For Argentina, Default Is Minor; The Real Problem Is Much Worse

Submitted by Pater Tenebrarum via Acting-Man blog,

The Default is a Minor Problem – Argentina's Real Problem is Something Else Entirely

By now it is well known that Argentina has been declared in default by the major credit rating agencies. This has happened in spite of the Argentine government actually depositing the interest payment intended for those creditors who have grudgingly accepted the post 2001 default restructuring because they thought they had no other choice. After all, they couldn't very well invade Argentina and sell its government assets. That is the problem with lending to governments: they not only assuredly waste the money they borrow, but when push comes to shove, creditors often find themselves left out in the cold.

However, the so-called “hold-outs” –  a group of investors that didn't accept the terms of the debt restructuring – have continued to fight the Argentine government in court to get restitution, and have won several cases. At one point, they even had an Argentinian warship confiscated in a Ghanaian port.  The latest court case won by the hold-outs has led to the current impasse and subsequent default.

“Standard & Poor’s declared Argentina in default after the government missed a deadline for paying interest on $13 billion of restructured bonds.

 

The South American country failed to get the $539 million payment to bondholders after a U.S. judge ruled that the money couldn’t be distributed unless a group of hedge funds holding defaulted debt also got paid. Argentina, in default for the second time in 13 years, has about $200 billion in foreign-currency debt, including $30 billion of restructured bonds, according to S&P.

 

Argentina and the hedge funds, led by billionaire Paul Singer’s Elliott Management Corp., failed to reach agreement in talks today in New York, according to the court-appointed mediator in the case, Daniel Pollack. In a press conference after the talks ended, Argentine Economy Minister Axel Kicillof described the group of creditors as “vulture funds” and said the country wouldn’t sign an accord under “extortion.”

 

“The full consequences of default are not predictable, but they certainly are not positive,” Pollack wrote in an e-mailed statement. “Default is not a mere ‘technical’ condition, but rather a real and painful event that will hurt real people.”

 

Kicillof, speaking at the Argentine consulate in New York, told reporters that the holdouts rebuffed all settlement offers and refused requests for a stay of the court ruling. He said Argentina couldn’t pay the $1.5 billion owed to the hedge funds because doing so would trigger clauses requiring the country to offer similar terms to other bondholders.”

(emphasis added)

Given the nature of the current government of Argentina (financial repression is its bread and butter), we love to see its neo-Marxist “economy minister” Axel Kiciloff squirm. On the other hand, creditors to governments occasionally deserve to be taught a lesson about lending to governments, and one must fear the ultimate victims of the tussle will be the people of Argentina (of course, they could have voted for someone else, but it is not certain that it would have made any difference).

Be that as it may, the default is really a sideshow to Argentina's real problem, which is a profligate government financing its spending increasingly via the printing press, while publishing severely falsified “inflation” data in order to mask this fact.

The Merval Index has exploded higher in recent years, and just as is the case with stock market rally in Venezuela, it is not a sign of a healthy economy at all – on the contrary, it is actually a sign that a hyper-inflationary crack-up boom is anticipated by its captive audience (captive due to exchange controls that include “dollar sniffing dogs” being deployed at border crossings).

 

Merval(Monthly)20140804100056

The Merval Index (monthly) is anticipating a hyper-inflationary crack-up boom as the printing presses are doing overtime in Argentina. Back in 2001, this index traded at 200 points. Its surge has nothing to do with the economy's health, as any visitor to Argentina can easily confirm first hand – click to enlarge.

The official exchange rate of the peso looks bad enough as it is, but it doesn't tell the whole story:

 

USDARS(Weekly)20140804095852

The official exchange rate of the peso to the US dollar, weekly – click to enlarge.

 

The Sobering Reality

Professor Steve Hanke from John Hopkins University runs the “troubled currencies” project at the Cato Institute.  One of the things he is doing is to look at the black market exchange rate in countries that have currency controls in place to determine the “implied inflation rate” of its consumer price index. Even though one must acknowledge that such measurements are inherently difficult, as it is not truly possible to measure the purchasing power of money in the first place, the method gives us a rough idea how far removed from reality the official data are. In this particular case, very far indeed.

 

exchange-rates-and-inflation

Official and black market currency exchange rates of Argentina and Venezuela, as well as official vs. implied inflation rates as of July 24 – click to enlarge.

 

Obviously there is a rather big gap between the officially admitted annual CPI rate of change of 15.01% and the implied rate of 51%. Given the action in the Merval, we can state with some confidence that the 'implied rate' is probably a lot closer to the truth. Here is a chart comparing the peso's official to its black market rate (inverted). This chart has been last updated in early July, so the most recent swoon in the currency is not yet shown on it:

 

argentine-peso

The official vs. the “blue” (black market) peso-dollar rate – click to enlarge.

 

And finally, here is Professor Hanke's chart of Argentina's implied annual inflation rate over time (note that due to the calculation method, implied rates below 25% are considered unreliable):

argentina-inflation-rates

The implied inflation rate is highly volatile, but has been far higher than the official one for an extended time period. Since this is a year-on-year measure, the effect is compounding over time, hence the growing flight into 'real values' in Argentina. People are not only buying stocks, but also real estate and other hard assets – click to enlarge.

 

Such inflation rates represent an unmitigated economic disaster. Not only for the obvious reason that they make economic calculation practically impossible and rob savers of their hard-earned money, but because they also undermine people's productivity and their morals. Once a nation's entire population is forced to spend a lot of effort on a daily basis looking for ways to escape the ravages of inflation, its economic productivity is invariably sapped.

By robbing savers, government moreover undermines the moral fabric of society at large, while creating a new underclass – comprising all those who rely in some way on fixed incomes.

As Hans Sennholtz once wrote (and although this was written in the context of the Federal Reserve's inflationary policies, it is readily applicable to such policies everywhere):

“[…] many victims readily conclude that thrift and self-reliance are useless and even injurious and that spending and debt are preferable by far. They may join the multitudes of spenders who prefer to consume today and pay tomorrow, and they may call on government demanding compensation, aid, and care in many forms. Surely, the hurt and harm inflicted by inflation are a mighty driving force for government programs and benefits.

 

In their discussions and analyses of various problems, economists usually avoid the use of moral terms dealing with ultimate principles that should govern human conduct. Ever fearful of being embroiled in ethical controversies they seek to remain neutral and “value-free.”  They do counsel legislators and regulators on the cost-efficiency of a policy but not on its moral implications. They may offer professional advice on the efficiency of money management but not on the morality or immorality of inflationary policies. They dare not state that inflation is a pernicious form of taxation which most people do not recognize as such.”

 

[…]

 

The biggest debtor also is the biggest inflation profiteer.

 

[…]

 

The primary beneficiaries of the new order are its own managers: legislators, regulators, and a huge army of civil servants. They are first in power, prestige, and benefits.

 

[…]

 

Evil acts tend to breed more evil acts. Inflationary policies conducted for long periods of time not only foster the growth of government but also depress economic activity. Standards of living may stagnate or even decline as growing budget deficits thwart capital accumulation and investment that are sustaining the standards.

(emphasis added)

Conclusion:

Inflationary policy is and always will be extremely destructive. In the developed world, a situation like that observed in Argentina has so far been avoided, but that doesn't exactly mean that central banks in the industrialized nations are slouches in the money printing department.

Their actions buy us what appear to be “good times” by diverting scarce resources into various bubble activities, but in reality they impoverish us. In this respect, there is no difference with Argentina. The latter has merely gone a step further, attempting to keep its government flush and the boom going by going completely overboard with its inflationary policy. The end result in either case is economic devastation, there are merely differences in degree, but not in substance.




via Zero Hedge http://ift.tt/1s66ObY Tyler Durden

Deutsche Bank “Raises The Warning Flag”: What The Most Important Chart For The Market Reveals

Back in 2010 we were the first to show that the only thing that matters for centrally-planned, Fed (and HFT)-manipulated markets is the size of the Fed’s balance sheet and the only financial statement of any macro relevance is the Fed’s weekly H.4.1 release. Initially mocked (but… but… the fundamentals), the subsequent proliferation of charts showing the correlation between the Fed’s balance sheet and the S&P 500, has confirmed that virtually everyone – even the Treasury itself – has agreed that the only marginal driving force for the world’s largest stock market – i.e. the catalyst for the biggest artificial bull market rally in recent history – is the Federal Reserve, specifically the amount of debt monetized/liquidity injected.

And then that chart slowly disappeared from view for the simple reason that for all of 2013, the Fed’s balance sheet would grow by an equal $85 billion per month in linear “bottom left to upper right” fashion, resulting in an S&P500 that tracked this balance sheet growth tick for tick.

It is time to revisit this chart because as Deutsche Bank’s Jim Reid reminds us, the days of relentless Fed balance sheet, and thus S&P, growth are over, thus the need by Deutsche Bank to “raise the warning flag.

The risk sell-off we’ve seen in recent weeks frustrates us a little as the chart we’ve published most this year has pretty much predicted that tougher times would come around July. We’ve been paying it a lot of attention for over a year now but decided to wait until the autumn before we raised the warning flags. The chart in question (included in today’s pdf) is the one showing the Fed balance sheet and the S&P 500 (as a proxy for risk generally). As you can see, since the Fed balance sheet was used as an aggressive policy tool post-GFC, the graph suggests that the S&P 500 is well correlated with the size of the Fed balance sheet with the former leading the latter by 3 months. Given that the Fed have recently signalled that they will likely be finishing expanding their balance sheet in October, 3 months before that was July. This is important as virtually all of the mega rally in the last 5 years has come in the Fed balance sheet expansion periods. The other periods have been more challenging for markets.

 

In other words, the growth is over. As for the downside, well that’s where the Fed’s tightening rate hikes come into play, and once the market has determined the date when the Yellen Fed begins fighting “noisy” inflation and “lack of labor slack“, watch as the entire stock market is sold off in calm, cool and orderly fashion. Just like high yield debt… 

over the past month.




via Zero Hedge http://ift.tt/1nlpZKk Tyler Durden

Deutsche Bank "Raises The Warning Flag": What The Most Important Chart For The Market Reveals

Back in 2010 we were the first to show that the only thing that matters for centrally-planned, Fed (and HFT)-manipulated markets is the size of the Fed’s balance sheet and the only financial statement of any macro relevance is the Fed’s weekly H.4.1 release. Initially mocked (but… but… the fundamentals), the subsequent proliferation of charts showing the correlation between the Fed’s balance sheet and the S&P 500, has confirmed that virtually everyone – even the Treasury itself – has agreed that the only marginal driving force for the world’s largest stock market – i.e. the catalyst for the biggest artificial bull market rally in recent history – is the Federal Reserve, specifically the amount of debt monetized/liquidity injected.

And then that chart slowly disappeared from view for the simple reason that for all of 2013, the Fed’s balance sheet would grow by an equal $85 billion per month in linear “bottom left to upper right” fashion, resulting in an S&P500 that tracked this balance sheet growth tick for tick.

It is time to revisit this chart because as Deutsche Bank’s Jim Reid reminds us, the days of relentless Fed balance sheet, and thus S&P, growth are over, thus the need by Deutsche Bank to “raise the warning flag.

The risk sell-off we’ve seen in recent weeks frustrates us a little as the chart we’ve published most this year has pretty much predicted that tougher times would come around July. We’ve been paying it a lot of attention for over a year now but decided to wait until the autumn before we raised the warning flags. The chart in question (included in today’s pdf) is the one showing the Fed balance sheet and the S&P 500 (as a proxy for risk generally). As you can see, since the Fed balance sheet was used as an aggressive policy tool post-GFC, the graph suggests that the S&P 500 is well correlated with the size of the Fed balance sheet with the former leading the latter by 3 months. Given that the Fed have recently signalled that they will likely be finishing expanding their balance sheet in October, 3 months before that was July. This is important as virtually all of the mega rally in the last 5 years has come in the Fed balance sheet expansion periods. The other periods have been more challenging for markets.

 

In other words, the growth is over. As for the downside, well that’s where the Fed’s tightening rate hikes come into play, and once the market has determined the date when the Yellen Fed begins fighting “noisy” inflation and “lack of labor slack“, watch as the entire stock market is sold off in calm, cool and orderly fashion. Just like high yield debt… 

over the past month.




via Zero Hedge http://ift.tt/1nlpZKk Tyler Durden

Stocks Rally Back To Green For August

Stocks have given up JPY-carry momentum and fallen back to the old VIX-smashing algo (back under 16) to run stops above Friday’s highs. This morning’s dip has been bought (on notably low volume) and lifted the S&P, Nasdaq, and Russell 2000 back into the green for August (Trannies and The Dow remain laggards). 10Y Yields are unch, the USD Index is unch, gold is down and oil is up. Perhaps, US investors have forgotten that Europe opens again in 12 hours…

 




via Zero Hedge http://ift.tt/1nln2tv Tyler Durden

Institutionalized Tyranny and Serfdom

Institutionalized Tyranny and Serfdom

By

Joe Withrow

Author of “The Individual is Rising”

 

 

For more original articles like this please visit TwoIceFloes.com. On the left content sidebar of the home page you may subscribe to our periodic newsletter.

 

 

“In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.” – Friedrich Nietzsche

Modern society does not care much for the individual.  National interest, public policy, and the common good are held up as the ideal.  We still hear lip service paid to the individual rights of man on occasion, but only within the context of individual servitude towards one or another State-driven collective goal.  Of course these goals are presented as moral and upright, but there is a little catch – no one can truly opt-out of supporting the chosen goals.  The State, in all its benevolence, is going to take your money to support the collective goals of society whether you like it or not.

Sadly, most individuals buy right into their societal servitude because the default programming does such a great job of convincing individuals of their own ineptitude.  The default programming steers individuals away from their own interests and passions and funnels them onto the same “lifestyle path” on which they are pushed to “be a productive member of society”.

The government educational system is the leadoff hitter in the programming lineup and children have been relinquished to the educational blob at progressively earlier ages over time.  Kindergarten was developed to precede First Grade.  Then Preschool was developed to precede Kindergarten.  Now we have pre-Preschool in place to precede Preschool.  We guess they ran out of creative names for this last one.

So the kids are herded into government schools where their creativity, critical thinking ability, and common sense are systematically destroyed.  They learn to unquestioningly obey their superiors at all times and to ask for permission to go to the restroom.  To top it off, the kids are spoon-fed faulty history and they are taught that government is a righteous institution forever and always seeking to make their life better.  Their teachers are mostly decent folks, mind you; they just don’t understand what government really is either.

Perhaps worst of all, students are conditioned to never seek a deeper understanding of the world around them and to never focus on discovering and developing their passion.  Instead, students quickly learn that grades and social status are the only worthy goals to be sought after. 

 

Prison School

 

The next leg of the default programming is college.  The kids were constantly told for at least a decade that they absolutely must go to college in order to be successful in life, so they load up on federal student loan debt when they hit 18 and march off to whatever college will have them.

While there are certainly some exceptions, especially in the more specialized fields, most students quickly learn that college is just another system to be gamed and completed.  Attaining the highest grades possible with the least amount of work is the name of the game for most students – just like it was in high school.  Social status is still a viable goal as well, but the playing field has changed.  Instead of football games and dances, social status is now earned in the basements of dirty fraternity houses with an abundance of crappy beer.

Students have been through 16-20 years of default programming within government-approved educational institutions by the time they graduate college.  Amazingly, a vast majority of these students have learned nothing about money, capital, or finance, and most are completely oblivious to how the world that awaits them actually works.  The poor saps that majored in finance or economics have actually learned less than nothing about money, capital, and finance and they come out with a completely warped view of the subjects.

Most graduates have seen each level of their education as an obstacle to struggle through so they take that mentality with them to the next level of the default programming – the corporate rat-race. 

Once in the rat-race, our degree-wielding worker bees struggle through the work-week and then pursue all manner of entertainment every weekend, regardless of the cost.  The dirty frat-house is traded for a metropolitan bar and the cheap beer might be upgraded to something a little better, bottom-shelf liquor perhaps. 

Now that they are responsible adults, they watch the news and discuss current events around the water cooler at work.  But there is a little problem:  the news is propaganda mixed with celebrity worship which serves to warp priorities and paint a distorted view of how the world actually works.

Thanks to this wonderful system of default programming, most good citizens come to believe things like:

  • The foreign wars raging in some desert thousands of miles away are being fought to protect my freedom here in the United States; after all, they hate us for our freedoms.
  • The TSA must grope and harass all of us before we travel so they can keep us safe from the bad guys.
  • Social Security is a noble program that just needs a little tweaking to make it more economical.
  • The government absolutely had to bail-out the Banks with my money for my own good.
  • The $17,500,000,000,000.00 national debt is no big deal – we borrowed it from ourselves.
  • Quantitative Easing is a very complicated monetary procedure designed to stimulate the economy; it is in no way, shape, or form a method to steal from me and perpetuate a massive Ponzi scheme.
  • The economy is recovering marvelously and my job prospects for the future are looking bright – my goal is early retirement!
  • Everything will be wonderful if we can just get everyone to vote for better leaders.

Of course there is a major gap that cannot be explained between these beliefs and what is actually taking place in the world which creates a great deal of cognitive dissonance within much of the population.

The simple fact is:  this is not what a free society looks like.

 

Not what a free society looks like.

 

Okay, so American culture may be a little schizophrenic. So what? Why should we care? We believe in laissez-faire and non-intervention, so how is it our problem?

Well, despite our best efforts we still have a sense of justice.  We just can't keep quiet while the default programming converts unwary human beings with infinite potential into willing victims of the collectivist Ponzi. 

You see, the default programming is designed to trick individuals into giving away their power – first to school teachers, then to professors, then to bosses, and always to government thugs and globalist bureaucrats.  All of that personal power is then used to further strengthen the systems of enslavement.  Of course the school teachers, professors, corporate middle managers, and the petty government officials and bureaucrats do not have a clue that this is what they are really doing – they have bought the propaganda proclaiming them heroes working for the common good of mankind.

Truth be told, we also have selfish reasons for opposing the default programming and schizophrenic culture – we are poorer because of them.  The default programming has created a lifeless economy where zombies consume a very large percentage of the ever-dwindling wealth.

Roughly fifty percent of the American population is now directly receiving some form of payment or benefit from the government – this is common knowledge.  On top of that fifty percent, there are numerous zombie industries consuming massive amounts of wealth – very nearly all of which is redistributed to these zombies from the small productive sector of the economy. 

The military-industrial complex destroys massive amounts of wealth in order to build tanks and planes and missiles to sell to the government – much of which are obsolete by the time they are sold and the rest are used to cause havoc in faraway deserts (for democracy, of course).  Government subsidized Big-Agra works to create Frankenfood which serves to squeeze the small-time farmer out of business and also wreak havoc on the health of the American population. 

Meanwhile Big-Pharma works diligently to create dishonest drugs and government-mandated vaccines designed not to cure anything, but rather to temporarily placate all of the serious and not-so-serious symptoms that frequently plague people addicted to genetically-engineered processed food loaded with high fructose corn syrup and MSG while perpetuating sickness and obesity – at a massive profit margin of course.  Local governments get into the wealth destruction act by authorizing and funding (at least partially) SWAT teams, military grade weapons, and sometimes even tanks for small police departments.  Something about Middle America seems to scare the daylights out of the "authorities". 

All of this misallocation of capital and wealth destruction is made possible by the Federal Reserve System and its banking sector which perpetually transfers wealth from all of us to the insiders while also conjuring money ex nihilo to purchase government bonds on all levels to keep the Ponzi going.

Of course zombies beget more zombies so the amount of wealth consumed and destroyed continues to increase over time.  We are all poorer as a result; poorer in monetary terms as well as in ways that cannot be quantifiably measured.

So we feel obligated to call it out. 

We just can’t help but envision a world in which the old principle of laissez-faire is respected and individuals are free to claim their natural-born sovereignty.  We envision such a world where the capitalist principles of sound money, free markets, and property rights drive vibrant economies geared towards production, innovation, and wealth-creation.  It’s a world where governments do not hold a monopoly of force over particular geographic areas and individuals are free to voluntarily associate with or disassociate from any society, organization, or institution that catches or loses their fancy.  The only rule is that these societies, organizations, and institutions must respect the natural rights of all individuals.

Now we are not suggesting that this laissez-faire capitalist vision of society should be forced on everybody… far from it.  We would just like for it to be an option.  There can be other options as well.

Want to live in a socialist utopia?  By all means!  But your utopia would have to be a voluntary association of individuals.  You know that 50% we mentioned earlier?  We bet many of them would be happy to join you!  We will be real interested to see if you can make it work for even a month without a coercive government to steal the fruits of individual labor and force individual servitude, however.

Speaking of, that is precisely what’s wrong with coerced collectivism as a societal structure – it requires forced individual servitude in order for it to limp along for any extended period of time.  If this isn’t tyranny, we don’t know what is.

 

Democracy At Any Cost

 

Liberty and Tyranny have done battle since the dawn of civilization.  'Democracy' was idolized in the early 20th century specifically to trick people into confusing one for the other.  "We must make the world safe for Democracy!" Wilson cried as U.S. troops crossed the Rubicon. 

The other warring nations on both sides must have looked at each other in confusion.  "Why in the hell would anyone want to make the world safe for democracy?" they must have asked each other.  After all, there was not one single nation that referred to itself as a democracy when World War I began.  The Allied powers featured republican governments teamed up with imperial governments and constitutional monarchies to fight the Axis powers which consisted of imperial governments teamed up with both absolute monarchies and constitutional monarchies.  There wasn't a democracy for as far as the eye could see.

There were 123 “democracies” in existence by the year 2007.  By good old Woodrow's logic, peace and prosperity must have been raining down from heaven! 

But as it turns out, roughly 500 million people have been violently killed in one government war or another since the world became safe for democracy.  The Universe, it seems, is not without a sense of irony.

Of course we know nothing will change until it all comes crashing down and hits rock bottom with a resounding thud.  We know the masses will just point and laugh; if they even pay any attention at all.  They could not care less about our laissez-faire vision, and our disdain for regulatory democracy might anger them.  But we also know that there is a Remnant out there.  These are the people who have conquered the default programming and are pretty peeved about being lied to for decades.  It is the Remnant that gives us cause for long-term optimism.

Here's to a laissez-faire vision of Liberty… and to a world safe from democracy.

 

Joe Withrow

08-04-2014

 

Cognitive Dissonance: For more of Joe’s thoughts on the “Great Reset”, the global paradigm shift, and regaining individual sovereignty please read “The Individual is Rising” which is available through Amazon in both paperback and Kindle editions here.

Please note that while I did edit this book for Joe I do not participate in any revenue from the sale of this book.

 

One Size Fits All




via Zero Hedge http://ift.tt/1s5VvAs Cognitive Dissonance

The EU Markets Have Peaked… Is the Next Round of the Crisis Here?

Let’s turn back the clock two years.

 

In the spring of 2012, the entire EU financial system came close to collapsing. Few investors understand the severity of what happened during that period. After all, the financial media primarily focused on stories about the bailouts working and the ECB’s solutions to the crisis.

 

In June 2012, Spain requested a €100 billion bailout. At that time, most investors believed this to just another bailout. It was not. In the build up to this mess, multiple counties implemented capital controls limiting cash transactions, ATM withdrawals and the like. There was even talk of suspending the Schengen agreement, which allows for visa-free travel among 26 countries, including most of the European Union.

 

The whole point of creating the EU was to allow for greater access to markets through open borders and greater flow of capital through a monetary union. The fact that the EU was ready to suspend all of this is proof positive that it was on the verge of breaking apart. Without open borders and open capital flows, the EU, in principle, ceases to be.

 

What held this whole mess together?

 

The European Central Bank President, Mario Draghi, commented that he was willing to do “whatever it takes” to keep the Euro in one piece.

 

Notice that Draghi didn’t actually do anything. He didn’t somehow render all of the insolvent EU banks solvent. He didn’t somehow delever the system to make it financially stable. He didn’t even force Governments to get their fiscal houses in order (all the talk of austerity was total fictitious; spending increased across the board throughout this period).

 

So the only thing that changed was a shift in investor confidence based on a Central Banker issuing a strongly worded verbal intervention. This was the sole cause for:

 

1)   The massive stock market rally in EU markets.

2)   The large drop in EU sovereign bond yields.

3)   The change in confidence pertaining to the EU as an investment.

 

Here we are now, two years later, and the ECB has failed to create the sustainable recovery that it promised. Because of this, in June of 2014, Mario Draghi implemented Negative Interest rate Policies or NIRP and hinted at launching a QE program.

 

Systemically, Europe bought the rumor and is now selling the fact. Note that European Financials actually peaked in June 2014 and have since taken out their trendline dating back to the 2012 bottom.

 

This goes for Spain’s stock market, France’s stock market, the German Dax, etc. ACROSS THE BOARD, European markets peaked in June 2014 and have since been in decline.

 

Many of them have taken out their trendlines dating back to Draghi’s promise to do “whatever it takes.” The markets may very well put that promise to the test in the coming months. Nothing has been fixed in Europe.

 

This concludes this article. If you’re looking for the means of protecting your portfolio from the coming collapse, you can pick up a FREE investment report titled Protect Your Portfolio at http://ift.tt/170oFLH.

 

This report outlines a number of strategies you can implement to prepare yourself and your loved ones from the coming market carnage.

 

Best Regards

 

Phoenix Capital Research

 




via Zero Hedge http://ift.tt/1s5xU6v Phoenix Capital Research

Bombing Gaza? There’s An “Utterly Shameful” App For That

Google customers have reacted with outrage, according to The Guardian, following the release of an Android game that invites players to mimic the Israeli army ‘dropping bombs’ on Gaza.

 

 

As The Guardian reports,

Bomb Gaza, which is designed for Android phones and tablets, has been downloaded up to 1,000 times since its release on 29 July 2014, according to app store data. Its stated aim is to “drop bombs and avoid killing civilians”.

 

Seemingly designed to offend, the game reflects the real-life conflict in Gaza in which at least 1,800 Palestinians have been killed. Many comments on the game’s review section express outrage that the game is being given a platform by Google, though some also defended Israeli positions.

 

 

Bomb Gaza is not the only title on the Android store which references
the ongoing conflict between Israel and Palestine.
There is also a game
named Gaza Assault: Code Red (with a five star rating) and Iron Dome, based on Israel’s controversial US funded missile defence system.

 

One individual proclaimed:

 

Utterly shameful. Real people, many of them children, are dying in Gaza. Many of those who haven’t been killed face life with debilitating injuries, bereavement and without homes. Their suffering is as real as yours or mine, and to make light of it like this speaks of your essential failure as a human. Shame on the creators of this game, and those who ‘play’ it. – George Coote

*  *  *

No comment.




via Zero Hedge http://ift.tt/1nlicfI Tyler Durden

Bombing Gaza? There's An "Utterly Shameful" App For That

Google customers have reacted with outrage, according to The Guardian, following the release of an Android game that invites players to mimic the Israeli army ‘dropping bombs’ on Gaza.

 

 

As The Guardian reports,

Bomb Gaza, which is designed for Android phones and tablets, has been downloaded up to 1,000 times since its release on 29 July 2014, according to app store data. Its stated aim is to “drop bombs and avoid killing civilians”.

 

Seemingly designed to offend, the game reflects the real-life conflict in Gaza in which at least 1,800 Palestinians have been killed. Many comments on the game’s review section express outrage that the game is being given a platform by Google, though some also defended Israeli positions.

 

 

Bomb Gaza is not the only title on the Android store which references
the ongoing conflict between Israel and Palestine.
There is also a game
named Gaza Assault: Code Red (with a five star rating) and Iron Dome, based on Israel’s controversial US funded missile defence system.

 

One individual proclaimed:

 

Utterly shameful. Real people, many of them children, are dying in Gaza. Many of those who haven’t been killed face life with debilitating injuries, bereavement and without homes. Their suffering is as real as yours or mine, and to make light of it like this speaks of your essential failure as a human. Shame on the creators of this game, and those who ‘play’ it. – George Coote

*  *  *

No comment.




via Zero Hedge http://ift.tt/1nlicfI Tyler Durden