Dollar Dumps, Gold Jumps As Trannies Tumble Most In 6 Months

Stocks dumped (EU weakness)-and-pumped today with the majors ending marginally higher (except the Trannies down 7 of last 9 days). The Dow Transports are down over 6% from record highs – the worst slide since Feb 2014. The Russell is down over 7.5% from its peak (and the rest of the majors are playing catch-down from that turning point). The S&P bounced perfectly off its 100-day moving-average. Gold and silver jumped notably higher (gold +1% on the week) after more invasion headlines early on. Oil slipped. Treasury yields mimicked stocks, falling early to 13 month low yields and rising (selling TSYs) after Europe closed to end modestly lower ion yields on the day. The headlines though were focused on the plunge in the US Dollar (driven by a surge of JPY buying around lunchtime). Credit markets tracked stocks moestly but we note one pulled high-yield deal today (unusual). When AUDJPY quit on stocks, VIX took over, rammed back under 15.8 to ignite stocks but pushed higher after Europe closed.

 

The S&P bounced perfectly off its 100-day moving-average…

 

VIX was the ignition method…

 

As AUDJPY gave up…but stock fun-durr-mentally recoupled by the end…

 

It seems the Sikorksi "Invasion" levels were where stops were – so stocks were auctioned up to run them and ran out of buyers…

 

But the S&P closes unch, Russell positive and Trannies down on the day…

 

Story of the day was when $3-5 billion notional flushed through JPY futures (and cash FX volumes lit up)…

 

Which dragged the US Dollar lower on the day…

 

From Russell 2000's peak, it's down around 8% and while the rest of the majors ignored the drop to start with, they are catching down now…

 

Treasuries – like stocks – roundtripped on the day… after touching 13-month low yields in 10Y…

 

 

Gold and silver jumped but oil and copper slipped on the day…

 

 

Charts: Bloomberg




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Connecticut Court Says Cops Can Detain You For Being Near Someone That’s Getting Arrested

Connecticut cops can detain citizens for no
other reason than the suspicion they hold for another person, all
in the name of “officer safety.” According to a recent ruling from
the state’s highest court, if you are in a public place with a
person who the cops want to arrest, they can detain you also—even
if they have no reason to suspect you of doing anything wrong. On
its face the ruling is not all that grandiose, but in a
passionately written dissenting opinion Justice Eveleigh explains
why this verdict tramples on citizens’ Fourth Amendment
rights:

I agree with the majority that the police have a legitimate
interest in protecting themselves. There must be, however, some
restrictions placed on the intent. In my view, there are several
potential unconscionable ramifications to the majority opinion. For
instance, if a suspect with an outstanding warrant is talking to
his neighbor’s family near the property line, can the police now
detain the entire family as part of the encounter with the suspect?
If the suspect is waiting at a bus stop with six other strangers,
can they all be detained?

If the same suspect is observed leaving a house and stopped
in the front yard, can the police now seize everyone in the house
to ensure that no one will shoot them while they question the
suspect? What if the suspect is detained in a neighborhood known to
have a high incident of crime, can the police now seize everyone in
the entire neighborhood to ensure their safety while they detain
the suspect? There simply is no definition of who is a
”companion” in the majority opinion. I would require more than
mere ”guilt by association.” Ever mindful of Franklin’s
admonition, we cannot use the omnipresent specter of safety as a
guise to authorize government intrusion.


As Techdirt.com notes
, such expanded power for the police could
allow them to “use spurious reasons to detain people they just
don’t want around—like
eyewitnesses and photographers.”

The verdict comes from the case
State of Connecticut v. Jeremy Kelly
, where the
defendant was seeking to have evidence thrown out of his trial
because he claims that he was unlawfully detained by police and,
therefore, his fourth amendment right against unreasonable search
and seizure was violated. 

In 2007, Kelly was walking alongside another man into a driveway
when two undercover officers determined that his walking companion
fit the description of a guy they were looking for who had violated
his probation. The officers stopped their car in front of the
driveway, one of them displayed a badge and said, “I’m a police
officer.” The officer then told both men to come over to the
vehicle, even though the cops at that point in time really only had
a particular interest in one of the men. 

Both men did not comply with the officer’s command and
attempted to run away. The cops eventually caught up with the two
of them and that is when they discovered Kelly was carrying
cocaine.

So, he got nine years in prison. And the man that he was with?
He wasn’t the guy police were looking for.

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Bergdahl Finally Telling His Story, Quartet of Gay Marriage Cases Heard, Ebola Deaths Top 900: P.M. Links

  • Oh, hey, remember seven scandals ago?Sgt. Bowe Bergdahl is finally
    being interviewed by the Army
    today regarding the manner by
    which he left post in Afghanistan and ended up in the clutches of
    the Taliban five years ago.
  • A panel of federal appeals court judges in Cincinnati is
    hearing arguments about
    four separate states’ gay marriage recognition bans
    today. The
    cases come from Ohio, Tennessee, Michigan, and Kentucky.
  • Deaths attributed to the Ebola virus have
    topped 900
    . Saudi Arabia is now investigating a potential
    case.
  • Missouri
    executed its seventh death row inmate
    for the year today. It’s
    the first execution since it took two hours for Arizona to drug a
    guy to death.
  • Everybody is worrying that Russia is going to
    invade Eastern Ukraine
    any minute now, though they’ve been
    worried about this happening for quite some time.
  • The Republican National Committee is
    siding with Uber
    against regulators as a fundraising
    effort.

Follow us on Facebook
and Twitter,
and don’t forget to
sign
up
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content.

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Brian Doherty on the Latest Progress in 'Free Cities' in Honduras

Back in January, the new administration of Honduran President
Juan Orlando Hernandez was hyping the possibility of what
were now officially called Zones for Economic Development and
Employment, or ZEDEs. The concept has been known by many names:
charter cities, LEAP (for “Legal, Economic, Administrative,
Political”) zones, free cities, and startup cities. The
general idea is creating zones within a country that can experiment
with different economic, regulatory, and legal systems than the
rest of the country—with the hope that these innovations might lead
that sector to prosper more than the country at large.

Honduras is—again—a step closer to creating such zones. As
interviews in July with many people involved in the process or
watching it eagerly for signs of real progress showed, it’s still
many steps away from them becoming real. 

It’s not surprising that the kind of radical, perhaps even
desperate, experimentation that ZEDEs represent would get the most
traction not in some place like Switzerland or Sweden, but a place
exactly as troubled as Honduras, as a sort of Hail Mary pass to
create some legal safety and economic sanity.

As Brian Doherty explains, the ZEDE concept has to fight against
local hostility, government corruption, and a possible turn toward
being merely business-friendly and not radically innovative on its
way to reality.

View this article.

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Brian Doherty on the Latest Progress in ‘Free Cities’ in Honduras

Back in January, the new administration of Honduran President
Juan Orlando Hernandez was hyping the possibility of what
were now officially called Zones for Economic Development and
Employment, or ZEDEs. The concept has been known by many names:
charter cities, LEAP (for “Legal, Economic, Administrative,
Political”) zones, free cities, and startup cities. The
general idea is creating zones within a country that can experiment
with different economic, regulatory, and legal systems than the
rest of the country—with the hope that these innovations might lead
that sector to prosper more than the country at large.

Honduras is—again—a step closer to creating such zones. As
interviews in July with many people involved in the process or
watching it eagerly for signs of real progress showed, it’s still
many steps away from them becoming real. 

It’s not surprising that the kind of radical, perhaps even
desperate, experimentation that ZEDEs represent would get the most
traction not in some place like Switzerland or Sweden, but a place
exactly as troubled as Honduras, as a sort of Hail Mary pass to
create some legal safety and economic sanity.

As Brian Doherty explains, the ZEDE concept has to fight against
local hostility, government corruption, and a possible turn toward
being merely business-friendly and not radically innovative on its
way to reality.

View this article.

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Wikipedia's Jimmy Wales on Censorship of Internet Search Results: 'History Is a Human Right'

As Scott Shackford
noted
on Monday, enforcement of “the right to be forgotten”
continues apace in the European Union. The Guardian

reports
that as of July 18, Google had received 91,000
requests that it remove links to embarrassing or inconvenient
content from its search results. Those requests become legally
enforceable demands when a country’s privacy protection agency
sides with a complainant, based on a subjective, amorphous standard
established
by the European Court of Justice last May. So far Google has
granted most requests (53 percent) upon receiving them, refused
about a third, and asked for additional information about the rest.
Wikipedia co-founder Jimmy Wales, who has emerged as a prominent
and passionate critic of this censorship,
condemned it again
today as he released Wikimedia’s first
annual transparency report:

History is a human right, and one of the worst things that a
person can do is attempt to use force to silence another….I’ve
been in the public eye for quite some time. Some people say good
things; some people say bad things…That’s history, and I would
never use any kind of legal process to try to suppress it.

Wales provided
additional information
about 60 or so Wikipedia pages that
Google has agreed not to include in its E.U. search results. Here
are four of them, which are related to four requests:

http://ift.tt/1svb85v
(photo of a guitarist)

http://ift.tt/1zTwqx0
(article about “an Irish criminal, said to have been one of
Ireland’s most successful bank robbers”)

http://ift.tt/1zTwrkw
(article about “a criminal group active in the 70’s in robberies,
kidnappings, drug trafficking and weapons in the northern area
of Milan”)

http://ift.tt/1zTwrky
(article about “a notorious Italian mobster from Milan who was a
powerful figure in the Milanese underworld during the 1970s”)

I found English-language versions of the latter two items, which
is how I know what they’re about. The rest of the pages, all
related to one request, seem limited to the Dutch version of
Wikipedia
. My Dutch is not so good, so I’m not sure what was
offensive about those pages, but they seem to have something to do
with
Guido den Broeder
, whoever that might be.

All of these pages can still be viewed directly at the various
Wikipedia sites, or via non-E.U. versions of Google, so this memory
hole is not very deep. But eliminating the E.U.-directed links
certainly makes the information less accessible, which is the whole
idea. The government-ordered expurgation of search engine results
is an especially insidious and cowardly form of censorship,
stopping short of erasing information completely yet having much
the same impact as far as most Internet users are concerned.

Since search engines are not obligated to disclose censorship
requests to affected individuals or organizations, the full impact
of this policy may never be recognized. “We find this type of
veiled censorship unacceptable,” said Lila Tretikov, executive
director of the Wikimedia Foundation. “But we find the lack of
disclosure unforgivable. This is not a tenable future. We cannot
build the sum of all human knowledge without the world’s true
source, based on pre-edited histories.”

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Wikipedia’s Jimmy Wales on Censorship of Internet Search Results: ‘History Is a Human Right’

As Scott Shackford
noted
on Monday, enforcement of “the right to be forgotten”
continues apace in the European Union. The Guardian

reports
that as of July 18, Google had received 91,000
requests that it remove links to embarrassing or inconvenient
content from its search results. Those requests become legally
enforceable demands when a country’s privacy protection agency
sides with a complainant, based on a subjective, amorphous standard
established
by the European Court of Justice last May. So far Google has
granted most requests (53 percent) upon receiving them, refused
about a third, and asked for additional information about the rest.
Wikipedia co-founder Jimmy Wales, who has emerged as a prominent
and passionate critic of this censorship,
condemned it again
today as he released Wikimedia’s first
annual transparency report:

History is a human right, and one of the worst things that a
person can do is attempt to use force to silence another….I’ve
been in the public eye for quite some time. Some people say good
things; some people say bad things…That’s history, and I would
never use any kind of legal process to try to suppress it.

Wales provided
additional information
about 60 or so Wikipedia pages that
Google has agreed not to include in its E.U. search results. Here
are four of them, which are related to four requests:

http://ift.tt/1svb85v
(photo of a guitarist)

http://ift.tt/1zTwqx0
(article about “an Irish criminal, said to have been one of
Ireland’s most successful bank robbers”)

http://ift.tt/1zTwrkw
(article about “a criminal group active in the 70’s in robberies,
kidnappings, drug trafficking and weapons in the northern area
of Milan”)

http://ift.tt/1zTwrky
(article about “a notorious Italian mobster from Milan who was a
powerful figure in the Milanese underworld during the 1970s”)

I found English-language versions of the latter two items, which
is how I know what they’re about. The rest of the pages, all
related to one request, seem limited to the Dutch version of
Wikipedia
. My Dutch is not so good, so I’m not sure what was
offensive about those pages, but they seem to have something to do
with
Guido den Broeder
, whoever that might be.

All of these pages can still be viewed directly at the various
Wikipedia sites, or via non-E.U. versions of Google, so this memory
hole is not very deep. But eliminating the E.U.-directed links
certainly makes the information less accessible, which is the whole
idea. The government-ordered expurgation of search engine results
is an especially insidious and cowardly form of censorship,
stopping short of erasing information completely yet having much
the same impact as far as most Internet users are concerned.

Since search engines are not obligated to disclose censorship
requests to affected individuals or organizations, the full impact
of this policy may never be recognized. “We find this type of
veiled censorship unacceptable,” said Lila Tretikov, executive
director of the Wikimedia Foundation. “But we find the lack of
disclosure unforgivable. This is not a tenable future. We cannot
build the sum of all human knowledge without the world’s true
source, based on pre-edited histories.”

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Anthony Fisher Talking Gaza and More on Huffpost Live Today at 5p ET

I’ll be appearing on Huffpost Live today at 5p ET
for their “Cocktail Chatter” segment where huffin and postin' livesubjects ranging from collective punishment
in Gaza to the
whitewashing of characters in movies
set in ancient Egypt will
be discussed. And yes, there will be booze. 

Also scheduled to appear are host Josh ZeppsElizabeth Plank of
PolicyMic
and comic 
Nadia Manzoor.

Full segment will be posted later this
evening. 

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Ebola Deaths Go Exponential As Nigeria Demands Experimental Drug From US

The official Ebola death toll is now at 932 with over 1,700 reported cases but as the WHO reports, in the last 48 hours, deaths and cases have exploded (48 and 108 respectively). As the charts below show, this epidemic is going exponential. What is perhaps most worrisome is, while playing down the threat in Nigeria (most especially Lagos – which the CDC Director is “deeply concerned” about), officials have formally asked the US for the experimental Ebola drug, which suggest things are far worse than the 3 deaths reported so far in Nigeria would suggest.

 

As The BBC reports,

It is the world’s deadliest outbreak to date and has centred on Guinea, Liberia and Sierra Leone.

 

Eight people are currently in quarantine in Nigeria, Africa’s most populous country, and two have died there.

 

 

 

The Saudi man died after showing Ebola symptoms when he returned from a business trip to Sierra Leone, the Saudi health ministry said.

The Ebola outbreak has gone exponential…

Cases…

 

Deaths…

 

And then there is this…

  • *NIGERIA FORMALLY REQUESTS EXPERIMENTAL EBOLA DRUG FROM U.S.
  • *NIGERIA HEALTH MINISTER IN TOUCH WITH U.S. CDC DIRECTOR

Nigerian Health Minister Onyebuchi Chukwu has sent request to director of U.S. Centers for Disease Control and Prevention, he tells reporters in capital, Abuja.

 

“We have been in communication in the last 36 hours”

 

“We are getting reports that the experimental drug seems to be useful”

Which suggests things are far more serious in Nigeria than officials are letting on. As The BBC reports,

But it is not clear if the ZMapp drug, which has only been tested on monkeys, can be credited with their improvement.

 

Prof Peter Piot, who co-discovered Ebola in 1976, Prof David Heymann, the head of the Centre on Global Health Security, and Wellcome Trust director Prof Jeremy Farrar said there were several drugs and vaccines being studied for possible use against Ebola.

 

“African governments should be allowed to make informed decisions about whether or not to use these products – for example to protect and treat healthcare workers who run especially high risks of infection,” they wrote in a joint statement.

 

The WHO, “the only body with the necessary international authority” to allow such experimental treatments, “must take on this greater leadership role”, they said.

As CDC’s Director warned…

 

And finally – some humor from Michael Ramirez at Investors.com


Source: Ecologically Oriented blog




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