another site
Jerome Edward (Jerry) Morgan, a resident of Fayetteville, Ga., passed away after a long illness Tuesday, December 24, 2013. He was born on November 13, 1943 in Philadelphia, Pa. to the late Frank and Sara Morgan. He enlisted in the U.S. Navy serving as a Sonar Operator in the Vietnam War and was Honorably Discharged. Jerome was the Beloved and devoted husband of Diane Morgan for 26 years.
via The Citizen http://www.thecitizen.com/articles/12-27-2013/jerome-edward-morgan-fayetteville
December 27, 2013
Sovereign Valley Farm, Chile
In September 1939, six days after the United Kingdom declared war on Germany, Charlie Chaplin began filming one of his most epic films ever… and the first “talkie” for the silent film star.
It was a courageous project– the ‘Great Dictator’ directly poked fun at Adolf Hitler.
At the end of the movie, Chaplin looked into the camera and gave a stirring speech about timeless principles– peace, mutual respect, freedom from evil men who aspire to lead nations.
This did not win Chaplin any friends in Washington who were keen to maintain official neutrality.
And he paid dearly for it; the Great Dictator was the beginning of an entire decade of turbulent trouble between Chaplin and the US government.
FBI director J Edgar Hoover opened a file on Chaplin and launched a smear campaign to tarnish his public image. The mainstream media quickly jumped on board, accusing Chaplin of being a communist sympathizer.
Eventually they found an obscure law on the books as an excuse to haul him into court and put him in prison.
Chaplin won the trial… barely… but was then roped into the anti-communist witch hunts of Senator Joseph McCarthy.
In his autobiography, Chaplin sums up his troubles with the US government as follows:
“My prodigious sin was, and still is, being a nonconformist. Although I am not a Communist, I refused to fall in line by hating them. . . Secondly I was opposed to the Committee on Un-American Activities– a dishonest phrase to begin with, elastic enough to wrap around the throat and strangle the voice of any American citizen whose honest opinion is a minority one.”
Chaplin reached his breaking point when, as a British citizen, he realized that he would be effectively kicked out of the Land of the Free. As he wrote,
“Whether I re-entered that unhappy country or not was of little consequence to me. I would like to have told them that the sooner I was rid of that hate-beleaguered atmosphere the better, that I was fed up with America’s insults and moral poposity, and that the whole subject was damned boring.”
He moved his family to Switzerland and lived out the rest of his days in an idyllic setting near Geneva.
There was just one problem. The entirety of Chaplin’s substantial wealth was in the US. And he waited far too long– until he had been exiled from the country– to even think about moving some funds abroad.
His rousing speech at the end of the Great Dictator calls for a world free of violence, intimidation, and government control. Unfortunately, we don’t get to live in that world.
We live in a world where ambitious men are willing to do anything to seize absolute power… where they can regulate every aspect of our lives, from what we put in our bodies to whether we can collect rainwater.
They confiscate our hard earned wages at gunpoint. They devalue our savings. They spy, brazenly and relentlessly, on absolutely everyone. They wage senseless wars in foreign lands. They waste. They frustrate. They destroy.
This our reality. The world is beautiful. Life is beautiful. But the leaders of humankind surely make it all damned hard to appreciate sometimes.
That’s why it makes so much sense for everyone to have a little bit of insurance– to make sure that we don’t make the same mistake as Chaplin and hold the entirety of our savings and livelihood in the same country in which we live… and one that is clearly on a downward trend.
This is our consumate focus at Sovereign Man. And with each passing day, the reasons become even more obvious. We’re going to be in for a hell of a 2014.
And now, without further ado, please enjoy Mr. Chaplin’s final speech from the Great Dictator:
from SOVErEIGN MAN http://www.sovereignman.com/trends/video-a-holiday-message-from-the-great-dictator-13333/
via IFTTT
In the course of conducting public opinion surveys and demographic analyses, the Pew Research Center found a wide range of data milestones, breakthroughs, peaks and valleys in 2013, including record support for same-sex marriage and the legalization of marijuana; record levels of distrust of the federal government; record numbers of mothers who were the primary breadwinners for their families; and record numbers of Millennials living with their parents. Here is a look at the highs and lows Americans reached this year, according to Pew's data.
1… Just over half (51%) of the public now favors same-sex marriage, while 42% are opposed.
2… A majority of Americans (52%) now favor legalizing the use of marijuana.
3… A majority agrees the U.S. should mind its own business internationally, the highest measure in nearly a half century of polling.
4… The share of Americans saying they do not want their own representative in Congress reelected – 38% – is at its highest point in two decades.
5… For the first time, a majority of the public (53%) says that the federal government threatens their personal rights and freedoms.
6… 36% of the nation’s young adults ages 18 to 31—the so-called Millennial generation— now live in their parents’ home, the highest share in at least four decades.
7… A record 40% of all households with children under the age of 18 include mothers who are either the sole or primary source of income for the family.
8… The U.S., which has a total population of 317 million, is now home to a record 40.4 million immigrants.
9… A record seven-in-ten (69%) Hispanic high school graduates in the class of 2012 enrolled in college that fall, two percentage points higher than the rate (67%) among their white counterparts.
10… The percentage of Americans who say the U.S. plays a more important and powerful role as a world leader than it did 10 years ago has fallen to a 40-year low of just 17%.
11… The percentage of American Catholics calling themselves “strong” Catholics is at a four-decade low.
12… For the first time since Pew Research Center began tracking smartphone adoption, a majority of Americans now own a smartphone of some kind.
13… 50% of the public now cites the internet as a main source for national and international news.
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/_eCqP-jPw40/story01.htm Tyler Durden
Although people often equate them, glamour is not
the same as beauty, stylishness, luxury, celebrity, or sex appeal.
It is not limited to fashion or film; nor is it intrinsically
feminine. It is not a collection of aesthetic markers-a style, as
fashion and design use the word. Glamour is, rather, a form of
nonverbal rhetoric that moves and persuades not through words but
through images, concepts, and totems. Glamour is powerfully
persuasive, argues Virginia Postrel, who sees President Obama as
the most striking recent exemplar.
from Hit & Run http://reason.com/blog/2013/12/27/virginia-postrel-on-glamour-and-the-art
via IFTTT
One of these is not like the others…
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZFofXG8JRnA/story01.htm Tyler Durden
Muammer Akkas, the prosecutor who complained his government corruotion investigation efforts were being blocked by the government – has been removed from the investigation. Prime Minister Erdogan's efforts to rein in "the final attack" on "new Turkey" are failing even after his cabinet reshuffle but this morning's rhetoric has sent asset prices tumbling once more:
As one analyst noted, "Erdogan continues to present the developments as a conspiracy despite having to shuffle his cabinet, which indicates that there may be some serious findings behind the probe."
Perhaps the finest example of total and utter hyprocrisy came this morning…
Erdogan, who removed the prosecutor from corruption case, just said: Nobody can put pressure on the judicial process.. ?
— ilhan tanir (@WashingtonPoint) December 27, 2013
Via WSJ,
…
"My investigation as a public prosecutor has been blocked," Mr. Akkas said. "The judiciary has been openly pressured, and the implementation of court decisions have been prevented."
His removal doesn't end the case, as at least two additional prosecutors are still at work. Mr. Colakkadi's office has pledged to conduct a thorough investigation and said Thursday he would "do whatever justice requires."
Meanwhile, the High Council of Judges and Prosecutors, which issues final opinions on Justice Ministry proposals, sought to annul a government measure adopted Saturday that bars prosecutors from conducting probes without informing superiors.
…
"It is still unclear how deep the scandal is going to reach," said analysts led by Marc Chandler at Brown Brothers Harriman & Co. "We remain bearish on Turkish assets, as we still think the political tensions could get worse before they get better."
…
At handover ceremonies Thursday morning, several of the departing ministers echoed Mr. Erdogan and decried the corruption case as a "dirty plot."
Outgoing Economy Minister Zafer Caglayan, with tears in his eyes, blamed his ouster on the "interest-rate lobby"—an alleged cabal of international investors, economists and journalists seeking to profit from Turkey's turbulence.
"We stepped on the interest-rate lobby's foot. For as long as I live, I won't step on their foot but on their veins," said Mr. Caglayan.
…
"The overall impression is that Erdogan is preparing to strike back at the Gulen movement," he said, adding that the power struggle "has the potential to affect significantly Turkey's political stability in the months ahead."
But, of course, none of that matters because US equities are soaring… for now
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BoP1CRCo4Jw/story01.htm Tyler Durden
Muammer Akkas, the prosecutor who complained his government corruotion investigation efforts were being blocked by the government – has been removed from the investigation. Prime Minister Erdogan's efforts to rein in "the final attack" on "new Turkey" are failing even after his cabinet reshuffle but this morning's rhetoric has sent asset prices tumbling once more:
As one analyst noted, "Erdogan continues to present the developments as a conspiracy despite having to shuffle his cabinet, which indicates that there may be some serious findings behind the probe."
Perhaps the finest example of total and utter hyprocrisy came this morning…
Erdogan, who removed the prosecutor from corruption case, just said: Nobody can put pressure on the judicial process.. ?
— ilhan tanir (@WashingtonPoint) December 27, 2013
Via WSJ,
…
"My investigation as a public prosecutor has been blocked," Mr. Akkas said. "The judiciary has been openly pressured, and the implementation of court decisions have been prevented."
His removal doesn't end the case, as at least two additional prosecutors are still at work. Mr. Colakkadi's office has pledged to conduct a thorough investigation and said Thursday he would "do whatever justice requires."
Meanwhile, the High Council of Judges and Prosecutors, which issues final opinions on Justice Ministry proposals, sought to annul a government measure adopted Saturday that bars prosecutors from conducting probes without informing superiors.
…
"It is still unclear how deep the scandal is going to reach," said analysts led by Marc Chandler at Brown Brothers Harriman & Co. "We remain bearish on Turkish assets, as we still think the political tensions could get worse before they get better."
…
At handover ceremonies Thursday morning, several of the departing ministers echoed Mr. Erdogan and decried the corruption case as a "dirty plot."
Outgoing Economy Minister Zafer Caglayan, with tears in his eyes, blamed his ouster on the "interest-rate lobby"—an alleged cabal of international investors, economists and journalists seeking to profit from Turkey's turbulence.
"We stepped on the interest-rate lobby's foot. For as long as I live, I won't step on their foot but on their veins," said Mr. Caglayan.
…
"The overall impression is that Erdogan is preparing to strike back at the Gulen movement," he said, adding that the power struggle "has the potential to affect significantly Turkey's political stability in the months ahead."
But, of course, none of that matters because US equities are soaring… for now
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BoP1CRCo4Jw/story01.htm Tyler Durden
For all the endless talk of a recovery during the past five years, there is a very tangible reason why for most people this is nothing but spin, propaganda and lies: when one strips away the retroactively adjusted GDP, the seasonally adjusted (and politically mandated) counting of temp jobs, the constantly upward revised jobless claims, the Fed’s $4+ trillion balance sheet of course, and even the declining (yes, declining) real disposable income per capita, what one is left with is the lowest loan creation out of a recession (or depression) in history, and is at indexed levels last seen during the Lehman collapse over five years ago!
Why is loan creation important? Because in traditional economics (not their “New Normal” equivalent, where central planning decides everything), loans – i.e., money created by commercial banks – ultimately leads to GDP growth. It also has a direct bearing on the steepness of the bond curve and thus, inflation expectations. Conversely, lack of loan creation ultimately means the government is forced to adjusted the definition of GDP to make it seem as if there is growth, or to rely on an inventory stockpiling boost to “growth” and all other recently seen gimmicks to force the conviction of “growth.”
There’s more. As the charts below show, there is a direct link between loan demand (and thus creation), and EPS growth, Industrial Production, Employment and CRE development. Obviously, the lower the loan creation, the worse all of these will look.
But how is it possible that banks continue to function in an environment in which there has been zero loan creation for the past 5 years? Simple: the banks’ excess deposits (a liability) has been pumped higher by about $2.5 trillion thanks to the Fed’s excess deposits:
… and instead of lending out reserves, which banks don’t do (for those still confused about this, read the following primer from S&P), banks instead use them as initial and maintenance margin for risk-chasing trades as JPM so kindly explained over a year ago.
… which is also why once excess deposit creation, i.e. “flow”, slows down, halts or is put in reverse, watch out below.
Furthermore, as long as the Fed creates reserves, and excess deposits, banks have no incentive to force loan creation.
In other words, as long as QE continues, and the Fed injects however many tens of billions into the commercial bank balance sheets each month, all talk of an economic recovery will be bullshit, simply because all of the Fed’s money makes it only into capital markets, resulting in asset inflation, but not into the economy, where it is up to commercial banks to create loans, and the resultant money that then leads to an increase in money velocity and ultimately, if allocated carefully, growth.
In the meantime, there will be no economic growth, period, as long as the loan creation in the top chart shown above refuses to move higher, and any talks of an economic recovery will be merely lies, propaganda and yes – more lies.
Charts: Barclays, JPM, Zero Hedge
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/_g2wSLUrGRg/story01.htm Tyler Durden
As the 10Y broke solidly through 3.00% so precious metals began to move and after testing $20 in Silver overnight a few times, both gold and silver have just run stops through key levels and are jumping like Twitter (or Bitcoin) for a few minutes. WTI Crude has also just broke $100.
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/b6zuaGYYVD0/story01.htm Tyler Durden
As the 10Y broke solidly through 3.00% so precious metals began to move and after testing $20 in Silver overnight a few times, both gold and silver have just run stops through key levels and are jumping like Twitter (or Bitcoin) for a few minutes. WTI Crude has also just broke $100.
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/b6zuaGYYVD0/story01.htm Tyler Durden