Candace Owens: White Supremacy Has Minimal Impact On Black Americans

Candace Owens: White Supremacy Has Minimal Impact On Black Americans

Conservative black activist Candace Owens told a congressional panel on Friday that white supremacy has a minimal impact on the black community, and that America should instead focus on black-on-black crime and the breakdown of the family.

White supremacy is indeed real, but despite the media’s obsessive coverage of it, it represents an isolated, uncoordinated and fringe occurrence within America,” Owens told lawmakers during a hearing on confronting white nationalism. 

“If we’re going to have a hearing on white supremacy, we are assuming that the biggest victims of that are minority Americans,” she added. “And presumably this hearing would be to stop that and preserve the lives of minority Americans. Which based on the hierarchy of what’s impacting minority Americans, if I had to make a list of 100 things, white nationalism would not make the list.

“We don’t see hearings on those bigger issues brought up… Black-on-black crime, the breakdown of family I think is the number-one thing contributing to that,” she added. 

“White supremacy and white nationalism is not a problem that is harming Black America.” 

Owens’ comments come on the same day as the Department of Homeland Security added violent white supremacist extremism to its list of terror threats. 

Kevan McAleenan, the acting Homeland Security secretary, said Friday during remarks at the Brookings Institution in Washington that the “continuing menace of racially-based violent extremism, particularly white supremacist extremism, is an abhorrent affront to our nation, the struggle and unity of its diverse population, and the core values of both our society and our department.” 

He continued to explain that after the alleged El Paso shooter “sought to kill Hispanics, and his online manifesto was rife with references to multiple hate-based ideologies,” McAleenan said he was even more confident that DHS needed a new counter-terrorism strategy.

“In our modern age, the continuation of racially-based violent extremism, particularly violent white supremacy, is an abhorrent affront to the nation,” he also said. –USA Today

Owens, meanwhile, characterizes white nationalism as “just election rhetoric,” and called it “hilarious” that her fellow panelists wouldn’t provide specific numbers on the death toll from white supremacists

Owens then went off:


Tyler Durden

Sat, 09/21/2019 – 13:45

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Are Trump’s Incentives About To Change

Are Trump’s Incentives About To Change

Submitted by Adventures in Capitalism

Three weeks ago, I did the unforgivable and waded into US politics. I apologize, but I am about to do so again. Fortunately for all of us, I’ll keep my thoughts specifically to the stock market.

Say what you will about Trump, he has had only one goal for the past three years; pump the hell out of the stock market. He tweets at Powell, he lies about trade truces and he cheers on the stock market. Any downtick will certainly be met by Trump’s stock promotion machine. The market has even overtaken his foreign policy as he recently softened his negotiating stance when the market had a few down days. For three years, investors have been confident in the Trump put. What if that all changes? What if for a brief moment in time, it is in his best interest to have the market crash?

Above are the updated betting lines from Predictit.org. I realize the overall dollars at risk are low and can be manipulated. However, I tend to agree with the betting lines. If anything, the low risk short is Biden—he’s a parody campaign at this point. Unless Warren seriously fumbles, she will be the Democratic candidate. As I noted three weeks ago, I don’t see how the market can be comfortable with this, as her policies are decidedly anti-equity markets. Sure, she’ll move a bit more centrist in the general election, but investors will still be terrified. If Argentina’s market could drop by half when Macri lost the primary, why can’t ours drop 20 or 30% if Warren is the candidate? Especially, with Warren leading in most polls against Trump.

Now, here’s the interesting wrinkle; what if a savage market decline favors Trump? Imagine the ability to get out on twitter and blame Warren for the market crashing? Imagine scaring working people that their IRAs will detonate? Imagine scaring retired people that they’ll have nothing left? I don’t care what your political leanings are, no one wants to lose a substantial portion of their net worth. Warning voters that they’ll crystallize a 30% loss may be amazingly persuasive in an election—especially after you remind people how successful you were in pushing the market higher as stock-pumper-in-chief.

The market wants to crash because the global economy is rolling over. Trump certainly doesn’t want to take the blame. In fact, he’s the master at shifting the blame to others. If the market starts crashing, why wouldn’t he blame Warren and then aggressively force it lower so voters feel real pain? I know I would. That’s how you win elections. Trump is a winner—consequences be damned. Are Trump’s incentives about to change?

The market sure isn’t prepared for such a narrative shift. Invest accordingly…


Tyler Durden

Sat, 09/21/2019 – 13:15

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Dramatic Footage Captures Major Russia-China War Games Involving Over 120K Soldiers

Dramatic Footage Captures Major Russia-China War Games Involving Over 120K Soldiers

Footage emerging late this week from an annual military exercise hosted by Russian and involving China, India, and Pakistan has drawn the attention of western military experts who say it’s definitely “upped the ante this year” given the number of foreign forces and the sheer size of the drills, and especially given it’s the first time Russia’s historic political and economic rival China has joined the games, amid a rapid warming of relations as both face intense Washington pressure.

Along with the only newly invited China, as well as Pakistani and Indian forces, other central and east Asian countries are participating, including Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. What are called the ‘Tsentr exercises’ actually began all the way back in June but this week is considered the culmination of the most important “hot phase” drills focusing on “strategic command post exercise”

Involving 120,000 military personnel, about 600 aircraft, up to 15 ships and additional support vessels, as well as over 20,000 weapons and support equipment, the massive games are being primarily conducted within the central military district in Russia (hence the name “Tsentr-2019”), as described by the Russian defense ministry.

In early September Russian Defense Minister Sergei Shoigu announced the multi-national games’ intent was not to focus on foreign enemies, but includes an “anti-terror” emphasis. 

Chinese Marines taking part in drills, via Reuters.

However, a number of observers have pointed out the showcasing of Russian military strength sends an unmistakable message to Washington and its western allies.

US state-funded media wing RFERL described the games as a “Kremlin-led military exercises… under way that simulate a large-scale invasion of a rogue state.”

One analyst, Mathieu Boulegue, a research fellow of the Russia and Eurasia Programme at Chatham House, has been cited in reports as saying China’s involvement this year is huge and sends a firm, unprecedented message in terms of Moscow’s growing powerful military alliances

Kyrgyz President Sooronbai Jeenbekov (left) and Vladimir Putin take a break after observing the maneuvers. Jeenbenkov was the only foreign head of state to attend the exercises. TASS photo

“The message is quite clear when it comes to Russia, it means that ‘we’re not alone, we have a lot of partners, we’re not isolated so whatever efforts the West are trying to do against us we are still able to have powerful military alliances with China, India and Pakistan’,” he said.


Tyler Durden

Sat, 09/21/2019 – 12:45

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The Bear Case

The Bear Case

Authored by Sven Henrich via NorthmanTrader.com,

It’s a dirty job and someone has to do it. May as well be me and I’ll make the bear case here as difficult as it is. And I say difficult, because it is. I think I’ve been very consistent on this point: The dividing line between the bull and bear case are central banks and their efficacy in interfering in markets and managing to re-inflate growth once again, prevent a recession and keep all sell-offs contained.

Following the 20% correction last year central banks have managed to do just that, prevent larger sell-offs. In doing so they’ve pushed markets on a path of multiple expansion. And this remains the bull case. Continued multiple expansion.

No bull market without central bank intervention. I’ve stated this repeatedly a mantra also confirmed in other words by former Goldman Sachs CEO Lloyd Blankfein this week:

The tweet is an implicit acknowledgement that central banks drive equity prices. Full stop.  And they have done so again in 2019 and they continue to do so by fully intervening again and markets keep reacting to it, and the obvious chink in the bear case is that, if they succeed again, there is no bear case. Fully acknowledged, especially now that we are clear on this point:

So the bear cases rests on central banks losing control. Are there any signs of this on the horizon?

Consider: September’s market gains were once again inspired by trade optimism and a front run into central bank meetings. The ECB cut rates and announced QE, the Fed cut rates and suddenly found itself in repo panic mode, totally caught off guard by a sudden jump in overnight funding rates as markets ran into liquidity issues. And what turned into a one time operation, turned into 2, 3, 4 days and now has become a regular scheduled program into October with much larger reaching consequences:

So much for the balance sheet roll-off. Bears have been absolutely right on this, it was always a fantasy and central banks will keep inflating balance sheets because without natural market forces would demand the great unwind.

This is the market forcing the Fed into action. This is exposing the Fed to be surprised by market realities. This is suggestive there may be more things going on than the Fed is willing to admit to, either to itself or to the public. I’ve highlighted similarities to 2007 this week in the language as well as in the economic backdrop.

And hence it was notable when Jame Bullard of the St Louis Fed came out yesterday and actually highlighted the risks that Powell left unstated by saying markets shouldn’t ignore recession signals:

“First, there are signs that U.S. economic growth is expected to slow in the near horizon. Trade policy uncertainty remains elevated, U.S. manufacturing already appears in recession, and many estimates of recession probabilities have risen from low to moderate levels. Moreover, the yield curve is inverted, and our policy rate remains above government bond yields for nearly every country in the G-7”.

No, for Bullard the yield curve actually matters. Tick tock as I called it:

But markets are ignoring recession risks, they are ignoring multiple expansion, they keep running toward central bank meetings and hope for a trade deal that may never come. Fool me once shame on you, fool me 100 times shame on you. How many times will markets fall for trade optimism headlines?

There still is no trade deal and Friday’s pullout by the Chinese from attending agricultural meetings in Montana and Nebraska speak to continued issues in the negotiations. But hope dies last.

Look, I’ve been very consistent on this: For new highs to be convincing, they need to be sustained and the previous laggards need to be breaking above their respective resistance points.

Well, we not only don’t we have new sustained highs we don’t have new highs period, and none of the laggards have broken above their points of resistance. The Fed cut rates in July as we had approached the Sell Zone, markets fell from there, now the Fed has cut again following the ECB cutting as well. New highs to come were advertised by bulls all over the place. Hasn’t happened. In fact, as of Friday, the Sell Zone was again rejected as $SPX closed below 3,000 on Friday.

And because new highs haven’t happened bulls are now staring at a potential failure of epic proportions: The dreaded DT’s, no, not the delirium tremens, although it may lead to those eventually ;-), but rather DT’s as in double tops. Weekly double tops, monthly double tops.

Whereas before bulls needed to make sustained new highs, they now absolutely must make new highs or else.

To follow up on an important conversion, technicals and central bank efficacy, I’ve stated clearly that, following the 2019 trend break and rejection off of the megaphone trend line, bulls needed to repair technical damage and break above the megaphone pattern and repair the broken 2019 trend by lift everything up.

The September trade optimism rally has indeed  lifted things up, but it hasn’t repaired the broken trend and it has so far failed to make new highs or break above the upper megaphone trend line. If anything this recent price action is suggestive of a potential failed backtest:

And this means bulls haven’t proven anything yet. All they’ve done so far is ride the Fed’s coattails and hope they remain in control, especially now that multiple expansion is all they have run on. But neither have bears proven their case. What bears need to do now is take advantage of failed new highs and start filling some gaps below:

Volatility patterns remain intact and remain suggestive of higher volatility to come.

As I’ve also outlined multiple times before, markets, despite all the noise, remain engaged in a typical pre-presidential election seasonal pattern:

This pattern suggests mid September market strength is a sell and further volatility and downside is to come before a standard year end rally can emerge. And this may still be the script and bears have to invalidate it, hence I mentioned the bear case is difficult and bears may be running out of time.

Yet I maintain what I said last week: At 144% market cap to GDP US markets remain priced to perfection in an increasingly imperfect world making markets accident prone to unexpected events. Markets need sustained new highs or face technical consequences.

What’s the bear case then? It’s in the technicals and it suggests that last week’s failure to make new highs could set up for quite a different picture in the next few weeks:

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Tyler Durden

Sat, 09/21/2019 – 12:14

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Iran Vows Major War Even If US Conducts “Limited Strikes”

Iran Vows Major War Even If US Conducts “Limited Strikes”

Just after on Friday Pentagon leaders presented Trump with numerous “military options” for a response to Iran following last week’s twin attacks on Saudi Aramco facilities, Iran has again put the US on notice that any “limited attack” will assuredly lead to major war.

The briefing on “options” for responding to Iran were followed by a late Friday Pentagon announcement that it is deploying US troops to Saudi Arabia as a “first step” which could be followed by additional “kinetic” moves down the road. “As the President has made clear the United States does not seek conflict with Iran. That said we have many other military options available should they be necessary,” Defense Secretary Mark Esper said in the briefing.

Iran on Saturday responded to the move by again declaring any potential “limited” US attack on Iran would certainly lead to rapid escalation. The head of Iran’s elite Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, said in remarks broadcast on state TV that no such limited strikes would actually remain ‘limited’.

Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, via AMN News

Gen. Salami said

“Be careful, a limited aggression will not remain limited. We will pursue any aggressor.”

Clearly understanding Trump’s deep reluctance to drag the United States into yet another costly Middle East quagmire, it appears the Iranians are telegraphing that if they can convince Washington that even a small, one-off strike on Iran could spark WW3, this could dissuade the US altogether from even limited, “kinetic” missions. 

It’s likely the administration could be spit-balling the idea of missile strikes similar to Trump’s two instances of bombing Syrian government facilities — each confined to a single night, not more than hours long, but going no further in terms of expanding the scope of originally defined objectives. 

It must also be remembered that over the past summer of ratcheting tanker wars, the IRGC’s Salami has repeatedly warned of capabilities to strike American bases and ships, including carriers, in the region

“Iran’s reach is no more confined to within its borders,” Gen Salami said months ago

“A guidance and control system capable of steering a ballistic missile to hit a mobile target is a miracle of technology which is possessed by maybe one or two countries (in the world),” he had explained at the time. 

But it remains to be seen that if a US first were to be initiated whether the Iranians would actually respond. There’s little doubt, however, that even such a “limited” US missile attack would put American troops and assets stationed in the region in harm’s way

Any potential Iranian response might even start on Saudi soil, where extra US troops are now being sent, according to the Pentagon plan.


Tyler Durden

Sat, 09/21/2019 – 11:45

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Trump Pounces On Biden-Ukraine Scandal As Whistleblower Story Flips On Dems

Trump Pounces On Biden-Ukraine Scandal As Whistleblower Story Flips On Dems

President Trump and his social media team have seized on allegations that former Joe Biden abused his position as Vice President to strongarm Ukraine into firing its top prosecutor – who was leading a wide-ranging investigation into Biden’s son Hunter and the natural gas firm that paid him $50,000 per month despite his total lack of experience. 

While the Biden-Ukraine story has been simmering for the better part of five years under a firm MSM lid, the scandal has been thrust into the spotlight after the MSM peddled a ‘scandalous’ whistleblower story in which a “partisan” G-man reported that Trump made promises to a foreign leader that were inappropriate. 

Now, we come to find out that the conversation was with Ukraine’s new president, Volodymyr Zelensky, about reopening the Biden investigation – and that it did not contain a quid pro quo

And while Democrats’ hopes of finally nailing Trump appear to be melting into their sea of Russiagate tears, Trump is now capitalizing on the turnabout, bigly

“The Fake News Media and their partner, the Democrat Party, want to stay as far away as possible from the Joe Biden demand that the Ukrainian Government fire a prosecutor who was investigating his son, or they won’t get a very large amount of U.S. money, so they fabricate a story about me and a perfectly fine and routine conversation I had with the new President of the Ukraine,” Trump said this in his opening salvo over Twitter Saturday morning. 

“Nothing was said that was in any way wrong, but Biden’s demand, on the other hand, was a complete and total disaster. The Fake News knows this but doesn’t want to report!”

Trump then posted a montage beginning with Biden claiming “Not one single credible outlet has given any credibility to his [Trump’s] assertion.” 

Au contraire Biden: 

Trump’s 2020 campaign account chimed in, providing clips of the MSM investigating the Biden claims, along with a report that former Secretary of State John Kerry’s (D) son cut ties with Hunter Biden over Ukraine.

On Friday, Trump downplayed the whistleblower story, telling reporters at the White House: “I’ll tell you this, somebody ought to look into Joe Biden’s statement where He talked about billions of dollars that he’s not giving to a certain country unless a certain prosecutor is taken off the case. So, somebody ought to look into that and you wouldn’t because he’s a Democrat. And the fake news doesn’t look into things like that, it’s a disgrace,” warning the press “You’ve had a very bad week, and this will be better than all of ’em, this is another one. So keep playing it out because you’re gonna look really bad when it falls, and I guess I’m about 22 and 0 and I’ll keep it that way.”

Biden lashes out

On Friday, Biden issued a statement calling on Trump to release a transcript of his July phone call with Zelensky. 

“If these reports are true, then … It means that he [Trump] used the power and resources of the United States to pressure a sovereign nation—a partner that is still under direct assault from Russia—pushing Ukraine to subvert the rule of law in the express hope of extracting a political favor,” he said – apparently unaware of the irony that he openly bragged about doing the exact same thing years earlier.


Tyler Durden

Sat, 09/21/2019 – 11:16

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Goldman Sachs Has Just Issued An Ominous Warning About Stock Market Chaos In October

Goldman Sachs Has Just Issued An Ominous Warning About Stock Market Chaos In October

Authored by Michael Snyder via The Economic Collapse blog,

Are we about to see U.S. financial markets go crazy?  That is what Goldman Sachs seems to think, and it certainly wouldn’t be the first time that great financial chaos has been unleashed during the month of October.  When the stock market crashed in October 1929, it started the worst economic depression that we have ever witnessed.  In October 1987, the largest single day percentage decline in U.S. stock market history rocked the entire planet.  And the nightmarish events of October 2008 set the stage for a “Great Recession” that we still haven’t fully recovered from.  So could it be possible that something similar may happen in October 2019? 

According to CNBC, Goldman Sachs is warning that the stock market could soon “go crazy again”…

For investors taking a breather from the chaos in August, buckle up as the market is about to go crazy again, Goldman Sachs warned.

Wall Street is now inches away from reclaiming its record highs, but a rockier ride could be around the corner as stock volatility has been 25% higher in October on average since 1928, according to Goldman. Big price swings have been seen in each major stock benchmark and sector in October over the past 30 years, with technology and health care being the most volatile groups, Goldman said.

Goldman derivatives strategist John Marshall is the man behind this new warning, and he believes that there are some fundamental reasons why the month of October is often so volatile…

“We believe high October volatility is more than just a coincidence,” John Marshall, equity derivatives strategist at Goldman, said in a note Friday. “We believe it is a critical period for many investors and companies that manage performance to calendar year-end.”

And even though October hasn’t arrived yet, we are already starting to see some things that we haven’t witnessed since the last financial crisis.

For example, the Federal Reserve had not intervened in the repo market since 2008, but this week the liquidity crunch was so bad that the Fed felt forced to conduct emergency overnight repurchase agreement operations on Tuesday, Wednesday, Thursday and Friday.

And then on Friday the Fed announced that it will continue to conduct emergency interventions “on a daily basis for the next three weeks”

The New York Federal Reserve Bank said Friday it will inject billions into the US financial plumbing on a daily basis for the next three weeks in an effort to prevent a spike in short-term interest rates.

The Fed will offer up to $75 billion a day in repurchase agreements — exchanging secure assets for cash for very short periods — through October 10, it said in a statement.

In addition, it will offer three 14-day “repo” operations of at least $30 billion each.

In essence, the “plumbing” of our financial system has gotten all jammed up, and calling out Roto-Rooter is simply not going to get the job done.

Of course Fed officials are trying to assure us that this is no big deal and that they have everything under control.

But if all this is no big deal, why haven’t they had to conduct such emergency interventions for the last 11 years?

And this comes at a time when the deterioration of the U.S. economy appears to be accelerating.  In fact, on Friday St. Louis Fed President James Bullard publicly admitted that the U.S. manufacturing industry appears to already be in a recession

The US manufacturing sector “already appears in recession” and overall economic growth is expected to slow “in the near horizon,” St. Louis Federal Reserve Bank president James Bullard said on Friday, explaining why he dissented at a recent Fed meeting and wanted a deeper, half-percentage-point rate cut.

That is a stunning admission, because normally Fed officials try very hard to maintain the narrative that everything is wonderful because they are doing such a great job of manipulating the economy.

The American people as a whole are becoming increasingly pessimistic about the economy as well, and Gallup just released some very alarming numbers

Americans’ confidence in the economy has become less rosy this month as Gallup’s Economic Confidence Index fell to +17 from August’s +24 reading, marking the lowest level since the government shutdown ended in January.

At the same time, the public is evenly divided over the likelihood of a recession in the next year. The current expectation of a recession is nine points higher than it was in October 2007, just two months before the Great Recession began but slightly below a February 2001 reading, one month before that eight-month-long recession.

Every economic indicator that we have is telling us that big trouble is heading our way, but most Americans are partying instead of preparing.

U.S. financial markets have never been more primed for a crash than they are at this moment, and so many of the exact same patterns that we witnessed just prior to the last recession are happening again right now.

Over the past few months, my wife and I have felt a sense of urgency unlike anything that we have ever felt before.  You may have noticed a difference in our tone and in the types of stories that we have been sharing.  Everything that we have been doing has been leading up to this.  The time of “the perfect storm” is here, and most Americans won’t understand what is happening.

The storm clouds are looming and disaster could strike at any time.  This is one of the most critical times in the history of our nation, and most Americans are completely unprepared for what is going to happen next.


Tyler Durden

Sat, 09/21/2019 – 10:45

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Belgian F-16 Pilot Ejects Before Fiery Crash, Gets Caught In High Voltage Power Lines

Belgian F-16 Pilot Ejects Before Fiery Crash, Gets Caught In High Voltage Power Lines

A Belgian F-16 fighter jet crashed in Northwestern France on Thursday, leaving one of its pilots hanging by his parachute from high voltage electricity lines, according to the BBC

Both pilots had minor injuries after they ejected from the plane, which clipped the roof of a house and crashed in a field near Pluvinger. The pilot stuck in the 250,000 volt power lines was brought down after a two hour rescue operation by French emergency services.

His plane had been flying at only 1,500 feet while on a practice flight from Florennes, Belgium to a French airbase at Lorient, about 19 miles from the crash site.

A French military official, Gen Major Vansina said: 

“They needed time to free him. They had to cut the electric current, but I’ve been on the phone to him and he says he feels fine.”

Both pilots were released after hospital checks. 

Other photos from the area showed a damaged roof on one home and black smoke rising from the area. One homeowner, Patrick Kauffer, said that a wing of the plane had “taken out part of the roof on his house, causing serious damage”. 

The crash also caused fires to his shed and trees. A second resident, Cindy Le Gloanic, said she saw the pilots eject and posted photographs of the damaged house.

The plane was not carrying weapons during its flight and was reportedly in good condition when it took off. It was built in 1983. 

The head of the air force said that the pilot told him there was a problem with the engine during the flight and that he had tried to restart it.


Tyler Durden

Sat, 09/21/2019 – 10:15

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Ben Hunt: Prepare To Get Burned

Ben Hunt: Prepare To Get Burned

Authored by Adam Taggart via PeakProsperity.com,

Society is pretending its actions don’t have consequences. It’s badly mistaken…

History teaches us that there is no free lunch, reminds Dr. Ben Hunt, publisher of EpsilonTheory.com.

And science informs us that even the most simple systems become nearly impossible to predict or control with 100% precision as time and variables change.

But our society today is ignoring these lessons. It’s betting that the increasingly excessive distortions required to keep the status quo continuing will succeed, and come at no cost.

That’s a losing bet, warns Hunt:

Society burns itself on a really hot stove every three or four generations.

I think we’re at that point where the Millennials coming of age who are having to wrestle with what the Baby Boomers have done to the world. They’re going to end up burning themselves on this hot stove. The hot stove of looking to government as the answer for everything that ails you. Of looking towards your political leaders as somehow able to provide never-ending exponential growth in comfort and standard of living.

And ultimately, they’ll burn themselves — there’s no such thing as a free lunch. You’ve got pay for these things in one way or another — in terms of resource extraction, in terms of taxation, in the form of sacrifice of individual liberties.

There’s a price to be paid, though. That’s the hot stove that I’m talking about. That hot stove can manifest itself in war. That’s certainly happened in the past. It could manifest itself in the subordination or forfeit of individual liberties. That’s certainly happened in the past.

There are any number of ways in which that burning on the hot stove could happen.

Take the 0% interest rate policy that made money so readily available and so cheap. I really do think it saved the world in March of 2009. I get it. I think that’s what the central bank was created to do – to be that lender of last resort. But when it takes the position as not the lender of last resort but the lender of first resort? The lender of constant resort? That’s where we are now.

This is the consequence of over-financialization: if I’m running a corporation, I’m trying to do well by myself, by my shareholders, why in the world would I take a risky action like actually building a new factory, of actually investing for growth? Why would I take that sort of risk when I can borrow the money essentially risk-free and use it to do something that is risk-free like buy back my stock? Like give the dividend to my shareholders. All of which things drive up the value of the asset – the financial asset – all of these things which drive up the earnings per share. But none of these things are adding to productivity. I’m not investing in technology or property, plant, and equipment, in order to squeeze more juice out of my sales dollar. I’m just not squeezing at all. I’m able to use that addiction that our society has to free money, to cheap money, to generate wealth for myself and my shareholders in this non-productive way.

Is there a cost to that?” Of course, there is. We’re told that the stimulus is costless. But what it costs us, in truth, is that we’re not taking risks anymore for the future. We’re not investing in the future anymore. And where do we end up with that? We end up with essentially zombie societies and zombie economies, which just makes the ultimate burning on the hot stove that much worse.

Click the play button below to listen to Chris’ interview with Ben Hunt (44m:26s).


Tyler Durden

Sat, 09/21/2019 – 09:45

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Arab Spring 2.0?: “Sisi Must Leave” Mass Protest Rocks Egypt’s Streets Overnight

Arab Spring 2.0?: “Sisi Must Leave” Mass Protest Rocks Egypt’s Streets Overnight

Overnight mass protests popped up in the streets of Cairo involving hundreds, possibly thousands, who took over a central square of the capital to demonstrate against strongman Egyptian ruler Abdel Fatah al-Sisi.

Like the prior so-called ‘Arab Spring’ protests which rocked Egyptian streets starting in 2010 through 2011, which began the chain of tumultuous events which ended in Sisi’s taking power via coup d’état toppling the Muslim Brotherhood’s Mohamed Morsi, Friday night’s spontaneous demonstrations, which also hit the port cities of Alexandria and Suez, were the result of coordinated online organizing. 

Videos showed protesters angrily chanting anti-Sisi slogans demanding that he leave office, and in some cases destroying posters and images bearing his face. Demonstrations also reportedly occurred in the smaller cities and towns Damietta, Damanhour and Mahalla.

Pro-government television broadcasts had dismissed the sizable demonstrations, news of which quickly went viral, as minuscule and the mayhem of small groups of youths.

Other pro-government media reports said the scene around Tahrir Square, site of the first Arab Spring mass protests, was quiet; however, international correspondents cited up to “thousands” gathered there.

The protesters’ message was chiefly focused on anti-corruption, according to international reports, and is an incredibly risky endeavor in Sisi’s Egypt — given the de facto state of martial law that exists and police heavy handed tactics which include imprisoning journalists, and widespread reports of torture.

Limited clashes with police were reported late Friday, with security services deploying tear gas and possibly other riot control measures.

As The Guardian reports, citing close to 60 arrests overnight

Security forces moved to disperse the small and scattered crowds in Cairo late on Friday using teargas but many young people stayed on the streets in the centre of the capital, shouting “leave, Sisi”, Reuters reporters at the scene said.

At least 55 people were arrested on the charge of demonstrating without permission, according to one local media outlet citing Egypt’s Ministry of the Interior. The Cairo-based Egyptian Centre for Economic and Social Rights recorded 36 arrests in Cairo and outside of the capital. The number of those arrested is expected to rise.

Despite those taking to the streets potentially facing immediate arrests, Friday’s demonstrations were impressive enough in size to likely continue through the weekend, and could get fiercer as they gain in momentum. 

No matter how large such anti-Sisi street demonstrations might become, they are unlikely to gain much support or acknowledgement out of the White House, given Egypt’s military ‘deep state’ has for decades since the 1979 Egypt-Israel peace treaty was signed just after the Camp David Accords, been bought and paid for by American foreign aid. 

Trump’s recent outburst at the G7 summit in France might also be an indicator of where things stand: he reportedly called out “Where’s my favorite dictator!” while referencing the Egyptian president. 


Tyler Durden

Sat, 09/21/2019 – 09:15

via ZeroHedge News https://ift.tt/30lKo0S Tyler Durden