Billionaire Blamed For Opioid Crisis Patents New Drug To Fight Opioid Addiction

Submitted by AntiMedia

A member of the billionaire family that owns Purdue Pharmaceuticals, which is currently the target of multiple lawsuits over its complicity in perpetuating the opioid crisis, just received rights to a patent for a drug intended to curb the opioid crisis.

Dr. Richard Sackler is listed as one of six inventors of the patent, which was approved in January but came to light this week in a report from the Financial Times. The patent office granted the rights to Rhodes Pharmaceuticals, a subsidiary of Purdue.

The patent is for a new version of the drug buprenorphine, which is already FDA approved in tablet and film form. The new version would come in wafer form, meaning it can dissolve more quickly. According to claims in the patent, the faster the treatment dissolves, the less risk of diversion among addicts.

The patent was granted amid lawsuits from 1,000 jurisdictions against Purdue Pharmaceuticals, which has been accused of marketing Oxycontin, a popular opioid, despite knowing the great risks of addiction the drug carried. Another suit targets the Sackler family directly.

In 2014, Purdue received FDA approval for an opioid drug that claimed to help curb opioid addiction. As Anti-Media reported at the time, “Hysingla contains a potent dose of highly addictive hydrocodone—120 mg… Hysingla is taken once a day and releases over a 24-hour period.”

The drug, which carried great potential for abuse, was approved without the input of an expert panel. The New York Times cited Dr. Andrew Kolodny, who at the time was the chief medical officer for Phoenix House, which runs non-profit addiction treatment centers (he is now the co-director of opioid policy research at Brandeis University’s Heller School for Social Policy and Management). He questioned the drug’s approval, saying “addicts knew how to break down abuse-deterrent products for oral use, and that the 120-milligram tablets were particularly dangerous because they ‘pack an enormous amount of hydrocodone.’”

The year prior, the federal agency also approved Targiniq, another Purdue “abuse-deterrent” opioid. Koldny doubted the potential effectiveness of that drug, too.

Kolodny told FT that Dr. Sackler “could get richer” from the patent was “very disturbing.” He added: “Perhaps the profits off this patent should be used to pay any judgment or settlement down the line.”

At the same time, Purdue has been attempting to improve its image by donating money to fight the opioid crisis. As STAT News noted:

Separately, Purdue has been trying to show it is taking steps to address the addiction crisis. It has backed safer prescribing efforts and donated money to the National Sheriffs’ Association to purchase naloxone and train law enforcement on its use. This week, it contributed $3.4 million to a company working on a low-cost naloxone nasal spray.”

To sum up, the Sackler family made billions from OxyContin which, with the FDA’s backing, was the genesis behind America’s opioid crisis which has led to tens of thousands of American deaths. The government knowingly allowed the Sackler family to sell their highly addictive drugs, further pillaging the middle class, and now the Sacklers are gearing up for round two which is pretty much a done deal.

Why? The company is one of the biggest influencers of the US political system. In 2018 alone, it spent $620,000 on lobbying.

via RSS https://ift.tt/2MVuu7A Tyler Durden

US East Coast On Alert As Tropical Storm Florence Poised To Strengthen

US East Coast On Alert As Tropical Storm Florence Poised To Strengthen

The 5 am National Hurricane Center (NHC) Report has indicated that the risk for a direct impact from Tropical Storm Florence has increased, although exactly where on the East Coast remains uncertain. Residents of the East Coast should be on heightened alert for the potentially dangerous storm, which is expected to become a major hurricane again in the next 12 to 24 hours as it approaches the US.

Still almost 1,500 miles from North Carolina’s Outer Banks, the tropical storm remains 5 to 7 days from a direct US landfall, according to the NHC. As of Saturday morning, Florence had winds of 65 mph and was moving to the west at 9 mph. The center of the storm was about 840 miles southeast of Bermuda.

The latest NHC forecast shows Florence approaching the US East Coast as a powerful Category 4 hurricane with 145 mph winds early next week.

Heavy rain could cause catastrophic flooding well inland from where the storm makes landfall, which is possible anywhere from Florida to New England, AccuWeather said.

The path of Florence is likely to remain steady for the next several days, but a deviation in the storm’s trajectory could develop as it approaches the Eastern Seaboard.

“An area of high pressure over the central Atlantic will bridge westward and join with an existing high pressure near the U.S. East coast over the next several days,” said AccuWeather Hurricane Expert Dan Kottlowski.

“This setup will guide Florence on a west to northwesterly course into next week,” Kottlowski said.

If the high-pressure area weakens next week, then Florence could curve northward then northeastward out to sea with impacts in the US limited.

AccuWeather: Track Scenario 1 

However, Kottlowski said if the high-pressure remains strong, then the storm would make landfall somewhere between the Carolinas to southern New England sometime during Wednesday or Thursday of next week.

AccuWeather: Track Scenario 2 

The Weather Channel said that “all interests along the U.S. East Coast from Florida to New England should monitor closely the forecast of Florence. If you live in a hurricane-prone location, make sure you have a preparedness plan in place now, before any watches or warnings are issued.”

The hurricane center warned that “swells generated by Florence are affecting Bermuda and will reach portions of the U.S. East Coast over the weekend. These swells are likely to cause life-threatening surf and rip current conditions.”

If you have not been paying attention, the tropics are extremely busy right now. There could be as many as three named storms in the next several days.

The pipeline is full! Hurricane Florence is likely next week, then Helene and Isaac have moved into the tropical Atlantic, and a couple more tropical waves in Africa are moving west.

While it is certainly not time to press the panic button — by the end of the weekend, meteorologists will have a better grasp of where Florence is headed. As of right now, models show the East Coast could get slammed.

via RSS https://ift.tt/2wVkGAB Tyler Durden

Ethereum Plummets After Co-Founder Buterin Says Days Of Explosive Growth Are Over

The pain for ethereum fans has been relentless in 2018, with the cryptocurrency sliding more than 80% from its January highs.

Then, moments ago even more pain was unleashed by an unlikely source after Vitalik Buterin, Ethereum’s 24 year old co-founder, said that “the days of explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence.”

Vitalik Buterin

In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Buterin said that “the blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once.” What this means is that “there isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

Commenting on the first six or seven years of growth of Bitcoin and other cryptocurrencies, Buterin said that it was dependent on marketing and trying to get wider adoption, but “that strategy is getting close to hitting a dead end.”

Instead, the co-founder of the second most valuable cryptocurrency said that the next growth phase will be getting people who are already interested in cryptocurrencies to be involved in a more in-depth way: “Go from just people being interested to real applications of real economic activity”, a point he has made regularly in the past even as he frequently slammed the stratospheric growth observed in cryptocurrencies in 2017, if not so much 2018.

Ethereum has tumbled more than 80% in the past 9 months, with losses accelerating last month as some start-ups paid in the digital currency during their Initial Coin Offerings cashed out to cover expenses, and on concern about broader price declines among virtual currencies, according to industry watchers cited by Bloomberg.

Following Buterin’s commentary, Ethereum plunged another 8%, dropping as low as $200, with the comments by its billionaire founder making him 8% poorer in a matter of minutes.

via RSS https://ift.tt/2wW1fYd Tyler Durden

First India, Now Japan – Gold Smuggling On The Rise

Authored by Rory Hall via The Daily Coin,

We have known, really since the beginning of time, that India has a healthy gold smuggling crime racket.

Now we learn that Japan, too, has gold smuggling operations and they are on the rise in light of rising taxes. If these governments would stop stealing everything from the people and leave them enough to live on, the gold smugglers would dry up and go away. But, idiot government officials will remain idiot government officials and continue pushing for more and more taxes creating a larger and larger black market for gold.

Gold is on the rise everywhere but western developed economies. The eastern economies are acquiring gold, literally, by hook or by crook.

As the Asian Nikkei Review recently reported:

Another potential bonanza for organized crime unless loopholes closed

TOKYO — As Japan prepares to raise the consumption tax for the first time in half a decade next year, the Ministry of Finance worries that gold smuggling will also get a boost.

When the tax was last increased in 2014, to 8% from 5%, smuggling of the precious metal jumped as criminal organizations quickly realized how to game the system for their own enrichment.

The scheme works like this:

  • Procure gold in places like Hong Kong, which does not tax it.

  • Have mules hide it in their luggage and blend in with tourists, traveling to Japan to sell to stores that buy gold from the public.

  • The stores pay for both the gold itself and the consumption tax.

  • The tax component becomes pure profit.

And with the consumption tax set to rise to 10% in October 2019, margins will grow even fatter.

Japan has an unflattering reputation as a ‘go-to place’ for gold smugglers. In 2017, there were 1,347 cases discovered by law enforcement – 112 times the tally from 2013, the year before the last tax hike.

Seized gold last year amounted to 6,236 kg, a 47-fold increase.

“It looks like the break-even point for smugglers is between 5 and 8%,” a government source said of the sudden spike.

Will this trend continue? Will the smugglers stop having their wares stolen by the authorities? Are they going to come up with better ways to get the gold into Japan? Losing 6,236 kilos of gold is a lot of gold, a massive amount of fiat down the drain.

Are the Japanese citizens reading the “tea leaves” regarding the BRI and other eastern economic alliances’ and the potential impact on currencies in the not too distant future? Westerners do not begin hoarding gold, acquiring gold and even recognizing that gold exist because the government raises taxes or there is some type of monetary change. No, westerners simply roll over and proclaim – “thank you, sir, may I have another?”

via RSS https://ift.tt/2wTlLsy Tyler Durden

NYT Flashback: “If Donald Trump Targets Journalists, Thank Obama”

Former President Obama has come under fire for what many have viewed as a hypocritical condemnation of President Trump during a Friday acceptance speech for his Ethics in Government award at the University of Illinois at Urbana-Champaign. 

In particular, critics are slamming Obama for his comments regarding Trump’s criticism of the press – while casually minimizing his own actions against journalists and whistleblowers: 

It shouldn’t be Democratic or Republican to say that we don’t threaten the freedom of the press because they say things or publish stories we don’t like. I complained plenty about Fox News, but you never heard me threaten to shut them down or call them enemies of the people. -Barack Obama

Except Obama did much, much more than that…

In addition to prosecuting more whistleblowers than all previous presidents combined, the Obama administration targeted then-Fox News journalist James Rosen as a “criminal co-conspirator” for protecting his sources in a DOJ leak investigation. 

And while Obama’s defenders have attempted to downplay his actions, the overwhelming consensus appears to be that the former President is a massive hypocrite. 

To that end, Greenwald links to a scathing 2016 Op-Ed from James Risen in the New York Times – long before Trump’s feud with the mainstream media (or “opposition party” as Steve Bannon calls them) kicked into high gear. 

Via the New York Times

WASHINGTON — If Donald J. Trump decides as president to throw a whistle-blower in jail for trying to talk to a reporter, or gets the F.B.I. to spy on a journalist, he will have one man to thank for bequeathing him such expansive power: Barack Obama.

Mr. Trump made his animus toward the news media clear during the presidential campaign, often expressing his disgust with coverage through Twitter or in diatribes at rallies. So if his campaign is any guide, Mr. Trump seems likely to enthusiastically embrace the aggressive crackdown on journalists and whistle-blowers that is an important yet little understood component of Mr. Obama’s presidential legacy.

Criticism of Mr. Obama’s stance on press freedom, government transparency and secrecy is hotly disputed by the White House, but many journalism groups say the record is clear. Over the past eight years, the administration has prosecuted nine cases involving whistle-blowers and leakers, compared with only three by all previous administrations combined. It has repeatedly used the Espionage Act, a relic of World War I-era red-baiting, not to prosecute spies but to go after government officials who talked to journalists.

Under Mr. Obama, the Justice Department and the F.B.I. have spied on reporters by monitoring their phone records, labeled one journalist an unindicted co-conspirator in a criminal case for simply doing reporting and issued subpoenas to other reporters to try to force them to reveal their sources and testify in criminal cases.

I experienced this pressure firsthand when the administration tried to compel me to testify to reveal my confidential sources in a criminal leak investigation. The Justice Department finally relented — even though it had already won a seven-year court battle that went all the way to the Supreme Court to force me to testify — most likely because they feared the negative publicity that would come from sending a New York Times reporter to jail.

In an interview last May, President Obama pushed back on the criticism that his administration had been engaged in a war on the press. He argued that the number of leak prosecutions his administration had brought had been small and that some of those cases were inherited from the George W. Bush administration.

“I am a strong believer in the First Amendment and the need for journalists to pursue every lead and every angle,” Mr. Obama said in an interview with the Rutgers University student newspaper. “I think that when you hear stories about us cracking down on whistle-blowers or whatnot, we’re talking about a really small sample.

“Some of them are serious,” he continued, “where you had purposeful leaks of information that could harm or threaten operations or individuals who were in the field involved with really sensitive national security issues.”

But critics say the crackdown has had a much greater chilling effect on press freedom than Mr. Obama acknowledges. In a scathing 2013 report for the Committee to Protect Journalists, Leonard Downie, a former executive editor of The Washington Post who now teaches at Arizona State University, said the war on leaks and other efforts to control information was “the most aggressive I’ve seen since the Nixon administration, when I was one of the editors involved in The Washington Post’s investigation of Watergate.”

When Mr. Obama was elected in 2008, press freedom groups had high expectations for the former constitutional law professor, particularly after the press had suffered through eight years of bitter confrontation with the Bush administration. But today, many of those same groups say Mr. Obama’s record of going after both journalists and their sources has set a dangerous precedent that Mr. Trump can easily exploit. “Obama has laid all the groundwork Trump needs for an unprecedented crackdown on the press,” said Trevor Timm, executive director of the nonprofit Freedom of the Press Foundation.

Dana Priest, a Pulitzer Prize-winning reporter for The Washington Post, added: “Obama’s attorney general repeatedly allowed the F.B.I. to use intrusive measures against reporters more often than any time in recent memory. The moral obstacles have been cleared for Trump’s attorney general to go even further, to forget that it’s a free press that has distinguished us from other countries, and to try to silence dissent by silencing an institution whose job is to give voice to dissent.”

The administration’s heavy-handed approach represents a sharp break with tradition. For decades, official Washington did next to nothing to stop leaks. Occasionally the C.I.A. or some other agency, nettled by an article or broadcast, would loudly proclaim that it was going to investigate a leak, but then would merely go through the motions and abandon the case.

Of course, reporters and sources still had to be careful to avoid detection by the government. But leak investigations were a low priority for the Justice Department and the F.B.I. In fact, before the George W. Bush administration, only one person was ever convicted under the Espionage Act for leaking — Samuel Morison, a Navy analyst arrested in 1984 for giving spy satellite photos of a Soviet aircraft carrier to Jane’s Defense Weekly. He was later pardoned by President Bill Clinton.

Things began to change in the Bush era, particularly after the Valerie Plame case. The 2003 outing of Ms. Plame as a covert C.I.A. operative led to a criminal leak investigation, which in turn led to a series of high-profile Washington journalists being subpoenaed to testify before a grand jury and name the officials who had told them about her identity. Judith Miller, then a New York Times reporter, went to jail for nearly three months before finally testifying in the case.

The Plame case began to break down the informal understanding between the government and the news media that leaks would not be taken seriously.

The Obama administration quickly ratcheted up the pressure, and made combating leaks a top priority for federal law enforcement. Large-scale leaks, by Chelsea Manning and later by Edward J. Snowden, prompted the administration to adopt a zealous, prosecutorial approach toward all leaking. Lucy Dalglish, the dean of the University of Maryland’s journalism school, recalls that, during a private 2011 meeting intended to air differences between media representatives and administration officials, “You got the impression from the tone of the government officials that they wanted to take a zero-tolerance approach to leaks.”

The Justice Department, facing mounting criticism from media organizations, has issued new guidelines setting restrictions on when the government could subpoena reporters to try to force them to reveal their sources. But those guidelines include a loophole allowing the Justice Department to continue to aggressively pursue investigations into news reports on national security, which covers most leak investigations. In addition, the guidelines aren’t codified in law and can be changed by the next attorney general.

More significantly, the Obama administration won a ruling from the Fourth Circuit Court of Appeals in my case that determined that there was no such thing as a “reporter’s privilege” — the right of journalists not to testify about their confidential sources in criminal cases. The Fourth Circuit covers Virginia and Maryland, home to the C.I.A., the Pentagon and the National Security Agency, and thus has jurisdiction over most leak cases involving classified information. That court ruling could result, for example, in a reporter’s being quickly jailed for refusing to comply with a subpoena from the Trump administration’s Justice Department to reveal the C.I.A. sources used for articles on the agency’s investigation into Russian hacking during the 2016 presidential election.

Press freedom advocates already fear that under Senator Jeff Sessions, Mr. Trump’s choice to be attorney general, the Justice Department will pursue journalists and their sources at least as aggressively as Mr. Obama did. If Mr. Sessions does that, Ms. Dalglish said, “Obama handed him a road map.”

via RSS https://ift.tt/2wYbXwA Tyler Durden

Chart Of The Week: Playing With Dominoes

Authored by Jeffrey Snider via Alhambra Investment Partners,

The Great “Recession” was never a recession.

It was a monetary event first and foremost, and it continues to be eleven years later. That means by and large it has been a failure of imagination. Central bankers say they’ve done this and that, but what they’ve never done, apart from actually succeed, is examine the way money actually works in this modern world.

Greenspan said it in June 2000, this “proliferation of products.” What might happen if they no longer proliferate?

You’d have to imagine an answer because they have none. 

In the spirit of imagination, use yours to mentally draw in below DXY or some other equivalent eurodollar signal like repo or even EFF.

None of our economic problems are really that difficult. They just don’t fit in the narrow box Economists have constructed so that their DSGE models can be free from singularities.

It’s nice, I suppose, eliminating infinities from certain equations (“rational” rather than adaptive expectations) but at the expense of macro competence?

It takes very little imagination, actually, to see how they really have no idea what they are doing.

via RSS https://ift.tt/2NqjX3P Tyler Durden

Alibaba’s Jack Ma, China’s Richest Man, To Retire

Jack Ma, who co-founded the world’s largest e-commerce platform, is planning a transition out of his role as executive chairman at the $420 billion Alibaba Group to focus on philanthropy and other pursuits the NYT reported.

Ma – China’s richest man according to the Bloomberg billionaire index– will disclose his plans, including a timeline for the transition, on Monday, when the former English teacher turns 54, the WSJ added noting that Ma wants to ensure an orderly transition and plans to remain on the company’s board; he told the New York Times that his retirement was “not the end of an era, but the beginning of one.”

“I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me,” Ma said in an interview with the South China Morning Post, which Alibaba owns. “I’m very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption.”

“There are a lot of things I can learn from Bill Gates. I can never be as rich, but one thing I can do better is to retire earlier,” Ma said during an interview last week with Bloomberg Television. “I think some day, and soon, I’ll go back to teaching. This is something I think I can do much better than being CEO of Alibaba.”

Ma, who co-founded Alibaba in 1999, stepped down as chief executive in 2013. He currently serves as the company’s international face at top political and business events. Since handing off his CEO title to Daniel Zhang, Ma has spent 40% of the year travelling the globe to preach about the virtues of globalisation and inter-connectedness, the potential of technology to improve lives, and about philanthropy.

“Jack overseas and at home is the most recognizable symbol of the China internet explosion and more broadly the China consumer boom,” said Duncan Clark, a business consultant in China and author of “Alibaba: The House that Jack Built.” “So you have an iconic figure associated with these two major forces, who plans to relinquish his executive functions.”

Ma’s retirement comes as China’s business environment has soured, with Beijing and state-owned enterprises increasingly playing more interventionist roles with companies and seeking to regulate the industry where Alibaba and main rival Tencent, are battling for consumers.

Under President Xi Jinping, China’s internet industry has grown and become more important, prompting the government to tighten its leash. China’s government has been exerting greater control over technology companies, including through a cybersecurity law adopted last year. The clampdown has largely affected content-driven companies.

“His retirement will be interpreted as frustration or concern whether he likes it or not”, Clark said.

The Chinese economy is also facing slowing growth and increasing debt, and the country is embroiled in an escalating trade war with the United States. Growing trade tensions and hurdles for Chinese companies in offshore M&A are presenting a new challenge for Chinese tech firms, especially those like Alibaba which are rapidly expanding overseas. Earlier this year, regulators blocked a $1.2 billion bid for money transfer service Moneygram International Inc by Ant Financial on national security grounds, which the company said was related to “geopolitical” changes.

Ma’s decision also comes as U.S. police investigate an allegation of rape against Richard Liu, the head of e-commerce rival JD.com, which has hammered its shares. The incident spooked investors as the company had no clear succession plan.

* * *

Succession planning for a company barely out of its teens underscores its founders’ commitment of handing down a corporate structure that can outlast them. That contrasts with the tycoons of Asia, where 85% of billionaires face a shift from first-generation founders to their successors, according to a 2016 UBS report that tracked 1,400 billionaires over 20 years.

And yet, while Ma’s plan to gradually step back is a milestone, analysts and industry professionals said it was unlikely his involvement would change significantly: “I don’t think it means that much, frankly. He stepped back from the CEO role about four or five years ago and very specifically made a comment about wanting the younger people to lead the company,” said Kevin Carter, founder of The Emerging Markets Internet exchange-trade fund.

Ma oversees a number of charitable projects in education and environmental fields. He is a cult figure in China’s internet industry and has attracted a big following among entrepreneurs and in pop culture. At events, he is often met with screaming fans.

Alibaba was founded by 18 people led by Ma. China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, the company’s latest annual filing showed. The company had a market value of about $420 billion as of Friday. Ma also controls Ant Financial, which was valued at about $150 billion after a recent fundraising round.

via RSS https://ift.tt/2CAYilo Tyler Durden

Kunstler Warns “Many Forces Are Vectoring Towards DefCon This Fall”

Authored by James Howard Kunstler via Kunstler.com,

Quite a hot time in the ole Swamp this week, with the gators, ‘possums, snakes, and snappers roiling the filthy waters to a bloody froth in the battle for supremacy of the food chain. The Swamp even has its own version of Bigfoot, the Golden Golem of Greatness. Lumbering and garrulous, unlike his shy cousin of the Oregon forests, the flaxen-haired giant plies the sloughs, oak domes, and cypress hammocks desperately seeking respect. His bellowing can be heard each night through the din of chittering insects, croaking bullfrogs, laughing anhingas, and the baying bloodhounds at his heels, as he searches for the fabled drain-plug that might convert this treacherous ecology into an upland peaceable kingdom.

Source: GrrrGraphics.com

Many forces are vectoring toward Defcon this autumn with an effect that may amplify the individual power of each and reach a critical mass that could just blow the Swamp to soggy bits. The Prog-led “Resistance” turned the Kavanaugh confirmation hearing into a swampish circus, complete with shrieking clowns Kamala Harris and Corey Booker trying out their 2020 election acts. Their antics are almost certainly in vain, since the sides are pre-decided and the votes are there to approve Mr. Kavanaugh, no matter how many faces they pull.

Source: MichaelPRamirez.com

The mere prospect of Kavanaugh on the Supreme Court has induced a fever fugue in Progville that resembles those end-of-the-world apocalyptic visions in Medieval scripture. Yet to come perhaps: fainting spells, ghost sightings, infestations of biting insects, St. Vitus Dance, speaking in “tongues,” visitations of succubi, and other signs that the hosts of Beelzebub are afoot. This inflamed rabble becomes more dangerously delusional each week as the witches fly over Washington. No need to even hunt for them anymore. They’re out in broad daylight.

Source: MichaelPRamirez.com

With the Resistance this unhinged, and a growing roster of midterm election candidates espousing childish, otherwordly utopian fantasies, even Republicans begin to look like sober adults. Meanwhile, worms are stirring in the compost heap known as the Mueller investigation. It is reported today that former FBI Deputy Director Andrew McCabe has been spending time in a grand jury. Months, it turns out! Who woulda thunk that? And who, exactly, convened this body?

Well, it must have been someone in the federal Justice Department, but supposedly the chief there, Jeff Sessions, has long recused himself from involvement in the Russia “matter,” since he is on the record as having held conversations with persons of the Russian persuasion. Must have been his deputy, then, Rod Rosenstein, on referral from the Inspector General, Mr. Horowitz. The question is: is this a genuine seeking for truth in the FBI’s machinations during and after the 2016 election? Or is it a Rosenstein-managed ruse in a much broader cover-your-ass operation in the ole “modified-limited-hangout” sense coined by Nixon aide Chuck Colson back in the long-ago Watergate swamp draining operation?

Source: MichaelPRamirez.com

There is now a clear evidence trail about eight-lanes wide detailing Russian collusion of the Democratic Party, the Hillary Campaign, the FBI / DOJ, plus a caravan of Robert Mueller aides, adjuncts, colleagues and former trainees. They are all mixed up with a cavalcade of events weaving through more than one Clinton investigation (and its damage control operations), and they need to appear before grand juries too. Many, I suspect are criminally culpable and will end up in the slammer. Perhaps even ole Horse-face himself, grave and aseptic as he may seem.

I’ve caught two of Trump’s rallies the past week or so. His freestyling babble at the podium makes me wish I could wave a magic wand and just make him vanish in a cloud of orange vapor, or perhaps turn him into Richard Nixon. (Doesn’t all this make you nostalgic for ole Nixie?) He can’t shut up about the economic miracles that he has wrought with his mighty “stable genius” brain.

Perhaps he has not noticed that the money system is crumbling all around the world at the margins. If he does not understand that this rot eventually must reach the center, then he has washed down too many cheeseburgers with his own Kool Aid. Having taken ownership of all this lock, stock, and barrel, then he is perfectly situated to be blamed when the honey-wagon of algo trading robots turns south and whatever remains of the world’s hot money, including the US dollar, goes up in smoke.

If it coincides even bluntly with the mid-term election, then we will find ourselves living through Civil War Two.

via RSS https://ift.tt/2O5QoBu Tyler Durden

Apple Permanently Bans Alex Jones From Entire Platform

Apple permanently banned Alex Jones’ Infowars app from its App Store late Friday, depriving the conservative host one of his last remaining conduits to reach a mainstream audience. The New York Times reports that an Apple spokeswoman said the app was removed under company policies that prohibit apps which contain content that is “offensive, insensitive, upsetting, intended to disgust or in exceptionally poor taste,” however she did not note what specific content resulted in the app’s removal. 

Jones and his empire have also been banned from YouTube, Facebook, Google Podcast, Spotify, iHeartRadio, MailChimp, Disqus, Linkedin, Flickr, Pinterest and several others in what silicon valley swears wasn’t a coordinated “unpersoning” of Jones. 

“Because I play devil’s advocate, because I play both sides, they’ve taken me out of context, they are using me as a test case to try to bring an EU style web censorship,” Jones said several weeks ago. “They’ve got mainline Democratic senators saying they ought to restrict Fox News, Tucker Carlson, Matt Drudge, the President himself. They are misrepresenting what I’ve said and done and are using that to set a precedent for internet wide de-platforming, censorship beyond what Russia does, what China does, ahead of the midterms (election). The whole thing is fake.”

Apple’s app removal comes just over a month after the company removed his from the iTunes service on Aug. 5, while leaving his app in the App Store. 

Apple users who have already downloaded the Infowars app will not be affected. Google, meanwhile, has allowed the Infowars app to remain available to Android users, which runs around 80% of the world’s smartphones. 

On Thursday, one day after Twitter CEO Jack Dorsey appeared on Capitol Hill to tell lawmakers how his company doesn’t discriminate against conservatives, the company permanently banned Jones from the platform for insults hurled at CNN’s Oliver Darcy on Wednesday. 

Twitter told the Daily Beast that the final straw was when Jones said of Darcy and CNN: 

“Look at this right here. Goes around policing and calling for censorship, and then claims that Trump’s wrong – there’s no censorship of conservatives. You are incredibly shameful man. You’re just – look at you. You are literally an anti-American, anti free speech coward. You’re going to go down in the history books as the criminal news network.

This is one of the main people right here who thinks we have no memory. Who sits there and lobbies. Sits there and lobbies people to take other news off… when CNN is the fakest WMD gulf Arab state dictatorship-funded… unbelievable.” -Alex Jones

“Those are the eyes of a rat,” Jones added. 

Oddly, Darcy tweeted an article about Jones’s banning within 60 seconds of Twitter’s announcement. A collusion of sorts? Someone has thin skin.

 Not only was Jones booted from Twitter – the company said they will monitor any attempts to circumvent the ban. 

[T]his time, Twitter went a step further , saying it will continue to monitor reports about other accounts potentially associated with Jones or Infowars and will “take action” if it finds any attempts to circumvent the ban.

Jones had about 900,000 followers on Twitter. Infowars had about 430,000.

In a voicemail left with The Associated Press, Jones expressed disbelief that the incident with Darcy could have led to his ban. “He says horrible lies about me and edits things I’ve said,” Jones said. “He’s the one that’s been abusing me.” –ABC

Remember when the ACLU would have raised hell over something like this?  

via RSS https://ift.tt/2Cxmncy Tyler Durden

13 Reckonings Hanging In The Balance

Authored by EconomicPrism’s MN Gordon, Annotated by Acting-Man’s Pater Tenebrarum,

A Fake Money World

The NASDAQ slipped below 8,000 this week. But you can table your reservations.  The record bull market in U.S. stocks is still on. With a little imagination, and the assistance of crude chart projections, DOW 40,000 could be eclipsed by the end of the decade.  Remember, anything and everything’s possible with enough fake money.

Driven by a handful of big cap tech companies, the Nasdaq Composite has made new highs – but the broad market (here shown in the form of the NYSE Index) has not even made it back to the January blow-off peak. It is a good bet the return of the average investor’s portfolio mirrors that of the latter. Such divergences are typically a sign of steadily weakening market internals which are seen near major trend changes.  When such a glaring divergence in performance persistently fails to be invalidated and keeps dragging on for many months, it tends to be particularly concerning for the longer term outlook, Note that even more glaring divergences exist now between US stocks vs. European and EM stocks. Despite the fact that US economic indicators remain strong and no obvious recession warnings are evident, we have yet to see such large divergences resolve without a hiccup. Usually the hiccup turns out to be quite a doozy. [PT]

Still, we consider DOW 40,000 to be about as probable as having a dinosaur step on our car as we drive to work today.  More than likely, a return to DOW 10,000 will first grace the front page of the Wall Street Journal.

In the interim, while still in the delight of this “permanently high plateau,” we’ll turn our attention to another equally suspect record that’s presently unfolding with imperfect precision. If you haven’t noticed, the current economic expansion  is approaching its own record in terms of duration.  At 111 months and counting, this it is closing in on the post-World War II record of 120 consecutive months of growth that occurred between March 1991 and March 2001.

One thing economist Irving Fisher will inter alia always be remembered for is that he called for the stock market to have reached a “permanently high plateau” shortly before the crash of 1929 – not exactly an example of fortuitous timing as it turned out. It is actually a valuable illustration of a general principle: the herding effect that drives stock market bubbles to previously unimaginable heights and extremes of valuation eventually ensnares almost everybody, from the shoe-shine boy to the academic economist. A handful of skeptics will of course always remain, but most will have uttered warnings for quite some time already – by the time the catastrophe is close at hand, almost no-one will listen to them anymore. This is a pity, but then again, the class of investors as a whole cannot escape the losses that follow the bursting of a bubble anyway. [PT]

If all goes according to plan, the economic expansion will enter its 121st month by July of 2019.  Amazing! Certainly, this should equate with a marvelous, MAGA episode of economic betterment for all. How could a decade of economic growth result in anything less?

July 2019 – will it be time to get out the MAGA hats? [PT]

Alas, the world of fake money is a world of strange and seemingly impossible things.  It challenges the mind and twists all aspects of the human world with the rigorous duplicity of a Supreme Court confirmation hearing. What to make of it?

Real Trouble

Without question, this long run of economic growth is unmatched in the disparities it has produced. The upper crust has been served quite well by it. Paper wealth, in the form of rising stock and property prices, has concentrated upward in the hands of the noblesse. The balance sheets of the wealthy have never looked so good.

But down in the valley, where the pavement is worn thin and the residential dwelling units are densely packed, a different reality presents itself. Here is the reality that the 2008-09 recession never really came to an end.  Where incomes have stagnated and well-paying jobs, the kind that can support a family, are sparse.  On top of that, large segments of the population have become hooked on government sponsored opioids.

The effects of all that unbridled money printing are apparently not as bad as feared – now you know why it says on the ECB’s web site that money is “long term neutral”. [PT]

Yet this disparity between upper and lower class, including a diminishing middle class, has occurred during a near record economic expansion. Somehow, the fat years didn’t leave much meat on the bone for wage earners to gnaw on.

Of course, the real challenge, the one that’s just around the corner, is the turmoil that always appears at the worst possible time. When the boom ends, and the bust begins, chaos reigns down with exacting rigor.  That is when the real trouble arrives.

Moreover, the real trouble arrives at the precise moment when the liquidity of credit withers to a bone dry wishing well. That is when stock and real estate prices, which are now priced with no connection to the underlying economy, collapse; when paper wealth vaporizes faster than you can say Jack Robinson.

It is said that credit is suspicion asleep… you know it has woken up when loan officers suddenly ask all sorts of strange questions. [PT]

Corporate and consumer debt, which has accumulated over the last decade far beyond its capacity to be repaid, will go bad all at once.  Then, as layoffs rise, consumer confidence – the last fortification against a recession – will roll over in short order.

At the same time, a certain clarity will be dispensed with efficient precision…

Thirteen Reckonings Hanging in the Balance

One of the notable facets of the political climate of the USA is the lack of agreement on what the facts are… and how the economy should function.  Should it be a hands off laissez-faire economy?  Should there be more regulatory intervention?

Then there are the questions of direct transfer payments and policies of currency debasement. On these questions, Republicans and Democrats appear to be equally inconsistent.  Any remaining semblance of a philosophical operative has been watered down like cheap 3.2 beer.

The populace, for that matter, also cannot get its story straight. Their demands and desires of government always change with the direction of the wind.  Still, we suspect these conflicting demands will be reckoned with during the next credit crisis and economic collapse. What follows is a partial list of prospective reckonings – thirteen of them – that are hanging in the balance:

  1. Everyone calls for smaller government, as long as their entitlement payments are not restricted.

  2. Everyone distrusts the government, until the economy contracts and they need a federal bailout via a cheap interest refi.

  3. Everyone says they’re for free trade, before (not after) their job is off-shored to China or Vietnam.

  4. Everyone disparages Made in China products, except when they can buy them at Walmart or Costco at everyday low prices.

  5. Everyone wants safe and state of the art infrastructure, as long their taxes aren’t raised to pay for it.

  6. Everyone despises inflation, except when it’s inflating their stock portfolio or the price of their home.

  7. Everyone derides the ills of government deficits, until they are faced with the prospect of fiscal austerity.

  8. Everyone favors a trade war, as long as it doesn’t jack up the price of flat screen televisions and iPhones.

  9. Everyone loves green energy, but only at the expense of their neighbor.

  10. Everyone believes in universal healthcare, before (not after) they have to go see a doctor.

  11. Everyone loves cheap credit, but only up to the point where it provokes a mass debt default.

  12. Everyone relishes government sponsored pharmaceuticals, until their family, friends, and neighbors start dying from them.

  13. Everyone wants this, but they also want that… though only if it’s on someone else’s dime… and on, and on.

The point is, when everyone goes broke and the economy slows to a standstill, the people and the politicians will squawk and shriek in unison.  They will demand for the government to “do something”, up until the moment the fake money system finally dies.

Crisis-induced insights, certain to be regretted later [PT]

After that, things will become especially unpleasant.

via RSS https://ift.tt/2N16VKE Tyler Durden