stockpiles - underpinning obligations to policyholders across the nation - would drop by 11 percent on average, according to its calculations. That’s significantly steeper, BlackRock estimates, than the group’s “mark-to-market” losses during the depths of the crisis. The reason is simple. Insurers needed to make up shortfalls after the crisis. But in a decade of low interest rates they had to venture beyond their traditional holdings of vanilla bonds. They now own vast amounts of stocks, high-yield debt and a variety of alternative assets - a bucket that can include hard-to-sell stakes in private equity investments, hedge funds and real estate.” Even as interest rates rise, Zach Buchwald, head of BlackRock’s financial-institutions group for North America, said that the insurers’ appetite for riskier assets will remain because “many of the allocations are hard to reverse.” ‘There is more risk being put into these portfolios every year,’ Zach Buchwald, the head of BlackRock’s financial-institutions group for North America, said in an interview. And such shifts may become permanent, especially because many of the allocations are hard to reverse, he said.” Which is a problem because, even though insurers claim they’re offsetting risk by “diversifying” into different types of risky assets, big losses can accrue if all of these assets were to drop at the same time – as one might expect during a “risk off” flight to quality. “The new diversity should provide a huge benefit, according to Buchwald. After all, it was concentrations of investments in mortgage-backed securities and certain equities that proved the biggest pitfalls during the crisis, a study by the Organization for Economic Co-operation and Development found. But even piles of investments that appear diverse can suffer big losses if care isn’t taken to ensure the assets won’t drop at the same time.” The BlackRock study was an attempt to market its new “Aladdin” analytics software. “BlackRock examined the insurers’ holdings as it pitches a service called Aladdin. It’s trying to sell the companies analytics and advice, helping them test how complex portfolios may perform under various conditions, so they can design them to withstand catastrophe.” According to Bloomberg, the study has been published at an “interesting time” for markets. “The assessment comes at an interesting time. With U.S. stocks trading near record highs and the Federal Reserve starting to unwind years of extreme measures, there’s a raging debate on Wall Street over whether a big correction is looming - and if so, whether unforeseen faults in financial markets might crack open, as they did a decade ago.” Mohamed El-Erian, chief economic adviser at German insurance conglomerate Allianz, warned that “non-banks” are increasingly reaching for high-yield bonds without regarding the risks. “The strong ‘quest for yield’ remains visible in non-banks,” Allianz SE Chief Economic Adviser Mohamed El-Erian said in a Bloomberg View column this month. The group, which typically includes insurers, has pushed into asset classes “including what most deem to be a stretched market for high-yield bonds.” Some insurers, like Athene Holding, have bragged about the outsized returns from their riskiest investments. “Athene Holding Ltd., an insurer that leans on Apollo Global Management to oversee investments, is wagering on complex, hard-to-sell debt. Its alternatives portfolio, representing about 5 percent of total holdings, posted a 12.3 percent return on an annualized basis in the second quarter. It’s among a handful of insurers backed by private equity firms betting they can earn better returns than peers focusing on traditional investments. But even MetLife Inc. and Prudential Financial Inc., two of the oldest and largest life insurers in the U.S., have said they’re pushing into commercial property bets and private market debt in search for yield.” When insurers invest in illiquid products like a private equity fund, they need to hold more capital on their books to offset the risk – money, that, as Bloomberg points out, “isn’t free.” After adjusting for the reverse capital, BlackRock found that the high-flying PE returns weren’t as spectacular as some insurers believed. “BlackRock’s study showed that the industry’s forays into alternative investments haven’t always delivered yields on par with what the underlying money managers project. Insurers have to hold large amounts of capital against the investments they make -- money that isn’t free. When adjusting for those charges, private equity returns are generally less than 4 percent, whereas they would have been above 6 percent. That, according to BlackRock, indicates insurers would probably earn more on investments in mezzanine real estate debt and high-risk equity investments in global real estate and other real-asset financing.” Since the crisis, insurers have increased PE investments by 50%, despite the lower risk-adjusted returns highlighted by BlackRock. Maybe some of them SHOULD consider buying the asset-manager's new software… “After experimentation with different assets, some insurers have shifted wagers. By the end of last year, the industry’s funds held in private equity had soared 56 percent to $$56 billion from 2008. That trend is leveling off, Buchwald said. Real estate investments, meanwhile, hit a seven-year high in 2015, then dropped by $$7 billion the next year to $$42 billion. Hedge fund holdings spiked to $$24 billion in 2015, only to drop to $$18 billion the next year. MetLife and American International Group Inc. were among those that began changing strategies. The key is to find “other, more predictable income generators,” Buchwald said, ‘things like infrastructure and real estate.’” Whatever their risk tolerance, a growing number of market strategists believe that the next sharp downturn in markets could begin as soon as this year. This would mark the first real test of insurers’ capital cushions since the crisis. And, particularly if it triggers a wave of defaults in the high-yield sector (or even among European sovereigns), a market rout could wipe out trillions of dollars worth of insurance company holdings. Let’s hope that – for their sake - when the other shoe drops, insurers are ready. With Republicans controlling the White House and both chambers of Congress, failing insurers likely won’t receive the same type of bailout that AIG did during the crisis.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-06/how-dick-durbin-costs-consumers-billions

King Tut, Not Verified, Elco The Constitutionalist

How Dick Durbin Costs Consumers Billions

Submitted by Tho Bishop via The Mises Institute, As Rahm Emanuel once said said, "You never let a serious crisis go to waste." Fellow Illinois politician Senator Dick Durbin put that philosophy into practice during the writing of the Dodd-Frank Act, the monstrous piece of legislation falsely sold to the public as a solution to the financial crisis. Not only did Dodd-Frank not fix the problem of “too big to fail” (it made it worse), but by the time it made its way to President Obama’s desk it became filled with provisions that had nothing remotely to do with the crisis in the first place. One such provision was the Durbin Amendment, which capped the price banks can charge retailers for making credit and debit card transactions. Prior to the amendment, financial institutions would charge various rates, largely dependent upon the size of the purchase. A card transaction on a $$2 cup of coffee may cost a couple of pennies, while a $$1000 laptop may cost a little over a dollar. A Fed study found that banks on average charged 1.15% per transaction. While a little over 1% doesn’t seem like a lot, interchange fees meant over $$16 billion for financial institutions in 2009 – and American retailers like Wal-Mart decided they didn’t want to pay anymore. In comes Dick Durbin, whose amendment dramatically reduced interchange fees. Now financial institutions can only charge 21 cents per transaction, plus .05% to help cover fraud losses, plus an additional penny in certain cases. The age old fallacy of price control, now in mobile payment form. While the Durbin Amendment doesn’t explicitly require retailers to charge 21 cents for small dollar purchases, by capping the revenue banks made on high dollar luxury goods, it’s natural for them to make up the difference – well over $$10 billion a year – elsewhere. So the fee charged for the $$2 cup of coffee is no longer just over 2 cents a cup, it is now 21 cents – or over 10%. While this massive increase is an annoyance for a chain like Starbucks or Dunkin’ Donuts, it’s proven to be a killer for independent coffee shops. Another example of how government regulation benefits big business by unintentionally destroying the bottom line of mom and pop shops. Of course it’s not just coffee shops and diners that are impacted. Anyone who still uses Redbox Movie rental will noticed that a basic DVD rental no longer costs a dollar like it used to – a direct result of the additional costs passed on to them thanks to Dick Durbin. Consumers aren’t only impacted by the rising cost of small dollar purchases or with fewer choices for lattes. Banks have increased fees on customers and reduced benefits. That’s why fewer banks offer free checking, while others have experimented with charging customers for debit cards. During his presidential campaign, Bernie Sanders took to Twitter to criticize rising ATM fees. Of course such fees are the direct result of the Dodd-Frank bill he himself supported. While one would hope Senator Sanders would eventually learn a lesson about unintended consequences, anyone who self-identifies as a socialist has is unlikely to learn from history. None of this comes as a surprise of course, it was anticipated that banks would have to make up loss revenue elsewhere. Defenders of the Durbin Amendment at the time argued that consumers would benefit as retailers lowered costs as a result to paying fewer fees. Unfortunately the exact opposite has been found to be true. A 2014 Fed study on the impact of the Durbin Amendment on retailer prices have found that “few merchants” reduced prices as a result of the measure, while "sizable fraction” of merchants either increased prices or limited the use of debit cards as a result. Over six years after Dodd-Frank was signed into law, it is clear that the only ones who benefited from the Durbin Amendment have been big box chains like Wal-Mart and Home Depot. It cost consumers, on the other hand, literally billions of dollars a year. With Donald Trump taking office this month, and with all signs pointing to Dodd-Frank changes on the horizon, eliminating the Durbin Amendment should be a top priority. Fewer things would be a bigger win for the blue collar workers that put him into office.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-05-14/how-stick-it-your-banker-fed-whole-doggone-fiat-money-system

How To Stick It To Your Banker, The Fed, & The Whole Doggone Fiat Money System

Authored by EconomicPrism's MN Gordon via Acting-Man.com, Bernanke Redux Somehow, former Federal Reserve Chairman Ben Bernanke found time from his busy hedge fund advisory duties last week to tell his ex-employer how to do its job. Namely, he recommended to his former cohorts at the Fed how much they should reduce the Fed’s balance sheet by. In other words, he told them how to go about cleaning up his mess. Praise the Lord! The Hero is back to tell us what to do! Why, oh why have you ever left, oh greatest central planner of all time. We are not worthy. We couldn’t recall the last time we’d seen or heard from Bernanke. But soon it all came back to us. There he was, in the flesh, babbling on Bloomberg and Squawk Box, pushing the new paperback version of his mis-titled memoir “The Courage to Act.” Incidentally, the last time we’d heard much out of the guy was when the hard copy was released in late 2015. With respect to the Fed’s balance sheet, Bernanke remarked that the Fed should cut it from $$4.5 trillion to “something in the vicinity of $$2.3 to $$2.8 trillion.” What exactly this would achieve Bernanke didn’t say. As far as we can tell, a balance sheet of $$2.8 trillion would still be about 300 percent higher than it was prior to the 2008 financial crisis. Bernanke, by all measures, is an absolute lunatic. He, more than anyone else, is responsible for the utter mess that radical monetary policies have made of the U.S. economy. He’s the one who dropped the federal funds rate to near zero and inflated the Federal Reserve’s balance sheet by over 450 percent. Yet Bernanke walks and talks with no remorse. He even believes his actions somehow saved the economy. In truth, his actions impeded the economy’s ability to self-correct and provoked today’s asset and debt bubbles. However, with the exception of Lehman Brothers, his efforts did succeed in saving the banker’s bacon. Well, at least someone was happy… Big Dreams Remember, it was Bernanke who goaded Alan Greenspan to drop the federal funds rate to 1 percent and leave it there for 12 months in 2003-04 following the dot com crash. This single act contributed to the mortgage lending bubble and bust more than anything else. Bernanke even delivered a fearful speech on the subject in late 2002 auspiciously titled, Deflation: Making Sure “It” Doesn’t Happen Here. There he outlined his approach with uncompromising assurance: “[T]he U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.” Later, as Fed Chair, Bernanke’s big dream came true. Following the mortgage lending bubble and bust that he’d helped Greenspan orchestrate, Bernanke was granted the opportunity to execute his mad ideas of mass money supply expansion. And then Bernanke looked over all he had made, and behold, it was very good. And he was quite pleased indeed, as he looked out over the endless panorama of his own perfections. As long as he was around and could be consulted, what could possibly go wrong? Why, he would even proffer unsolicited advice if need be. With great precision would he spew forth sacred numbers. The mortals would do well to take heed – click to enlarge. Through his insane quantitative easing policies Bernanke inflated the Fed’s balance sheet from under $$1 trillion to over $$4.5 trillion. In Bernanke’s mind, this was his great courageous act. We’ve all been living with the results of his courage – low growth, low bond yields, high debt, inflated asset prices, stagnant wages, currency erosion, and more – for nearly a decade. Quite frankly, it stinks. What can you do about it? Silver Security Several weeks ago, we offered a partial review of how your bank is ripping you off. Today we offer a practical, elegant, way that you can stick it to your banker, the Federal Reserve, and the whole doggone fiat money system. But first, some context courtesy of Dr. Keith Weiner and his recent article titled Will Gold or Silver Pay the Higher Interest Rate? “[O]ver thousands of years, gold has not displaced silver. The reason is that gold and silver do not directly compete. They perform different functions. Both are heavy and shiny metals. Both are resistant to tarnish, and they’re good conductors of heat and electricity. But their physical similarity has misdirected attention from their separate roles. Gold was selected by traders as the best money to carry large values, especially over long distances. Before gold, they used cattle, because cows move under their own power. Gold does not move itself, but its value density is so high that you can easily carry a fortune in your pocket. Today, gold can be moved anywhere in the world in days. The entire globe is effectively the trading region for gold. This means that gold is not subject to local gluts or shortages. Gold supply and demand are quickly smoothed out over the entire world. This helps makes gold the most liquid commodity. Silver was chosen by wage-earners, not for carrying large value over distance, but to carry value over long periods of time. Before they used silver, they used salt. Salt is not perishable, and it is accessible to even unskilled laborers. Workers need a way to accumulate small amounts of value every month, and store it until needed to buy groceries in retirement. Gold does not work as well for this purpose. An ounce of gold is far too much for most people to buy weekly or even monthly. In smaller sizes, you pay a high premium which will be lost when you sell. Silver offers a better deal for small savers. Silver is the most hoardable commodity. Gold tends to be owned by wealthier people. It is likely that a larger number of people have smaller amounts of silver. The wage-earner who has a modest stack of silver coins does not need interest so much as he needs security.” How to Stick It to Your Banker, the Federal Reserve, and the Whole Doggone Fiat Money System If you already own gold or silver, what follows may seem rather elementary. But if you’re a wage earner and don’t own any precious metals, and don’t know where to start, here’s a practical, elegant, way for you to stick it to your banker, the Federal Reserve, and the whole doggone fiat money system. To be clear, we like to keep things really simple. Thus, we’ve boiled it all down to a simple, two step approach that just about everyone should be able to carry out: Step 1: Go to your nearest ATM and pull out a $$20. Step 2: Go down the street to your local coin shop and trade your $$20 for a 1-ounce silver eagle. Congratulations! What you’ve just done is trade a dubious debt construct (i.e., a Federal Reserve legal tender scrap of fiat scrip) for a debt free, long term store of value. Do you feel good about your trade? A one ounce silver eagle. It even looks good! If so, do it again and again. Not only will you be preparing for a highly uncertain future. You’ll also be reducing your implied backing of the corrupt banking and Federal Reserve system by reducing your stake of Federal Reserve scrip notes. Now, we’re not suggesting that you close out your bank accounts. Indeed, a bank account is needed to execute financial transactions under the present system. But this won’t always be the case. In short, we’re encouraging you to store up and accumulate some real wealth given the possibility that your bank – and your deposits – may not be there at some point in the future. Most likely, your deposits won’t be there at precisely the moment when you need your money the most. Contrary to what Fed Chair Janet Yellen says, everything is not awesome. As an aside, last we checked, silver was running about $$16.30 per ounce. So, a $$20 should cover the cost of the 1-ounce silver coin and the dealer premium. Now what are you waiting for? Take action today!

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-01-17/ignore-your-peril

Not Verified

Ignore At Your Peril

Submitted by Kevin Muir via The Macro Tourist, They’re at it again. It isn’t enough that the Federal Reserve’s tighter monetary policies are hamstringing global economic growth, but over the past week a few different Fed officials floated the idea of reducing the size of the Fed’s balance sheet. They seem intent on tightening until something breaks. I have long argued Janet Yellen’s Fed is way more hawkish than most pundits believe (Janet’s Bullshit). Ever since assuming the role of Chairperson on February 3rd, 2014, Yellen has presided over a policy of tightening monetary policy through tapering of quantitative easing, then fully stopping Fed balance sheet expansion, and finally raising rates. The net effect of this tighter policy is a rip roaring US dollar, along with higher short rates and a flattening yield curve. Not content to merely raise rates, Fed officials appear to be preparing the market for actual balance sheet reductions in the coming months. Last week several different Fed officials took the opportunity to highlight the possibility of the Fed abandoning their policy of reinvesting proceeds. From Marketwatch: The Federal Reserve “may be in a better position” to reduce the size of its balance sheet now that it has raised interest rates twice in the past year, St. Louis Fed President James Bullard said Thursday. In a speech to the Forecasters Club of New York, Bullard said the Fed may be able to use its balance sheet as a way to tighten monetary policy without putting exclusive emphasis on higher interest rates. From the FT: The Federal Reserve should be ready to consider reducing the size of its balance sheet as part of its efforts to prevent overheating in the US, a senior policymaker said as he noted the pick-up in wage inflation and predicted a return of inflation to target by the end of the year. Eric Rosengren, the president of the Federal Reserve Bank of Boston, said that if the Fed is in a position to lift rates with “more alacrity” than the one-a-year pace of rate rises seen in the past two years, then officials should be willing to debate reductions in the size of its huge asset portfolio. “We should be considering it now, and at what point the committee actually decides to take action we will have to see,” he said in a telephone interview with the Financial Times. “But my own criteria would be if we think the economy is strong enough that we are going to need to do multiple tightenings . . . at that time we should be seriously thinking about reducing the balance sheet.” From Reuters: The Federal Reserve can consider shrinking its massive trove of bonds once the interest rate on overnight lending between banks rises to 1 percent, Philadelphia Fed President Patrick Harker said on Thursday. “When we are at or above 100 basis points - and we are moving toward that - I think it is time to start serious consideration of first stopping reinvestment and then over a period of time unwinding the balance sheet,” Harker, who has a vote on monetary policy this year, told reporters. He was referring to the fed funds rate for interbank lending which the central bank tries to guide. You would need the intelligence and myopicness of a reality TV star to miss the signal the Fed is sending. There is no doubt the Federal Reserve is preparing the market for an unwinding of their balance sheet. Most likely the Fed will not outright sell bonds, but stopping the re-investing of maturing issues will have the same effect. So far the market reaction to the news has been fairly subdued. Stocks have for all intents and purposes ignored it, and US bonds had a bad couple of days before stabilizing. I think this is a big mistake. The Fed is already too tight, and this potential unwinding of the balance sheet is a much more significant development than most market pundits realize. Although Trumphoria continues to cloud the bulls’ minds with psychedelic hallucinations of unrealistic economic outcomes, there will reach a point when the drug wears off, and market participations will once again be forced to deal with the cold economic reality of the current situation. And at that point, the Fed’s hawkishness will become fully apparent. Many economists believed the Fed would never be able to wind down their balance sheet. Many assumed the expansion of the past eight years was permanent. Now the Fed is telling us this is not the case, and they will give winding it down a whirl. Yet the stock market is forgetting how we got here. In the days following the Fed’s 2008 announcement of the first quantitative easing program the stock market did not initially jump higher. Stocks kept declining as the market did not fully understand the scope of the Fed’s program. Even in the following years as the Fed kept expanding their balance sheet, and the relationship between the stock market rise and the QE programs was becoming more obvious, most market participants kept assuming the stock market would resume its decline. The size of the Fed’s balance sheet was probably the most important determinant of the stock market level during this period. At the time most hedge funds managers were hyperventilating about the ultimate decline when the Fed stopped expanding their balance sheet. But here we are with the Fed contemplating actually reducing it, yet most hedge funds are all bulled up on stocks and ignoring the Fed’s rhetoric. Well, I am not ignoring it. And I don’t buy that the relationship between the Fed’s balance sheet and the stock market level should be tossed out the window.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/09/09/eu-extends-sanctions-against-russian-and-donbass-citizens-for-6-months/

EU extends sanctions against Russian and Donbass citizens for 6 months

… from TASS, Moscow [ Editor’s Note: These are just ceremonial, place holder sanctions…all part of the sanctions poker playing. The EU knows who is getting the brunt of the the silly sanctions folly and it is not the Russians. Ukraine is now the EU and NATO’s Tar Baby. They know that everybody knows that Poroshenko never intended to live up to fulling his side of the accords, and so far the West has let him get away with it. No one expects Ukraine to ever repay its loans. Only a war that gives the West something it wants can be used to dodge having to pay up, and waterboarding all the oligarchs to make them confess where all of their stolen money is. The court appointed receivers could sell tickets for that. While this pettiness is going on, Bibi is about to wrap up getting his $$40 billion ten year funding for Israel, all debt financed by American citizens, and then maybe throw the US over to work with the Russians on the next Palestine peace conference. You know, those things that Israel attends every decade or so, sometimes agrees to some things, and then never follows through on any of them… Jim W. Dean ] ____________ BRUSSELS, September 7. Ambassadors of 28 EU countries agreed at a meeting in Brussels on Wednesday to extend individual sanctions against the citizens of Russia and the self-proclaimed republics in eastern Ukraine for another six months, a source in the EU Council told TASS. “Ambassadors of the EU countries approved today the extension of restrictive measures until March 15, 2017,” the source said, adding that the decision is yet to be officially backed by all 28 EU countries at the meeting of the EU Council and published in the Official Journal. The EU Council is expected to take the decision by September 15 when the current sanctions expire, the diplomat said. The blacklist includes 146 individuals and 37 legal entities. “We expect no changes in it,” he added. Last time the blacklist was extended for six months on March 9. The sanctions were introduced against representatives of the Russian leadership, politicians, businessmen and security officials as well as nearly all members of the leadership in the self-proclaimed Donetsk and Lugansk People’s Republics. All of these persons are banned from entering the EU and their bank assets are frozen. Besides, the blacklist includes 37 organizations, among them military and political structures of the DPR and LPR. The European businesses cannot maintain any contacts with them. The EU summit in October is due to hold a detailed discussion on relations with Russia and the possibility of lifting or weakening the sanctions regime starting from the beginning of 2017. ____________

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-08-05/only-ten-years-after-last-financial-crisis-banks-are-it-again

Only Ten Years After The Last Financial Crisis the Banks Are At It Again

Via Jesse's Cafe Americain blog, Apparently the Banks have been lobbying heavily, and expending significant amounts of money again, leaning on their Congressmen and pressuring regulators, saying that their capital standards need to be relaxed so that they can make more loans to stimulate economic growth. But that, according to the FDIC Vice-Chairman, is utter nonsense. Hoenig, who was a high-ranking Federal Reserve official during the crisis, cautioned Senate Banking Committee Chairman Mike Crapo and the committee's senior Democrat, Sherrod Brown, "against relaxing current capital requirements and allowing the largest banks to increase their already highly leveraged positions." Using public data to analyze the 10 largest bank holding companies, Hoenig found they will distribute more than 100 percent of the current year's earnings to investors, which could have supported to $$537 billion in new loans. On an annualized basis they will distribute 99 percent of net income, he added. He added that if banks kept their share buybacks, totaling $$83 billion, then under current capital rules they could boost commercial and consumer loans by $$741.5 billion. 'While distributing all of today’s income to shareholders may be received well in the short run, it can undermine their future returns and weaken the growth outlook for the larger economy,' he wrote." - Reuters, Payouts, not capital requirements, to blame for fewer bank loans: FDIC vice chairman The Banks are spending a substantial amount of their current income on dividends to shareholders and large stock buyback programs designed to increase their share prices. The chart above shows in the first column the almost shocking Payout Ratios being maintained by some of the Banks. In the second column there is an estimate of how many more loans the Banks could have made at current capital requirements if they had not spent their cash buying back their own shares. Since Bank managers are personally heavily rewarded on the share price of the Banks through bonuses and share options, the cause of this is clear. There has been insufficient reform in the Banks. Lending and basic banking would better function like a utility, with much more efficient and effective levels of risk management. Basic banking including loans and deposits ought not to be an adjunct or cover for the kinds of speculation and gambling with other people's money that led to the last financial crisis that brought the global economy to its knees. This problem was addressed by Glass-Steagall and functioned very well, keeping the banking system essentially sound for almost seventy years, until it was repealed under the Clinton Administration in conjunction with a Congress all too willing to sacrifice the interests of their voters to Big Money. * * * "If at times his [Andrew Jackson's] passionate devotion to this cause of the average citizen lent an amazing zeal to his thoughts, to his speech and to his actions, the people loved him for it the more. They realized the intensity of the attacks made by his enemies, by those who, thrust from power and position, pursued him with relentless hatred. The beneficiaries of the abuses to which he put an end pursued him with all the violence that political passions can generate. But the people of his day were not deceived. They loved him for the enemies he had made. Backed not only by his party but by thousands who had belonged to other parties or belonged to no party at all, Andrew Jackson was compelled to fight every inch of the way for the ideals and the policies of the Democratic Republic which was his ideal. An overwhelming proportion of the material power of the Nation was arrayed against him. The great media for the dissemination of information and the molding of public opinion fought him. Haughty and sterile intellectualism opposed him. Musty reaction disapproved him. Hollow and outworn traditionalism shook a trembling finger at him. It seemed sometimes that all were against him—all but the people of the United States. Because history so often repeats itself, let me analyze further. Andrew Jackson stands out in the century and a half of our independent history not merely because he was two-fisted, not merely because he fought for the people's rights, but because, through his career, he did as much as any man in our history to increase, on the part of the voters, knowledge of public problems and an interest in their solution. Following the fundamentals of Jefferson, he adhered to the broad philosophy that decisions made by the average of the voters would be more greatly enduring for, and helpful to, the Nation than decisions made by small segments of the electorate representing small or special classes endowed with great advantages of social or economic power. He, like Jefferson, faced with the grave difficulty of disseminating facts to the electorate, to the voters as a whole, was compelled to combat epithets, generalities, misrepresentation and the suppression of facts by the process of asking his supporters, and indeed all citizens, to constitute themselves informal committees for the purpose of obtaining the facts and of spreading them abroad among their friends, their associates and their fellow workers." Franklin D. Roosevelt, Jackson Day Dinner Address, Washington, D.C. January 8, 1936 As an aside, I find it telling that the current crop of Democratic Party plutocrats want nothing to do with the policies of Jackson or Roosevelt. I think the reasons are obvious. I would like to think that they are merely mistaken. But it is clear that they are serving the masters that they love the most. As for the Republicans, they have long ago betrayed their roots and become the servants of Big Business, and seem to be beyond all hope of reform.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-02-06/largest-retail-fx-broker-fxcm-banned-cftc-fined-7-million-taking-positions-against-c

Largest Retail FX Broker FXCM Banned By CFTC, Fined $$7 Million For Taking Positions Against Clients

The CFTC on Monday fined Forex Capital Markets, parent FXCM Holdings LLC and founding partners Dror Niv and William Ahdout to pay $$7 million to settle charges it defrauded retail foreign exchange customers and engaging in false and misleading solicitations. As part of the settlement, FXCM agreed to withdraw its registration and never seek to register with the CFTC again, effectively banning it from operating in the US. The CFTC found the retail FX broker had an undisclosed interest in the market maker that consistently won the largest share of FXCM's trading volume, and was therefore taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM's role in the creation of its principal market maker as well as the fact that the market maker's owner had been an FXCM employee and managing director. The commodity regulator said in a statement that "between Sept. 4, 2009 though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail customers by concealing its relationship with its most important market maker and by misrepresenting that its 'No Dealing Desk' platform had no conflicts of interest with its customers." Niv, FXCM's chief executive officer, and Ahdout, its managing director, are also barred from future CFTC registration and acting for those who are registered for the agency. FXCM is currently the largest Retail Foreign Exchange Dealer (RFED) in the US, with an estimated market share of approximately 34.0% in December. It is unclear what the fallout will presently be for the US FX market following the CFTC order. The shakeup could prompt a Jefferies/Leucadia takeover, given the company’s existing financial obligations and past deal with Leucadia in the aftermath of the Swiss National Bank (SNB) crisis. The news also comes during after hours trading in the US – prior to the enforcement action, FXCM’s share prices had already been trading close to its 52-week low of $$6.65, having closed at $$6.85 Monday. According to Gretchen L. Lowe, Principal Deputy Director and Chief Counsel of the CFTC’s Division of Enforcement, in a recent statement on the order, “Full and truthful disclosure to customers and honest discourse with self-regulatory organizations such as NFA are vital to the integrity and oversight of our markets. Today’s action’s demonstrates that the CFTC is committed to protecting customers from harm in the markets it regulates.” Following the CFTC order, the National Futures Association (NFA) also stipulated that the group’s founders William Ahdout and Dror (Drew) Niv as well as FXCM have been forced to withdraw from NFA membership, also facing a permanent ban. The effective date for these actions is February 21, 2017. The NFA has accepted the settlement offer of FXCM, and the aforementioned individuals neither admitted nor denied the allegations outlined in the order. As for FXCM's thousands of retail clients, they may soon have to find more creative ways of losing their money than "investing" in 50x levered, central-bank dominated, HFT-infested currency markets whose only purpose these days seems to be to inflict the greater damage by stopping out the largest number of positions possible.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/tech/2017/07/essential-phone-to-ship-in-a-few-weeks-confirms-andy-rubin-001864389.html

Blasting News, Robert Sobel, Amra Ibrahimbegovic, Asmir Pekmic

Essential Phone to ship in a few weeks, confirms Andy Rubin

#Essential #phone was in the news recently for all the wrong reasons. However, the latest news emerging from the company is that the smartphone will start shipping in the next few weeks. The company hasn’t revealed any deadline for shipment but we expect the handset to ship between August end and October. If you have pre-ordered the device and waiting to get hands on it, you need not have to worry because Essential took to Twitter and posted a message written by Andy Rubins, who is the head of the company. According to Rubins, they have been working hard to ship the phone to customers and are in process of getting the required regulatory approvals from various mobile service providers. Advertisements Advertisements No specific timeframe Rubin added that the Essential Phone will be shipped to all customers who have pre-ordered the device within the next few weeks. We don't have any estimated time frame of the shipment of the phone. Rubin also suggests Tweeples make use of the #thisisessential to showcase support while the team is busy with the production work of the new Essential phone. Specifications The Essential Phone with model number PH-1 features a 5.71-inch QHD display with radiused corners alongside an aspect ratio of 19:10. With 500-nits brightness, the display panel is manufactured using CGS/LTPS technology. Specifications wise, the Essential Phone ships with a Snapdragon 835 processor, Adreno 540 graphics, 4GB RAM coupled with 128GB storage. The main attraction of the handset is the addition of UFS 2.1 technology, which helps you to read and write content quickly. Advertisements Addition of dual camera The camera segment consists of a 13MP dual RGB and Mono sensors paired with image fusion technology. You will be able to capture 4K video at 30fps and FHD video at 60fps. When it comes to the front-facing shooter, the Essential Phone includes an 8MP sensor with an aspect ratio of 16:9. The handset is manufactured in such a way to deliver an enhanced sound output. The phone offers 4x microphones with support for beam forming and noise cancellation technologies. A 3040mAh battery with fast charging support delivers adequate power for the device. We've been working around the clock to get our first device in your hands. See this update from Andy. pic.twitter.com/bm5xm5XRKS — Essential (@essential) July 21, 2017 As part of the limited time launch offer, the company will also bundle a 360-degree modular camera along with the product package. You can reserve the Essential Phone at $$749, which is less than the retail price of $$898. Even though the long wait is not over yet, you should have to wait for few more days until the phone is made ready for shipment. As of this writing, we don't have any specific date on which the Essential Phone will start shipping. #Andy Rubin

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/gaming/2017/08/pokemon-go-tips-and-tricks-heres-how-to-catch-mewtwo-001932915.html

Blasting News, Erwin Cruz, Sergida Dolores Baez, Akio Kishimoto

'Pokemon Go' tips and tricks: Here's how to catch Mewtwo

Niantic Labs is leaving no stone unturned in a bid to lure back "Pokemon Go" players who have abandoned the game. Meanwhile, to keep the existing players occupied, the game developer introduced the legendaries. The next Legendary Another Legendary is headed to Niantic’s hit AR (augmented reality) mobile game. Trainers will soon be able to get their hands on Mewtwo; however, catching the coveted creature will be no child's play. Soon after it was successfully caught during a Pokemon Go Stadium event that took place in Japan, Mewtwo was set free into the wild. Here's how you can capture the recently unlocked Legendary at the next exclusive event, cashing in on the most known vulnerabilities and counteracts. Advertisements Advertisements How to join Exclusive Raid Battle A few players on Android and iOS will be able to delve into "Pokemon Go" Mewtwo Raids sooner rather than later. After releasing the Psychic-type in Japan, the game developers are reportedly prepping to launch it globally in the forthcoming weeks. However, the burning question on every "Pokemon Go" player's mind is exactly how can they participate in the upcoming event and what are the most reliable Mewtwo counters and weakness. First off, you have to be an active trainer who participates in regular "Pokemon Go" Raids since Mewtwo will be included in exclusive raids, which will regularly appear at Gyms worldwide. The only way to join an Exclusive Raid Battle is via invitation. A report from Express claims until a trainer receives an invitation he/she will not be able to take part in one. Advertisements Only Trainers who have recently completed a raid will be eligible to receive an exclusive Raid Battle invite. The invitation will comprise details about when the Exclusive Raid will happen, giving them much needed time to get their act together and collaborate with other Trainers before going toe-to-toe with the mighty Raid Boss. It still remains to be seen how much time Niantic will give Trainers before the Raid, which Express believes is more likely to be worthwhile in cities and towns. According to the site, rural Raids are already arduous enough, and there's no need to have players be able to return to a Gym for a specific time window. Pokemon Go Hub reports Mewtwo boast an impressive CP (Combat Power) of 49430 and provides a maximum capture CP of 2275 (Level 20, perfect IV score). How to catch Mewtwo? As far as taking the Psychic type down is concerned, Tyranitar might prove to be the best choice as it can match strength with Mewtwo with the help of Dark moves. Aside from that, there's a slew of other Pokemon you can count on to strengthen your lineups such as Gyarados and Gengar. Advertisements However, it is imperative for you to bear in mind that these are likely to get burned up very soon. With remarkably strong DARK type moves, coupled with the ability to withstand elite and Psychic stats, Tyranitar is the best Pokemon to take on Mewtwo. That being said, Mewtwo can come with three Focus Blast FIGHTING (140 PWR) since its charge move, which will inflict massive lethal damage to a Tyranitar if it hits, PoGo Hub reports. Trainers are not just advised to dodge, but dodging is deemed rather mandatory. Other counters are relatively simple, using Mewtwo’s type weaknesses. Trainers must bear in mind that almost every non-Tyrantiar counter mentioned above is rather feeble. Much to the delight of "Pokemon Go" players, Niantic said although Mewtwo will grease the way for these new Raids, it won't be the last creature to grace these newfangled Raids. Mewtwo is the first creature Trainers will encounter in Exclusive Raid Battles; however, there is a possibility that a myriad of other robust Pokemon could hatch from the Raid Eggs that are detected at Exclusive Raid Battles over the next few weeks, according to a statement from the company. #Pokemon Go Tips and Tricks #Pokemon Go Mewtwo Raid #How to catch Mewtwo in Pokemon Go

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-16/matt-king-back-and-reveals-biggest-threat-facing-market-two-charts

Matt King Is Back With A Dire Warning: "A Significant Un-balancing Is Coming"

Earlier this week we discussed a chart from Citi's Hanz Lorenzen, which we said may be the "scariest chart for central banks" and showed the projected collapse in central bank "impulse" in coming years as a result of balance sheet contraction, and which - if history is any indication - would drag down not only future inflation but also risk assets. As Citi put it "the principal transmission channel to the real economy has been... lifting asset prices" to which our response was that this has required continuous CB balance sheet growth, and with the Fed, ECB and BOJ all poised to "renormalize" over the next year, the global monetary impulse is set to turn negative in the coming year. Today, after a nearly three month absence, our favorite market strategist, Citi's Matt King is back with a note which confirms our suspicions. In "Markets un-balanced" he warns that "the Fed’s planned balance-sheet reduction, coupled with ECB tapering, seems likely to destabilize markets sufficiently that we think they will be unable to complete it." And yet there is a paradox: since by definition central-bbanker intervention has broken the market, and thus its discounting abilities, King warns that the repricing may not take place until it is too late to step back: "our models suggest markets are unlikely to react until the reductions in purchases are actually implemented. This is in stark contrast to the widespread presumption of immediate and full discounting." Here we can only ask rhetorically that if only believes that markets are indeed "broken" by central bank intervention, why would anyone assume that their key function - discounting - is still viable. Here is King with his take, previewed here earlier in the week, on the biggest threat facing the market: As we’ve noted in the past, in recent years asset price moves have displayed a high degree of correlation with central bank liquidity additions. Central bank buying has reduced the net amount of securities (in DM) the market needs to absorb, both this year and last, to near zero; we think this has played a critical role in propping up valuations at elevated levels. Next year looks very different. We project that the private sector will have to absorb c.$$1tn of securities – the highest number since 2012. The main driver for this is our anticipated reduction in ECB purchases from €780bn this year to €150bn in 2018. The faster pace of Fed balance sheet reduction we can now expect cements our impression that next year will see a big shift away from the current status quo. Assuming that Fed balance sheet reduction begins in September, the US market will have to absorb a further $$450bn of supply in addition to the gap left by the ECB His overarching question is one we have asked on various occasions: if balance sheet reduction is potentially so disruptive, why are the central banks so intent on it? He provides the following answers: First, the ECB has a particular problem in that it must either taper or abandon the capital key, otherwise it runs out of bonds to buy owing to its (admittedly selfimposed) 33% issuer-and-issue limit. Second, central banks generally seem to be in denial about the magnitude of the effect their purchases are having on markets. They acknowledge the general rise in asset prices, but fail to appreciate the sheer extent to which investors have become obsessed with “the technicals" and are buying despite a lack of belief in fundamentals or valuations. Third, central banks tend to presume their impact is concentrated locally; we think it works globally. Fourth, central banks tend to assume that it is the stock of QE that is stimulative, when all our models suggest that it is the flow (or even the change in the flow). Fifth, central banks still cling to the textbook model in which the market discounts all available information ahead of time, meaning that by the time they actually come to do their reduction, provided they’ve telegraphed it beforehand, the effect is already priced in. Unfortunately they seem to have neglected the textbook footnote that states that markets function this way only when they are deep and liquid. That might have been a reasonable description of pre-crisis markets; it seems a deeply unreasonable assumption for post-crisis markets in which leverage is constrained and one set of buyers have come along and absorbed virtually all of the world’s net new issuance. Sixth, most central bank studies of the effects of QE have concentrated on assessing its impact on government bond yields. We think this is hard to measure. On the one hand, central bank purchases clearly push prices up and yields down. On the other, if the purchases raise inflation expectations (as they are supposed to do), they push prices down and yields up. We think it is much easier to see the effects in equities and credit – via the very ‘portfolio balance’ effect which the central banks were aiming for – but few people look for it there. Which brings us to the two charts in question: As such, rather than theorize, we just plot global central bank purchases against changes in credit spreads and equities. We find an effect that is strong, global, and contemporaneous. Asset prices have rarely been able to pre-empt future changes in the pace of purchases, even when these have been announced in advance, over the last seven years. We think this is unsurprising when one set of buyers is so completely distorting the market. Finally, here is King on what can tip over the current stable market regime into one of selling: Our metric of the increase in central bank security holdings globally has fallen from the peak last year (Figure 5), but it is still running at a level that in the past has been consistent with stable to slightly appreciating risk assets (Figure 6). So, as we argued last week, a faster-than-expected pace of Fed balance sheet reduction won’t necessarily disrupt the current benign market paradigm for the time being. Over time, though, we struggle to see how the market will be able to adapt to the scaling back of support from the Fed and the ECB without a significant adjustment in valuations. If the effect is as large as it has been historically, the implied market disruption is sufficiently large that we think they will need to rethink their plans. So for now, we see credit (and risk assets more broadly) caught between two equilibria. On the one hand, there is the reigning paradigm of the central banks compressing risk premia near current levels, with a shortage of investable assets fuelling a widespread and potentially self-reinforcing reach-for-yield regardless of the underlying fundamentals. On the other, spreads are forced to confront the scaling back in central bank support, widening rather rapidly to pre-CSPP levels. The asymmetric risk/reward in € credit leaves it particularly vulnerable: even with the low volatilility in recent months, spread breakevens against realised vol remain near historic lows. What might flip us from the first to the second? As far as European credit is concerned, ECB communication is likely to remain the most significant driver. Notwithstanding Constancio’s comment this week that a decision on tapering will have to be taken by “autumn, but certainly before the end of the year”, there’s still little to suggest that the ongoing debate between the hawks and doves in the Governing Council is shifting in the hawks’ direction. But, given how tight spreads are to fundamentals and, even more importantly, the ultimate trajectory of central bank support, we remain confident that the next major move for credit will be towards wider spreads. But, given the uncertainty over timing, positioning for the spread widening we anticipate without giving up too much carry in the meantime is critical. In our latest outlook presentation, we argue that the best hope for doing this is to increase exposure to market segments where beta is priced most cheaply, while reducing elsewhere. With the ECB reducing purchases only next year and the Fed set to get off to a slow start, it seems possible recent market strength persists a while longer. And yet the Fed’s hawkishness this week to our minds adds to the likelihood that in markets a significant un-balancing (or perhaps that should be re-balancing?) is coming. To all the central bankers out there, who hope that the market won't notice what they are doing once they start doing it, good luck.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-06/vix-fomc-setup-video

The VIX FOMC Setup (Video)

By EconMatters We discuss a VIX Trading Setup into the FOMC Meeting next week, with the option to rollover into the January contract as we expect a significant spike in the VIX over the next 6-8 weeks. Buy the VIX into the FOMC Rate Hike Meeting next week at these low levels! © EconMatters All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-08-16/korean-war-part-ii-why-its-probably-going-happen

Korean War Part II: Why It's Probably Going To Happen

Authored by Brandon Smith via Alt-Market.com, Though a lot of people in my line of work (alternative economic and geopolitical analysis) tend to be accused of "doom mongering," I have to say personally I am not a big believer in "doom." At least, not in the way that the accusation insinuates. I don't believe in apocalypse, Armageddon or the end of the world, nor do I even believe, according to the evidence, that a global nuclear conflict is upon us. In fact, it annoys me that so many people seem desperate to imagine those conclusions whenever a crisis event takes shape. I think the concept of "apocalypse" is rather lazy - unless we are talking about a fantastical movie scenario, like a meteor the size of Kentucky or Michelle Obama's Adam's apple hurtling towards the Earth. Human civilization is more likely to change in the face of crisis rather than end completely. I do believe in massive sea-changes in societies and political dynamics. I believe in the fall of nations and empires. I believe in this because I have seen it perpetually through history. What I see constant evidence of is that many of these sea changes are engineered by establishment elitists in government and finance. What I see is evidence of organized psychopathy and an agenda for total centralization of power. When I stumble upon the potential for economic disaster or war, I always ask myself "what is the narrative being sold to the public, what truth is it distracting us from and who REALLY benefits from the calamity." The saying "all wars are banker wars" is not an unfair generalization — it is a safe bet. First, let's clear up some misconceptions about public attitudes towards the North Korean situation. According to "polls" (I'll remind readers my ample distrust of polls), a majority of Americans now actually support U.S. troop deployment to North Korea, but only on the condition that North Korea attacks first. I want you to remember that exception - North Korea must attack first. It will be important for later in this analysis. Despite a wide assumption that the mainstream media is beating the war drums on this issue, I find it is in most cases doing the opposite. The mainstream media has instead been going out of its way to downplay any chance that the current inflamed rhetoric on both sides of the Pacific is anything other than bluster that will end with a whimper rather than bomb blasts. This is one of the reasons why I think war is imminent; the media is a notorious contrarian indicator. Whatever they predict is usually the opposite of what comes true (just look at Brexit and the election of Donald Trump, for starters). Another generalization that is a sure bet is that the mainstream media usually lies, or at the very least, they are mostly wrong. That said, if we are to believe the latest polls, unfortunately, one thing is clear: The American people, on both sides of the political spectrum, are becoming more galvanized around supporting a potential conflict with North Korea. For the establishment, war is a winning sell, at least for now. Of course, I am aware that we have heard all this before. Back in 2013 tensions were relatively high with North Korea just like they are today. North Korea threatened a preemptive nuclear strike on the U.S. back then, too, and in the end it was all hot air. However, besides wider public support than ever before in terms of troop deployment to North Korea, something else is very different from 2013. Primarily, China's stance on the issue of regime change. In the past, China has been consistent in supporting UN sanctions against North Korea's nuclear program while remaining immovable on war and regime change in the region. In 2013, it was clear that China was hostile to the notion of a U.S. invasion. In 2017, though, something has changed. China's deep ties to the global banking establishment, their open statements on their affection for the IMF, and their recent induction as the flagship nation for the IMF's Special Drawing Rights system make it clear that they are working for the globalist agenda, not against it. This is not necessarily a new thing behind the curtain; China has done the bidding of globalist institutions for decades. Today though, the relationship is displayed far more publicly. In 2015, it was China, not the U.S., that sounded the alarm over North Korea's nuclear program, indicating that Pyongyang might have technology well beyond American estimates. It was this warning that triggered the slow buildup to today's fear over a fully capable intercontinental ballistic missile package in the hands of North Korea. It seems obvious to me that China plays the role of North Korea's friend as long as it serves the interests of the globalist agenda, and then China turns on North Korea when the narrative calls for a shift in the script. It is China that opens and closes the door to war with North Korea; a China that is very cooperative with the IMF and the push towards total globalization. In 2013, China presented the narrative of stalwart opposition to U.S. invasion. In 2017, China has left the door wide open. Both alternative and mainstream media outlets latched onto recent statements made by Beijing proclaiming that China "would not allow regime change in North Korea." What many of them forgot to mention or buried in their own articles, though, was that this was NOT China's entire statement. China also asserted that they would REMAIN NEUTRAL if North Korea attacked first. I cannot find any previous instance in the past when China has made such a statement; a statement that amounts to a note of permission. Both the American public and the Chinese government have given support for regime change in North Korea given the stipulation that there is an attack on the U.S. or U.S. interests and allies. So, I ask you, what is most likely to happen here? Much of the world and most importantly the U.S. is on the verge of a new phase of severe economic decline according to all fundamental data trends. The U.S. is set to enter into yet another debate on the debt ceiling issue with many on the conservative side demanding that Trump and Republicans not roll over this time. And, as I discussed in my article 'Geopolitical Tensions Are Designed To Distract The Public From Economic Decline', a North Korean conflict stands as the best possible distraction. How does the establishment rationalize a contested debt ceiling increase while also diverting blame away from themselves on the continued decline in U.S. and global fiscal data? War! Not necessarily a "world war" as so many are quick to imagine, but a regional war; a quagmire war that will put the final nail in the U.S. debt coffin and act as the perfect scapegoat for the inevitable implosion of the current stock market bubble. The international banks have much to gain and little to lose in a war scenario with North Korea. I predict that there will be an attack blamed on North Korea. Either North Korea will be prodded into a violent reaction, or, a false flag event will be engineered and tied to Pyongyang. Remember, for the first time ever, China has essentially backed off of its opposition to invasion of North Korea as long as North Korea "attacks preemptively." Why? Why didn't they make this exception back in 2013? Because now the international banks want a distraction and China is giving them the opening they require. Will this war culminate in global nuclear conflagration? No. The establishment has spent decades and untold trillions building it's biometric control grids and staging the new global monetary framework under the SDR system. They are not going to vaporize all of this in an instant through a nuclear exchange. What they will do, though, is launch regional wars and also economic wars. Those people expecting apocalypse in the Hollywood sense are going to find something different, but in my opinion much worse — a steady but slower decline into economic ruin and global centralization. Eventually, China and the U.S. will enter hostilities, but these hostilities will lean more towards the financial than the kinetic. The establishment cabal works in stages, not in absolute events. Another Korean war would be a disaster for America, just not in the way many people think. Will there be a nuclear event? Yes. If war takes place in North Korea then it is likely they will use a nuclear device somewhere in retaliation. We may even see a nuclear event as a false flag catalyst for starting the war in the first place. This will not be a global threat, but a mushroom cloud over any American city or outpost is enough to scare the hell out of most people. It is all that will be needed.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-11-18/katy-perry-gigi-hadid-banned-china-victorias-secret-fashion-show-unravels

Katy Perry, Gigi Hadid Banned From China As Victoria's Secret Fashion Show Unravels

As we reported yesterday, this year’s Victoria’s Secret fashion show, which is slated to take place in Shanghai in just two weeks, is unraveling like a cheap lace thong thanks to Chinese authorities’ refusal to cooperate with its producers, and Communist Party's decision to deny visas to some of the biggest stars who were slated to participate in the show. The latest update on the deteriorating state of affairs comes via the New York Post, which has reported that US pop sensation Katy Perry – who was slated to perform at the show – and supermodel Gigi Hadid, who was supposed to walk in the show, have been indefinitely banned from China. Sources told the Post’s infamous Page Six gossip section that the “Roar” singer had tried applying for a visa to enter the Communist nation, but was denied by Chinese officials. And while she was initially informed that she’d be able to gain access, the decision was apparently reversed after the government caught wind of a controversial incident from 2015, in which Perry donned a bright, glittery dress with sunflowers on it during a performance in Taipei, the capital of Taiwan. Gigi Hadid The innocent gesture wound up causing widespread outrage in China because the sunflower had been adopted the year before by anti-China protesters. However, Perry also waved a Taiwanese flag during the concert in show of support for the country, which has been clashing with the mainland for years over its autonomy. “She was initially granted a visa to perform at the VS show in Shanghai, then Chinese officials changed their minds and yanked her visa,” a source explained. “For every artist who wants to perform in China, officials comb through their social-media and press reports to see if they have done anything deemed to be offensive to the country. Maroon 5 was banned a few years ago because one band member wished the Dalai Lama happy birthday on Twitter. Meanwhile, Hadid and a handful of other models were banned because of social media posts that apparently offended Chinese government officials. Hadid, who was booked for the show back in August, was banned because of a February Instagram video — in which she held up a biscuit shaped like a Buddha and imitated the religious figure by squinting her eyes. The clip was posted by the model’s sister, Bella Hadid, in February. It was later deleted following a storm of criticism as Chinese social-media users warned her not to come to Shanghai, calling her racist. Apparently, Victoria’s Secret has decided that the show will go on, with or without Hadid: I’m so bummed I won’t be able to make it to China this year. Love my VS family, and will be with all my girls in spirit!! Can't wait to tune in with everyone to see the beautiful show I know it will be, and already can't wait for next year! :) x — Gigi Hadid (@GiGiHadid) November 16, 2017 Some of Victoria’s Secret’s biggest names have been denied entry to China, in addition to lesser-known models, such as Julia Belyakova, Kate Grigorieva and Irina Sharipova. Model Adriana Lima’s visa has been held up due to an ongoing “diplomatic problem." Harry Styles will reportedly replace Perry as the show’s performing artist.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-04/solving-liquidity-problem-not-what-you-think

Solving The Liquidity Problem (Not What You Think!)

By Chris at www.CapitalistExploits.at Earlier this week I discussed Zimbabwe - the country that took and continues to take ineptitude to a whole new level. Specifically, we discussed how the liquidity of assets gets impacted when things go really pear shaped. I think it's worth understanding this process. There are certain dynamics that are very pertinent to countries and economic systems which we've come to incorrectly associate with stability, safety, and people who, with their hand on the tiller, really should know better. But based on their actions they clearly don't. As mentioned, Zim had a serious problem with liquidity and collateral. Like hydrogen and oxygen they can be tightly interconnected, and when they are (in the right formation) we get something almost miraculous (it keeps us alive) but when they're not they're just... meh. Under the watchful eye of their great leader Zimbabwe had - and in fact still has - a massive problem with its collateral since it became worthless and consequently liquidity dried up. Liquidity, at its very foundations, is a consequence of trust, and collateral can't be created or maintained without trust. I suggest reading or re-reading my article on collateral where I argued that the basis of a healthy global financial system is an ability to create collateral - something central banks and governments have been actively destroying but I digress. Anyway, I promised you in my last article that there was a solution to all of this. I'll tell you what I think is going to be THE solution for this sort of problem in the next couple of decades if not sooner, but first (and in order to provide additional context)... let's cover what solutions did crop up for this truly buggered country because they provide us a glimpse into some of the components necessary to solve these sorts of problems. Not to belabour the point but Mugabe and his cronies made a truly epic mess of the place. Everyone became a billionaire and promptly proceeded to starve. Even that mad bitch Kirchner from that other Southern land of great steaks never cocked things up this badly, and she really was one daft bat. Everyone knows that the worst harm you can do to any man, after forcing him to go shopping and spending time with his mother in law (or both together), is to destroy his store of value and means of exchange. Mugabe did just that. Add in capital controls and folks had precious few places left to move their capital to. Enter Old Mutual. Old Mutual is a holding company involved in asset management, life insurance, banking, and a few other bits and pieces. What matters is that Old Mutual is listed on the LSE, the JSE, and on the Harare Stock exchange. Bingo! At any given moment in time you could, with the help of Google, figure out what the value of something in Zim was because you could get the quote on Old Mutual stock on any of these exchanges. Old Mutual stock, as well as some other dual listed equities, quickly became currency. You could buy a nice steak in a restaurant in Harare or Bulawayo with the shares. Here's OML overlaid with the USD/ZWD. That purple straight line up is when the peg inevitably broke (as all pegs eventually do) and the ZWD was laid to rest into the graveyard that all fiat currencies must finally lay in. Even the government themselves landed up using Old Mutual stock as a currency: Old Mutual shares used to pay for electricity imports The Reserve Bank of Zimbabwe, which had stopped the fungibility of Old Mutual shares, was reported to be buying the shares on the Zimbabwe Stock Exchange and transferring them to the Johannesburg Stock Exchange to pay for electricity imports from South Africa’s Eskom. Old Mutual shares traded in Harare, Johannesburg and London and had become a form of currency. Press reports said the central bank was buying Old Mutual shares in Harare and transferring them to Johannesburg where they were held in the pension fund of Eskom as collateral. And this brings me to where things are headed... You see, the problems that Old Mutual shares solved were: one of transparency, which is sorely needed when the value of the currency you're transacting in is dropping faster than CNN's credibility. In addition to transparency, what's needed is a relatively frictionless means of transacting. This, when provided, has an exponential multiplier effect on liquidity. It's the same reason why it's easier to sell a loaf of bread in Manhattan than it is a mine in Kinshasa. The loaf of bread requires far fewer licences, deposits in local politicians' Swiss bank accounts, and purchase of "gifts". With Old Mutual Zimbabweans had a listed equity whose value was easy to compute, already divided (shares), and easily transacted via a broker without additional bribes. The other thing that Old Mutual provided was a relative store of value. The shares, after all, represent real assets producing real cashflows, which is just another way of saying fundamentals underpin the company value. And there we are back to trust and collateral creation I spoke about before. The Future Stick with me here... Stretch your mind and consider what's taking place in the ICO (initial coin offering) space right now. ICOs are amazing financial innovations birthed from blockchain technology that uses a cocktail of cryptology and mathematics stirred into a glass of software. When combined with multiple computers across networks blockchain creates tamper-proof record systems. It tastes better than anything man's managed to dream up before. Blockchain technology is central to the business models of all of these ICOs. What's very cool, though, is that many of the hurdles associated with doing business with either Ivan the naive Russian or Lucky (no kidding), the newly crowned gold mine owner in Zimbabwe, can largely be eliminated with the use of this technology. Imagine placing Lucky's shiny new gold mine on the blockchain with any number of particular conditions (who performs what, when, and why) - all executed via a smart contract. There is no need for lawyers or government officials to "help" transfer assets, administer scraps of paper for a bribe, or even to negotiate revenue-sharing deals (which is what we did incidentally). Now, I realise I'm being somewhat simplistic here and you're not going to eliminate the threat of some lunatic deciding that you look awfully like Cecil Rhodes' offspring and wanting to chop off your head and take any physical asset that you own. But many of the moving pieces which created so much friction can be completely 100% eliminated with blockchain technology. Now, what happens when more and more assets are placed on a system where they can be seen and transacted by any party anywhere in the world? When we were looking at assets in Zimbabwe, there were a dozen (maybe) other serious guys hunting around. The time, energy, and cost to get on the ground and do that is not nothing. And yet I know for a fact that there are thousand, probably millions, of others out there who would have liked to participate but didn't have the time, energy, skills, resources to do so. When they get a platform on which they can do so rest assured liquidity will come to all manner of assets previously never considered. How many crazy Russians sweating last night's vodka out of their pores in saunas in Moscow would take a crack at assets like these if they could do so from their smartphones? Of course, it's not just assets in beaten up broken places like Zimbabwe that we're talking about here this goes for any asset anyplace. That day is coming, and the answer to my question posed is that liquidity increases due to network effects taking hold. We're well past the industrial age here, folks. Sure, physical assets such as mines, railroads, and power stations are valuable but they're far less valuable than ever before. This is only going to become more so as robotics, automation, and things like additive printing accelerate, decentralising product creation. A Question to Ask Yourself What is the most valuable "stuff" in the world today? It's intellectual property. Don't believe me? Take a look at the top 10 most valuable companies in the world today and ask yourself this. What is the most valuable components to their businesses? It sure ain't Apple's factories in China or Google's Googleplex in Mountain View. The value is in IP and that, folks, can be stored and transacted with far greater security, efficiency, speed, transparency, and at lower cost using Blockchain technology than anything else in existence today. ICO's for Anything You Can Imagine Probably the most well known ICO so far has been that of Ethereum, which raised $$18 million 3 years ago and they did so by selling tokens that facilitate o­nline contracts. Today, contracts based on the Ethereum protocol are proliferating, and consequently the Ethereum tokens have a market cap of $$30 billion as I write this. The geeks, building, testing, and breaking stuff in the ICO lab right now are busy building the framework and infrastructure for how everything is going to be transacted in our near future. A world where assets and services become currency or quasi currency themselves is where we're headed... and why the hell not? Now, before you run out and begin buying a bunch of ICOs realise that probably 90% (I'm being generous here) of these ICOs are going to be 100% garbage, and that's not counting the ones that will be outright frauds. What's going to happen is that a few widows and orphans will lose money which they really can't afford to lose and stern faced men in pointy shoes who still wear ties will clamp down on how this is done. That hasn't happened yet. This is the wild, wild West but realise that even when it does inevitably happen it will only really be the beginning because useful groundbreaking technology once unleashed it's a lot like toothpaste. - Chris "Big companies desperately hoping for blockchain without Bitcoin is exactly like 1994: Can’t we please have online without Internet?" — Marc Andreessen -------------------------------------- Liked this article? Don't miss our future missives and podcasts, and get access to free subscriber-only content here. --------------------------------------

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/news/2016/08/kfc-secret-recipe-no-longer-a-secret-001082441.html

Blasting News, Robert Sobel

KFC secret recipe no longer a secret

Colonel Sanders' Kentucky Fried Chicken recipe with its 11 herbs and spices has been a topic of discussion since the restaurant was started back in the late 1930s. It appears to be one of the most famous recipe secrets in the restaurant business. Up until now, the secret had remained a secret. Recently Colonel's nephew revealed KFC's closely guarded secret recipe. When put to the test, it came pretty close to the taste we get when we purchase the chicken from the restaurant. Could Colonel Sanders' secret recipe finally no longer be a secret? History of the secret recipe Colonel Sanders' KFC recipe has been a mystery for over 70 years. Advertisements Advertisements Some have doubted if there was really a secret recipe after all. They say it might have been just a marketing strategy all these years. In 2008, as a publicity stunt, KFC hired a Brinks truck to take the secret recipe to a more secure location. A hand-written copy of the secret recipe, signed by Sanders, is locked up in a safe inside a vault in KFC's Louisville headquarters. Along with the recipe are 11 vials containing all the herbs and spices used to give the chicken its distinct taste. As a precaution, half of the recipe is prepared by Griffith Laboratories before it is given to McCormick to complete the process. Over the years, many attempts have been made to steal the secret recipe, but every attempt has failed. Colonel Sanders' nephew's claim Joe Ledington, Colonel Sanders' nephew by marriage, claimed he found KFC's secret recipe when he was looking through a family scrapbook. Advertisements He saw a handwritten recipe for fried chicken written on the back of the will of Sanders' second wife. Ledington thought it was no coincidence that there were exactly 11 ingredients listed. That was the same number he had been hearing about for many years. The nephew was convinced that he had stumbled on the original recipe. When the recipe was put to the test, the taste came very close to the finger-linkin' chicken we purchase from our local KFC. In case you are interested, the 11 herbs and spices mixed with two cups of flour include the following: 2/3 Ts Salt 1/2 Ts Thyme 1/2 Ts Basil 1/3 Ts Oregano 1 Ts Celery Salt 1 Ts Black Pepper 1 Ts Dried Mustard 4 Ts Paprika 2 Ts Garlic Salt 1 Ts Ground Ginger 3 Ts White Pepper Are you willing to try the 11 herbs and spices to see if your next batch of chicken will taste like KFC? #News #Buzz

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-17/morgan-stanley-market-so-distorted-fed-being-forced-pain-trade

Morgan Stanley: "Market Is So Distorted" The Fed Is Being Forced Into A "Pain Trade"

Add Morgan Stanley to the list of banks who are lashing out against the Fed's interminable easy monetary policy (as we pointed out last week, the most notable recent entrant was Bank of America which had a simple message to Yellen: "Take That Punch Bowl Away"). In a note from Morgan Stanley's Hans Redeker, which attempts to explain the Fed's increasingly cautious message on risk prices (incidentally, the same as Goldman which just yesterday cautioned that it was "Troubled By The Fed's Growing Warnings About High Asset Prices") the bank's FX strategist writes that "by now markets have become too distorted." Picking up where Goldman started back in March, when the bank lamented the disconnected between the Fed's rate hikes and easier financial conditions, Redeker writes that DM central banks collectively turning towards a more hawkish stance "leaves the impression of a coordinated approach, explaining the market's reaction which saw bond yields rising at the quickest pace since autumn last year (when investors put their money on the ‘Trump boom' which eventually failed to emerge)." Echoing Citi's ongoing observations, Redefeker then observes that this time, unlike in 2015, "rising bond yields only led to a small risk dip from where markets quickly recovered once it became clear that central banks may lean against financial conditions, but have no interest in pushing markets over the edge by overly tightening conditions. It is the low level of current and anticipated inflation which suggests that central bank tightening is not inevitable at this stage. It is, instead, an option, which central banks are willing to exercise should financial conditions stay supported from now." This too is nothing new as money market participants "have consistently bet against the Fed dots, hoping that US monetary authorities would have to capitulate in front of markets once again." To be sure, so far there is no indication to suggest that the market will be wrong in its "standoff" with the Fed, which as Kevin Muir described on Friday, is a classical dare by traders, one which they are convinced they will win as Yellen blinks again. Redeker describes this dynamic as follows: For several years, markets have undergone this ritual with an over-optimistic Fed eventually acknowledging the power of deflationary forces. Too often, it was the strength of the USD transmitting global deflationary pressures into the US. However, this time there may be a twist: "USD weakness and abating global deflationary pressures may have sharply improved the chances of the Fed getting it right this time." And yet, another problem emerges: according to Morgan Stanley, "by now markets have become too distorted" as "financial conditions have further improved and despite the Fed and other central banks warning against misallocation risks, the US opportunity cost of capital as expressed by the 10-year term premium has only adjusted a little. The gap between the term premium and financial conditions has become substantial (Exhibit 2). At the same time the USD has stayed offered, not taking notice that the term premium no longer trades at the low June levels. The DXY and the term premium have diverged, which either suggests the USD will rally or the term premium will ease back again (Exhibit 3)." This is a segue to another curious observation: "While central banks may now act at a faster pace compared to previous expectations, this has failed to undermine risk appetite. This does not only suggest that markets are in broad agreement with monetary authorities over withdrawing accommodation, it may also suggest that there are alternative sources of liquidity funding the current risk bull run." Morgan Stanley did not have any suggestions as to what this "alternative source of liquidity" may be, however whatever it is, it may be the source of the relentless risk bid that the Fed now finds itself up against. But going back to the original dynamic, Redeker notes that "markets seem to be assuming that a positive risk environment may require the Fed to capitulate to markets. This is why investors are positioning for yield curve flatness, pushing the volatility curve into steeper territory, and are willing to pay unusually high premiums for out-of-the-money put options on equity indices. In other words, a high wall of worry has gone up (Exhibit 4). Concerned markets rarely turn into full bear markets. We may need to get into a ‘this time is different" mentality of buying everything today before a bigger bear market sequence emerges. In addition, in the past, long-term stability concerns may have been fed by a stronger USD, next to other factors. The USD has weakened over the course of the past six months, which should ease some concerns provided that past relationships still prevail." And this is where the unexpected turn may come. Here is Morgan Stanley's summary why the Fed may have no choice but to push the market into a "pain trade" Central banks leaning against booming financial conditions. When some DM central banks collectively turned around to express a tighter approach, markets were unprepared as investors focused on undershooting inflation and uncertainty. Exhibit 5 shows the divergence between how often the word 'uncertainty' appeared in economic commentaries and market pricing of equity volatility (VIX). It is liquidity feeding into lower volatility, keeping financial conditions supported and pushing valuations higher. Indisputably, ambitious asset valuations bring long-term deflation risks should asset bubbles burst. Central banks tend to lean against this risk. Accordingly, continued easy financial conditions may push the Fed into action. Should this outcome materialize, a 'pain trade’ may emerge. Reluctant and hence cash-holding investors would find themselves running insufficiently low risk exposures, and participants hoping the Fed would capitulate to markets may see the central bank staying on course to deliver according to its dots. A reactive Fed operating closer to its dots and risk markets staying supported for now would represent a very different outcome compared to current positioning. Alas, we have heard all of this before, and while we agree with Redeker, it is up to Yellen to confirm that at least this one time the Fed isn't bluffing...

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-03-28/despite-soaring-rates-us-home-prices-accelerate-fastest-pace-3-years

Despite Soaring Rates, US Home Prices Accelerate At Fastest Pace In 3 Years

US Home Prices rose at 5.7% year-over-year in January, according to the latest data from Case-Shiller. This is the fastest rate of price appreciation since July 2014. The six-month lagged response to the surge in mortgage rates suggests things may be about to slow down dramatically though... Las Vegas, Seattle, and San Diego led the monthly gains while Cleveland, Minneapolis, and Detroit saw a slowdown. Most notably, San Francisco saw the biggest price drop in a year.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/news/2017/03/cenk-uygur-trump-was-steaming-raging-mad-like-a-child-001527879.html

Blasting News, Robert Sobel

Cenk Uygur - Trump was 'steaming, raging mad' -- 'like a child'

On Tuesday, last week, President Donald Trump delivered his first speech to a Joint Session of Congress, where both the members of the U.S. Senate and the House of Representatives were present. #Cenk Uygur, co-founder and host of online progressive newscaster The Young Turks, described Trump as being "so psyched" on Wednesday, with the "good reviews" he received in coverage of the speech, and stated that the president watches "six hours" of television each day. However, on Wednesday, news broke about how Attorney General Jeff Sessions "had lied" about his connections to officials with the Russian government. Tweets from President Trump on Saturday with regard to his offices being "wiretapped" by former President Barack Obama appear to demonstrate at least some of the frustration reportedly being felt by the president by that point. Advertisements Advertisements Quoting The Washington Post, which cited 17 sources, as well as CNN, Cenk Uygur revealed that "it turns out that Donny's really, really mad." Did President Trump meltdown last week? A CNN report stated that the president was "extremely frustrated" with his advisers for allowing the massive media coverage following Attorney General Jeff Sessions, in the wake of his well-received address to Congress, to "steal his thunder." A source from the Trump administration was quoted "Nobody has seen him that upset." "Trump was mad -- steaming, raging mad," Cenk Uygur quoted the Washington Post, and then added, "like a child." On Thursday morning, the president was said to have "exploded" before traveling to Newport News, Virginia to appear on an aircraft carrier. The TYT host speculated that the president getting "dressed up" to look "like a bomber or something" and then being "overshadowed" by the news surrounding Sessions did not sit well with him. Advertisements When he returned home from Newport News, he was said to have used many "expletives." Trump temper tantrum following Sessions' announcement Uygur noted how Trump was quoted defending Sessions on the aircraft carrier, only to learn that, "hours later," the attorney general had "recused himself" from the investigation into ties between Trump's presidential campaign and the Russian government. The host called the White House's handling of the situation "bumbling," holding up the fact that Sessions effectively contradicted President Trump within hours of the president defending him. The president is said to rue the fact that his advisers seem to "keep getting in their own way." Uygur openly wondered "Whose fault that is Donny?" The TYT host noted #Donald Trump's self-proclaimed brilliant management and deal-making techniques, before offering the opinion that it appears that Trump "can't manage" his way "out of a paper bag," and suggesting that the most important thing to remember about the president is his "gross incompetence." Uygur stated that Trump throwing a "temper tantrum" after his team fails, is not "proper management." President left for Mar-a-Lago 'in a huff' Then, on Friday, President Trump was said to express frustration with his advisers over the fact that he believed that Jeff Sessions could have stood firm against the media. Advertisements Said to leave the White House "in a huff," the president headed for his club in Mar-a-Lago, Florida, leaving behind Chief of Staff Reince Priebus and Chief Strategist Steve Bannon, and bringing only his daughter Ivanka, and her husband, Jared Kushner. After calling the move by the president consistent with what would be expected from "a child," Cenk Uygur imagined Trump whining, in a child's voice, to his chief of staff "You're not coming with me Reince. I'm mad at you." Uygur suggested that Priebus may have attempted to cover up the reason he didn't travel to Florida last weekend. Footage from CNN was then played, appearing to show an "animated conversation" between the president and Steve Bannon, shot through a window in the White House. Reports suggest that aides to President Trump have been observed "in tears," over recent days.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-29/soaring-direct-demand-7y-treasury-suggests-great-rotation-may-be-ending

Soaring Direct Demand for 7Y Treasury Suggests Great Rotation May Be Ending

While we previously observed the dramatic plunge in repo rates for 5 Year Treasuries, which after yesetrday's stellar auction turned even more "special" hitting a near record -250 bps for off the run issues in repo this morning... ... the 7 Year has been far less subdued, without a clear short interest pressing the bond heading into today's auction. However that did not prevent it from pricing at a blistering 2.284% moments ago, stopping through the WI 2.304% by a whopping 2 bps, the highest since January. The internals were quite strong, with the Bid to Cover coming in at 2.55, above the 6MMA of 2.50, if fractionally less than the 2.68 from last month which was the highest in years. In terms of buyer breakdown, while Indirects took down 64% of the paper, or in line with average, it was the surge in the Direct bid, who took down 19% of the final allotment, or the most since August 2014, that led to Dealers taking down just 17.04% of the auction, the second lowest on record, and higher only than the 16% from January of this year. And now that we have both the blockbuster 5Y auction in hand, and the similarly as impressive 7Y in the rear view mirror, all those who have warned that buyers are abandoning the Treasury asset class in their great rotation toward equities, make want to re-evealute their thesis: if anything, coupled with the Fed's custody data, the recent auctions confirm that heading into 2017, the one "Great Rotation" to focus on is the inverse one.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2013/08/17/alam-fox/

9/11/13 Million American March Ignites Media Firestorm!

The Million American March Against Fear – originally the Million Muslim March, until non-Muslims started asking to join – is reaping a bonanza of publicity. Thanks to idiots like Sean Hannity, the Million American March appears likely to succeed in drawing a crowd to the National Mall in Washington DC on September 11th, 2001. YouTube - Veterans Today - https://www.youtube.com/watch?v=eoM6-kR0TzQ The main sponsor of the March is the American Muslim Political Action Committee (AMPAC), founded by MD Alam and Isa Hodge. AMPAC currently enjoys a limited promotional budget, so any free publicity is useful. And Sean Hannity just handed AMPAC millions of dollars worth of publicity by inviting MD Alam to appear on Fox News, and opening the door to wider mainstream coverage. Hannity – and a virulent Zionist-paid professional Islamophobe named Brigitte Gabriel- went so far overboard attacking Alam that they wound up making him look good. By coming across as fanatical, hate-mongering bullies, they inadvertently made Alam’s point that Muslims have been the biggest victims of 9/11. Russia Today, unlike Fox, is covering the Million American March fairly: Million-Muslim March on 9/11 anniversary planned in DC The liberal-Zionist Huffington Post at least appreciates the dark comedy of folks like Hannity and Gabriel making idiots of themselves: ‘Million Muslim March’ Planned On 9/11 Anniversary Prompts Conservative Freakout US News corrected some of the factual errors in the Huffington Post piece, but under a misleading headline designed to discourage participation in the March – which is still scheduled and likely to be much bigger than previously expected: Washington Whispers There Is No More ‘Million Muslim March’ on 9/11 The Washington Times weighed in: AMPAC plans ‘Million Muslim March’ for D.C. on 9/11 So what is the real story of the Million American March Against Fear? Press TV first broke the story last January, showing how far it always is ahead of the Zionist-owned lamestream media: Muslims to march on White House next September 11th An outpouring of support from non-Muslims led AMPAC to change the “Million Muslim March” to the “Million American March Against Fear.” Why bring Muslims and non-Muslims together to march against fear? The march is a bold statement against the politics of fear, which has dominated the West, especially the US, since 9/11. (A good primer on the post-9/11 politics of fear is the BBC documentary “The Power of Nightmares.”) Non-Muslims have been brainwashed to fear Muslims, and Muslims have been brainwashed to fear Guantanamo and worry about what non-Muslims think of them. The Million American March Against Fear rejects this brainwashing. Those who march are making a clear statement: “We are fearless! We are no longer ruled by the politics of fear.” (Anyone willing to join Muslims marching on 9/11 in DC is obviously fearless!) The marchers will demand the restoration of the Constitution for all Americans, an end to post-9/11 police state measures, and a real investigation of 9/11. All Americans who have gotten tired of the politics of fear should plan to be on the National Mall in Washington, DC on September 11th, 2013.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2016/07/10/economic-iranian-boom/

Economic Iranian Boom

… by Jim W. Dean, … with New Eastern Outlook, Moscow How is Iran’s Post-sanctions Economic Boom Really Doing? First published July 7, 2016 The short answer is that it really is doing just fine. Since the nuclear deal was signed, and despite the months of lag time in removing the sanctions, Iran has moved from number 12 out of 14 of Mid East countries in Foreign Direct investment (FDI). That is an amazing recovery from the regional perspective, with Iran now just behind the Saudis and the UAE, and we are only halfway through 2016. Iran is a vibrant country that has had the West’s foot on the brake pedals of its economy over the bogus claims of a nuclear weapons program that never existed. Countries like Israel still remain silent, not even bothering to explain to the rest of the world how they could have been so wrong with their two decades of claims that Iran was a year or two from actually “having the bomb” completed. Neither NATO nor any of its major country Intel agencies ever put any direct evidence on the table about a hidden nuclear weapons program. The world was blatantly lied to over the whole deal — from A to Z. At Veterans Today we had our own nuclear expert, Clinton Bastin, a 40-year employee originally from the Atomic Energy Commission (AEC), and later with the Department of Energy (DOE), who briefed VT about what a farce the claims of Iran’s nuclear program were, and took us through all the complicated technology steps to build one, which would take a decade. And even if bomb grade material were produced, there was the next huge hurdle of how they were going to develop a warhead and then test it, which he said was impossible without the IAEA being aware. US spy satellites have long been capable of picking up weapons grade uranium production using light spectroscopy of the air coming out of the vents, which all underground facilities must have. _________ A New Gold Rush While the sanctions were on, Iran had already been doing as much barter trading as it could, plus laying the ground work for protecting its economy from future economic sanctions by expanding the use of bartering to its fullest. During the last year of the nuclear talks, the planes heading to Iran were filled with business people from all over the world with the intentions of “pre-negotiating” post-sanctions deals in anticipation of their removal. With the world economy sputtering in lackluster growth territory, the post Iran market was viewed as the Mid Eastern version of the American West’s 1850’s gold rush, due to the pent up demand for major infrastructure projects. These 2015 initial deal discussions are what produced the quick turnaround first quarter results for 2016 with 22 FDI deals closed. Germany and South Korea have been the two biggest investors, with the latter planning to put $$1.6 billion into building a steel mill in the Chabahar Free Trade-Industrial Zone, and quickly… by the Spring of 2017. The action word here is “planning”, as a lot of the deals being announced are still preliminary agreements. Those countries like South Korea, which have their own cash to invest and want to expand barter trade as a major buyer of Iranian energy, can move quickly. But everything changes quickly, especially for the mega deals like some of the airplane contracts, because outside financing has to be arranged. There are a lot of hurdles to be jumped there, including, despite what John Kerry has said, getting a major deal funded when bankers are worried about some sanction technicality delaying the execution of a deal, usually from the banking end. But two events have now changed that, and the Iran airline deals are the best examples to illustrate why. _________ Airline Deals – a Playoff Game First out of the gate was Iran’s big Airbus order. It was not a surprise, since Iran wants to begin energy trading with the EU to earn Euros to pay for its EU imports. A big airline deal like this would usually involve discussions of buying Iranian products in return for balance of trade, with the easiest resource being energy. The airlines are often structured as leasing deals; so when you get into the multi billions of dollars, then lending syndicates must be pulled together, similar to the Lloyds of London big insurance pool to spread the risk around. And second, even if no latent banking sanctions issues came up, there is a lesser-known US Treasury hurdle still lurking in the background – to receive clearance on the high-tech transfers involved with the newest planes. A Bush-era NeoCon “stay behind” at the Treasury Department could be activated to tie up a big deal like this to extort something from Iran, or the EU. As Gordon Duff likes to say, “Welcome to how the world really works”. Iran can also play this cat and mouse game. I watched as Boeing was cast aside early for the EU’s big Airbus deal, and suspected that was a feint, as Iran does want some long-term business leverage friends in the US. So while the Airbus deal is twisting in the wind during the financing search, Reuters tells us that an anonymous source has announced a “preliminary” Boeing order of 109 planes, along with specific breakdowns on the models. My suspicions that Iran would play these two prime airplane manufacturers off against each other were confirmed with Foreign Minister Zarif’s announcement that the Boeing deal would speed up Airbus to wrap up its $$27 billion deal for 118 planes. “We thought to speed up our ties with Airbus, we should make a deal with Boeing first. Now we feel the situation is ripe for both.” Part of the head-tripping here has included Iran’s Roads and Urban Development Minister Abbas Akhoundi announcing to Airbus that, “We have freedom to choose… we have no obligation and commitment to buy A380 planes (jumbo jets). It is possible to switch to other models.” ________ Neighborly Energy Deals Bartering is even being done on oil for railroad deals, with the latest example being the 80 million Euros project between Turkey and Iran for almost 1000 kms of track. Iran has bought 250,000 tons of Indian rails, another country that is a big energy customer, illustrating how Iran wants to anchor as much of its economy as possible in long term deals with its neighbors. Iranian electricity is already flowing to eastern Iraq, which will help that unfortunate country get off its knees by importing the energy that businesses need to produce domestic products. Electricity for only a few hours per day creates an expensive manufacturing scenario as plants must rely on generator power, which makes them uncompetitive. Buying energy from Iran is less capital intensive for Iraq, and helps it financially, since it is bleeding cash from its war with ISIL and the Jihadis. Iran turned to its North to broker one of the most surprising barter deals — the “goods for gas” deal between Iran and Turkmenistan, comprising a $$30 billion deal over ten years. The purpose is to supply energy to Iran’s northeastern provinces that are far from its domestic gas fields. This saves Iran from diverting capital into major new pipeline projects. However, this project seems to be behind schedule, as only a fraction of the trade has been realized, probably due to Turkmenistan’s not being able to absorb $$3 billion a year of Iranian products. And the additional problem is that large imports can strangle the development of domestic producers and the jobs needed. It is tricky to do on a large scale. _________ Draining the Swamp The executives at Boeing and Airbus are not the only ones sweating bullets about their future in this post-Iran sanctions period. Iran’s President Rouhani and Ayatollah Khamenei have ordered an investigation and purge of all top executives who exceed the cap of seven times the wages of the average worker, and the hunting is not limited to sacrificial lambs at the mid-level, but top executives. The director and the trustees of the National Wealth fund were all forced to resign, having been caught using a number of strategies to enhance their pay, like bonuses, interest-free loans, and tax evasion. The heads of Bank Saderat, Refah Bank, Mellat and Mehr banks were also fired for illegally high salaries. This house cleaning will have ripple effect, in that religious and civil investigators will be looking for more execs who have been gaming the system. Iran has fought corruption for a long time, having executed tycoon Babak Zanjani over a $$2.8 billion fraud. This tickled me, as I have always been a proponent of making mega fraud cases, even at the tens of millions level, a capital crime, due to all the personal financial lives they destroy. I have felt that mass economic destruction deserved the harshest penalty, as a deterrent. A modest prison sentence is an insult to all the victims’ families. I wish Iran well, and salute its keeping a tight grip on not letting the post-sanctions economic boom turn into a greed frenzy. So far it looks like the leadership is showing that, after all the economic struggles it has survived from the Western sanctions, it is not going to be looted by its own top-level domestic bosses. This current purge will send a message that will be heard by all. Jim W. Dean, managing editor for Veterans Today, producer/host of Heritage TV Atlanta, specially for the online magazine “New Eastern Outlook”. _______________

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-02-08/surprisingly-ugly-tailing-10y-auction-spooks-market

Surprisingly Ugly, Tailing 10Y Auction Spooks Market

Unlike yesterday's 3Y auction, which saw a modest squeeze in the repo market ahead of what was otherwise a strong auction, and continued today trading at 0.0%, earlier today the 10Y was trading comfortably positive, with repo rates around 0.30%, suggesting no shortage of underlying and no incipient short squeeze into today's auction. So, while it was less surprising that today's 10Y ended up being poorly digested by the market, the market was clearly shocked by just how bad today's sale of $$23 billion in 10Y paper went, which priced at a high yield of 2.333%, a huge 1.9bps tail to the 2.314% When Issued.This was the biggest tail in the issue going back all the way to March of 2016. The Internals were similarly ugly, with the Bid to Cover printing at 2.29, below far below last month's 2.58, and the lowest since November. Indirects took down 65.1% of the allotment, below last month's 70.5, Dealers were left with 30.6%, well higher than the 20.7% in January and Directs ended up with just 4.4%, the lowest since September as either there were no more weak hand shorts left to squeeze or buyers simply decided to pull out in the last minute. In kneejerk reaction the entire curve has sold off, paring today's gains, but the most surprising reaction was in the USDJPY, which soared by some 30 pips, spiking from 11.750 to above 112.000 immediately, before retracing some of the losses.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-04-10/secret-recording-implicates-bank-england-libor-rigging

Secret Recording Implicates Bank of England In Libor Rigging

While it may seem like yesterday, it was nearly five years ago that the Libor scandal first broke, and with it brought scandalous suggestions that none other than the Bank of England was implicated. As we first reported in July 2012, according to Barclays then CEO Bob Diamond, it was high level individuals at the BOE who may (or may not) have been aware that Libor had been "manipulated" and were (or were not) also active in the setting process: BARCLAYS SAYS BANK OF ENGLAND CALLED ON OCT. 29, 2008 ON LIBOR BARCLAYS SAYS DIAMOND MADE NOTE OF CALL; RECEIVED CALL FROM PAUL TUCKER BARCLAYS SAYS TUCKER SAID `CERTAIN' BARCLAYS DIDN'T NEED ADVICE; SAID LIBOR DIDN'T ALWAYS NEED TO BE SO HIGH And yet, concerned about how deep the rabbit hole would go if a central banker was implicated, Diamond tried to cover it up: BARCLAYS SAYS DIAMOND DIDN'T BELIEVE HE HAD GOT INSTRUCTION Even as: BARCLAYS SAYS DEL MISSIER CONCLUDED INSTRUCTION HAD BEEN GIVEN; TOLD RATE SETTERS TO LOWER RATES The note in question was represented below: Needless to say, when it comes to the central bank nothing happened: a few BOE personnel were reassigned, some quietly lost their jobs, and nobody was prosecuted or charged. Certainly, nobody went to prison. * * * Fast forward nearly five years later, when the Libor scandal may have reemerged after a secret recording that implicates the Bank of England in Libor rigging has been uncovered by BBC Panorama. According to the BBC, the 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down, just as suggested by Bob Diamond in 2012. The recording calls into question evidence given in 2012 to the Treasury select committee by former Barclays boss Bob Diamond and Paul Tucker, the man who went on to become the deputy governor of the Bank of England. In the recording, a senior Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson, to lower his Libor rates. Dearlove tells him: "The bottom line is you're going to absolutely hate this... but we've had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower." To which Johnson objects, saying that this would mean breaking the rules for setting Libor, which required him to put in rates based only on the cost of borrowing cash. Mr Johnson says: "So I'll push them below a realistic level of where I think I can get money?" His boss Mr Dearlove replies: "The fact of the matter is we've got the Bank of England, all sorts of people involved in the whole thing... I am as reluctant as you are... these guys have just turned around and said just do it." The phone call between Mr Dearlove and Mr Johnson took place on 29 October 2008 the BBC notes, the same day that Tucker, who was at that time an executive director of the Bank of England, phoned Barclays boss Diamond. Barclays' Libor rate was discussed. Diamond and Tucker were called to give evidence before the Treasury select committee in 2012. Both said that they had only recently become aware of lowballing, despite Diamond's abovementioned tacit admission, which he then tried to cover up. In its report, Panorama says it played the October 2008 recording to Chris Philp MP, who sits on the Treasury committee. He told the programme: "It sounds to me like those people giving evidence, particularly Bob Diamond and Paul Tucker were misleading parliament, that is a contempt of parliament, it's a very serious matter and I think we need to urgently summon those individuals back before parliament to explain why it is they appear to have misled MPs. It's extremely serious." Responding to the recording, Diamond told the BBC: "I never misled parliament and… I stand by everything I have said previously." Tucker did not respond to our questions. Peter Johnson, the Barclays Libor submitter, was jailed last summer after pleading guilty to accepting trader requests to manipulate Libor. Two traders who made requests for Mr Johnson to move Libor up or down, Jay Merchant and Alex Pabon, were found guilty last June of conspiracy to defraud along with another submitter, Jonathan Mathew. However, the jury could not reach a verdict on two other traders then on trial, Ryan Reich and Stelios Contogoulas. The Serious Fraud Office requested a retrial which concluded last week. Both Mr Reich and Mr Contogoulas were unanimously acquitted. Panorama also played Contogoulas the October 2008 recording. He said he believed that if it had been played during the criminal trials it might have affected the outcomes. He said: "That's the thing, you know in these trials that we went through they separated everything, separated trading requests and lowballing. So anything that has to do with this they don't go in. So you're asking me do I think that if all this was in would it make a difference? Probably, is the answer." * * * Another notable "criminal" to emerge from the Libor scandal was Tom Hayes, the UBS and Citi-based Libor manipulating protagonist of the recent book "The Spider Network", and who was arguably at the center of the prosection's LIbor case. He has repeatedly claimed that the real culprits are not those - like him - who executed the Libor rigging, but the ones at the very top who have the instructions to do so. Like, as the case may be, the Bank of England. Yet while some junior people went to prison, nobody in the corner office, and certainly nobody at the BOE has faced any criminal consequences from their actions. The BBC adds that the Serious Fraud Office, which brought the Barclays prosecutions told Panorama that evidence of lowballing, was provided to the recording. They also say they are still investigating lowballing and that they follow the evidence "as high as it goes and aim to charge the most senior people wherever there is a realistic prospect of conviction". The Bank of England said: "Libor and other global benchmarks were not regulated in the UK or elsewhere during the period in question.... Nonetheless, the Bank of England has been assisting the SFO's criminal investigations into Libor manipulation by employees at commercial banks and brokers by providing, on a voluntary basis, documents and records requested by the SFO." Ironically, it is precisely that it was unregulated that may have given the Bank of England the green light to assume it can manipulate it with impunity. It remains to be seen if, nearly a decade after the Libor manipulation took place, any central banker will go to prison over it.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-02/pledged-assets-are-not-there-reuters-goes-china-discovers-ghost-collateral

Reuters Goes To China, Discovers "Ghost Collateral"

Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China's banking system: namely that much of China's staggering loan issuance had been built (literally) upon air and that billions (or trillions) in loan collateral had been "rehypothecated" between two, three or many more debtors - or never even existed - forcing banks to accept that they would never recover much if any of the pledged collateral - in most cases various commodities - if the economy were to suffer a hard-landing resulting in mass defaults. The most famous example involved collateral fraud at China's 3rd largest port, Qingdao, where numerous borrowers were found to have "pledged" the same collateral of steel and copper to obtain funding from various banks. For those unfamiliar there is an extensive selection of stories covering the topic, which peaked three years ago, and then quietly faded away as China did everything in its power to deflect attention from what some have said is the biggest threat facing its economy: a giant hole . Below we link to some of our more comprehensive articles on the topic: To be sure, the story briefly resurfaced last month, when we reported that "Some Chinese Banks Suspend "Interbank Business" As Regulator Demands That Collateral "Actually Exists", however it then quickly fizzled again, for two reasons: i) China watchers assumed that Beijing no longer had a "collateral problem" which had been somehow fixed after all the noise rehypothecation stories from in 2014, and ii) China now seemingly has even bigger problems on its hands, such as finding the right balance between maintaining the latest housing bubble, keeping capital outflows in check and its currency stable at a time when China's debt (all 300% of GDP) was downgraded by Moody's for the first time in 28 years, while its gargantuan shadow debt powder keg is one big red headline away from a $$9 trillion shadow bank run. And while the latter is certainly accurate, the former couldn't possibly be further from the truth. That's what a fantastic expose by Reuters discovered, when its reporters went to China to determine the current status of China's long-standing collateral problem. What it found was that "ghost collateral" continues to haunt countless loans across China's debt-laden banking system, which is a problem because as we explained in 2014, and as Reuters notes "lax lending practices and overvalued collateral spurred the U.S. financial crisis in 2008. Now, banks in China face risks of their own as fraudulent borrowers and corrupt bankers burden the financial system with loans lacking genuine collateral." The story, while familiar to regular readers, may be a surprise to some, so here are some key excerpts. The banker at the other end of the phone line was furious, recalled Shanghai lawyer Wang Chaoyu. A pile of steel pledged as collateral for a loan of almost $$3 million from his bank, China CITIC, had vanished from a warehouse on the outskirts of the city. Just several months earlier, in mid-2013, Wang and the banker had visited the warehouse and verified that the steel was there. “The first time I went, I saw the steel,” recalled Wang, an attorney at Beijing DHH Law Firm, which represents the Shanghai branch of CITIC. “Afterwards, the banker got in contact with me and said, ‘The pledged assets are no longer there.’” As Jon Corzine might say, "it vaporized." The trouble had begun in 2012, after CITIC loaned the money to Shanghai Hanning Iron and Steel Co Ltd, a privately held steel trader. Hanning failed to meet payments, according to a mediation agreement reviewed by Reuters, and CITIC took ownership of the steel. It was when CITIC moved to retrieve the collateral that the banker visited the warehouse and discovered that the 291-tonne pile of steel was no longer there, Wang said. The bank is still in court trying to recoup its losses. The missing collateral is a setback for CITIC. But it is indicative of a much wider problem that could endanger the health of China’s financial system – fraudulent or “ghost” collateral. When bank auditors in China go looking, they too often find that collateral recorded on the books simply isn’t there. At risk of spoiling the surprise, what has been going on in China, either in conventional asset-backed lending, as well as among the more esoteric, complex commodity-funded deals, which we discussed extensively in the early part of 2013... ... is nothing less than pure fraud: in some cases, collateral that has been pledged simply doesn’t exist. In others, it disappears as borrowers in financial distress sell the assets. There are also instances in which the same collateral has been pledged to multiple lenders, i.e. rehypothecated. "One lawyer said he discovered that the same pile of steel was used to secure loans from 10 different lenders" Reuters reports. And while China was able to brush off its "ghost collateral" problems three years ago when it still had substantial debt incurrence capacity, and debt/GDP was about 100% lower, now that it is becoming increasingly difficult to keep the Ponzi scheme - by definition - running, especially with the recent crackdown on shadow banking, the pervasive collateral problems are about to become a huge headache for Beijing again: with the mainland facing its slowest growth in over a quarter of a century, defaults are mounting as borrowers struggle to repay their loans. The danger of fraudulent collateral in this situation, say economists, is that it exacerbates the problem of bad debt for China’s banks, increasing the risk of financial turmoil. As growth slows, lenders can expect more nasty surprises, said Xin Qingquan, professor of accounting at Chongqing University. More instances of fake collateral will arise, he said. Things were going fine until May 24, when out of the blue Moody’s downgraded China’s credit ratings for the first time in almost three decades, saying it expects the financial strength of the economy will erode in the coming years as economic growth slows and debt continues to rise. Naturally, the last thing China needed was the unexpected spotlight on its breathtaking debt load, and the excess scrutiny outside on what is for all intents and purposes, the world's biggest debt bubble. Ironically, the US already learned its lesson almost a decade ago that any financial system is only as strong as its weakest collateral: the 2008 global financial crisis showed how the combination of lax lending standards and overvalued collateral can lead to disaster. The catalyst for that meltdown was the collapse in the value of housing in the United States that served as security for a mountain of highly leveraged lending, the so-called subprime mortgages. Now, banks in the world’s second-biggest economy face their own collateral risks. Fraudulent borrowers, corrupt bankers, poor risk assessment and a weak legal system are conspiring to load China’s financial system with loans lacking genuine collateral. * * * But back to Reuters, whose reporter Engen Tham writes that his review of dozens of court cases involving collateralized loans and interviews with lawyers, regulators and 30 bankers in China "reveal that fraudulent collateral – in the form of buildings, private apartments, copper and steel – is haunting loans across a wide swath of business and industry." The bankers interviewed by Reuters said they had encountered multiple methods by which loans were fraudulently secured, including the use of fake land certificates and bogus warehouse receipts. Most of the bankers said that kickbacks were prevalent, with loan officers turning a blind eye to the quality of collateral and knowingly accepting dubious and even fraudulent documents. Two of the bankers said they themselves had taken bribes to smooth the approval of loans. Overall, 23 of the 30 bankers described the existence of ghost collateral as a serious problem and expected more instances to emerge as the Chinese economy slows. The bankers interviewed come from 13 banks in China, including some of the nation’s biggest lenders. "HUGE ISSUE" There are no official statistics or estimates of the problem. But fraudulent collateral is “a huge issue,” said Violet Ho, senior managing director and co-head of Greater China Investigations and Disputes Practice at Kroll, which conducts corporate investigations on the mainland. “Often you also see that the paperwork around collateral may be dodgy, and the bank loan officer knows, the intermediary knows, and the goods owner knows – so it’s essentially a Ponzi scheme.” Making matters worse for China is that its financial system is only fractionally less corrupt than its legal system. Even when banks resort to the courts, there’s no guarantee they’ll get their money back. Inadequate legal protections for collateral and the complexity of some borrowers’ business dealings can make it difficult for lenders to foreclose. That’s what happened to CITIC after it made the $$2.71 million loan to Hanning Steel. When Hanning defaulted, CITIC won a court order freezing the collateral, after which the parties entered into mediation, lawyer Wang Chaoyu said. But the collateral is still missing. In response to questions from Reuters, CITIC said that the case was still being enforced in the courts and that it had since strengthened its risk management procedures. Representatives of Hanning did not respond to questions. When Reuters visited Hanning’s registered Shanghai address, there was no sign of a company office there. Meanwhile, total debt in China rose to 277% of GDP at the end of 2016, according to UBS, and 300% according to the IFF. That’s twice the figure eight years ago. Additionally, bad loans are mounting fast: while officially, just 1.74% of commercial bank loans were classified as non-performing at the end of March most analysts admit the true figure is much higher. Recently Fitch Ratings estimated non-performing loans in China’s financial system could be as high as 15 percent to 21%, or trillions of dollars. This in a banking sector that has undergone a massive credit expansion. The value of outstanding bank loans ballooned to $$17.2 trillion at the end of April from $$5.8 trillion at the end of 2009. The total size of China's financial system is roughly $$35 trillion, more than double the size of the US. In September last year, the Bank for International Settlements warned that excessive credit growth in China meant there was a growing risk of a banking crisis in the next three years. In a report last September, Fitch Ratings estimated that it would cost as much as $$2.1 trillion to clean up China’s bad debt – almost a fifth of annual Chinese economic output. According to our estimates, the number was substantially higher: nearly $$8 trillion. By comparison, during the global financial crisis, the direct cost of rescuing U.S. banks was about eight percent of gross domestic product. Adding to the problems is the implied assumption of virtually infinite moral hazard within China's financial system: the fact that China’s banking system has been shielded by the expectation of government bailouts means lenders haven’t developed the risk assessment tools needed to judge loan exposure as banks elsewhere have. It is this challenge of assessing the creditworthiness of borrowers that explains why physical collateral is so important for banks in China. QINGDAO As we reported first three years ago, big foreign (or domestic) banks have not been immune to the risks of fraudulent collateral. In a high-profile case that came to light in June 2014, banking giants including HSBC, Standard Chartered and others were exposed to potential losses totaling several billion dollars on loans to Decheng Mining, a private metals trading company in Qingdao. The company faked warehouse receipts for the same batch of metal, using it as security for multiple loans. To be sure, it’s not hard to dupe bankers and lawyers in a physical inspection of collateral. Warehouses often contain hundreds of piles of steel or copper, making it difficult for an untrained observer to identify the specific pile that is serving as security for a loan their bank has issued. “One pile of iron ore looks exactly like every other pile of iron ore, so I may say it’s mine, but it could be anyone’s,” says Kroll’s Violet Ho. The value and quality of security in China’s real estate sector is a concern for bankers in China. Fitch Ratings has mentioned "wildly misleading" property valuations as one reason why high collateral coverage may not protect banks. Another is a sudden fall in property prices. According to Fitch's Grace Wu, over 60 percent of financing in China uses property as collateral in some way. The lack of a consistent and open nationwide property registration system also increases the prevalence of fraudulent collateral. “There is a complete lack of transparency of information,” says Ho. The United States, she notes, has open property records that buyers can search to ascertain the true owner of a building. “You can’t do that in China. There is no easy way to verify the information, so you have to take people’s word for it.” "DEAD PIGS AREN'T AFRAID OF BOILING WATER" Bankers say borrowers often provide them with fake cash-flow statements, so property buyers can be more leveraged than they appear. The falsification of mortgage certificates is also a problem, they say. That’s how the International Finance Corporation (IFC), the World Bank’s investment arm, got taken for tens of millions of dollars by one of China’s richest men. As Reuters describes this fascinating story, the deception began in 2007, after the IFC lent the money to Hong Kong-listed Zhejiang Glass Co Ltd, then owned by Chinese tycoon Feng Guangcheng. Two years later, the IFC made an unpleasant discovery: In discussions with other banks it found that the collateral for the IFC loan had also been pledged to other lenders, according to a person with direct knowledge of the case. Anxious IFC officials hurriedly dispatched lawyers to the land and company registration authorities in Zhejiang Province, where they made another startling discovery: The stamps on the mortgage certificates for the land, properties and industrial machinery used to secure the loan were fake, people familiar with the case said. Concluding they’d been swindled, IFC officials traveled to the eastern city of Hangzhou in late 2009 to confront Zhejiang Glass’s chairman. Feng, who sat at the head of the table with a junior by his side, didn’t want to dwell on the loan, recalled one person who attended the meeting. He admitted right away that the documents were fake and quickly tried to move the discussion along. “His attitude was, ‘Dead pigs aren’t afraid of boiling water’,” the person said, using a Chinese proverb to describe Feng’s attitude: Any attempt to punish him was futile because the loan was already lost. In 2010, a court ruled that Zhejiang Glass should repay the loan to the IFC. That never happened. In 2012, local media reported that Feng was convicted in a separate fraud case and was sentenced to eight-and-a-half years in prison. The company was declared bankrupt the next year and delisted in Hong Kong. Ultimately, the IFC recovered only 2 percent of its loan, according to a person familiar with the case. In response to questions from Reuters, the IFC called the case an isolated incident related to the larger fraud perpetrated by Zhejiang Glass. One thing is 100% certain: there are hundreds if not thousands Feng Guangcheng in China, pledging the same collateral multiple times, ultimately putting banks on the hook for billions in losses. INSIDE JOBS Sometimes it is the banks themselves who are facilitators of collateral fraud. In 2015 the former vice president of Agricultural Bank of China Ltd, Yang Kun, was sentenced to life imprisonment for accepting bribes of more than 30 million yuan ($$4.4 million) in connection with loans, among other things, according to local media reports. In another case from 2015, a 37-year-old man named Lou Zhenshen, who controlled a trading company, was convicted of bribing the president of a branch of CITIC Bank with 50,000 yuan (about $$7,250) in cash and supermarket vouchers worth 10,000 yuan. According to court records, the judge said Lou had used fake warehouse receipts to apply for loans and had repeatedly used the same metal as collateral. Lou was also convicted of paying a 200,000 yuan bribe to a credit officer at China Minsheng Bank. While “kickbacks for loan approvals is routine,” said Gary Tian, a professor at Macquarie University in Sydney who has researched corruption and bank lending in China, "near-infinite rehypothecation" of the same collateral - as Goldman explained it several years ago - however is not. So are China's collateral problems fixed... CITIC Bank said that in the past two years it has focused on managing employee behavior, strengthening accountability and raising the cost for employees who violate rules. Still, more than three years since lawyer Wang Chaoyu took the phone call from the incensed CITIC banker about the missing collateral from Hanning Iron and Steel, the lender is still trying to get back some of its money. CITIC is now trying to sell several apartments that were put up as part of the security for the ill-fated loan. ... or is it just getting started? Four years ago we called China's collateral fraud "a Bronze Swan." As Reuters has discovered, contrary to conventional opinion, nothing has been fixed and the problem remains however it has been deftly swept under the rug of trillions in new debt as China's ponzi scheme continues to grow. And yet, if and when the day comes that the Chinese debt creation machinery grinds to a halt, or - worse - goes into reverse, that's when all the abovementioned problem, which we contend are the weakest link in China's financial system, will re-emerge, prompting the world's most furious scramble to recover collateral first. It will also be the catalyst that finally tips China's financial system, which for years now has been in the ponzi finance phase, over into the inevitable, and terminal, "Minsky moment."

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-06-08/household-net-worth-hits-record-95-trillion-there-just-one-catch

Household Net Worth Hits A Record $$95 Trillion... There Is Just One Catch

In the Fed's latest Flow of Funds report, today the Fed released the latest snapshot of the US "household" sector as of March 31, 2017. What it revealed is that with $$110.0 trillion in assets and a modest $$15.2 trillion in liabilities, the net worth of the average US household rose to a new all time high of $$94.835 trillion, up $$2.4 trillion as a result of an estimated $$500 billion increase in real estate values, but mostly $$1.78 trillion increase in various stock-market linked financial assets like corporate equities, mutual and pension funds, as the stock market continued to soar to all time highs . At the same time, household borrowing rose by only $$36 billion from $$15.1 trillion to $$15.2 trillion, the bulk of which was $$9.8 trillion in home mortgages. The breakdown of the total household balance sheet as of Q2 is shown below. And the historical change of the US household balance sheet. And while it would be great news if wealth across America had indeed risen as much as the chart above shows, the reality is that there is a big catch: as shown previously, virtually all of the net worth, and associated increase thereof, has only benefited a handful of the wealthiest Americans. As a reminder, from the CBO's latest Trends in Family Wealth analysis, here is a breakdown of the above chart by wealth group, which sadly shows how the "average" American wealth is anything but. While the breakdown has not caught up with the latest data, it provides an indicative snapshot of who benefits. Here is how the CBO recently explained the wealth is distributed: In 2013, families in the top 10 percent of the wealth distribution held 76 percent of all family wealth, families in the 51st to the 90th percentiles held 23 percent, and those in the bottom half of the distribution held 1 percent. Average wealth was about $$4 million for families in the top 10 percent of the wealth distribution, $$316,000 for families in the 51st to 90th percentiles, and $$36,000 for families in the 26th to 50th percentiles. On average, families at or below the 25th percentile were $$13,000 in debt. In other words, roughly three-quarter of the $$2.4 trillion increase in assets went to benefit just 10% of the population, who also account for roughly 76% of America's financial net worth, Even worse, when looking at how wealth distribution changed from 1989 to 2013, a clear picture emerges. Over the period from 1989 through 2013, family wealth grew at significantly different rates for different segments of the U.S. population. In 2013, for example:The wealth of families at the 90th percentile of the distribution was 54 percent greater than the wealth at the 90th percentile in 1989, after adjusting for changes in prices. The wealth of those at the median was 4 percent greater than the wealth of their counterparts in 1989. than the wealth of their counterparts in 1989. The wealth of families at the 25th percentile was 6 percent less than that of their counterparts in 1989. than that of their counterparts in 1989. As the chart below shows, nobody has experienced the same cumulative growth in after-tax income as the "Top 1%" The above is particularly topical at a time when either party is trying to take credit for the US recovery. Here, while previously Democrats, and now Republicans tout the US "income recovery" they may have forgotten about half of America, but one entity remembers well: loan collectors. As the chart below shows, America's poor families have never been more in debt. The share of families in debt (those whose total debt exceeded their total assets) remained almost unchanged between 1989 and 2007 and then increased by 50 percent between 2007 and 2013. In 2013, those families were more in debt than their counterparts had been either in 1989 or in 2007. For instance, 8 percent of families were in debt in 2007 and, on average, their debt exceeded their assets by $$20,000. By 2013, in the aftermath of the recession of 2007 to 2009, 12 percent of families were in debt and, on average, their debt exceeded their assets by $$32,000. The increase in average indebtedness between 2007 and 2013 for families in debt was mainly the result of falling home equity and rising student loan balances. In 2007, 3 percent of families in debt had negative home equity: They owed, on average, $$16,000 more than their homes were worth. In 2013, that share was 19 percent of families in debt, and they owed, on average, $$45,000 more than their homes were worth. The share of families in debt that had outstanding student debt rose from 56 percent in 2007 to 64 percent in 2013, and the average amount of their loan balances increased from $$29,000 to $$41,000. And there is your recovery: the wealthy have never been wealthier, while half of America, some 50% of households, now own just 1% of the country's wealth, down from 3% in 1989, while America's poor have never been more in debt.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-08-21/house-price-bubbles-20-pictures

House Price Bubbles 2.0 In Pictures

By Mark Hanson Of M Hanson Advisers Bottom Line: House prices and end-user, shelter-buyer fundamentals have never been further apart in key, economically significant cities. The two charts presented in this note highlight just how diverged house prices have become from end-user, shelter-buyer, employment and income fundamentals in the most populated, economically significant US cities. I maintain that House prices are always drawn to the purchasing power — or, economic strength — of the end-user, shelter-buyer cohort, as the dominant, permanent demand driver. But, sometimes House prices, like other asset prices, go through periods of separation from end-user, shelter-buyer cohort fundamentals. And based on the most recent data of incomes, mortgage rates, and House prices in key cities around the nation, house prices and end-user fundamentals have never been further apart. Even in Bubble 1.0, the divergence wasn’t this bad because exotic loans, which were the incremental driver of House prices, made for legitimately low monthly payments. Some positive or negative divergences can be solved through lots of time, as the economy shrinks or grows. But, over the past several years, as the economy barely grew each year, house prices soared at a pace that exceeded Bubble 1.0 in most regions. As such, it’s reasonable to assume that the massive divergence in most key metros has been driven largely from the three things that just so happen to be present in all bubbles throughout history; SPECULATION, LEVERAGE, AND EASING CREDIT STANDARDS , regardless if on an individual, corporate, financial market, or Gov’t level. * * * THINK ABOUT IT THIS WAY… If everybody had to buy a house the exact same way — say, with a 30-year fixed, fully-documented mortgage and 20% down — HOUSE PRICES could never detach from the end-user, shelter-buyer employment and income fundamentals for a particular region. In other words, HOUSE PRICES would be attached to and track these fundamentals, perfectly. But, in times, of increased speculation, leverage, and declining credit standards, the end-user, shelter-buyer employment and income fundamentals get drowned-out and asset prices attach to the incremental spec and high-leverage drivers. How long and far asset prices are driven by the incremental, spec and leverage drivers determines the scope of the divergence and ultimately the possible downside risk in an asset class. For housing, in particular, using these data, I can easily calculate the potential HOUSE PRICE downside in each area. Bottom line : This massive HOUSE PRICE/fundamentals divergence will close at some point, either from surging wages, plunging credit standards or rates (make monthly payments less), falling HOUSE PRICES, or a combo of all three. * * * Onto the data. A big problem with house prices experiencing even a “moderate” correction of 10% to 20% — already underway in many of the most over-priced regions — is with between 40% and 50% of all house purchases for years being of the “less than 10% down” variety — and because it takes 8% to 10% equity to sell plus the 3% to 10% down payment on the new house — it doesn’t take much downside to swamp the nation in “NEGATIVE EQUITY” once again. And we know for certain that many homeowners rather pay their credit cards and car payments before their mortgage when they are underwater. * * * ITEM 1) Household income INCREASE needed to Buy the Median Priced House in Key Cities. Bottom Line: On a “national” basis the divergence isn’t too bad…6%. But, in the key cities that drive the US economy, Bubble 2.0 has blown large. This represents significant downside, especially in the sand states, just like in Bubble 1.0. ITEM 2) DIVERGENCE between Actual Household Income & Income Needed to Buy the Median Priced House. Bottom Line: Here too, on a “national” basis the divergence isn’t too bad…-6%. But, in the key cities that drive the US economy, Bubble 2.0 has blown large.

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2013/09/08/anab/

“Politics of fear” incite unconstitutional war on Syria

“Politics of fear” incite unconstitutional war on Syria by Anab Whitehouse Let me begin by saying that I am not a supporter of any political faction involved with the current Syrian crisis. For example, I view Bashar al-Assad as an oppressive tyrant in the mold of his father, Hafez. Assad, The Elder, came to power via the route of a military coup some 40 years ago. He went on to use, among other things, the Air Force Intelligence Services as a tool of incarceration, torture, and murder in order to maintain control within Syria. Assad, The Younger – aside from his usual duties as an autocratic dictator for some 13 years — violently and massively overreacted to the peaceful demonstrations that began taking place during 2011 in Syria as a part of the so-called Arab Spring that had spread across North Africa and into the Middle East. Apparently, Assad interpreted those demonstrations to be something of a harbinger of regime change along the lines that had taken place in Egypt and Tunisia previously … events which also began with public demonstrations of dissatisfaction concerning the prospect of having to continue on with the political corruption, abuses, exploitation, injustice, and incompetence that characterized the forms of governance in Egypt and Tunisia. As a result, Assad authorized government forces to fire into crowds of peaceful demonstrators, throw protestors into jail, and torture citizens. From there, things went downhill very rapidly as they often do when people have a poor understanding and appreciation of the unforeseen forces that begin to emerge when chaos is let loose to roam the land … the sort of poor understanding toward which the United States has shown itself to be inclined again and again during the last 60 years, if not longer. In the process, not only have there been more than 100,000 deaths in the Syrian civil war, but, as well, some 4.5 million Syrians have been dislocated within the country, and another 2 million have been forced into refugee status beyond the borders of Syria. Moreover, in some locations – Aleppo, for instance – there has been massive looting, including the dismantling of entire factories whose parts have been shipped off to Turkey, and elsewhere, to be sold. Unfortunately, at the present time, the possible alternatives to Assad within Syria are not all that appealing either. There are reports that there are some 1,200 different factions within Syria, ranging from, on the one hand, small family groups who have been aggrieved by, and are seeking revenge for, this or that form of injustice or atrocity, to, on the other hand, much larger, well organized, disciplined, and very well funded armies/militias such as the al-Nusra Front that has pledged its allegiance to fundamentalist, extremist religious elements within the Middle East that are backed by money from Saudi Arabia, Qatar, and Abu Dhabi. Moreover, not everyone who is fighting in Syria is indigenous to that country. For example, the al-Nusra Front is allied with individuals who come from elsewhere in the Arab and Muslim world and who are fighting on behalf of a Wahhabi/Salafi set of theocratic beliefs. The Wahhabi orientation is somewhat different from the Salafi perspective, but they both are rooted in similar values and ideas – namely, they both give expression to very rigid, dogmatic, doctrinaire, narrow, and legalistic interpretations of Islam, and neither of those religious movements are shy about seeking to impose their interpretations on other people irrespective of whether those people are Muslim or not. A variety of reports from in and around Syria indicate that personnel from the CIA and U.S. military Special Forces have been training some of these extremist elements for some time. That training began before the issue of chemical weapon usage in Syria arose. Elements of Hezbollah (Lebanon) also have entered the war in Syria but on the opposite side of the Saudi-supported Wahhabi/Salafi forces. In fact, some individuals have credited the entrance of Hezbollah fighters into the Syrian morass as having helped to push the Syrian conflict in a direction that gave – however fleetingly — some degree of advantage to the Assad government in the on-going hostilities. Hezbollah is aligned with Iran. Moreover, Iran has a mutual defense pact with the Assad government, and Iran is believed to be helping to finance, if not equip, the Hezbollah units from Lebanon. I hold no animosity toward Iran. On the other hand, I am not an active — or an inactive — proponent of the Shi’a approach to Islam, any more than I am an active, or inactive, advocate for the Wahhabi/Salafi manner of engaging Islam. The Russians also have a presence in Syria. They have had a long-standing set of economic, cultural, and military arrangements with Syria over the last 40 years that began under the auspices of the Soviet Union and continued on with Russia following the breakup of the old communist empire in 1991. For example, the port of Tartus is the second largest port facility in Syria, and the Russians have a relatively small base in Tartus. That facility is the only base the Russians possess outside of the former Soviet Union, but it does give them a legitimate standing, of sorts, in Syria that the United States does not have. On Friday: September 6, 2013, the final day of the G-20 Summit, took place. Putin used that occasion to organize a news conference during which he pledged Russian assistance to Syria in the event there is a military intervention of some kind by foreign governments with respect to that Arab country. The nature and scope of such assistance was left unspecified. However, beside the Russian Navy vessels that already are present off the coast of Syria, the Russian news agency Interfax recently reported that it had been informed by a source affiliated with the naval command center in St. Petersburg that additional military ships have been reported sailing through the Bosphorus Strait and are on their way to the eastern Mediterranean and the vicinity of Syria. One of the foregoing ships was reported to have picked up a ‘special cargo’ of some kind from the Black Sea port city of Novorossiysk before proceeding on toward the Mediterranean. The nature of that cargo was not identified. The Israelis also have made their presence felt in Syria. Among other things, over the last year or so, the Israelis have authorized several military air strikes across the Syrian border for this or that reason involving issues of alleged national security. According to the Times of Israel, there are reports from media sources in Lebanon that Israeli Defense Forces are gathering along the Israeli-Lebanese border in possible anticipation of American intervention in Syria. Furthermore, Lebanese media sources have reported that Lebanon has issued complaints to the United Nations that Israeli jets have been consistently violating Lebanese air space in southern Lebanon for a number of days. Moreover, we should not forget the Chinese who have developed a flourishing economic relationship with Syria over the last 9-10 years. As a result, China has become Syria’s biggest trading partner, even outstripping the long-standing Russian-Syrian economic alliance. In addition, the Chinese have deep ties to Syrian oil. For example, the Sinochem Corporation has a 50% stake in Syria’s largest oil field, and the China National Petroleum Corporation owns shares in two of Syria’s largest oil companies. Furthermore, the Chinese have entered into multibillion, multiyear contracts with Syria to explore and develop Syria’s oil potential. A Russian news outlet, Telegrafist, has reported that the Chinese have dispatched the Jinggangshan — an amphibious dock landing vessel with defensive weapon capabilities — to the Mediterranean to keep tabs on both the Russians and the Americans who also have sent war ships into the area. However, there are also additional reports that the Chinese have dispatched additional ships into the area with more potent arrays of weaponry. Some people refer to the Syrian conflict as a civil war. That is, the hostilities were a function of Syrians fighting against Syrians. While the problem might have begun as a civil war, it has morphed into something that is much more complex and dangerous – not only with respect to Syria but in relation to the whole world. More specifically, the Syrian conflict has been transformed into a proxy war: Sunni (e.g., al-Nusra Front) against Shi’a (e.g., Hezbollah); Saudi Arabia against Iran; Israel versus Iran; the United States and Iran; the United States and Russia … and China. More and more pressure is being applied to Syria both from within and without. As a result, the country could disintegrate before our eyes, and this fragmentation might be the fuse that is capable of igniting World War III. Over the last several weeks, the problem posed by Syria has intensified considerably. The source of this added heat is the use of chemical weapons by someone in Syria. No one disputes the fact that chemical weapons were released in Syria. However, what is far from clear are answers to questions such as: who is responsible, or why were chemical weapons used, or how many casualties occurred as a result of the usage of chemical weapons, and, finally, what should be done about the situation? President Obama has reported that some 1,400 people, involving more than 400 children were victims of the most recent chemical incident. Other independent observers have indicated that the President’s figures might be somewhat inflated. Even if one assumes that the President’s figures are correct, the fact of the matter is that Obama, himself, has been directly responsible for the deaths of between 558-1,119 innocent people, with somewhere between 204-350 of those people being children. He has done this via the drone program that he oversees and personally approves the targets in places such as Yemen and Pakistan. Whoever is responsible for the release of chemical weapons in Syria has committed heinous acts … especially in relation to children who — no matter what the politics, actions, and views of their parents might be — are, nonetheless, innocent individuals caught up in conflicts that are not of their choice. Nevertheless, surely the same characterization applies to the slaughtering of innocent children in Pakistan, Yemen, and elsewhere by the United States. Madeline Albright — the former Secretary of State under Bill Clinton and who was awarded the Presidential Medal of Freedom by Barack Obama — was interviewed for the 60 Minutes television program in 1996. Leslie Stahl indicated that she had heard “that half a million children have died (in Iraq) … I mean, that’s more children than died in Hiroshima. And, you know … is the price worth it?” Albright responded by saying: “ I think this is a very hard choice, but the price … we think the price is worth it.” Bill Richardson — a former Energy Secretary and U.N. Ambassador under Bill Clinton, and who also was nominated by Obama to be the Commerce Secretary during the first term of Obama’s administration — was interviewed by Amy Goodman on September 22, 2005 for an edition of Democracy Now. Goodman raised the question that had been asked of Madeleine Albright nearly ten years earlier – namely, “Do you think the price was worth it … 500,000 children dead? Richardson replied: “Well … I believe our policy was correct, yes.” Of course, one must add to the foregoing totals the tens of thousands of Iraqi children – not to mention adults – who died for the sins of George Bush, the Younger, Dick Cheney, Donald Rumsfeld, and the rest of the Republican cabal that lied their way into a war that ended up destroying Iraq. Nor should we forget that it was the United States who supplied Saddam Hussein with the chemical weapons that he used on his own people — some of who were children — while the United States looked the other way because, at the time, it was in the interests of the United States to do so. Now, the issue of innocent children being murdered – whether in Syria, Iraq, Yemen, or Pakistan — is certainly a very important moral issue. However, neither President Obama nor the United States government have the requisite moral authority or credibility to address that matter since they, themselves, have the blood of children on their hands. One cannot order drone strikes, as President Obama has done, that kill innocent people or award the Presidential Medal of Freedom to a person (i.e., Madeleine Albright) who believes that slaughtering half a million children is a price worth paying for whatever foreign policy might have been realized, nor can President Obama nominate an individual for a Cabinet level position (i.e., Bill Richardson) who believes that slaughtering 500,000 children is the “correct” policy and expect to be taken seriously when the same President talks about the unspeakable horrors of innocent children dying as a result of the recent use of chemical weapons in Syria. Whoever was responsible for the release of chemical weapons in Syria during the August 21, 2013 incident, that event was not the first time chemical weapons have been used during the two-year Syrian conflict. Recently, Anthony Gucciardi, an investigative reporter, indicated that Russia’s Foreign Ministry released a report in early September 2013 revealing how a March 2013 chemical weapons incident that occurred in Aleppo, Syria was the result of U.S. supported rebel activities. More specifically, the statement said: “Probes from Khan al-Assal show chemicals used in the March 19 attack did not belong to standard Syrian army ammunition, and that the shell carrying the substance was similar to those made by a rebel fighter group.” That same fighter group has been determined to be responsible for the burning of a number of villages of innocent civilians in Syria. The information concerning the March 2013 Sarin-gas attack in Aleppo was contained in a 100-page technical analysis that was released to the United Nations in July 2013. The research underlying the report was not only conducted in accordance with the methodological protocols that have been established by the international group Organization For the Prohibition of Chemical Weapons, but, as well, forensic evidence which had been gathered in conjunction with the Aleppo incident were analyzed by labs in Russia that have been certified by the OPCW. By contrast, statements released to the public by France, Britain, and the United States in relation to the August 21, 2013 chemical incident in Syria consist largely of circumstantial evidence, devoid of any real forensic rigor. In fact, the aforementioned statements from western governments do not even reflect any of the evidence that has been collected and is in the process of being analyzed by, United Nations weapon inspectors. Now, someone might argue that the statement by the Russian Foreign Ministry is nothing more than Russia trying to create cover for its long-time Syrian ally. This might, or might not, be true, but, even if it were, such a course of action would be no different than when the United States makes repeated excuses for the Israeli government’s atrocities and brutalities involving the Palestinian people or tries to cover up the Israeli use of the chemical weapon white phosphorus against Palestinians in 2008 and 2009 – incidents that were reported on by the International Red Cross, Human Rights Watch, and Amnesty International … in fact, following a series of reports by the foregoing NGOs, the Israeli government also staged a chemical attack against the United Nations headquarters in Gaza. Despite U.S. assurances that classified documents prove Assad was behind the August 2013 chemical attacks, the situation is far from clear. First, the United States referred to all kinds of classified documents in its attempt to justify its criminal invasion of Afghanistan in 2001 and the equally criminal incursion into Iraq in 2003, but those documents were all rooted in lies, so, the United States has a considerable credibility problem when it comes to the use of classified documents as a means of trying to justify its subsequent actions. Secondly, and, perhaps equally important, Dale Gavlak and Yahya Abaneh wrote an August 29, 2013 news story indicating there is quite a bit of evidence to suggest rebel forces may have been responsible – even if inadvertently so – for the August 2013 chemical weapons incident. After talking with numerous doctors, rebel factions, and residents of Ghouta (the suburb of Damascus where the chemical event took place), the picture that emerges is quite different from the story being pushed by the United States government concerning the same event. More specifically, it seems that rebel forces had received a shipment of chemical weapons from the intelligence chief of Saudi Arabia, Prince Bandar bin Sultan. Apparently the weapons had been channeled through an individual from Saudi Arabia using the name Abu Ayesha, who was fighting with the rebels. The rebels had been sleeping in private homes and mosques in the Ghouta region. While in the area, the rebels also had been storing the chemical weapons in tunnels, and the word is that one of the rebels mishandled the weapons, resulting in the release of the toxic chemicals, not only killing some of the rebels but, as well, killing other residents of the Damascus suburb. The foregoing story is consistent with a Mossad intercept of a Syrian communication that was shared with the United States government. The intercept was a phone conversation between someone high up in the Assad military and another individual that was lower down the chain of command. The higher-ranking person was apparently upset and wanted to know who was responsible for releasing the chemical weapon, apparently fearing that someone had either exceeded his/her authority or had gone rogue and decided to use chemical weapons. However, if the foregoing news account of Gavlak and Abaneh is correct, then no one in the government had exceeded authority or gone rogue because the August 2013 chemical incident was an accident committed by some of the rebels. Unfortunately, the Israeli government wishes the United States to believe – which the U.S. apparently does – that the aforementioned intercept constitutes something of a smoking gun proving that the Assad government was responsible for the release of a chemical agent. However, in the light of the foregoing news report, the Mossad intercept does not necessarily prove what the Israelis claim it does … indeed the Mossad intercept might help prove that something quite different was going on, but the Israeli and U.S. governments were seeking to frame the intercept and insert it in their own narrative concerning events in Syria. During the Senate Foreign Relations Committee hearings concerning President Obama’s resolution about military intervention in Syria, Senator Barbara Boxer asked Secretary Kerry: “… I remember in Iraq, sure, eventually the word came down and everyone agreed, but then we found out there was disagreement. To your knowledge, did they [the intelligence agencies] come to the same conclusion [about the chemical event in August of 2013]? Secretary Kerry replied: “To my knowledge, I have no knowledge of any agency that was a dissenter or anybody who had an alternative theory, and I do know … I think its safe to say that they had a whole team that ran a scenario to test their theory to see if there was any possibility that they could come up with an alternative view as to who might have done it. The answer is: They could not.” The foregoing sentiments are sort of reminiscent of Condoleezza Rice’s statement before the 9/11 Commission when she said: “No one could have imagined them taking a plane, slamming it into the Pentagon … into the World Trade Center, using planes as missiles” — but the fact of the matter is that both prior to 9/11 and on 9/11, the Pentagon and other agencies of the government ran a series of military exercises involving, among other things, precisely that scenario … but, then, why should Condoleezza Rice have known about those sorts of things since she only was a member of the National Security Council? Secretary Kerry’s remarks display a similar naïveté, if not ignorance, with respect to the alleged scenario that was run by various intelligence agencies in order to determine whether, or not, someone beside Assad might have released chemical weapons during the August 2013 event. The Gavlak and Abaneh news report outlined above indicated that the chemical release was a mistake or accident committed by the rebels. The Mossad intercept which I alluded to earlier indicated that someone lower down the command chain might have either gone rogue or exceeded authority, and, if true, Assad did not necessarily order the attack. The Russian Foreign Ministry statement noted previously stipulated that evidence related to the March 2013 chemical/gas incident in Syria pointed toward the rebels and not to Assad. The foregoing scenarios are not imagined. They are based on evidence. The interpretation of that evidence which was contained in the news reporting might, or might not, be correct. However, whatever the case might be, apparently the seasoned pros of the United States intelligence services were not sufficiently competent to even think up those kinds of possibilities, let alone actually investigate them. Yet, despite the questionable quality of the various intelligence services, the United States is, once again, ready to leap into the abyss of disaster and catastrophe by being willing to bomb everything and anything in Syria. No one knows just how rigorous – if at all – the foregoing alternative theory testing process by the intelligences services was, and I, for one, would not trust the competency of the Senate Committee members to be able to ask the necessary, critical questions concerning the nature of the classified intelligence data that supposedly has been assembled concerning the Syrian chemical event of August 2013. All we have is the word of intelligence agencies, along with the word of the senators who were given access to the so-called classified information concerning the alleged chemical attack. We don’t know what the classified information said or how reliable it was, and given both the past history of the many errors of those very same intelligence agencies, as well as the willingness of members of Congress to be gullible with respect to consuming that kind of information, the fact of the matter is, nothing which any of the senators said following their classified concerning Syria briefing has a very high degree of credibility. Speaking of the release of toxic weapons in the Middle East, we should not forget the following facts – facts which various intelligence agencies might like to deny but cannot. Prior to the 1991 Gulf War, the incidence of cancer in Iraq was approximately 40 per 100,00 individuals. Following the 1991 war, the incidence of cancer in Iraq shot up to 800 per 100,000 individuals. Moreover, following the Iraq invasion of 2003, the cancer rate doubled to 1,600 per 100,000 individuals. In addition, the rate of birth defects in Fallujah, among other places in Iraq, is 1,400 times higher than was recorded in the aftermath of Hiroshima and Nagasaki. The foregoing skyrocketing incidence of cancer and birth defects in Iraq is due to the use of depleted uranium that is used in the munitions of the U.S. military in order to achieve, among other things, greater penetrating power in relation to enemy targets but which also is radioactive. Furthermore, even U.S. soldiers are suffering from the toxic contamination generated by the use of depleted uranium. 155 countries voted to ban the use of depleted uranium. The United States, France, United Kingdom, and Israel voted against the resolution. The other day I read a September, 3, 2013 item from Bloomberg News that described how, despite the fact that lead has been banned from most products sold in the United States and Europe (notwithstanding the presence of some lead-containing Chinese exports), both the European Union and the United States permit companies to sell millions of dollars worth of lead-containing products to a burgeoning foreign market in various developing countries. Given that it has been empirically demonstrated there is not any safe level of exposure to lead – especially among pregnant women, infants, and young children — can one characterize the willingness of, say, the United States government (which is responsible for the regulation of commerce) to knowingly permit American companies to sell lead-containing products in foreign markets to be anything but chemical warfare (in the guise of economic activity) that is being waged against the children of the developing countries where those products are sold? In 2004, the United States military used white phosphorous in Fallujah, Iraq. The source for this information comes from a number of western journalists who were embedded with the American infantry. Initially, the United States claimed that, yes, white phosphorous had been used in Fallujah but only in the role of an obscurant or smoke screen, and this was perfectly legal to do. Yet, somehow, mysteriously, civilians in Fallujah were horribly burned by, and died from, exposure to white phosphorous. After additional news coverage concerning the use of chemical weapons by the Untied States during the battle of Fallujah in 2004, the United States military authorities finally admitted that white phosphorus had been used in incendiary devices that had been fired into the city of Fallujah, resulting in many deaths of men, women, and children. White phosphorous is prohibited from being used in conjunction with civilians by the Geneva Conventions, as well as by the Convention of Certain Chemical Weapons. And, yet, both the United States and Israeli military have transgressed against those international prohibitions and norms. During Vietnam, the United States released tons of the highly toxic chemical dioxin in the form of Agent Orange. Other toxic chemicals were released into the ecology of Vietnam through Agents Blue, Green, Purple, and so on … agents that have been traced as playing a significant role in causing birth defects and deformities in the children of Vietnam. The foregoing weapons were used because they had been shown to be toxic through empirical work, and, therefore, no one can try to claim that: “Gee, we had no idea.” Nevertheless, for years, the U.S. government has tried to deny there was anything inappropriate or toxic in conjunction with the use of such chemical agents. None of the foregoing is cited in order to try to justify the use of chemical weapons in August 2013 within Syria – irrespective of who is shown to have been responsible for such acts, and quite apart from whether this was done by design or by accident. The foregoing array of facts merely indicates, as previously suggested in this essay, that the United States has no credibility or moral authority when it comes to being outraged by the use of chemical weapons in Syria … it is a case of the rather huge pot (the United States) calling the kettle (Syria) black (and no racial reference is intended here). The United States claims to be very concerned about the callous and inhumane way in which international conventions concerning chemical weapons have been trampled upon by the Assad government. The United States wants to teach Assad a lesson and ensure that such an egregious contravention of international standards of moral behavior will not occur again, and, therefore, agents of President Obama (in the persons of Secretary of State John Kerry, Secretary of Defense Chuck Hagel, and the head of the Joint Chiefs of Staff, General Martin Dempsey) have gone to the Senate Foreign Relations Committee with a resolution for authority to use military force in Syria to serve as a deterrent against the likelihood that Assad might – if he actually did – use such weapons again in the future. Article 51 of the United Nations Charter stipulates: “Nothing in the present Charter shall impair the inherent right of individual or collective self-defence if an armed attack occurs against a Member of the United Nations, until the Security Council has taken measures necessary to maintain international peace and security. Measures taken by Members in the exercise of this right of self-defence shall be immediately reported to the Security Council and shall not in any way affect the authority and responsibility of the Security Council under the present Charter to take at any time such action as it deems necessary in order to maintain or restore international peace and security.” The United States has not been attacked by Syria. No other member of the United Nations has been attacked by Syria. Nevertheless, despite the fact that neither the United States nor any other member of the United Nations has been attacked by Syria, the United States wants to violate the internationally agreed upon charter – one to which the United States is a signatory – and attack Syria anyway. I’m a little confused. If the purpose of the proposed Obama resolution concerning his wish to bomb Syria is to protect the sacred principles of internationally agreed upon conventions from being violated, then how is that purpose served by violating an internationally agreed upon convention – namely, the United Nation’s Charter – in order to accomplish his aim? President Obama seems to be speaking out of both sides of his mouth at the same time, or, as some of my Indian ancestors might say: ‘He speaks with a forked tongue’ … or, perhaps, we can just refer to it as the mother of all forms of hypocrisy. During a September 5, 2013 news conference that occurred in Sweden, President Obama — who was on his way to the G-20 Summit in St. Petersburg, Russia — said the following words in response to a question about whether or not his credibility was on the line in relation to the Syrian crisis: “My credibility is not on the line. The international community’s credibility is on the line, and America’s and Congress’ credibility is on the line because we give lip service to the notion that these international norms are important.” President Obama would seem to be engaging in a certain amount of psychic projection. He is the one who seems to be playing lip service to international norms such as: Article 51 of the United Nation’s Charter; or, the conventions against the use of depleted uranium; or, the continued deployment of landmines; or, the use of torture; or, the prosecution of certain cases of criminal activity performed on the world stage (such as the war crimes that have been committed in Afghanistan, Iraq, and Libya) through the World Court in the Hague; or, preventing Israel from continuing to transgress against international norms concerning the occupied territories in Palestine; or, inducing Israel to come clean on its nuclear program. The fact the United States has not signed off on some of the foregoing conventions does not mean the vast majority of the nations of the world have not subscribed to those norms. Therefore, the United States laxity with respect to an array of international norms might tend to suggest that the United States is, at best, very selective –- in a completely self-serving and unjustifiable manner — and at worse, the United States is, in many instances, a rogue nation when it comes to abiding by the norms of international conventions. President Obama likes to refer to the United States as a country that lives in accordance with the ‘rule of law.’ One cannot be considered to be a nation which operates under the rule of law if one cherry-picks only those rules of law that serve one’s interests while ignoring all the rules of law that might not serve one’s self-serving interests. In relation to the resolution that President Obama recently sent to the Senate Foreign Relations Committee for consideration, he said: “This is not Iraq, and this is not Afghanistan. This is a limited, proportional step.” In one respect, President Obama is quite correct. The Syrian crisis is not Iraq, and it is not Afghanistan. Russia, China, Israel, Hezbollah, Syria, and Iran were not a part of the hostilities that the United States began during 2001 and 2003 in Afghanistan and Iraq respectively (although Iran did — for a time, to a limited degree, and indirectly — enter the fray some time after hostilities began). Now, however, all the aforementioned forces (plus a few more) have a stake in what transpires in Syria, and in this respect, the Syrian crisis has the potential to be much, much worse than what transpired in Afghanistan and Iraq … as horrific as the latter wars were and are. President Obama claims that what he is proposing is a limited, proportional step. One wonders about the reasoning underlying such an assertion. My understanding is that the President has asked for a 60-day period during which he would be authorized by Congress to use military force in Syria. The military force would take the form of, among other things, cruise missiles. Apparently, there are also provisions within the proposed resolution for a further 30 days of military action if that is deemed to be required after evaluating the results of the first 60 days of bombing. Everybody in Obama’s administration seems to feel that irrespective of whatever might transpire during the 60-90 day period of authorized military force, those activities will not be sufficient to destroy Assad’s chemical weapons capacity. In fact, some commentators have indicated that the bombing of Syrian targets will not necessarily even be directed toward chemical weapons storage facilities since there is some concern that destroying those facilities might release the very chemicals that are of such concern to U.S. authorities. So, other targets will be selected. Perhaps they will zero in on delivery systems such as airplanes or the runways needed by those vehicles. The New York Times reported on September 5, 2013 that: “President Obama has directed the Pentagon to develop an expanded list of potential targets in Syria in response to intelligence suggesting that the government of President Bashar al-Assad has been moving troops and equipment used to employ chemical weapons while Congress debates whether to authorize military action.” Consequently, the original list of targets has been expanded to more than 50 possible sites. According to General Martin Dempsey, chairman of the Joint Chiefs of Staff, the target list is comprised of military units, storage-facilities, as well as artillery/missile/rocket equipment that are connected with the possible use or protection of chemical weapons. Regardless of the targets selected, I want to know how President Obama can be certain that the response will be limited and proportional. He claims that 1,400 innocent civilians were killed in the toxic chemical event, and, consequently, a proportional strike presumably would involve the elimination of 1,400 members from Assad’s government. How does he propose to accomplish such proportionality? In every military engagement in which the United States has been involved – from World War I right through the Iraq war, the majority of people who have died from military activity have been civilians. Despite the exaggerated claims of defense contractors and the military, most of the so-called smart weapons have proven to be fairly dumb. As a result, civilians have been indiscriminately killed along with whatever enemy combatants might happen to have been around when such smart weapons were unleashed. The chances are very high that innocent civilians will be more proportionately affected than will members of Assad’s government or military forces. When missiles are launched from U.S. ships, transportation networks, food distribution chains, drinkable water sources, medical facilities, housing complexes, and civilian jobs are all likely to be adversely affected, and, in the process, there will be considerable disruption, displacement, degrading, and destruction of civilian life. Reuters has recently reported that on Wednesday – September 4, 2013 – the Russian Foreign Ministry made a statement that was intended for the ears of the United Nation International Atomic Energy Agency (IAEA) in relation to the possible, impending military intervention into Syria by the United States. More specifically, there is a Miniature Source Reactor near to Damascus which, if hit, could represent a considerable radiation hazard for – at the very least — the people of Damascus. In 2007, the Israeli government bombed a desert facility in Deir al-Zor, Syria that — according to intelligence gathered by the United States — was using a North Korean reactor design that, supposedly, was capable of yielding plutonium that could be used in nuclear weapons. The Deir al-Zor facility might, or might not, have been dedicated to the purpose which American intelligence claimed, but there are several points that can be noted in passing. First, the Israeli attack was in violation of the United Nations Charter since Israel was not under attack from Syria. Secondly, Israel does have nuclear weapons and, therefore, one has to put the situation into context – when people (e.g., Syria) feel threatened by the nuclear capability of a neighbor (i.e., Israel), then the politics of fear take over, and there is a desire in such people to want to defend themselves against such a nuclear arsenal. And, finally, even if the intelligence concerning the Deir al-Zor facility was accurate, neither America nor Israel seemed to care in the least about what sort of radiological hazard they might be creating for innocent people in Syria, and one can only hope that such apparent, callous indifference is not shaping the targeting process that is currently transpiring among American military officials in relation to Syria. One of the estimates making the rounds is that some 200-300 cruise missiles might be utilized during the proposed Syrian action. If my arithmetic is correct and one wishes to exercise a proportionate response, then that works out to be somewhere between 4.5 and 7 people per cruise missile, and given that each cruise missile costs approximately 1.4 million dollars (and this doesn’t include the costs of staffing and operating the ships from which the missiles are fired). According to a report from Reuters, Defense Secretary Chuck Hegal recently estimated that even a limited military intervention in Syria would cost tens of millions of dollars. Such a proportionate response doesn’t seem very proportionate as far as the American people are concerned … a lot of hungry, sick, and homeless people could be helped by the money that might be used to allegedly uphold a humanitarian principle and international norm in Syria. As Alan Grayson, the Florida Congressman, said in relation to the possibility of bombing Syria: “Why can’t we concentrate on our own problems?” Indeed, what about the humanitarian principle of feeding the poor of America, or providing them with shelter, or administering to their physical, emotional, and community needs?” How is the bombing of people in Syria a more important humanitarian principle than looking after the needs of our own citizens – especially in view of the high likelihood that sending 200-300 cruise missiles into Syria will lead to problems of hunger, shelter, and medical needs in that country … thereby, merely increasing the misery of innocent people in the world? Raytheon, the maker of Tomahawk missiles, might be proportionately happy with the launch of each implement of destruction (replacement profits will be dancing around in their heads). However, such an exercise is not really proportionate when it comes to the costs that will be incurred by innocent civilians in Syria or the United States. When testifying before the Senate Foreign Relations Committee earlier in the week, John Kerry said: “You know, we got three people here (i.e., Secretary of State Kerry, Secretary of Defense Hagel, and General Dempsey) who have been to war … you’ve got John McCain (Kerry pointed toward the Committee members) who’s been to war. There’s not one of us who doesn’t understand what going to war means, and we don’t want to go to war.” The statement is somewhat disingenuous. Secretary Kerry should have been asking what going to war means to the innocent citizens in Syria who undoubtedly will have their lives torn apart by the 60-90 days of bombing being proposed by the President. However, given that most politicians, including Secretary Kerry, are very self-absorbed, the idea that war might affect someone other than a soldier – and he only refers to soldiers in his statement — seems to be lost on him. Secretary Kerry went on to say: “We don’t believe we are going to war in the classic sense of taking American troops and America to war.” Like Bill Clinton and his infamous parsing of: “I did not have sex with that woman,” Secretary Kerry likes to play around with words when he alludes to the idea that the President is not asking to go to “war in the classic sense.” When bombs are dropped or missiles are launched, people die and societies are destroyed. This remains true quite independently of whether boots are put on the ground. Furthermore, despite Secretary Kerry’s remonstrations to the contrary, American boots already are on the ground in Syria in the form of CIA operatives and Special Forces personnel who have been training, organizing, and equipping rebels. In addition, many of those rebels are aligned with, loyal to, and part of the very al-Qaeda network with respect to which the United States has declared, and continues to declare, a ‘War on Terror.’ If dropping bombs, launching missiles, as well as training, organizing and equipping rebels is not war, then what is it? If it looks like a duck, walks like a duck, and quacks like a duck, then one should refer to it as war and not something else. Bob Corker, a member of the Senate Foreign Relations Committee, asked General Dempsey how an American military intervention might help the rebels who are fighting the Assad regime. General Dempsey replied: “The path to the resolution of the Syrian conflict is through a developed, capable, moderate opposition, and we know how to do that.” I hope the rest of the General’s qualifications do not reflect the same degree of ignorance that the foregoing statement does, for if his other qualifications are equally deficient, then this does not bode well for the quality of the planning that is being devised in relation to Syria. The fact of the matter is over the last several hundred years, neither the American military nor a series of executive branch administrations have demonstrated any understanding of other societies, cultures, and political environments … beginning with the indigenous peoples that populated the Americas before explorers, military expeditions, and colonists first showed up in North America and proceeded to commit genocide against native peoples. America is, however, very good at destabilizing societies around the world. We do this through our military, our corporations, our financial institutions, the judicial branch, and the foreign policy initiatives of the federal government that often are implemented, in one way or another, through the covert operations of the CIA. Take a look at what we have “accomplished” in Afghanistan, Iraq, and Libya. We have helped to destroy those societies. Now the American government wants to apply its expertise in developing “capable, moderate opposition” in Syria. The opposition is so capable and moderate that it is beheading people, burning villages, looting, dismantling factories, and using chemical weapons. Chemical munitions are considered to be weapons of mass destruction. When 100,000 people die – as has occurred in Syria, and that count continues to rise every hour of the day – even bullets become weapons of mass destruction. What difference does it make if innocent people die from a bullet, a conventional bomb, or a chemical weapon? Dead is dead, and the slaughter of thousands of civilians necessarily indicates that weapons of mass destruction are being used quite irrespective of whether, or not, that usage comes in the form of bullets, conventional bombs, missiles, depleted uranium, or chemical weapons. President Obama is using arbitrary and self-serving metrics when it comes to measuring the presence of weapons of mass destruction in various locations. The defense industries of America, Israel, Europe, Russia, and Iran have been pumping weapons of mass destruction into the Middle East, Africa, and Asia for years, and as a result, tens of thousands of people have died through the introduction of those weapons. Bush, The Younger, and associated knaves were deeply troubled by the possibility that the alleged enemies of America possessed weapons of mass destruction. The only use of weapons of mass destruction that took place in Afghanistan and Iraq were deployed by America, and now President Obama wishes to continue on with that grand tradition by taking limited, proportionate action in Syria. Some – including Russia’s Valery Putin – have suggested that it would have been illogical for Assad to use chemical weapons. The entry into the Syrian conflict of elements from Hezbollah has helped nudge the fighting in a direction that – at least for the time being — is to the advantage of the Assad regime relative to the various rebel factions. Others – for instance, James Morrow of the University of Michigan – believe that dictators do stupid, illogical counter-productive things all the time. Consequently, it is entirely possible that Assad might have done something – i.e., release chemical weapons – that was not in his best interests, and, indeed, Professor Morrow believes this is exactly what happened. Professor Morrow claims to have done a lot of research in conjunction with the use of chemical weapons. His research led him to the conclusion that when chemical weapons are used, those acts are almost always carried out by governments, and, therefore, the good professor has little doubt that Bashar Assad is guilty as charged. Well, off the top of my head, I can think of three incidents that do not fit in with Professor Morrow’s theory. For instance, there is the Sarin gas attack perpetrated by the Aum Shinri Kyo that took place in Japan in 1995, and then there was the use of cyanide during the 1978 Jonestown massacre. Finally, there is the Union Carbide accident in Bhopal, India during 1984. The last case – an accident – is relevant to the Syrian situation because there is some evidence to indicate that the August 2013 release of chemical toxins in Syria might have been an accident. As previously pointed out, the release of chemical toxins was reported to have been due to an apparent mishandling of chemical weapons that had been provided to the rebels in Syria by Saudi Arabia’s head of Intelligence Services. Maybe Professor Morrow is correct in his beliefs concerning the issue of responsibility for the August 21, 2013 chemical incident in Syria. However, if the primary reason for arriving at his conclusion concerning that event is because of some general background research he did that indicated how other chemical attacks were almost always conducted by government entities, his reasoning process seems rather empirically deficient because not only have I presented three instances – with almost no research – that tend to refute Professor Morrow’s thesis, but, as well, his statement reflects absolutely no actual, detailed, rigorously acquired data concerning the August 21, 2013 chemical incident in Syria. One can only hope that Professor Morrow is teaching his students a much more rigorous process of reasoning and drawing conclusions than his research concerning chemical weapons in relation to Syria seems to indicate. Some people – politicians, a few journalists, and news commentators – are arguing that if America doesn’t militarily intervene in Syria as a response to the August 21, 2013 chemical incident in a suburb of Damascus, then American credibility will suffer a catastrophic blow, and, furthermore, we will be giving people like Assad a green light to use such weapons in the future. For example, Secretary of State John Kerry recently said the following words before the Foreign Senate Relations Committee: “I cannot emphasize enough how much they are looking to us now, making judgments about us for the long term, and how critical the choice we make here will be … not just to this question of Syria but to the support we may, or may not, anticipate in the Mideast peace process … to the future of Egypt … to the transformation of the Middle East … to the stability of the region and other interests that we have …” Secretary Kerry didn’t identify the “they” who allegedly “are looking to us now.” One might suppose, however, that he is alluding to both the “enemies” of the United States, as well as to America’s possible allies. Be this as it may, the foregoing statement of Secretary Kerry gives expression to both the politics of fear as well as uses the technique of framing things in a way that is self-serving to him. What Kerry means by the “peace process” is a continued policy that enables the Israeli government to kill, torture, imprison, maim, and destroy Palestinians, while stealing their land through illegal settlements and illegal walls of division. What Kerry means by the “peace process” are policies that permit America to attack, without provocation or justification, countries such as Afghanistan, Iraq, Libya, and Syria in order to further the economic, financial, corporate, and military interests of the power elite. What Kerry means by the “peace process” is however the United States wishes to define that process and quite independently of the needs and wishes of the people who are being crushed by that “peace process.” In the foregoing quoted statement, Secretary Kerry mentions “the transformation of the Middle East.” Whose version of transformation does he have in mind? The transformation he envisions is one that is acceptable to the power elite in America, Britain, France, and Israel. Moreover, when Secretary Kerry speaks about “stability in the region” this is code for what corporate, financial, and military interests in the West and in Israel consider to be stable and which will serve their interests quite apart from considerations of the social, economic, educational, environmental, political, institutional, environmental, and medical needs of the people in the Middle East who live outside Israel. Indeed, the words that Secretary Kerry uses toward the last part of this foregoing statement are: “… and other interests that we have.” There is no doubt about who the “we” is to whom Secretary Kerry is referring in his statement … and “they” — the people of the Middle East with the exception of some, but not all, Israelis — are not part of that ‘we’. During the Senate Foreign Relations Committee meeting, Secretary Kerry indicated there were concerns that if Assad is not held accountable for using chemical weapons and if Hezbollah should somehow acquire access to those weapons, then the security of Israel will be threatened. However, at another point during the hearings, Secretary Kerry said: “And Israel feels quite confident in its ability to deal with Hezbollah if they [i.e., Hezbollah] were to do so.” If Israel feels quite confident in its ability to deal with Hezbollah, then why is Secretary Kerry speculating about possible threats to Israeli security? If one of the concerns of the United States administration has with respect to Syria revolves around the issue of threats to Israeli security, then there is no need to intervene in Syria since, by Secretary Kerry’s own admission, the Israeli’s are quite confident in their ability to handle such threats. At another juncture during the hearings, Secretary Kerry said: “You will notice that Israel has on several occasions in the last years seen fit to deal with threats to its security because of what’s in Syria and not once has Assad responded to that to date.” Aside from the fact that in dealing with threats by making military strikes inside Syria, Israel once again demonstrated its contempt for international norms (and Secretary is testifying to this), apparently, the moral of the Secretary’s remarks is that all Assad understands is force, and, if we don’t hold Assad responsible for the alleged use of chemical weapons, then he will use them again. The fact of the matter is that Secretary Kerry has no idea what Assad will do. If Assad is the thug that Secretary Kerry has labeled him to be in previous statements, then how can Kerry be sure that Assad won’t be provoked into using whatever weapons he has by the sort of military intervention being proposed by the President – a proposal that violates the United Nations Charter? Apparently Secretary Kerry has powers of clairvoyance … or he knows people that do. In response to Senator Rand Paul’s assertion that it can’t be known what Assad will or won’t do if not attacked, Secretary Kerry assertively replied: “Senator, it’s not unknown. If the United States of America does not hold him (Assad) accountable on this with our allies … it is a guarantee Assad will do it again … a guarantee, and I urge you to go to the classified briefing and learn that.” According to Secretary Kerry, there is information that will be forthcoming in classified briefings that guarantees Assad will behave in a certain way. Perhaps, the people who are responsible for such a guarantee are the same individuals – or similar to them – who failed to predict the fall of the Soviet Union, and who failed to detect the fact that Pakistan had developed nuclear capabilities, and who got the issue of weapons of mass destruction so wrong with respect to Iraq. Furthermore, I wonder if the guarantee to which Secretary Kerry is referring is anything like the guarantee that exists in Article IV, Section 4 of the U.S. Constitution that requires the federal government to deliver to every state (and this includes the citizens inhabiting those states) a republican form of government … one that is objective, transparent, just, compassionate, honest, moral, impartial, reasoned, independent of self-interest, and does not attempt to serve as judges in its own cause … causes such as militarily intervening in places like Syria. I’ll come back to this issue shortly. If Assad is responsible for the August 21, 2013 chemical incident in the suburbs of Damascus, he should be held responsible, but that should be done through the International Criminal Court. Why should we suppose – as President Obama and Secretary of State Kerry do — that the only option for holding Assad responsible is through military intervention? If the world had stopped arming the multifaceted factions within Syria, including the Assad government, two years ago, then, perhaps, we would not be staring into the abyss of a possible World War III, as is the case at the present time. The munitions dealers of the world – and the United States is the largest of them – have made the Syrian conflict possible. If the United States wishes to identify those who are responsible for what is going on in Syria all it has to do is look in the mirror (and Britain, France, Israel, Saudi Arabia, Qatar, Turkey, and Russia – among others — should do the same) because U.S. economic, military, and foreign policy in the Middle East over the last 100 years has helped bring us to where things stand today. To be sure, Assad has his role to play in the Syrian crisis. However, there are many players both outside of, and within, Syria who are responsible for the Syrian crisis. One wonders why the only fingers that are being pointed are toward Assad? The process of adjudication seems rather arbitrary, biased, and filled with the politics and rhetoric of fear. Now, let me let you in on a little secret. No matter what one might think about the August 21, 2013 chemical incident in Syria and no matter who one believes is responsible for its occurrence, neither the President of the United States, nor Congress – short of declaring war – has any authority under the Constitution to pass resolutions calling for militarily interventions that do not rise to the standard of declared war. In other words, unless Congress makes an actual declaration of war in relation to Syria, then, the Constitution is devoid of the sort of provisions that would empower either the President, or Congress, to authorize military operations in a foreign country. For example, the Constitution designates the President as Commander in Chief of the Army and Navy of the United States, as well as in relation to the militia of the several states. Nonetheless, this designation does not entitle the President to conduct military operations — either overtly or covertly – absent being “called into the actual service of the United States” by Congress. The President is only the Commander in Chief of the Army, Navy, and state militia “when” he is called upon by Congress to serve in this capacity. However, the President, individually, cannot initiate such actions. There is no executive privilege for conducting military operations independently of a declaration of war by Congress. There are even further restrictions on a President’s role as Commander in Chief. Under Article I, Section 8, Congress has the power both: “To raise and support armies”, as well as “to make rules for the government and regulation of land and naval forces.” The Commander in Chief cannot raise armies on his or her own. The Commander in Chief cannot make the rules for governing and regulating the armies that are raised. All the Commander in Chief can do is direct the armies in accordance with the rules for governing and regulating the military forces that have been established by Congress. Some people like to speak about the idea of implied powers that supposedly lay nascent in the Constitution. Nonetheless, there is nothing in the Constitution that mentions the idea of implied powers with respect to either Congress or the President. The closest that one comes to the idea of implied powers is in the “necessary and proper clause” at the end of Section 8 in Article I. However, that clause pertains to Congress and not to the President. More importantly, even with respect to Congress, what is considered necessary and proper is a function of the powers that are specifically enumerated in Article I, Section 8 of the Constitution. The Ninth and Tenth Amendments collectively stipulate that the powers of the federal government do not extend beyond the enumerated powers specified in the Constitution. The Ninth Amendment indicates that: “The enumeration in the Constitution, of certain rights, shall not be considered to deny or disparage others by the people. The Tenth Amendment stipulates that: “The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people.” Taken collectively, the Ninth and Tenth Amendments indicate something very important. More specifically, if a given power is not enumerated or specified in the Constitution as being a prerogative of the federal government, then whatever rights and powers are not enumerated belong to the people and are not subject to government authority. The foregoing provisions are rooted in an issue that was brought up again and again during the process of ratifying the Constitution. Colonists were afraid that the federal government would try to extend the scope of its powers by legislating new ones, and the Ninth and Tenth Amendments were established to address those concerns. The idea of implied powers of Congress or executive privilege of the President are circumscribed by the Ninth and Tenth Amendments. If the Constitution does not enumerate or specify a given power, then one cannot try to get around that restraint through the notions of implied powers or executive privilege. The idea of implied powers in relation to the Executive Branch – which usually is referred to as executive privilege — is a mythological invention of the Executive Branch via the Office of Legal Counsel (which is overseen by the Department of Justice and the Attorney General). Executive privilege is just that – a privilege that the Executive Branch, without Constitutional authorization, has granted itself. Neither Congress nor The Executive Branch, and in fact not even the Judicial Branch, has the Constitutional authority to grant the President executive privilege. Such powers are not enumerated in the Constitution, and, therefore, are without constitutional standing. Consequently, all the drone operations that are run out of the White House are unconstitutional. Furthermore, all of the covert operations that are performed by the Central Intelligence Agency – or other clandestine forces of the federal government — are unconstitutional because they constitute military operations that are conducted without a declaration of war by Congress. In addition, Article IV, Section 4 of the Constitution places further operational constraints on the meaning of “necessary and proper” in relation to Congress since whatever the federal government does to carry into execution the enumerated powers it has been granted in the Constitution must be done in accordance with the principles of republicanism that are at the heart of the guarantee to which Article IV, Section 4 of the Constitution gives expression. The Constitution does state that Congress has the power “to define and punish piracies and felonies committed on the high seas, and offenses against the laws of nations.” However, are we to suppose that the United States Congress is being given authority through the foregoing enumerated power to go into other countries and define offenses in whatever way it likes or to punish citizens of other countries in whatever way it deems fit? The answer to both questions is: No! Authorizing the President to go into other countries and to arbitrarily define crimes or to arbitrarily punish the citizens of a country beyond the borders of the United States would be a gross violation of Article IV, Section 4. Such actions cannot be reconciled with the moral principles that are inherent in the philosophy of republicanism because those actions could not be shown to be a function of impartial, transparent, objective, non-arbitrary, rational, just, compassionate, noble principles with respect to which the members of Congress were not acting as judges in their own cause or interests. The Constitutional power afforded Congress “to define and punish … offenses against the laws of nations” refers to American citizens who may have committed such offenses. No one is his or her right mind would suppose that such a power was intended to entitle America to interfere in the internal affairs of other countries by arbitrarily defining offenses and punishing whomever the federal government deemed was guilty of committing such offenses against the laws of nations. The Constitution empowers Congress to call forth the militia to repel invasions. Syria has not invaded the United States. Therefore, Congress cannot use the militia (including the National Guard) to repel countries that have not invaded the United States, nor can Congress use the militia to fight undeclared wars in other countries. Congress has been empowered by the Constitution “to grant letters of marquee and reprisal.” However, a letter of marquee concerns private individuals – known as privateers — and not an army. Privateers were authorized to attack and capture enemy ships and bring those vessels before admiralty courts for the purpose of sale. While such letters of marquee and reprisal were an accepted part of the world of the eighteenth and nineteenth centuries, today, there are rules and norms that would deem such actions to be a violation of international law. As such, the idea of issuing letters of marquee and reprisal are as defunct as are the provisions in the Constitution that mention slaves. Even if international protocols concerning such letters of marquee and reprisal were not in place, Article IV, Section 4 of the Constitution would place severe constraints on what could, and could not, be done through those sorts of letters of authorization. The Executive and Legislative Branches are not free to authorize just anything they like. What is authorized through those sorts of letters must be in accordance with the guarantee of republican governance that is specified in Article IV, Section 4 of the Constitution. Thus, military contractors would not be able to do the things they have been enabled to do in Afghanistan and Iraq by the United States Government because their actions cannot be reconciled with the moral principles of republicanism. Making rules concerning “captures on land and water”, or “making rules for the regulation of the land and naval forces,” or “raising and supporting armies” are not the same thing as conducting military operations. All the foregoing enumerated Congressional powers can only be directed toward foreign countries when war has been declared or the United States has been physically invaded. There is nothing in the Constitution that permits military operations to be directed toward foreign countries in the absence of a declaration of war. Even in conjunction with the “necessary and proper” clause of Article I, Section 8, Congress is not empowered to authorize military operations that do not meet the standard of a declaration of war. This is because conducting such non-war military operations is not one of the specified or enumerated powers that have been granted to Congress, and, in addition, conducting those sort of non-war military operations cannot be shown to be “necessary and proper” with respect to the moral constraints placed on Congress and the Executive by the guarantee of republican government that is specified in Article IV, Section 4 of the Constitution. Thus, the War Powers Resolution of 1973 is unconstitutional. While that resolution sought to place curbs on Presidential authority to conduct military operations that were not sanctioned through a Congressional declaration of war, Congress did not have the power to authorize military operations that were not based on such a declaration … that is, there is no enumerated power pertaining to Congress that permits Congress to authorize the President to conduct military operations that were not conducted under the auspices of a declaration of war — which is exactly what the War Powers Resolution seeks to do. If there is “a national emergency created by attack upon the United States, its territories or possessions, or its armed forces” (wording is from the War Powers Resolution), then either Congress declares war in response to that emergency or Congress is constitutionally required to stand down. Troops cannot be committed to alleged national emergencies and attacks unless a declaration of war has been legislated by Congress. Can one conclude from the foregoing that Congress is entitled to declare war according to its wishes and inclinations? The answer is: No! Any declaration of war must be capable of meeting the test of Article IV, Section 4. In other words, in order for a given declaration of war to be considered to be Constitutionally justified, Congress must be able to demonstrate that such a decision has been impartial, objective, honest, transparent, just, fair, rational, and arrived at through standards of integrity. Moreover, because a central principle of republican philosophy requires that the members of the Executive, the Legislature, and the Judiciary cannot be judges in their own cause, it is the people – not the government — who must determine whether such a declaration of war has satisfied the guarantee of republican governance. This power has been delegated to the people via the Ninth and Tenth Amendments. None of the foregoing considerations prevent Congress and the President from defending the United States against direct physical attacks upon America. However, such empowerment does not entitle the President, or Congress, or the military to expand the meaning of the United States and, thereby, seek to claim that the 700-plus military bases which have been established around the world constitute states or are entitled to conduct military operations in conjunction with those bases unless a declaration of war has been legislated by Congress that is capable of meeting the standards of a guarantee of republican governance in conjunction with such a declaration … and as indicated above, the responsibility for determining whether the government has satisfied that Constitutional principle inherent in Article IV, Section 4, belongs to the people and not to the government. Undoubtedly, there will be many who might object to the foregoing analysis, considering it to be impractical for the times in which we live. Be that as it may, if one wishes to consider the United States as a nation that operates in accordance with the rule of law than either we must abide by the requirements of the Constitution as written or we must come up with something that is different. Whatever the future might hold with respect to the foregoing problem or issue, nevertheless, at the present time, everything that exists in the current form of the Constitution must be understood through the light of Article IV, Section 4 because that is the only place in the Constitution where a guarantee has been given. Thus, as far as the current Syrian crisis is concerned, neither the President nor Congress is empowered by the Constitution to pass a resolution that authorizes military operations without the presence of an accompanying Congressional declaration of war, and, furthermore, if a declaration of war were to be passed, that law must be capable of satisfying the requirements of Article IV, Section 4, and the judgment as to whether, or not, the federal government has satisfied the conditions of republican governance is the responsibility of the people, not government.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-05-08/some-chinese-banks-suspend-interbank-business-regulator-demands-collateral-actually-

Some Chinese Banks Suspend "Interbank Business" As Regulator Demands That Collateral "Actually Exists"

With "risk" in most of the developed world seemingly a long forgotten four-letter word, as seen by today's plunge in the VIX to a level not seen since 1993, traders hoping for some "risk event" have been confined to the recent turmoil in China, where overnight not only did trade data disappoint, with both imports and exports missing, but bond yields jumped to the highest level since 2015, dragging stocks lower even as the local commodity crash slammed iron ore and copper to new YTD lows. While largely a "controlled" tightening, meant to contain China's out-of-control shadow banking system, the recent gyrations in Chinese capital markets are starting to have a profound impact on local funding, resulting in a collapse in new bond issuance, and according to FT calculations, in April the number of aborted issues rose to 154, up from 94 in March, 32 in February and 31 in January. As DB added, "local bond markets are practically shut for corporates. In fact, YTD issuance is down 40%+ yoy and net issuance has been negative in three out of the first four months this year. A number of issuers are being forced to cancel bond issuances (over RMB100 billion YTD) and there were reports (Bloomberg) of even CDB halting issuance (though subsequently denied). Some AA corporates are now issuing at north of 7%." These signs of mounting stress in China’s $$9.3 trillion bond market come less than a month after the country’s banking regulator, Guo Shuqing, was quoted as supporting a campaign to sort out chaotic practices, and threatening to resign if the banking system became “a complete mess”. Overnight, Deutsche Bank's China analyst Harsh Agarwal noticed the "gyrations" in the bond market, and compared the current selloff in onshore bonds to the similar episode one year ago, saying "this time, it's sharper and longer - AAA yield & spreads are almost 200bp and 100bp wider respectively in the past 6 months or so - because of China's focus away from growth to deleveraging. This is far from over in our view. Every day we see headlines on new regulations trying to control leverage in different parts of the system - WMPs, insurance companies, banks, etc. Having said this, we do believe in China's ability to make a U-turn quickly if the situation goes beyond control, and see these changes as a long term positive, hence we are not overly worried as of now." Maybe not as of now, but Agarwal is surely getting more concerned with every incremental negative news out of China, even as the PBOC refuses to inject more liquidity, as it just did moments ago when for the third day in a row, the central bank skipped open market operations. Meanwhile, confirming that Beijing is clearly concerned about developments behind the scene, potentially culminating in the worst possible case for China's banking system - a shadow bank run -China Banking Regulatory Commission said in guidelines on banks’ collateral management posted on its website. Commercial banks should carry out pressure tests on collaterals at least once a year, China Banking Regulatory Commission (CBRC) posted new guidelines on banks’ collateral management, among which that banks should revalue collateral at least once a year; and that banks are being urged to prevent risks in the collateral business. Of course, since this is the country where due to "infinite rehypothecation" of collateral, thousands of tons of copper and aluminum were "found" to be missing at China's Qingdao Port, urging Chinese banks to engage in collateral "quality control" seems like a lost cause. In fact, the banking regulator itself appears to be in on the joke, because as Bloomberg's Tom Orlik points out, the CBRC requires that collateral accepted by banks must actually exist, as explicitly stated in Chapter 3 on "Risk Mangement" in the just released Collateral Guidelines: Article 15 The collateral received by a commercial bank shall meet the following basic conditions: the collateral is real; the relationship between the collateral is clear, the mortgage (pledged) has the right to dispose of the collateral; the collateral conforms to the laws and regulations or the national policy requirements; the collateral has a good ability to achieve liquidity. That's not all. In a subsequent notice posted in the Securities Times, the Chinese outlet reports that some Chinese rural banks have suspended their interbank businesses including negotiable certificates of deposit (or NCDs) "temporarily" while regulators conduct spot checks. It further adds that at the end of March total interbank liabilities of 25 banks listed in China’s stock market dropped by 1.54t yuan from end-2016, report says, citing Wind Info data, suggesting a sharp contraction in shadow funding. While it was not immediately clear what the underlying catalyst for the unexpected move was, recall that at the end of March, Deutsche Bank reported that in the most recent troubling trend involving Chinese banks, numerous smaller banks had become acutely reliant on such shadow banking funding mechanism as Certificates of Deposit, which had become the primary source of short-term funding for many of China's banks mid-size and smaller banks. As DB further explained, the banks most exposed to a shut down in this "shadow funding" pathway are medium-sized and small banks, for whome as of 1H16, wholesale funding made up 31% and 23%, a number that has risen substantially in the interim period. As Deutsche reflected just over a month ago, "we view banks that are more reliant on CDs as more vulnerable to rising rates and tighter regulations." Reflecting tighter liquidity, the interbank CD rate has rallied strongly, with the 6-month CD pricing at 4.6% on average. Some CDs issued by smaller rural commercial banks have been priced close to 5% recently. This would have pushed up the funding cost and notably for smaller banks. If banks invest in low-risk assets such as mortgages, discounted bills and treasury bonds, this would lead to a negative spread. Alternatively, banks can lengthen asset duration, increase the risk appetite, add leverage or slow down asset growth. Among these alternatives, we believe a slowdown in asset growth is the most likely. And while it is tangential, here is a list of the banks most exposed to a sudden cardiac arrest involving CDs: INDB, SPDB and PAB are among the most exposed to interbank CDs. We would not be surprised if these are among the banks that as of this evening have "suspended their interbank businesses." Which again brings us to the most important question: "Are we close to a “tipping point” in China?" For those who missed the answer the first time, here is Deutsche Bank's conclusion as of mid-March. Note: since then the liquidity situation in China has gotten far more precarious. Here's Deutsche: For now, probably not, especially in a year of leadership transition. In our view, the risk of an uncontrollable liquidity event is low, as the PBOC will do whatever it takes to inject liquidity if needed. In the domestic liquidity market, the PBOC exerts strong influence in both the volume and pricing of liquidity. With 90%+ of financial institutions directly or indirectly controlled by the government, PBOC will likely continue to give liquidity support. In 2H15, the central bank established an interest rate corridor to contain interbank rates within a narrow range and pledged to inject unlimited liquidity to support banks with funding needs. However, continuing liquidity injections do not come without a cost. A bigger asset bubble, persistent capital outflow pressure and a lower yield curve over the longer term are side effects that China will have to bear. At the same time, the execution risk of PBOC itself is rising. In other words, whether or not China keels over and has a hard (or worse) landing, will depend on the PBOC; when (not if) the central bank gets involved, will depend on how soon China's banks and various CD-funded financial institutions run out of collateral (whether it exists or not) to sell, such as iron ore, copper, precious metals, bonds and even stocks. This will hardly come as a surprise. As we showed last month, the only reason the Chinese banking system hasn't imploded, is due to nearly CNY 10 trillion in central bank liquidity support for the local banks. One thing, however, is certain: with western central banks refusing to let the market clear on its own, or deflate the $$14 trillion liquidity bubble which has suppressed price formation for the past 8 years, the PBOC is merely doing what all of its "civilized" peers have been doing for years - kicking the can, and praying. Until then, however, things may be about to get a whole lot worse for China's capital and commodity markets.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-07-14/missing-slide-jpm-credit-card-charge-offs-jump-four-year-high

The "Missing Slide": JPM Credit Card Charge-Offs Jump To Four Year High

While JPM was quick to provide all the favorable data in its earnings presentation (and not so favorable when it comes to the sharp drop in its markets sales and trading division) one thing was conspicuously missing: the slide on "Mortgage Banking And Card Services" which has traditionally been part of the bank's earnings presentation and was certainly featured prominently last quarter. Of course, it is possible that JPM simply forgot to include it, or perhaps it did not want to bring attention to a troubling trend: the concerning increase in net credit card charge-offs, which last quarter rose to just shy of $$1 billion, and which prompted JPM to report an unexpected increase in credit costs (driven also by JPM's write-down in its student loan portfolio). So we decided to recreate the chart using data JPM disclosed in its earnings supplement, and which may explain why JPM unexpectedly forgot to add that particular slide. It shows that JPM's net credit card chargeoffs surpassed $$1 billion as of June 30, and we the highest going back to March 2013. As a reminder, in his Q2 commentary while Jamie Dimon was quick to note that "the U.S. consumer remains healthy, evidenced in our strong underlying performance in Consumer & Community Banking", although there was little discussion of this troubling credit cardtrend, with the only commentary on the rising charge offs in the earnings report the following, which did observe a notable increase in loan loss reserve build for the Card segment: The provision for credit losses was $$1.4 billion, an increase of $$193 million, driven by higher net charge-offs and a higher reserve build. The current quarter reserve build of $$425 million included $$350 million in Card, $$50 million in Business Banking, and $$25 million in Auto, driven by both loan growth and higher loss rates, predominantly in Card. Why is this notable? Because as we discussed last month using the S&P/Experian Bandcard Default Index, "Credit Card defaults has surged the most since the financial crisis." And incidentally, since then it's only gotten worse with the latest data showing that as of May, the rate of defaults on credit cards have risen to 3.53%, up more than 13% from a year ago. Is it time to start worrying about the spending capacity of the US consumer?

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-09-20/real-threat-remains-brandon-smith-warns-do-not-be-fooled-feds-magic-show

The Real Threat Remains - Brandon Smith Warns "Do Not Be Fooled By The Fed's Magic Show"

Authored by Brandon Smith via Alt-Market.com, I remember back in mid-2013 when the Federal Reserve fielded the notion of a "taper" of quantitative easing measures. More specifically, I remember the response of mainstream economic analysts as well as the alternative economic community. I argued fervently in multiple articles that the Fed would indeed follow through with the taper, and that it made perfect sense for them to do so given that the mission of the central bank is not to protect the U.S. financial system, but to sabotage it carefully and deliberately. The general consensus was that a taper of QE was impossible and that the Fed would "never dare." Not long after, the Fed launched its taper program. Two years later, in 2015, I argued once again that the Fed would begin raising interest rates even though multiple mainstream and alternative sources believed that this was also impossible. Without low interest rates, stock buybacks would slowly but surely die out, and the last pillar holding together equities and the general economy (besides blind faith) would be removed. The idea that the Fed would knowingly take such an action seemed to be against their "best self interest;" and yet, not long after, they initiated the beginning of the end for artificially low interest rates. The process that the Federal Reserve has undertaken has been a long and arduous one cloaked in disinformation. It is a process of dismantlement. Through unprecedented stimulus measures, the central bank has conjured perhaps the largest stock and bond bubbles in history, not to mention a bubble to end all bubbles in the U.S. dollar. Stocks in particular are irrelevant in the grand scheme of our economy, but this does not stop the populace from using them as a reference point for the health of our system. This creates an environment rife with delusion, just as the open flood of cheap credit created considerable delusion before the crash of 2008. Today, we find our economic fundamentals in complete disarray, but the overwhelming fantasy within stocks still remains. Why? Because yet again, for some reason, no one is ready to accept the reality that the Fed is pulling the plug on America's fiscal life support. Nary a handful of economists in the world think that the Fed will raise interest rates one more time this year if ever again, and the threat of a balance sheet reduction is the furthest thing from everyone's mind. Daytrading investors are utterly convinced they have the Fed by the short hairs. I say, the situation is actually in reverse. The minutes from the Fed's July Open Market Committee Meeting indicate that while the central bank has been the savior of stock investors for several years, the party is about to end. Comments on the risks a bull market might pose to "financial stability" have been more frequent the past couple of months Only a few weeks ago, former Fed chairman Alan Greenspan commented that bond markets could collapse and bring stocks down with them do to overvaluations and increasing interest rates. Recent spikes in markets despite a steady stream of natural disasters, threats of war with North Korea, as well as "increased inflation" (according to Fed models) due to the damage wrought by Hurricane Harvey suggest that the Fed will indeed continue hiking rates into our ongoing financial collapse. The next FOMC meeting will conclude on the 20th of this month, and the question is, will the Fed surprise with a rate hike and/or balance sheet reduction program? I believe the odds are much higher than many people seem to think. [ZH: we now know that The Fed did announce the start of the balance sheet reduction program as Brandon forecast] First, let's be clear, historically the Fed's predictable behavior has been to skip major policy actions in September and then startle markets with renewed and aggressive actions in December. People placing bets on a Fed rate hike in September would look at this pattern and say "no way." However, the narrative I see building in Fed rhetoric and in the mainstream media is that stock markets have become "unruly children" and that the Fed must become a "stern parent," reigning them in before they are crushed under the weight of their own naive enthusiasm. In my view, the Fed will continue to do what it says it is going to do — raise interest rates and reduce and remove stimulus, and that the mainstream narrative will soon be adjusted to suggest that this is "necessary;" that stock markets need a bit of tough love. If the Fed means to follow through with its stated plans for "financial stability" in markets, then the only measure that would be effective in shell-shocking stocks back to reality would be a surprise hike, a surprise announcement of balance sheet reduction or both at the same time. If the Fed intends to continue cutting off life support to equities and bonds in preparation for a controlled demolition of the U.S. economy, then there is a high probability at the very least of a balance sheet reduction announcement this week with strong language indicating another rate hike in December. I also would not completely rule out a surprise rate hike even though September is usually a no-action month for central banks. This would fit the trend of central banks around the globe strategically distancing themselves from artificial support for the financial structure. Last week, the Bank of England surprised investors with an open indication that they may begin raising interest rates "in the coming months." The Bank Of Canada surprised some economists with yet another rate hike this month and mentions of "more to come." The European Central Bank has paved the way for a tapering of stimulus measures according to comments made during its latest meeting early this month. And, the Bank of Japan initiated taper measures in July. Even Forbes is admitting that there appears to be a "coordinated tightening of monetary policy" coming far sooner than the mainstream expects. If you understand how the Bank for International Settlements controls policy initiatives of national central bank members, then you should not be surprised that central banks all over the world are pursuing the same actions and the same rhetoric. The only difference between any of them is the pace they have chosen in taking the punch bowl away from the party. The point is, when it comes to the fiat peddlers, there are indeed a few sure things, but continued stimulus is not one of them. One thing that is certain is that they will act in concert as they are clearly doing now in terms of policy tightening. Another thing that is certain is that if they plant a notion in the mainstream media — such as the notion that they are "worried about overvaluations in stocks" and that interest rates must rise, then they will follow through as they always have. Perhaps not at the pace the mainstream expects, or the pace I expect, but certainly somewhere in-between. Finally, it behooves me to mention again that the Fed has done all of this before. In the lead up to the stock market crash of 1929, the central bank bloated stocks with easy credit measures and low interest rates, only to hike rates in the name of "quelling inflation." This hacked the legs out from under markets with a machete, and the rest is history. The hidden purpose behind this tactic is extraordinary centralization on a global scale. The Fed is not interested in the health of the U.S. economy, it is interested in total globalization of all economies under one totalitarian umbrella. To make an omelet, you have to break a few eggs. Of course, the Fed will not engineer a market crash in a vacuum . It is my suspicion that the next Fed meeting will be followed by a geopolitical distraction — the most likely candidate being increasing conflict with North Korea.

satire

us.blastingnews.com

2017-11-27

http://us.blastingnews.com/lifestyle/2017/07/can-playing-games-help-you-reduce-stress-at-work-001892877.html

Blasting News, Anne Sewell, Robert Sobel, Amra Ibrahimbegovic

Can playing games help you reduce stress at work?

The work culture these days has become quite stressful and leaves a person completely spent by the time they are finished with their shift. Not only does this added #Stress affect the health of the workers in an adverse way, it also reflects on the quality of work that they are doing. This is why more and more companies are employing methods to implement relaxation in between work, but there has been some debate as to what actually helps the brain to relax and rejuvenate in the span of a short break. Researchers at the University of Central Florida were also wondering the same thing and wanted to conduct an experiment to find out if their idea or strategy held any weight. Advertisements Advertisements The scientists in the experiment focused on one specific activity which they felt could alleviate stress levels in workers. They wanted to test out whether playing video games in between work can decrease the stress levels. Research proves stress level falls at work by playing video games Most people play video games, either on their smartphones or in their consoles and computers. However, researchers wanted to see whether the fun activity could be introduced to workers while they were on a break and also interested to find out what implications it would have. So, to conduct the research, the scientists divided 66 workers into three groups and all of the participants were issued a routine and boring task on their computers. The first group was asked to engage in playing a #Video Game on their phones, named Sushi Cat, during a five-minute break. Advertisements The second group, on the other hand, was ordered to stay silent and not engage in any activity during the break. The third and final group received a guided relaxation session in the five minutes to help them reduce stress. The researchers then noted how each of the personnel felt after the break. What did the research show? After gathering data from each of the groups, the researchers claimed that the group which had not been allowed to engage in any activity during the experiment suffered increased worry and stress after the break. The group that had undergone relaxation class in the break revealed that they felt less worried and stressed as a result. However, only the group that played the video game during the break reported to feeling much better than before. The researchers suggested that it is quite normal for a person to try and power through the day’s work, in a bid to get more done. However, the results of the study here show that this may not be the correct procedure to increase efficiency. In fact, the scientists believe that people who take short breaks frequently from work do not suffer from stress and have a better quality of work as well. #Brain Function

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2016-12-10/real-reason-why-global-elites-are-implementing-cash-ban

The Real Reason Why Global Elites Are Implementing a Cash Ban

Those who think the War on Cash is a new phenomenon are missing the Big Picture. The War on Cash has been unfolding since at least 2013 if not earlier. And it’s not really a War on Cash… it’s a desperate attempt to prop up failing financial institutions. Let’s wind back the clocks… Back in 2013, the small European country of Cyprus implemented a “bail-in.” This means that the bank STOLE savings (cash) from depositors, to shore up its balance sheet. You see your cash, the money you keep at a bank, is considered a “liability.” The reason for this is that, technically speaking, you can withdraw this money at any time. So if the bank has made a bunch of stupid loans to failing businesses… and those loans are defaulted upon… the bank NEEDS your cash to stay afloat. If a large number of depositors were to take their money out during this situation, the bank would quickly go bust. THIS IS THE REAL WAR ON CASH. If cash remains solely in electronic form, it never really leaves the financial system. But if you take it out in physical form, it’s out. This is why whenever the next major banking crisis hits, the next step will be Bank Holidays and Bail-ins. If this seems ridiculous, consider that back in 2012, the FDIC implemented plans that stated should a another crisis hit, “systemically” important financial institutions could be taken over with bank accounts frozen and used in “bail-ins.” 2012… FOUR years ago and a year before the Cyprus bail-in was implemented. The fact of the matter is that the 2008 Crisis never ended. YES, ZIRP, NIRP and QE were all schemes to prop up the big banks… but the large banks around the world remain just as overleveraged as before. Heck, Deutsche Bank, the 11th largest bank in the world, was in a virtual free-fall just a few months ago. This is why the global elites are moving to implement legislation that would permit bail-ins and ban cash . India’s move to get rid of physical cash is simply the latest stage in this campaign. It won’t be the last. Indeed, we've uncovered a secret document outlining how the Fed plans to incinerate savings. We detail this paper and outline t hree investment strategies you can implement right now to protect your capital from the Fed's sinister plan in our Special Report Survive the Fed's War on Cash. We are making 1,000 copies available for FREE the general public. To pick up yours, swing by…. http://www.phoenixcapitalmarketing.com/cash.html Best Regards Graham Summers Chief Market Strategist Phoenix Capital Research

bias

veteranstoday.com

2017-11-27

https://www.veteranstoday.com/2017/05/08/wapo-researcher-threatened-on-china-kushner-visas-for-investors-story/

WAPo Researcher Threatened on China, Kushner Visas for Investors Story

Congcong Zhang, @daphnewelkin5, Washington Post Researcher in China, reported being “threatened, harassed and forced to delete recordings and photos of The Kushner family recruiting Chinese investors in US Green cards” in a tweet on Twitter. Isn’t there a conflict of interest with the Kushner family business and US foreign policy, as well as State Department rule making? – Ann I was threatened, harassed and forced to delete recordings and photos of The Kushner family recruiting Chinese investors in US Green cards. https://t.co/8IG5LzjbaU — Congcong Zhang (@daphnewelkin5) May 6, 2017 The Washington Post story, In a Beijing ballroom, Kushner family pushes $$500,000 ‘investor visa’ to wealthy Chinese by By Emily Rauhala and William Wan details how the Kushner family is pushing wealthy Chinese investors to trade investment dollars for US visas. Jared Kushner’s sister Nicole Kushner Meyer delivered the message “to a ballroom full of wealthy Chinese investors in Beijing,” according to the Post. “Over several hours of slide shows and presentations, representatives from the Kushner family business urged Chinese citizens gathered at a Ritz-Carlton hotel to consider investing hundreds of thousands of dollars in a New Jersey luxury apartment complex that would help them secure what’s known as an investor visa. “The potential investors were advised to invest sooner rather than later in case visa rules change under the Trump administration. “Invest early, and you will invest under the old rules,” one speaker said. “The tagline on a brochure for the event: ‘Invest $$500,000 and immigrate to the United States.’ ” Read more here.

conspiracy

zerohedge.com

2017-11-27

http://www.zerohedge.com/news/2017-04-26/visualizing-exters-liquidity-pyramid-physical-100-bills

Visualizing Exter's Liquidity Pyramid (In Physical $$100 Bills)

All the money and all the assets in the world, shown in physical cash form, in one graphic. (click image for huge legible version) Source: Demonocracy The Liquidity Pyramid was created for visualizing the organization of asset classes in terms of risk and size. As Demonocracy explains, the Liquidity Pyramid was created during the time in United States, when each dollar was backed by Gold. Gold forms the small base of most reliable value, and asset classes on progressively higher levels are more risky. The larger size of asset classes at higher levels is representative of the higher total worldwide notional value of those assets. While Exter's original pyramid placed Third World debt at the top, today derivatives hold this dubious honor. As financial risk increases, money tends to move from the more risky assets (Derivatives), to the least risky assets (to physical cash and then gold). Nothing is without risk, but risk is relative. The issue is that there is very little physical cash and even less Gold compared to the more risky assets, this makes for a crowded trade in times of high risk when everyone wants to jump into cash and gold, pushing up the price. The little yellow rectangle on the left front is all the gold in the world in physical form. Source: Demonocracy All the gold in the world is NOT all in "financial investment grade" form. World Trade Center, Empire State & bunch of too-big-to-fail Bank HQ buildings are in the background to help illustrate the size. You are eye-level to the WTC top floors. The $$1 Quadrillion Derivatives cash wall fades into the distance, because $$1 Quadrillion is an estimation by the best analysts and truth is no one really knows the true size of the Derivatives Market.