Ron Paul Warns, Reckless Congress Just ‘Declared War’ On Russia

Authored by Ron Paul via The Ron Paul Institute of Peace & Prosperity,

 

Yesterday the US House passed what I consider to be one of the worst pieces of legislation ever. H. Res. 758 was billed as a resolution “strongly condemning the actions of the Russian Federation, under President Vladimir Putin, which has carried out a policy of aggression against neighboring countries aimed at political and economic domination.”

In fact, the bill was 16 pages of war propaganda that should have made even neocons blush, if they were capable of such a thing.

These are the kinds of resolutions I have always watched closely in Congress, as what are billed as “harmless” statements of opinion often lead to sanctions and war. I remember in 1998 arguing strongly against the Iraq Liberation Act because, as I said at the time, I knew it would lead to war. I did not oppose the Act because I was an admirer of Saddam Hussein – just as now I am not an admirer of Putin or any foreign political leader – but rather because I knew then that another war against Iraq would not solve the problems and would probably make things worse. We all know what happened next.

That is why I can hardly believe they are getting away with it again, and this time with even higher stakes: provoking a war with Russia that could result in total destruction!

If anyone thinks I am exaggerating about how bad this resolution really is, let me just offer a few examples from the legislation itself:

The resolution (paragraph 3) accuses Russia of an invasion of Ukraine and condemns Russia’s violation of Ukrainian sovereignty. The statement is offered without any proof of such a thing. Surely with our sophisticated satellites that can read a license plate from space we should have video and pictures of this Russian invasion. None have been offered. As to Russia’s violation of Ukrainian sovereignty, why isn’t it a violation of Ukraine’s sovereignty for the US to participate in the overthrow of that country’s elected government as it did in February? We have all heard the tapes of State Department officials plotting with the US Ambassador in Ukraine to overthrow the government. We heard US Assistant Secretary of State Victoria Nuland bragging that the US spent $5 billion on regime change in Ukraine. Why is that OK?

 

The resolution (paragraph 11) accuses the people in east Ukraine of holding “fraudulent and illegal elections” in November. Why is it that every time elections do not produce the results desired by the US government they are called “illegal” and “fraudulent”? Aren’t the people of eastern Ukraine allowed self-determination? Isn’t that a basic human right?

 

The resolution (paragraph 13) demands a withdrawal of Russia forces from Ukraine even though the US government has provided no evidence the Russian army was ever in Ukraine. This paragraph also urges the government in Kiev to resume military operations against the eastern regions seeking independence.

 

The resolution (paragraph 14) states with certainty that the Malaysia Airlines flight 17 that crashed in Ukraine was brought down by a missile “fired by Russian-backed separatist forces in eastern Ukraine.” This is simply incorrect, as the final report on the investigation of this tragedy will not even be released until next year and the preliminary report did not state that a missile brought down the plane. Neither did the preliminary report – conducted with the participation of all countries involved – assign blame to any side.

 

Paragraph 16 of the resolution condemns Russia for selling arms to the Assad government in Syria. It does not mention, of course, that those weapons are going to fight ISIS – which we claim is the enemy — while the US weapons supplied to the rebels in Syria have actually found their way into the hands of ISIS!

 

Paragraph 17 of the resolution condemns Russia for what the US claims are economic sanctions (“coercive economic measures”) against Ukraine. This even though the US has repeatedly hit Russia with economic sanctions and is considering even more!

 

The resolution (paragraph 22) states that Russia invaded the Republic of Georgia in 2008. This is simply untrue. Even the European Union – no friend of Russia – concluded in its investigation of the events in 2008 that it was Georgia that “started an unjustified war” against Russia not the other way around! How does Congress get away with such blatant falsehoods? Do Members not even bother to read these resolutions before voting?

 

In paragraph 34 the resolution begins to even become comical, condemning the Russians for what it claims are attacks on computer networks of the United States and “illicitly acquiring information” about the US government. In the aftermath of the Snowden revelations about the level of US spying on the rest of the world, how can the US claim the moral authority to condemn such actions in others?

 

Chillingly, the resolution singles out Russian state-funded media outlets for attack, claiming that they “distort public opinion.” The US government, of course, spends billions of dollars worldwide to finance and sponsor media outlets including Voice of America and RFE/RL, as well as to subsidize “independent” media in countless counties overseas. How long before alternative information sources like RT are banned in the United States? This legislation brings us closer to that unhappy day when the government decides the kind of programming we can and cannot consume – and calls such a violation “freedom.”

 

The resolution gives the green light (paragraph 45) to Ukrainian President Poroshenko to re-start his military assault on the independence-seeking eastern provinces, urging the “disarming of separatist and paramilitary forces in eastern Ukraine.” Such a move will mean many more thousands of dead civilians.

To that end, the resolution directly involves the US government in the conflict by calling on the US president to “provide the government of Ukraine with lethal and non-lethal defense articles, services, and training required to effectively defend its territory and sovereignty.” This means US weapons in the hands of US-trained military forces engaged in a hot war on the border with Russia. Does that sound at all like a good idea?

There are too many more ridiculous and horrific statements in this legislation to completely discuss. Probably the single most troubling part of this resolution, however, is the statement that “military intervention” by the Russian Federation in Ukraine “poses a threat to international peace and security.” Such terminology is not an accident: this phrase is the poison pill planted in this legislation from which future, more aggressive resolutions will follow. After all, if we accept that Russia is posing a “threat” to international peace how can such a thing be ignored? These are the slippery slopes that lead to war.

This dangerous legislation passed today, December 4, with only ten (!) votes against! Only ten legislators are concerned over the use of blatant propaganda and falsehoods to push such reckless saber-rattling toward Russia.

Here are the Members who voted “NO” on this legislation. If you do not see your own Representative on this list call and ask why they are voting to bring us closer to war with Russia! If you do see your Representative on the below list, call and thank him or her for standing up to the warmongers.

Voting “NO” on H. Res. 758:

1) Justin Amash (R-MI)
2) John Duncan (R-TN)
3) Alan Grayson, (D-FL)
4) Alcee Hastings (D-FL)
5) Walter Jones (R-NC)
6) Thomas Massie (R-KY)
7) Jim McDermott (D-WA)
8 George Miller (D-CA)
9) Beto O’Rourke (D-TX)
10 Dana Rohrabacher (R-CA)




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Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades

Screen Shot 2014-12-05 at 3.39.28 PMWall Street has for some time attempted to put taxpayers on the hook for its derivatives trades. I highlighted this a year ago in the post: Citigroup Written Legislation Moves Through the House of Representatives. Here’s an excerpt:

Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:

continue reading

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Energy Bond Crash Contagion Suggests Oil Will Stay Lower For Longer

When we first explained to the public here, that the excessive leverage and currently squeezed cashflow of many US oil producers could “trigger a broader high-yield market default cycle,” the world’s smartest TV-anchors shrugged off lower oil prices as ‘unequivocally good’ for all. Now, as a 40% collapse in new well permits and liquidations occurring at the well-head, the world outside of credit markets is starting to comprehend the seriousness of the crash of a sector that was responsible for 93% of jobs created in this ‘recovery’.

 

 

The credit risk of HY energy corporates has more than doubled to a record 815bps (over risk-free-rates) crushing any hopes of cheap funding/rolling debt loads. Suddenly expectations of 1/3rd of energy firms restructuring is not so crazy…

The chart above suggests another problem for hopers… credit markets – the most sensitive to cashflows at this stage – are signalling either prices have considerably further to fall or will remain at these thinly-profitable-if-at-all prices for considerably longer…

*  *  *

There is a bigger problem though. As the following chart shows, there is clear ‘selling’ of high-yield bonds (and some hedging) which has crushed the most-liquid (HYG ETF) instrument for actual yield risk.

 

In other words, there is contagion and managers are rotating from protection to selling and reducing exposure.

 

Charts: Bloomberg




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5 Things To Ponder: Unstoppable Force Paradox

Submitted by Lance Roberts of STA Wealth Management,

As we enter the final month of the year, the markets advance got me thinking about something known as the "Unstoppable Force Paradox." While you may not be familiar with the name, you will certainly know the definition which questions "What happens when an unstoppable force meets an immovable object?"

Even Frank Sinatra sang about it in "Something's Gotta Give:"

The paradox arises because it rests on two premises—that there exist such things as irresistible forces and immovable objects. The paradox is that both cannot both be true at same time. If there exists an irresistible force, it follows logically that there cannot be any such thing as an immovable object and vice versa.

However, that has become the general view of the financial markets currently. As discussed in yesterday's missive on excessive exuberance, investors have been lulled into a state of complacency due to a seemingly "unstoppable" rise in the financial markets. Bad news remains good news, and even small drawdowns are quickly reversed sending stocks surging higher.

AAII-INVI-BullBear-Ratio-120414

Eventually, the paradox of what happens when a seemingly unstoppable force collides with an immovable will be answered. Historically, such realizations have not been kind to investors. 

This weekend's reading list takes a look at the reasons why stocks could rise higher, and the potential they won't. The question to be answered is "What will you do when the immovable object is met."


 

1) Stocks Set For A Santa Rally If No Bad News by Adam Shell via USA Today

December-Market-Stats-120414

"The combination of seasonal strength, strong business fundamentals and valuations at or below long-term averages increases the odds that stocks can continue to rise into the year's end, perhaps as much as 2%, says Sam Stovall, U.S. equity strategist at S&P Capital IQ.

"In support of history, we think the S&P 500 should do well in December," Stovall says. "Our projection for solid November employment gains (when the results are released Dec. 5), our forecasts for improving holiday retail sales and the prospects for better-than-expected fourth-quarter profit growth should help maintain the market's upward momentum."

 

2) Sorry, Santa Won't Deliver Year-End Gains by Mark Hulbert via MarketWatch

"For this column I surveyed the several hundred advisers monitored by the Hulbert Financial Digest in search of a precise definition for the Santa Claus Rally. I came up with three more or less distinct possibilities, and I subjected each to statistical scrutiny."

 

1) The Stock Market Rallies At Some Point During December

2) December Tends To Be A Good Month For Stocks

3) Stock Market Tends To Perform Well Between Christmas And New Year's

 

"The bottom line? For this definition, as well as the first two, the statistical basis of the Santa Claus Rally is too weak to make it worth the bother."

 

3) The Fed's Economic Coup – Why Every Asset Price Is Manipulated by David Stockman via ContraCorner

"Now in a recent forked-tongue effort to deny the existence of a Fed “put” under the stock market, Goldman’s plenipotentiary at the Fed, perhaps better referred to as B-Dud, has told us exactly that. If the monetary politburo deems that the nation’s economic bathtub is not full to the brim and therefore requires 'extremely accommodative' policy, the central bank will indeed deliberately pump-up the S&P 500 to achieve its misguided ends."

 

4) James Montier: "Stocks Are Hideously Expensive" via ZeroHedge

"Four words seem to define the current mood in financial markets: There Is No Alternative. Yes, equity markets might be somewhat expensive, but considering the alternatives – bonds and cash –, they are still the best investment. The correction in October turned out to be a mere hiccup in a solid bull market.

 

But James Montier remains skeptical. The value investor and member of the asset allocation team at Boston-based asset manager GMO sees the stock market in a near-bubble and warns investors from being complacent. 'To think that central banks will always be there to bail out equity investors is incredibly dangerous,' says the outspoken Brit. His source of wisdom in current markets comes from none other than Winnie the Pooh: 'Never underestimate the value of doing nothing.'"

Read Also: It's Painful Waiting For The Bubble To Burst via Comstock Partners

 

5) A Rising Aversion To Risk by Michael Kahn via Barron's

"Interpretation of the economic implications of the changing relationships of asset classes is beyond the realm of technical analysis. Still, action in the global bond market is hard to ignore right now with U.S. and many European government bond prices rising while riskier junk-bond prices are falling.

 

This suggests rising risk aversion. Despite climbing U.S. stock prices, the credit market's action—with yields on government obligations falling to unprecedented lows while riskier credits' yields are rising—implies nervousness about the global economy. Perhaps—though drawing big conclusions about the global economy is well beyond the scope of this column.

 

In my view, the bond market is telling us two things. First, low yields across the globe point to economic weakness, which is being met by ultralow rates set by central banks that are likely to persist. Second, risk aversion is growing even as the Dow Jones Industrial Average notches new records. Taking it easy with your money is probably a good idea."

Read Also: A Stock Market Correction Is Imminent by Lawrence McMillan via MarketWatch

Chart Of The Day: "Something's Gotta Give"

Somthings-Gotta-Give-120414


"In 1979, an unstoppable force met an immovable object. Chuck Norris kicked Mr. T in the jaw. The result was the '80s." — Chuck Norris Facts

Have A Great Weekend




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NYPD Cop Shoots Unarmed Man, Texts Union Rep Instead of Calling for Help

Akai Gurley's daughter.Rookie NYPD cop Peter Liang texted his union
representative and was “incommunicado for more than six and a half
minutes” as Akai Gurley, the unarmed man he shot in the
stairwell of a Brooklyn housing project, lay dying.

Liang had been holding his gun in one hand and a flashlight in
the other as he entered an unlit stairwell when he was startled by
the noise of Gurley and his girlfriend, Melissa
Butler, entering the stairwell one floor below. Liang
claims his gun accidentally discharged
, sending a ricocheting
bullet into Gurley’s chest.

The
New York Daily News
 
reports that in the crucial
minutes following the shooting, Liang and his partner did not try
to get medical attention for the grievously wounded man and could
not be reached by either their commanding officer or the 911
dispatcher who fielded a call from a neighbor reporting
gunshots. 

It gets worse. Sources told the Daily News that the
text messages revealed the officers didn’t know the exact address
of the building they were in, and that “Deputy Inspector Miguel
Iglesias, then the head officer of the local housing command,
ordered them not to carry out such patrols, known as verticals.”
Iglesias added, “I want a presence on the street, in the
courtyards—and if they go into the buildings they were just
supposed to check out the lobby.”

After the shooting, Liang was described as
“panicked” and “a crying mess,”
 which is an understandable
human reaction when you have just shot someone whose one false move
was taking the stairs after growing impatient with waiting for a
slow moving elevator. However, if Liang indeed texted
his union representative rather than calling for help, that
demonstrates a calculated awareness that he was in deep trouble and
his first priority was saving himself.

The Daily News cites court insiders as saying
“while the shooting may have been a mishap, the cops’ subsequent
conduct can amount to criminal liability.” A lawyer for the Gurley
family hopes the case is at least presented to a grand jury and as

Reason‘s Brian Doherty
noted, political pressure is
mounting for Liang to be prosecuted. Brooklyn District Attorney
Kenneth Thompson has promised “an immediate, fair and thorough
investigation.”

In the meantime, Liang remains on “modified duty,” protected
from even an internal affairs investigation unless the D.A. presses
charges against him. In a post earlier today,

Reason‘s Ed Krayewski
wrote about how police
unions, like all public sector unions, circle the wagons in a
crisis even if it means defending bad employees:

They can be fired, but not always. Many police
departments, including New York’s, have generous job protections
for police officers. These privileges, masquerading as “due
process,” protect bad cops. Defenders of public unions say it isn’t
fair to fire a public employee merely for the appearance of
impropriety, bias, or even corruption and criminality.

Serious police reform will require the cooperation of
police unions, but Republicans generally refuse to take them on,
lest they appear out of step with their “law and order” base, and
many Democrats would rather avoid being seen as opponents of any
public sector union. 

In a scathing
piece on the police lobby
at Vice, occasional
Reason contributor Michael Tracey
wrote:

What if their overriding mantras were something along the lines
of “serve the community” instead of “get home from your shift
alive”?

The only way to change this is through difficult, tedious
governmental reform—not fancy speeches or racial sensitivity
seminars—and the police lobby will ferociously oppose such efforts
at every step.

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Rolling Stone’s Botched Account of a UVA Gang Rape Does a Disservice to Rape Victims

By
failing to make basic efforts to check the facts of its
attention-grabbing story about an alleged gang rape at a University
of Virginia fraternity house,
Rolling Stone
has done a tremendous disservice to rape victims.

Now, when victims tell their stories, and when journalists or
advocates report on those stories or share them publicly in any
way, those inclined to disbelief will have a prominent example of a
shocking, horrific story that was reported as if true, and that was
initially defended by its reporter and editor even when significant
questions were raised about the strength of the reporting.

Reporter Sabrina Rubin Erdely’s
piece
, “A Rape on Campus: A Brutal Assault and Struggle for
Justice at UVA,” opens with a detailed, ugly account of the
alleged gang rape of a young women named Jackie at a date function
at UVA’s Phi Kappa Psi fraternity house in the fall of 2012. In the
story, Jackie is lured into a dark room by her date, then pushed to
the ground, through a glass table, and raped for hours by multiple
men, including one who uses a glass bottle. The story is told
without any journalistic distance. It’s presented not as what
allegedly happened, but what did.

Since the story was published, the magazine repeatedly offered
assurances that the story had been thoroughly reported and verified
before publication. “Through our extensive reporting and
fact-checking, we found Jackie to be entirely credible and
courageous and we are proud to have given her disturbing story the
attention it deserves,” a statement
sent
to The Washington Post declared earlier this
week. In response to a separate set of questions from another
reporter at the Post, Erdely insisted that she found the
story credible. “I think I did my due diligence in reporting this
story; RS’s excellent editors, fact-checkers, and lawyers all
agreed,” she
said
in an email. Story editor Sean Woods also
vouched
for the story. 

What
the follow-up investigation
published by The Washington
Post
this afternoon makes clear is that very basic steps to
corroborate details surrounding the central event in the story—the
alleged gang rape of a young student named Jackie—were not taken at
all. And in the course of defending the story against critics,
Erdely and Woods were cagey and arguably misrepresented what they
actually knew and had confirmed about the story’s most prominent
event.

Erdely, for example, told Slate that she had attempted
to contact the accused. On a
podcast
with several of Slate’s editorial staffers,
she was asked, “Did you try and call them? Was there any
communication between you and them?” She
responded
, “Yeah, I reached out to them in multiple ways,” and
then said “they were kind of hard to get in touch with because
their contact page was pretty outdated.” Erdely was asked multiple
questions about whether she contacted “the boys” and “the actual
boys” involved, but responded only that she ended up speaking to
two national figures involved in the fraternity. 

It’s now clear that Erdely did not reach out to the individuals
accused of perpetrating the attack. She agreed not to as part of a
deal with Jackie. According to Rolling Stone’s own

statement
today, “We decided to honor her request not to
contact the man she claimed orchestrated the attack on her nor any
of the men she claimed participated in the attack for fear of
retaliation against her.”

Indeed, it appears that not only did Erdely not contact the
accused, the follow-up in the Post indicates that she did
not know the full name of the alleged primary assailant. “Earlier
this week,” the report says, “Jackie revealed to friends for the
first time the full name of her alleged attacker, a name she had
never disclosed to anyone.” Emphasis on
anyone. Unless the Post’s follow-up report
is mistaken, then that includes Erdely and the fact-checkers at
Rolling Stone.

Yet that is not what Woods, the editor on Erdely’s story,
told The Washington Post earlier this week. “We
verified their existence,” he
said to
 the Post, indicating that the magazine
had checked with Jackie’s friends. “I’m satisfied that these guys
exist and are real. We knew who they were.” If Jackie had truly
never revealed the name of the attacker to anyone, then
what Woods said cannot have been true.

In fact, according to the Post, the individual Jackie
named this week isn’t even a member of Phi Kappa Psi, the
fraternity at the center of the story. The Post appears to
have been unable to definitively identify an individual who matches
every one of the details Jackie gave in the story. 

Erdely also apparently failed to corroborate other basic details
from Jackie’s story. Her Rolling Stone report says
that the rape happened during fraternity rush, at a date event on
September 28, 2012, and that the primary assailant worked as a
lifeguard with Jackie on campus. Erdely did check that Jackie was a
lifeguard. But no corroboration was provided for the other details,
and an official statement
from the Phi Kappa Psi fraternity this afternoon
disputes all
of them: There was no social function of any kind the week of
September 28, 2012, rush—the frat’s pledging period—takes place in
the spring rather than the fall, and no Phi Kappa Psi member
appears on the aquatic centers employee roster for 2012, the
statement says.

These details cannot have been impossible to check; in less than
a week, The Washington Post managed to check many of
them. We don’t have a complete accounting of Erdely’s
reporting methods, but what seems likely is that Erdely’s
confirmations of Jackie’s story came entirely from people who had
heard Jackie tell the same story that she told to Erdely;
essentially, the entire account originated from a single
source.

But even Jackie’s friends in the sexual assault awareness
advocacy community at UVA, people who have no interest in her story
being untrue, have now “come to doubt her account,”
according
to the Post’s follow-up today.
They believe that something traumatic happened to
Jackie, but they too have tried to check her story, and found
inconsistencies and details that cannot be proven or verified.

Advocates for rape victims and sexual assault awareness
understandably tend to prioritize support, communication, and
community building; they do not have a great responsibility to
doubt, to verify, and to rigorously check all the minute details of
the accounts they hear. But journalists do. To be sure, this sort
of checking is almost always difficult, time-consuming, and
stressful. Inevitably, some mistakes will be made (I’ve certainly
made a few regretful errors of my own). There are tradeoffs between
time and accuracy. But the more sensational the story, the more
shocking and potentially consequential its allegations, the more
that effort is necessary—especially with a long-form account that
is not under the pressures and deadlines of daily journalism, and
especially when the subject and major source of the story tries to
back out, as Jackie apparently did. 

The Post’s damning follow-up story today makes it clear
that, despite its claims to diligence, Erdely and Rolling
Stone
simply didn’t make much effort at all. And by failing so
thoroughly to corroborate so many essential details of Jackie’s
account—and by insisting, even after reasonable questions were
raised, that the story had been verified to be true, they have made
life much harder for the same victims of assault and advocates of
awareness that a story like this ought to
help. 

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Gang Rape Story’s Credibility Blasted, Garner Grand Jury Denied Options, Supreme Court to Consider First Amendment and License Plates: P.M. Links

  • "Won't somebody think of the children? They're delicious!"Some of the information
    presented in the horrific gang rape described in Rolling
    Stone
    has been
    contradicted
    and the magazine is now
    acknowledging
    that there are discrepancies in the story it
    published.
  • The district attorney who brought the officer who killed Eric
    Garner in to the grand jury left off the possibility for the jury
    to indict the officer with
    reckless endangerment
    . They were only presented the options of
    manslaughter and criminally negligent homicide.
  • Everybody is
    resigning from The New Republic,
    unhappy with the
    Internet-jargon-spewing leadership that pushed out its top
    editors.
  • China’s former security chief has been arrested for
    corruption
    and expelled from the Communist Party.
  • The Supreme Court will hear a case considering whether the

    content or symbols on vanity license plates
    are protected by
    the First Amendment and cannot be censored because of concerns
    about offensiveness.
  • Drink up! Today is the anniversary of the end of
    the Prohibition
    . Just don’t smoke at the bar because it’s
    illegal.

Reason’s annual Webathon is underway! Your
(tax-deductible!) gift will help

Reason magazine, Reason.com, and
Reason TV bring the case for “Free Minds and Free Markets” to
bigger and bigger audiences. For giving levels and associated
swag,
go here now.

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David Harsanyi on How Stupid Laws Help Kill People

In the case of Eric Garner’s death, police were
enforcing a law that has nothing to do with violence—not in the
short or long term. It exists to shield people from their own
lawful habit. High cigarette taxes were cooked up, for the most
part, to artificially inflate the price of a product politicians
and voters dislike so that others would not be able to afford it.
New York has by far the highest cigarette taxes—over 5 bucks a
pack. Unsurprisingly, the policy has spurred a black market.
 

The Garner case should remind us that government is force and
that more government has predictable returns, argues David
Harsanyi. If you believe cops are racists or generally out of
control, why give them more opportunity?

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Third Hindenburg Spotted In Best Week For Silver Since June, Crude Crucified

High-yield credit markets saw spreads widen 12bps on the week and high-yield bond prices fell notably as energy stocks faded after Monday's exuberant dead-cat-bounce. Trannies tumbled today off early exuberance gains, ending the week the biggest loser despite lower oil prices. Today's jobs data sparked initial "good news is bad news" weakness, was ramped to Europe's close then faded with Nasdaq and S&P red post-Payrolls. Treasury yields rose on the day (and week) with dramatic flattening as 2Y-7Y maturities up 17-20bps on the week and 30Y only 7bps higher. 2Y yields exploded 17bps for the worst week since Feb 2011 to Apr 2011 highs. The USDollar closed higher today (up 1.25% on the week) led by dramatic JPY weakness (and EUR fading). Despite USD strength, gold gained 2% on the week and silver +5.4% (best week in 6mo) even as oil lost 0.75% for its lowest close since July 2009. VIX tested down to an 11 handle but closed peeking back into a 12 handle, lower on the week. For the 3rd day of the last 4, internals created a Hindenburg Omen cluster.

 

Hindenburg Omen cluster is building… 3rd in 4 days

 

US equity markets (futures) post-payrolls…

 

The Dow tried to get to 18,000 to prove jobs data was awesome-tastic… but could only manage 17,991.19… as we closed there was the ubiquitous 'fat finger' to try and slam the close

 

On the day session, early gains faded quick after Europe closed… but as soon as the S&P crossed red the ramp efforts began with VIX

 

Leaving Trannies and Nasdaq down on the week…

 

HY credit notably underperformed…

 

On the week, Treasury yields are notably higher with signficant flattening…

 

5Y yield rose most in 9 months today and had their biggest week since Aug 2013

 

And 2Y Yields exploded on the week…

 

The USDollar gained 1.25% on the week, led by JPY weakness and EUR fading…

 

And Despite the USD strength gold and silver surged and oil faded… (gold's best week in 2 months, silver's best in 6 months, oil down 9 of last 10 weeks)

 

WTI's week was all about the bounce and fade…

 

Charts: Bloomberg

Bonus Chart: Energy Sector High Yield Bond risk exploded…




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Most Transparent Administration Ever Begging to Stop Release of Senate Torture Report

Guys, you're just giving them another reason to never release the report.The Senate Intelligence
Committee’s extremely long, extremely embattled effort to produce a
report describing the methods and impact of the federal
government’s use of torture during the Iraq War is supposed to be
reaching an end. Beltway rumors were that the part of the report
intended for public review, a 600-page executive summary, was
supposed to be released next week.

But that’s not going to happen if the Obama administration has
its way. Secretary of State John Kerry has been deployed to beg Sen
Dianne Feinstein (D-Calif.) to continue delaying the report’s
release, despite the administration’s official public support. The
information comes from Josh Rogin at
Bloomberg View
:

Kerry was not going rogue — his call came after an
interagency process that decided the release of the report early
next week, as
Feinstein had been planning
,  could complicate
relationships with foreign countries at a sensitive time and posed
an unacceptable risk to U.S. personnel and facilities abroad.
 Kerry told Feinstein he still supports releasing the report,
just not right now.

“What he raised was timing of report release, because a lot is
going on in the world — including parts of the world particularly
implicated — and wanting to make sure foreign policy implications
were being appropriately factored into timing,” an administration
official told me.  “He had a responsibility to do so because
this isn’t just an intel issue — it’s a foreign policy issue.”

But those concerns are not new, and Kerry’s 11th-hour effort to
secure a delay in the report’s release places Feinstein in a
difficult position: She must decide whether to set aside the
administration’s concerns and accept the risk, or scuttle the
roll-out of the investigation she fought for years to preserve.

Remember, Feinstein will not be head of the intel committee for
much longer. She’s losing her leadership as of next week thanks to
the results of the November election that will bring in a
Republican Senate. Sen. Richard Burr (R-N.C.) will be taking over
as chair of the Senate Intelligence Committee and he’s
openly critical
of Feinstein’s hindsight-oriented leadership
and is not a fan of transparency. If Feinstein agrees with the
administration’s request it could potentially result in the torture
report’s release being delayed for years. Or you know, forever,
since there will never be a time where “foreign policy
implications” will not be a factor in the release of a report about
the United States torturing the citizens of other countries to get
information.

Read more about the wrangling about the report from Rogin

here
and how the CIA engaged in illegal surveillance on Senate
staffers while they were putting together the report
here
. And then think for a minute about the administration is
trying to turn its own party’s loss in the midterms as a way to be
less transparent to the American people about what the government
has done in their name.

UPDATE: According to a tweet from Shawna
Thomas
at NBC, the State Department is denying trying to delay
the report’s release.

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