Month: July 2014

The ongoing transition of gold price manipulation from conspiracy theory to conspiracy fact just escalated as Bloomberg reports, Peter Hambro, chairman of Russia’s 2nd largest gold producer Petropavlovsk Plc, said he was “horrified” by the manipulation of the London fix given its importance to the industry. One wonders just how many of these individuals, involved in the manipulation, Hambro is dinner-party friends with?

 

As Bloomberg reports,

“When I read the reports on what people had been doing to it, I was horrified,”Hambro said in an interview today. “It is something that is really important to people in the industry. It’s something that we use in a big way as we deliver our gold, that’s how we price.”

 

Barclays Plc was fined $44 million earlier this year after a trader sought to influence the gold fix in 2012. The gold fixing takes place twice a day by phone and is used by mining companies to central banks to trade or value the metal.

 

The banks conducting the century-old London gold fixing and the London Gold Market Fixing Ltd., which runs the procedure, are seeking to revamp the process. Deutsche Bank AG’s exit from the process this year as it scales back its commodities business left Societe Generale SA, Bank of Nova Scotia, HSBC Holdings Plc and Barclays to conduct fixings.

 

“To have something that we can rely on is vitally important,” said Hambro, who previously traded bullion at Marc Rich Group and Mocatta & Goldsmid Ltd. “I look forward to its continuing existence.”

*  *  *

While we believe Hambro is right to be “horrified;” after 10 years of manipulation (downwards at least two-thirds of the time in six different years between 2004 and 2013. In 2010, large moves during the fix were negative 92 percent of the time), we suspect he knew something was going on…

via Zero Hedge http://ift.tt/1t0GSBS Tyler Durden

By: Chris Tell at: http://ift.tt/146186R

There are essentially three main reasons for using Banks:

1. Storing cash for ease of transacting;
2. Keeping cash safe from theft;
3. Earning interest on your capital.

As a teenager I remember opening my first bank account, diligently saving my money and watching it slowly grow. Receiving “official” mail was cool. I felt important by simply receiving my monthly bank statements with my name on the envelope.

I was confident that by banking my cash I was protecting my capital. After all, it seemed a better idea than sticking it in my sock drawer, and I soon found that I was earning interest on my money, something else my sock drawer couldn’t provide.

Little did I know or understand how modern banking actually worked back then, though it’s only gotten worse since I opened that first bank account many years ago. Much worse, in fact.

In Europe, Banks reserve ratios have literally collapsed, despite what the “stress tests” conducted by Eurocrats want us to believe. Passing a European Banking stress test these days is a little like farting – easy to do, mostly hot air, and yet it typically warns of something else coming down that isn’t going to be pretty. And for those who see the writing on the wall, they know it stinks.

As Reuters recently reported:

European banks have a combined capital shortfall of about 84 billion euros ($115 billion), German weekly WirtschaftsWoche reported, citing a new study by the Organisation for Economic Cooperation and Development (OECD).

French bank Credit Agricole has the deepest capital shortfall at 31.5 billion euros, while Deutsche Bank and Commerzbank have gaps of 19 billion and 7.7 billion respectively, the magazine reported in a pre-release of its Monday publication.

If you’d like your eyes to bleed, you’re welcome to read the entire report here.

It is no surprise that cash withdrawal limits are being implemented across Europe, and cash transactions of more than a fleeting amount are actually being banned. Yep, it is actually illegal to purchase anything over 1,000 Euro using cash.

Want to have a big party night in Berlin? No problem. Go to the ATM and withdraw a couple hundred Euro in cash. If you’re a central banker out for a taxpayer-funded soiree, (un)fortunately you’ll have a problem, as you’ll likely need to withdraw a few thousand Euro (hookers and blow aren’t cheap). I wonder how they’re going to pay for services rendered now? With a Visa card?

It was only a few months back that HSBC were publicly humiliated for restricting cash withdrawals by its customers. Now this is becoming commonplace across Europe.

Why are they doing this?

Two reasons:

1. Bank runs are a real risk if the populace actually wakes up;
2. Controlling the flow of money allows the controlling of people. Ensuring that transactions are all digital guarantees that financial privacy is vaporised.

None of the above information is particularly enlightening for those paying attention. However, what is going on to combat this might raise a few eyebrows. I thought I’d relay a little story which came out of a conversation I had last week with a friend.

Switzerland, once known for its robust banking privacy and healthy capital ratios, despite all of Europe’s troubles, is still home to large pools of wealth. My friend maintains a relationship with an old banking colleague, who is currently working with fiduciaries in Switzerland to get client money out of their own bank accounts and into physical cash. These clients are no longer allowed to withdraw large amounts of cash, THEIR cash, directly from the banks any longer. However, they are free to wire funds anywhere they please.

What is therefore happening is that the fiduciaries are wiring the money to Hong Kong, where it is picked up by a “messenger” and placed in an envelope to be couriered BACK to Switzerland, in cash. There are currently no restrictions on remitting cash into Switzerland. Right now a loophole exists, and these wealthy clients are moving many millions of dollars each week – wiring it out of the country only to have it sent back in cash. No doubt they’re looking to put it in the sock drawer! What do they see that the man on the street doesn’t?

Remember the 3 reasons for using a bank account mentioned at the beginning of this article?

1. Storing cash for ease of transacting – This is still valid so long as you use the system.
2. Keeping cash safe from theft – The words “safe” and “bank”, at least with most European banks that is, should not be used in the same sentence. Aside from the theft occurring on a daily basis by our central bankers, the risk to waking up one day to a nationalization of your European bank is a real and present risk.
3. Earning interest on your capital

Central bankers have single-handedly destroyed any incentive to place capital into the traditional banking system for yield. Anyone buying CDs thinking they’re safe and that they provide a satisfactory return is simply delusional.

– Chris

 

“The Eurozone was never designed to cope with millions of Spaniards moving their money out of the country, behaving like middle-class Venezuelans with offshore accounts in Miami. And it also was never designed to cope with capital controls. But increasingly, it looks like we’re going to end up with one or the other. Or both.” – Felix Salmon

via Zero Hedge http://ift.tt/UraYzM Capitalist Exploits

Submitted by Michael Snyder of The American Dream blog,

Why are so many plagues hitting the United States all of a sudden?  Yes, one can always point out bad stuff that is happening somewhere in the country, but right now we are facing a nightmarish combination of crippling drought, devastating wildfires, disastrous viruses, dying crops and superbugs that scientists don’t know how to kill.  And as you will see, we even have a plague of flies down in Mississippi.  So what in the world is going on? 

The following are ten plagues that are hitting America right now…

#1 The Plague Of Flies In The Upper Mississippi River Valley

This is perhaps the least dangerous plague, but it is also one of the most interesting.  Just recently, a plague of flies was so thick in the upper Mississippi River valley that it showed up on radar…

The mayflies were detectable on radar around 845 pm and reports in the towns and cities began rolling in of the swarming and piles of mayflies. Numerous videos and pictures were circulating on social media, some of which are posted below as well.

 

The radar detected the flies about 845 pm, emanating from the river (the source) with echo values similar to that of light-moderate rain (35-40 dBZ). With a general south-to-north wind flow above the surface, the mayflies quickly moved north once in the air. As the flies dispersed moving north-northeast, they also gained altitude with some of the echo being detected as far north as Black River Falls and as high as 2500 feet above ground.

 

By late evening, mayflies were swarming in La Crosse, La Crescent, Stoddard and points up and down the river. While the emergence of mayflies from their river bottom mud dwelling can occur at various times through the warm season depending on the species, this particular emergence was that of the larger black/brown Bilineata species.

Here is one photo of the flies that was posted by the federal government…

#2 The Chikungunya Virus

As I wrote about the other day, down in Florida health officials have discovered the very first confirmed cases of the chikungunya virus to be transmitted locally.  In other words, it is now being passed to people that have not even traveled out of the country.

An epidemic of the virus has already been declared down in Puerto Rico, and authorities are deeply concerned about the possibility of one up here as well.

Already, cases of the virus have been reported in 30 different states and the total number of cases in the U.S. is more than five times higher than in any other recent year.

If you live in an area that has a lot of mosquitos, you might want to be very, very careful right about now because this is a virus that is exceedingly painful…

With illness onset, the person develops high fever, chills, and joint pain, followed in some by a rash on the trunk, limbs and face lasting 3-4 days. Muscle and joint pain last about one week. Joint pain is often severe and in some people lasts longer, up to several months.

#3 The Wildfires Out West

The massive wildfires in Washington, Oregon and western Canada have spread clouds of smoke over vast areas of the northwest United States in recent days.  The following excerpt comes from a recent CNN report…

Wildfires spanning almost 170,000 acres are driving hundreds of people from their homes in Washington state and across the border in Canada, officials said.

 

Washington authorities say the fires surged overnight to 168,713 acres in the state. The flames have encroached on towns.

 

Janet Pearce of the Washington state Department of Natural Resources said the four fires had not been contained as of Friday morning. An estimated 80 homes were destroyed and cell phone service was knocked out.

#4 The Drought In California

The nightmarish multi-year drought in the state of California just continues to get even worse.

This week it was reported that 81 percent of California is now experiencing “extreme drought” or worse.

Three months ago, that number was just 68 percent.

And we are being told that downtown Los Angeles is now the driest that it has been since rain records began in 1877.

For much, much more on this, please see my recent article entitled “20 Signs The Epic Drought In The Western United States Is Starting To Become Apocalyptic“.

#5 The Virus That Has Killed Millions Of Our Pigs

A horrific pig virus known as porcine epidemic diarrhea came over from China a little over a year ago.

Since then, it has killed about 7 million pigs, and approximately 100,000 more are dying each week.

#6 Citrus Greening

Have you ever heard of citrus greening disease?

Perhaps not, but it has gotten so bad down in Florida that experts are now saying that the entire citrus industry in the state “could be destroyed”…

“It’s horrible — it’s a disaster,” says Fred Gmitter, a professor of horticulture science at the University of Florida Citrus Research and Education Center.

 

It might be time to kiss your OJ goodbye, unless science steps in to save the day.

 

At least 70% of Florida’s citrus trees are already infected by the disease, known as citrus greening, huanglongbing, or occasionally just with an ominous “it,” as in “It’s here.”

 

Florida’s citrus crop this year is the lowest it’s been in 30 years, and agricultural authorities have continued to lower their production estimates. Orange-juice prices are up nearly 20% this year alone and will continue to rise. The disease was a major factor in the lime shortage that made the price of a box of Persian limes jump from $18 to $85 last December. Prices could jump higher for oranges. Researchers and growers say that if a cure isn’t found, the entire $9 billion Florida citrus industry could be destroyed.

#7 Bananas Going Extinct?

You bananas are not safe either.

According to CNBC, the TR4 fungus is spreading so rapidly that it could eventually totally wipe out the variety of bananas that we find in our grocery stores today…

Banana lovers take note: The world’s supply of the fruit is under attack from a fungus strain that could wipe out the popular variety that Americans eat.

 

“It’s a very serious situation,” said Randy Ploetz, a professor of plant pathology at the University of Florida who in 1989 originally discovered a strain of Panama disease, called TR4, that may be growing into a serious threat to U.S. supplies of the fruit and Latin American producers.

 

“There’s nothing at this point that really keeps the fungus from spreading,” he said in an interview with CNBC.

 

While there are nearly 1,000 varieties of bananas, the most popular is the Cavendish, which accounts for 45 percent of the fruit’s global crop—and the one Americans mostly find in their supermarkets.

#8 The Number Of Earthquakes Is Increasing

For a long time, scientists tried to deny that the number of earthquakes is increasing.

But now, the USGS is finally admitting that the number of big earthquakes has doubled…

If you think there have been more earthquakes than usual this year, you’re right. A new study finds there were more than twice as many big earthquakes in the first quarter of 2014 as compared with the average since 1979.

 

“We have recently experienced a period that has had one of the highest rates of great earthquakes ever recorded,” said lead study author Tom Parsons, a research geophysicist with the U.S. Geological Survey (USGS) in Menlo Park, California.

Fortunately, most of the earthquakes in the U.S. so far this year have been relatively small or have been in isolated areas.

But they have been popping up in very unusual areas (such as Oklahoma), and as seismic activity along the Ring of Fire continues to increase, it is probably only a matter of time before one of our major cities gets hit with a major tragedy.

#9 Superbugs

Thanks at least in part to the massive overuse of antibiotics, a new generation of superbugs is arising.  Scientists have no way to kill these superbugs, and according to experts they are finding their way “into healthcare facilities nationwide”…

Drug-resistant superbug infections have reached near-epidemic levels across U.S. hospitals, with an alarming 500% increase now documented in a study just published in the August issue of Infection Control and Hospital Epidemiology (the journal of the Society for Healthcare Epidemiology of America).

 

Lead author of the study, Dr. Joshua Thaden, warned “This dangerous bacteria is finding its way into healthcare facilities nationwide… A CRE epidemic is fast approaching… Even this marked increase likely underestimates the true scope of the problem given variations in hospital surveillance practices.”

 

The study also found that an astonishing 94 percent of CRE infections were caused by healthcare activities or hospital procedures.

#10 Fukushima

The Fukushima nuclear disaster is the gift that just keeps on giving.

Hundreds of tons of radioactive water are being released into the Pacific on a continual basis, and this could potentially affect our oceans and our food chain for generations to come.

But it is a “slow motion disaster” that is already “old news”, so most Americans don’t think about it anymore.  But the truth is that there is a lot of evidence that it should be taken very seriously in this country.  For much more on this, please see this article.

In Japan, of course, things are even worse.

In fact, one Japanese doctor that was working in Tokyo says that radiation sickness is rampant in that city…

Since December 2011, I have conducted thyroid ultrasound examinations, thyroid function tests, general blood tests and biochemical tests on about 2000 people, mostly families in the Tokyo metropolitan area expressing concerns on the effects of radiation. I have observed that white blood cells, especially neutrophils, are decreasing among children under the age of 10. There are cases of significant decline in the number of neutrophils in 0-1 year-olds born after the earthquake (<1000). In both cases, conditions tend to improve by moving to Western Japan (Neutrophils 0–>4500). Patients report nosebleed, hair loss, lack of energy, subcutaneous bleeding, visible urinary hemorrhage, skin inflammations, coughs and various other non-specific symptoms.

And this Japanese doctor believes that things are so dire that he says that the entire city of Tokyo should be evacuated…

Residents of Tokyo are unfortunately not in the position to pity the affected regions of Tohoku because they are victims themselves. Time is running short. I took an earlier step forward and evacuated to the west. My fellow doctors of medicine, I am waiting for you here. And to the people in Eastern Japan still hesitating, all my support goes to facilitating and enabling your evacuation, relocation, or a temporary relief in Western Japan.

Just like with Chernobyl, this radioactive material is going to silently make people sick and kill people all over globe for years to come, and most of them will never have any idea what is really happening to them.

*  *  *

But apart from that all that… things are great.

via Zero Hedge http://ift.tt/1t0ztTg Tyler Durden

As if trying to figure out the impact of the central banks’ balance sheets and China’s record debt creation on stocks wasn’t enough of a complexity (actually it really isn’t that complex) for a market where fundamentals haven’t mattered in 5 years, there is also the issue of ETF basket creation, best known for the daily 3:30 pm ramp when ETFs catch up with their underlying components in a rising market, giving it all a procyclical turbo boost.

It is here that SocGen reports that in the past fortnight, there was record equity ETF creation, mostly focusing on the S&P 500. To wit:

In the last two weeks, ETFs listed in Europe posted record fortnight net share creations year-to-date, reaching $5.2bn, i.e. twice as high as the YtD  fortnightly average. This boost was primarily driven by record creations on equity ETFs ($3.5bn vs $1.3bn on average YtD) while fixed income and commodity indexations held up well, above YtD averages ($1.3bn share creations on fixed income ETFs and $350m on commodity ETFs).

 

 

Primary market: signals from ETF creations & redemptions

 

Equity ETFs: record creations were mainly driven by US equity indexations which claimed $1.7bn net creations on the period. One ETF in particular, Vanguard S&P 500 UCITS ETF (VUSA LN), gathered nearly $1.1bn over the period which was not the result of an isolated asset allocation decision. In addition, iShares S&P 500 UCITS ETF (CSSPX LN) showed strong creations, partially driven by switches out of another iShares ETF providing the same exposure but suffering from higher management fees (IUSA LN). The other ETFs in the category contributed positively to total creations, signalling broad demand for US equity indices. Actually US equities look expensive in terms of P/BV ratios. However, in the context of an accelerating US economy as expected by our macroeconomists, there may be reasons to remain confident in US equities as long as there are no sharp US rate hike or external shocks. In the eurozone, most regional and all country ETFs recorded net creations on the period, in contrast to UK and Swiss ETFs. Our equity strategists have been bullish eurozone equities for a number of reasons including structural reforms, reflation policy and the ECB’s accommodative stance.

 

 

Secondary market: signals from ETF premiums & discounts

 

Signals from premiums and discounts broadly match the primary market ones but we noticed some divergences with regards to US equities, which somewhat mitigated the apparent strong investor demand for US equity indexations:

• Lower market price relative to NAV than average on Japanese equities, Small Caps and HY corporate bond ETFs corroborated the redemptions or the modest creations observed on the primary market.
• Similarly, higher-than-average premiums on eurozone equity ETFs were in line with the net creations on the primary market.
• By contrast, US equity ETFs traded at a discount to NAV over the period, contrasting with the strong creations observed on the primary market.

What does it all mean? Simple: every structural element of this market has been geared to continue the “blow off top” mode, in self-fulfilling and recursive momentum “strategy” higher, newsflow and fundamentals be damned, until it no longer works. And with Yellen Capital LLC still seeing no bubble anywhere except in the stocks that have been the best performers since her FOMC appearance, it also means another thing: celebrate the collapse of the US middle class by BTFATH. Because when the music ends, it won’t really matter considering that both the Fed and all of its central bank peers are already “all in”.

via Zero Hedge http://ift.tt/1t0r9TB Tyler Durden

As if trying to figure out the impact of the central banks’ balance sheets and China’s record debt creation on stocks wasn’t enough of a complexity (actually it really isn’t that complex) for a market where fundamentals haven’t mattered in 5 years, there is also the issue of ETF basket creation, best known for the daily 3:30 pm ramp when ETFs catch up with their underlying components in a rising market, giving it all a procyclical turbo boost.

It is here that SocGen reports that in the past fortnight, there was record equity ETF creation, mostly focusing on the S&P 500. To wit:

In the last two weeks, ETFs listed in Europe posted record fortnight net share creations year-to-date, reaching $5.2bn, i.e. twice as high as the YtD  fortnightly average. This boost was primarily driven by record creations on equity ETFs ($3.5bn vs $1.3bn on average YtD) while fixed income and commodity indexations held up well, above YtD averages ($1.3bn share creations on fixed income ETFs and $350m on commodity ETFs).

 

 

Primary market: signals from ETF creations & redemptions

 

Equity ETFs: record creations were mainly driven by US equity indexations which claimed $1.7bn net creations on the period. One ETF in particular, Vanguard S&P 500 UCITS ETF (VUSA LN), gathered nearly $1.1bn over the period which was not the result of an isolated asset allocation decision. In addition, iShares S&P 500 UCITS ETF (CSSPX LN) showed strong creations, partially driven by switches out of another iShares ETF providing the same exposure but suffering from higher management fees (IUSA LN). The other ETFs in the category contributed positively to total creations, signalling broad demand for US equity indices. Actually US equities look expensive in terms of P/BV ratios. However, in the context of an accelerating US economy as expected by our macroeconomists, there may be reasons to remain confident in US equities as long as there are no sharp US rate hike or external shocks. In the eurozone, most regional and all country ETFs recorded net creations on the period, in contrast to UK and Swiss ETFs. Our equity strategists have been bullish eurozone equities for a number of reasons including structural reforms, reflation policy and the ECB’s accommodative stance.

 

 

Secondary market: signals from ETF premiums & discounts

 

Signals from premiums and discounts broadly match the primary market ones but we noticed some divergences with regards to US equities, which somewhat mitigated the apparent strong investor demand for US equity indexations:

• Lower market price relative to NAV than average on Japanese equities, Small Caps and HY corporate bond ETFs corroborated the redemptions or the modest creations observed on the primary market.
• Similarly, higher-than-average premiums on eurozone equity ETFs were in line with the net creations on the primary market.
• By contrast, US equity ETFs traded at a discount to NAV over the period, contrasting with the strong creations observed on the primary market.

What does it all mean? Simple: every structural element of this market has been geared to continue the “blow off top” mode, in self-fulfilling and recursive momentum “strategy” higher, newsflow and fundamentals be damned, until it no longer works. And with Yellen Capital LLC still seeing no bubble anywhere except in the stocks that have been the best performers since her FOMC appearance, it also means another thing: celebrate the collapse of the US middle class by BTFATH. Because when the music ends, it won’t really matter considering that both the Fed and all of its central bank peers are already “all in”.

via Zero Hedge http://ift.tt/1t0r9TB Tyler Durden

While Iraqi crude represents about 4.4% of world production, or around 3.4 mmbd (5th largest in the world);

 

enabling investors to shrug at any fears that ISIS will spread to the South and interrupt this supply (since it will be 'contained'); what many do not comprehend is that in such a tight oil market as we currently have, Goldman warns that as much as 60% of OPEC’s expected capacity growth over the next five years to come from Iraq.

 

Production losses so far have been fairly small, and have only been felt domestically. However, the larger impact of the conflict potentially lies in the medium to long term.

Goldman explains the long-term implications for Iraq’s oil potential

Production losses so far have been fairly small, and have only been felt domestically. However, the larger impact of the conflict potentially lies in the medium to long term.

 

The uncertainty surrounding Iraq’s future will undoubtedly disrupt foreign investment and inevitably delay economic development until 1) the situation stabilizes, 2) security is guaranteed, and 3) the political landscape is defined and perceived as serious and sustainable. In the meantime, international companies (upstream, downstream, petrochemicals, etc.) will likely refrain from participating in new projects, even in the south. Trade partnerships will also be tested.

 

The recent insecurity has already prompted Iraq’s largest customers, India and China, to preemptively look for supply alternatives. Longer term, the instability and political deadlock introduce the risk that production growth from Iraq remains short of ambitious targets.

*  *  *

As we noted previously… Harvard's Meghan O'Sullivan concludes…

 

 

First, the US needs to view Iraq and Syria as completely interwoven – perhaps two countries, but one theater in reality. It needs to view IS for what it is, a threat to US and regional interests, not just as a threat to the Iraqi government. This would suggest more military involvement to push back against IS. Both in Iraq and Syria, the crisis is ultimately a political one, not a military one, so changing the politics is also key. But the US should not think that it can sequence military help only to follow political reform – the two must come together given the urgency of the situation.

 

While the United States continues to deliberate about its next moves, others – Syria, Iran, Russia – have been filling the vacuum in ways that are not aligned with US interests. Along with political pressure, more US military assistance to Baghdad and even to the Kurds will give the US political leverage when it comes time to help the Iraqis renegotiate their political compact. The moment in which the US can make a difference and truly affect the outcome is narrowing dramatically every day.

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

There are major clashes occurring currently in The West Bank tonight as claims of 10s of thousands and Palestinians clash with Israeli soldiers. Sadly, as the photos below reveal taken moments ago show, things appear set to get very much worse.

 

RIGHT NOW: thousands of people are clashing in Qalandya with live amo used and kids using rocks…
#PalestineResists http://ift.tt/1rzU0Mu

— ?????? i (@iFalasteen) July 24, 2014

RIGHT NOW: thousands of people are clashing with Israeli soldiers in Qalandya checkpoint near Ramallah…
#Palestine http://ift.tt/1rzU1jp

— ?????? i (@iFalasteen) July 24, 2014

Palestinians clash with Israeli solders by masjed AlAqsa trying to get in…
#PalestineResists #Ramadan http://ift.tt/1rzU3I2

— ?????? i (@iFalasteen) July 24, 2014

Breaking: Israel’s live ammunition resulted in 2 martyrs in Qalandya Checkpoint clashes.
#PalestineUnderAttack http://ift.tt/1pNBE7D

— ?????? i (@iFalasteen) July 24, 2014

Qalandya checkpoint right now as Israeli soldiers fire live amo ago protesters and medic crew…
#PalestineResists http://ift.tt/1pNBDk4

— ?????? i (@iFalasteen) July 24, 2014

#Israel army at #Qalandia targets #paramedics as they evacuate a live ammo injury. #Ramallah to #Gaza http://ift.tt/1rzU3If

— Tali (@TaliShapiro) July 24, 2014

This journalist got shot by Israeli forces in AlQuds… Even the journalists can’t cover Israeli crimes.
#Palestine http://ift.tt/1pNBEo1

— ?????? i (@iFalasteen) July 24, 2014

Clashes with Israeli soldiers in Tulkarem RIGHT NOW… #PalestineResists #Intifada2014 http://ift.tt/1z9xnBd

— ?????? i (@iFalasteen) July 24, 2014

From the clashes in Nablus RIGHT NOW… #PalestineResists #Intifada2014 http://ift.tt/1uk8mUO

— ?????? i (@iFalasteen) July 24, 2014

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

Grab your popcorn as The Socialist Singularity comes to be… We are sure Steve Liesman will ask his 'economics reporter' questions while cow-towing to his glorious leader's position on job-destroying 'minimum wage' increases, unpatriotic (though legal) inversions, Fed-driven inequality, and the massive and unprecedented divergence between "bubble" markets and the minions that make it up… always remember "debt-is-good" but "hope-is-better."

 

Some earlier comments:

• *OBAMA SAYS INTL BUSINESS LEADERS SEE U.S. AS PLACE TO INVEST
• *OBAMA SAYS AMERICANS NEED MORE JOB TRAINING FOR OPEN JOBS
• *OBAMA SAYS COMPANIES RENOUNCING U.S. CITIZENSHIP TO AVOID TAXES
• *OBAMA: SOME PEOPLE CALL THOSE COMPANIES `CORPORATE DESERTERS'
• *OBAMA SAYS TAXPAYERS FOOT BILL FOR COS. WITH EVASIVE TAX PLANS
• *OBAMA SAYS CORPORATE INVERSIONS ARE `WRONG' EVEN IF LEGAL
• *OBAMA SAYS TAX REFORM CAN PREVENT INVERSIONS, GAMING
• *OBAMA: U.S. SHOULD REWARD COS. PAYING FAIR SHARE IN U.S.
• *OBAMA SAYS HE'S INTERESTED IN `ECONOMIC PATRIOTISM'

 

CNBC does not appear to be offering an online feed – click here for link to CNBC Live TV

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Some helpful illustrations as you watch…

Markets vs Minions…

 

And the greatest irony for Obama…

Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s moneyprinting and ZIRP, the economy would either be softer or actually in a new recession. 

 

The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.

And lastly some helpful advice for the masses…

"Don’t let the cynics get you down. Cynicism is a choice, and hope is a better choice." —President Obama #OpportunityForAll

— The White House (@WhiteHouse) July 24, 2014

via Zero Hedge http://ift.tt/WM7klF Tyler Durden

Grab your popcorn as The Socialist Singularity comes to be… We are sure Steve Liesman will ask his 'economics reporter' questions while cow-towing to his glorious leader's position on job-destroying 'minimum wage' increases, unpatriotic (though legal) inversions, Fed-driven inequality, and the massive and unprecedented divergence between "bubble" markets and the minions that make it up… always remember "debt-is-good" but "hope-is-better."

 

Some earlier comments:

• *OBAMA SAYS INTL BUSINESS LEADERS SEE U.S. AS PLACE TO INVEST
• *OBAMA SAYS AMERICANS NEED MORE JOB TRAINING FOR OPEN JOBS
• *OBAMA SAYS COMPANIES RENOUNCING U.S. CITIZENSHIP TO AVOID TAXES
• *OBAMA: SOME PEOPLE CALL THOSE COMPANIES `CORPORATE DESERTERS'
• *OBAMA SAYS TAXPAYERS FOOT BILL FOR COS. WITH EVASIVE TAX PLANS
• *OBAMA SAYS CORPORATE INVERSIONS ARE `WRONG' EVEN IF LEGAL
• *OBAMA SAYS TAX REFORM CAN PREVENT INVERSIONS, GAMING
• *OBAMA: U.S. SHOULD REWARD COS. PAYING FAIR SHARE IN U.S.
• *OBAMA SAYS HE'S INTERESTED IN `ECONOMIC PATRIOTISM'

 

CNBC does not appear to be offering an online feed – click here for link to CNBC Live TV

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Some helpful illustrations as you watch…

Markets vs Minions…

 

And the greatest irony for Obama…

Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s moneyprinting and ZIRP, the economy would either be softer or actually in a new recession. 

 

The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.

And lastly some helpful advice for the masses…

"Don’t let the cynics get you down. Cynicism is a choice, and hope is a better choice." —President Obama #OpportunityForAll

— The White House (@WhiteHouse) July 24, 2014

via Zero Hedge http://ift.tt/WM7klF Tyler Durden