FAA Bans All US Flights Over “Potentially Hazardous” Iraq Airpsace

The Federal Aviation Administration just issued a notice-to-airmen (NOTAM) restricting all US operators from flying in the airspace above Iraq due to the hazardous situation created by the armed conflict.

 

 

FAA NOTAM reads:

!FDC 4/1621 ZZZ SECURITY …IRAQ … POTENTIALLY HAZARDOUS SITUATION—IRAQ AIRSPACE

DUE TO THE POTENTIALLY HAZARDOUS SITUATION CREATED BY THE ARMED CONFLICT BETWEEN MILITANTS ASSOCIATED WITH THE ISLAMIC STATE IN IRAQ AND THE LEVANT AND IRAQI SECURITY FORCES AND THEIR ALLIES, ALL FLIGHT OPERATIONS IN THE BAGHDAD FLIGHT INFORMATION REGION (ORBB)  BY THE PERSONS DESCRIBED IN PARAGRAPH A BELOW ARE PROHIBITED UNTIL FURTHER ADVISED. 

A. APPLICABILITY. THIS NOTAM APPLIES TO:  ALL U.S. AIR CARRIERS AND COMMERCIAL OPERATORS; ALL PERSONS EXERCISING THE PRIVILEGES OF AN AIRMAN CERTIFICATE ISSUED BY THE FAA, EXCEPT SUCH PERSONS OPERATING U.S.-REGISTERED AIRCRAFT FOR A FOREIGN AIR CARRIER; AND ALL OPERATORS OF AIRCRAFT REGISTERED IN THE UNITED STATES, EXCEPT WHERE THE OPERATOR OF SUCH AIRCRAFT IS A FOREIGN AIR CARRIER.

B. PERMITTED OPERATIONS. THIS NOTAM DOES NOT PROHIBIT PERSONS DESCRIBED IN PARAGRAPH A FROM CONDUCTING FLIGHT OPERATIONS WITHIN THE BAGHDAD FLIGHT INFORMATION REGION (ORBB) WHEN SUCH OPERATIONS ARE AUTHORIZED EITHER BY ANOTHER AGENCY OF THE UNITED STATES GOVERNMENT WITH THE APPROVAL OF THE FAA OR BY A DEVIATION, EXEMPTION, OR OTHER AUTHORIZATION ISSUED BY THE ADMINISTRATOR.  OPERATORS SHOULD CALL THE FAA WASHINGTON OPERATIONS CENTER AT 202-267-3333 FOR FAA AUTHORIZATION OF OPERATIONS.

C. EMERGENCY SITUATIONS. IN AN EMERGENCY THAT REQUIRES IMMEDIATE DECISION AND ACTION FOR THE SAFETY OF THE FLIGHT, THE PILOT IN COMMAND OF AN AIRCRAFT MAY DEVIATE FROM THIS NOTAM TO THE EXTENT REQUIRED BY THAT EMERGENCY.

THE PROHIBITION ON OPERATIONS IN THE AIRSPACE SPECIFIED IN THIS NOTAM AND THE ASSOCIATED JUSTIFICATION FOR THIS SPECIAL NOTICE WILL BE RE-EVALUATED BY 31 DEC 2014.




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Saxo's Steen Jakobsen Blasts "The Market's So Complacent, I Want To Scream"

We’ve largely ignored geo-political risks, ignored a slowdown in European growth, ignored the fact that Germany is deteriorating fast while increasing the amount of risk we take. That’s the view of Saxo Bank’s Steen Jakobsen who exclaims in this brief clip that “the market is so one sided and complacent,” he feels a need to scream. Steen is urging traders and investors to take a serious reality check, pointing out that this decline is illustrated perfectly well on fixed income markets.

 

 

German yields have fallen to record lows and there’s now a move towards safe haven assets.

In recent weeks, we’ve seen an increase in global risks, not least with Russia and Ukraine and in the Middle East.

On Thursday, President Obama authorized the use of airstrikes over Iraq.

Steen tells investors not to panic.

However, he’s predicted for a long time that in the second half of 2014 we would see a 25 to 30 percent correction from the top and that growth would slow dramatically.

 

Source: Saxo TV




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Saxo’s Steen Jakobsen Blasts “The Market’s So Complacent, I Want To Scream”

We’ve largely ignored geo-political risks, ignored a slowdown in European growth, ignored the fact that Germany is deteriorating fast while increasing the amount of risk we take. That’s the view of Saxo Bank’s Steen Jakobsen who exclaims in this brief clip that “the market is so one sided and complacent,” he feels a need to scream. Steen is urging traders and investors to take a serious reality check, pointing out that this decline is illustrated perfectly well on fixed income markets.

 

 

German yields have fallen to record lows and there’s now a move towards safe haven assets.

In recent weeks, we’ve seen an increase in global risks, not least with Russia and Ukraine and in the Middle East.

On Thursday, President Obama authorized the use of airstrikes over Iraq.

Steen tells investors not to panic.

However, he’s predicted for a long time that in the second half of 2014 we would see a 25 to 30 percent correction from the top and that growth would slow dramatically.

 

Source: Saxo TV




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Warmongers Of The World, Unite!

While most have greeted Obama’s latest military incursion into Iraq with a healthy dose of skepticism – because after all Obama is merely the fourth president in a row to bomb Iraq – Obama’s ideological brother, French socialist president Hollande, had some strong words of encouragement:

  • *HOLLANDE SAYS FRANCE IS READY TO DO ITS PART IN IRAQ

Surrender?

In addition Hollande added:

  • *FRANCE CALLS ON EU TO PLAY AN ‘ACTIVE ROLE’ IN IRAQ SITUATION
  • *HOLLANDE WELCOMES OBAMA DECISION TO ACT AGAINST ISLAMIC STATE

Nothing like sharing the burden…

As Bloomberg reports,

French President Francois Hollande said in a statement that France is going to work with the U.S. and its partners to study what actions can be taken jointly to provide humanitarian aid to the civilian populations and displaced people in Iraq.

 

France is calling on an intensification of international mobilization in Iraq: Hollande

 

France plans to take its request to the Security Council: Hollande

 

The president has called on the European Union to very rapidly play an “active role” to put in place all the necessary measures to respond to the “catastrophic situation”: Hollande

 

Hollande said he welcomes President Barack Obama’s decision to authorize targeted air strikes against the Islamic state in Iraq: Hollande.




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Russia "Fold" Hope Fades – Stocks Tumble To Red

Update: and the reason why stocks just surged:

  • 2Q GDP Tracking Est. Cut to 3.9% From 4.2% at Goldman Sachs
  • 2Q GDP Tracking Est. Cut to 3.9% From 4.2% at JPMorgan Chase
  • 2Q GDP Tracking Est. Cut to 4.1% From 4.3% at Barclays

And cue buy program.

 

and credit is not buying it…

 

Driven by VIX…

 

Seems like stockas making a run to ignore all geopolitics of the last 2 days…

 

Despite the concreteness of a tweet ‘proving’ Putin was ready to fold, US equities are giving up hope and are now red on the day (led by Nasdaq). US Treasury yields have remained notably lower all night and are fading lower once again. Gold and silver and rebounding and oil’s modest early slip has stabilized. DAX futures have broken back below 9,000 and 2Y Bund yields touched -0.5bps early on.

 

Stocks have dropped back into the red after the tweet exuberance…

 

JPY carry fading…

 

Treasuries do not seem to be buying the Russia fold hype…

 

DAX futures are fading to red also…

 

Charts: Bloomberg




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Russia “Fold” Hope Fades – Stocks Tumble To Red

Update: and the reason why stocks just surged:

  • 2Q GDP Tracking Est. Cut to 3.9% From 4.2% at Goldman Sachs
  • 2Q GDP Tracking Est. Cut to 3.9% From 4.2% at JPMorgan Chase
  • 2Q GDP Tracking Est. Cut to 4.1% From 4.3% at Barclays

And cue buy program.

 

and credit is not buying it…

 

Driven by VIX…

 

Seems like stockas making a run to ignore all geopolitics of the last 2 days…

 

Despite the concreteness of a tweet ‘proving’ Putin was ready to fold, US equities are giving up hope and are now red on the day (led by Nasdaq). US Treasury yields have remained notably lower all night and are fading lower once again. Gold and silver and rebounding and oil’s modest early slip has stabilized. DAX futures have broken back below 9,000 and 2Y Bund yields touched -0.5bps early on.

 

Stocks have dropped back into the red after the tweet exuberance…

 

JPY carry fading…

 

Treasuries do not seem to be buying the Russia fold hype…

 

DAX futures are fading to red also…

 

Charts: Bloomberg




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Obama in 2007: The U.S. Shoudn't Continue Fighting in Iraq to Prevent Genocide

Last
night, President Obama announced that he had authorized air strikes
in Iraq, in conjunction with air drops of humanitarian aid. In a
White House
speech
, he described the mission, “We can act, carefully and
responsibly, to prevent a potential act of genocide. That’s what
we’re doing on that mountain.”

This morning, reports confirmed that U.S.
air strikes had begun
 on militants associated with the
Islamic State.  

In a
follow-up
to President Obama’s announcement last night,
Secretary of State John Kerry released a statement justifying the
strikes on the grounds that they could be necessary to prevent
genocide of the Yazidi minority group in Iraq. 

In 2007, as a first-time presidential candidate running on an
anti-war campaign, Obama said he explicitly opposed keeping U.S.
forces in Iraq to prevent genocide.


Via NBC News
 and the Associated Press: 

Democratic presidential hopeful Barack Obama said Thursday the
United States cannot use its military to solve humanitarian
problems and that preventing a potential genocide in Iraq isn’t a
good enough reason to keep U.S. forces there.

“Well, look, if that’s the criteria by which we are making
decisions on the deployment of U.S. forces, then by that argument
you would have 300,000 troops in the Congo right now — where
millions have been slaughtered as a consequence of ethnic strife —
which we haven’t done,” Obama said in an interview with The
Associated Press.

“We would be deploying unilaterally and occupying the Sudan,
which we haven’t done. Those of us who care about Darfur don’t
think it would be a good idea,” he said.

Obama, a first-term senator from Illinois, said it’s likely
there would be increased bloodshed if U.S. forces left Iraq.

“Nobody is proposing we leave precipitously. There are still
going to be U.S. forces in the region that could intercede, with an
international force, on an emergency basis,” Obama said between
stops on the first of two days scheduled on the New Hampshire
campaign trail. “There’s no doubt there are risks of increased
bloodshed in Iraq without a continuing U.S. presence there.”

The greater risk is staying in Iraq, Obama said.

“It is my assessment that those risks are even greater if we
continue to occupy Iraq and serve as a magnet for not only
terrorist activity but also irresponsible behavior by Iraqi
factions,” he said.

Here’s Reason’s Ed Krayewski
the question
of whether the U.S. should intervene to stop
genocide

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Obama in 2007: The U.S. Shoudn’t Continue Fighting in Iraq to Prevent Genocide

Last
night, President Obama announced that he had authorized air strikes
in Iraq, in conjunction with air drops of humanitarian aid. In a
White House
speech
, he described the mission, “We can act, carefully and
responsibly, to prevent a potential act of genocide. That’s what
we’re doing on that mountain.”

This morning, reports confirmed that U.S.
air strikes had begun
 on militants associated with the
Islamic State.  

In a
follow-up
to President Obama’s announcement last night,
Secretary of State John Kerry released a statement justifying the
strikes on the grounds that they could be necessary to prevent
genocide of the Yazidi minority group in Iraq. 

In 2007, as a first-time presidential candidate running on an
anti-war campaign, Obama said he explicitly opposed keeping U.S.
forces in Iraq to prevent genocide.


Via NBC News
 and the Associated Press: 

Democratic presidential hopeful Barack Obama said Thursday the
United States cannot use its military to solve humanitarian
problems and that preventing a potential genocide in Iraq isn’t a
good enough reason to keep U.S. forces there.

“Well, look, if that’s the criteria by which we are making
decisions on the deployment of U.S. forces, then by that argument
you would have 300,000 troops in the Congo right now — where
millions have been slaughtered as a consequence of ethnic strife —
which we haven’t done,” Obama said in an interview with The
Associated Press.

“We would be deploying unilaterally and occupying the Sudan,
which we haven’t done. Those of us who care about Darfur don’t
think it would be a good idea,” he said.

Obama, a first-term senator from Illinois, said it’s likely
there would be increased bloodshed if U.S. forces left Iraq.

“Nobody is proposing we leave precipitously. There are still
going to be U.S. forces in the region that could intercede, with an
international force, on an emergency basis,” Obama said between
stops on the first of two days scheduled on the New Hampshire
campaign trail. “There’s no doubt there are risks of increased
bloodshed in Iraq without a continuing U.S. presence there.”

The greater risk is staying in Iraq, Obama said.

“It is my assessment that those risks are even greater if we
continue to occupy Iraq and serve as a magnet for not only
terrorist activity but also irresponsible behavior by Iraqi
factions,” he said.

Here’s Reason’s Ed Krayewski
the question
of whether the U.S. should intervene to stop
genocide

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More Telling Examples from Our ‘Most Transparent Administration Ever’

"What records? We don't even have computers in this office. Look at the empty desks!"This week we discover that the
Department of Health and Human Services (HHS) has deleted e-mails
sought by members of Congress investigating the horrible, broken
launch of Obamacare’s federal exchange. Here’s how
MSNBC describes the situation
(and you’ll soon see why I chose
them to quote from):

The Department of Health and Human Services planned on Thursday
to alert Congress and the National Archives and Records
Administration, which is charged with enforcing federal record
keeping laws, about the problem, according to
a copy of a letter
being sent to Archives.

There is no evidence that Marilyn Tavenner, an Obama appointee
who leads the Centers for Medicare & Medicaid Services,
intentionally hid information or deleted records; rather, the gaps
appear to be the result of sloppy record keeping. But Republicans
have attempted to turn missing emails into a political scandal
before, as they did with Lois Lerner, a former IRS official at the
center of a separate controversy over alleged targeting of
conservative nonprofit groups.

My teleprompter is telling me to wait for the laughter to
subside. The defense is that Tavenner’s office receives up to
12,000 e-mails per month and has to regularly delete her e-mails in
order to stay under Microsoft Exchange’s email limit. No, really.
So she forwards e-mails for retention and then deletes them. Except
sometimes she didn’t forward them. It’s not that government
officials are deliberately trying to destroy records. It’s just a
helpful side effect of their general incompetence.

They expect to recover “most but not all” of the e-mails.

The latest gap in record-keeping and transparency has prompted
Jillian Kay Melchior at the National Review to
detail the publication’s many problems
trying to collect data
about state-level health exchanges. I suppose it’s not entirely
fair to lay these at the feet of the Obama administration, but keep
in mind it’s his pet program their behavior is protecting:

In Nevada, National Review
had to sue
the state health exchange before we were able to
obtain records about how many Obamacare navigators had criminal
backgrounds, despite the fact that they were handling consumers’
private information. (As it turned out,
at least eight
did.)

We faced similar struggles in California, where the health
exchange employed some
twisted logic
to explain why it could not release the full
records regarding navigators’ criminal backgrounds:

“All of these documents are nondisclosable because ‘the public
interest served by not disclosing the record clearly outweighs the
public interest served by disclosure of the record,'” a lawyer for
the insurance exchange wrote, citing California Government Code
§6255. “Disclosing the names and criminal records of individuals
applying to assist in Covered California’s push to enroll vast
numbers in health insurance by March 31, 2014, is likely to
discourage participation in this critical program and thus harm the
people of California.”

In the end, we discovered that at least
43 convicted criminals
were working as Obamacare navigators in
California, including individuals who had committed serious
financial crimes.

And even those in the federal government whose job it is to
oversee the behavior of the federal government are lashing out at
the inability to collect information needed for their job. But we
had finally elected the right people in charge, hadn’t we? Why are
they all acting like they’ve got something to hide? Via
Fox News
:

Forty-seven of the government’s 73 independent watchdogs known
as inspectors general
voiced their complaints in a letter to congressional leaders

this week. They accused several major agencies — the Justice
Department, the Peace Corps and the chemical safety board — of
imposing “serious limitations on access to records.”

The inspectors general are now appealing to Congress to help
them do their jobs uncovering waste, fraud, and
mismanagement. 

“Agency actions that limit, condition, or delay access thus have
profoundly negative consequences for our work: they make us less
effective, encourage other agencies to take similar actions in the
future, and erode the morale of the dedicated professionals that
make up our staffs,” they wrote. 

The letter to the chairmen and ranking members of relevant
oversight committees in the House and Senate claimed agencies are
withholding information by calling it “privileged.”

You may ask “What the hell would the Peace Corps be classifying
as privileged?” According to the letter, they were suddenly
refusing to allow inspectors general access to Peace Corps’ sexual
assault records, even though they had done so in previous reviews.
Eventually the Department of Justice intervened to get the
inspectors the records. The Environmental Protection Agency has
been using attorney-client privilege to try to withhold records
from the inspectors.

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There Goes Q2 GDP – Wholesale Inventories Miss By Most In 16 Months

Against expectations of a further rise in inventory build of 0.7%, wholesale inventories rose only 0.3% in June (the same pace as in May) missing by the most since February 2013. With GDP now basically an exercise in inventory expansion and contraction (Q2 inventory estimate amounte to 40% of GDP), this 'miss' offers little hope for the initial Q2 rebound to hold its exuberance. In addition, wholesale sales also missed (up only 0.2% against expectations of a 0.7% rise) with growth slowing for the 3rd month in a row.

Inventories miss significantly…

 

And sales slow dramatically…

 

and here's why Q2 GDP estimates will fall…as we note before…

The result is that of the $675 billion rise in nominal GDP in the past year, a whopping 52%, or over half, is due to nothing else but inventory hoarding.

Once again, enjoy the sugar high that inventory accumulation always generates in the current quarter. Just don't expect it to last.

 

Charts: Bloomberg




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