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A federal judge ruled Monday that the National Security Agency program which collects information on nearly all telephone calls made to, from or within the United States is likely to be unconstitutional. As Politico reports, Judge Richard Leon blasted, “I cannot imagine a more ‘indiscriminate’ and ‘arbitrary invasion’ than this systematic and high-tech collection and retention of personal data on virtually every single citizen for purposes of querying it and analyzing it without judicial approval.” This is the first significant legal setback for the NSA’s surveillance program since Edward Snowden exposed it.

 

Via Politico,

U.S. District Court Judge Richard Leon found that the program appears to run afoul of the Fourth Amendment prohibition on unreasonable searches and seizures. He also said the Justice Department had failed to demonstrate that collecting the so-called metadata had helped to head off terrorist attacks.

 

…

 

“Plaintiffs have a very significant expectation of privacy in an aggregated collection of their telephone metadata covering the last five years, and the NSA’s Bulk Telephony Metadata Program significantly intrudes on that expectation,” wrote Leon, an appointee of President George W. Bush. “I have significant doubts about the efficacy of the metadata collection program as a means of conducting time-sensitive investigations in cases involving imminent threats of terrorism.”

 

…

 

Leon’s ruling is the first significant legal setback for the NSA’s surveillance program since it was disclosed in June in news stories based on leaks from former NSA contractor Edward Snowden. The metadata program has been approved repeatedly by numerous judges on the Foreign Intelligence Surveillance Court and at least one judge sitting in a criminal case.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Z643IioP_rY/story01.htm Tyler Durden

A federal judge ruled Monday that the National Security Agency program which collects information on nearly all telephone calls made to, from or within the United States is likely to be unconstitutional. As Politico reports, Judge Richard Leon blasted, “I cannot imagine a more ‘indiscriminate’ and ‘arbitrary invasion’ than this systematic and high-tech collection and retention of personal data on virtually every single citizen for purposes of querying it and analyzing it without judicial approval.” This is the first significant legal setback for the NSA’s surveillance program since Edward Snowden exposed it.

 

Via Politico,

U.S. District Court Judge Richard Leon found that the program appears to run afoul of the Fourth Amendment prohibition on unreasonable searches and seizures. He also said the Justice Department had failed to demonstrate that collecting the so-called metadata had helped to head off terrorist attacks.

 

…

 

“Plaintiffs have a very significant expectation of privacy in an aggregated collection of their telephone metadata covering the last five years, and the NSA’s Bulk Telephony Metadata Program significantly intrudes on that expectation,” wrote Leon, an appointee of President George W. Bush. “I have significant doubts about the efficacy of the metadata collection program as a means of conducting time-sensitive investigations in cases involving imminent threats of terrorism.”

 

…

 

Leon’s ruling is the first significant legal setback for the NSA’s surveillance program since it was disclosed in June in news stories based on leaks from former NSA contractor Edward Snowden. The metadata program has been approved repeatedly by numerous judges on the Foreign Intelligence Surveillance Court and at least one judge sitting in a criminal case.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Z643IioP_rY/story01.htm Tyler Durden

The Federal Reserve System was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. Today, the Fed has decided to commemorate the event today with all three living Fed chairman delivering remarks. We are sure it will be very exciting but in the interests of 'balance' we offer a few alternative views of the "success" of the venerable monopoly including its cost: since 1913, the dollar has lost nearly 90% of its purchasing power.

 

The day it all changed…

 

The Birthday Celebrations – live feed

Live streaming video by Ustream

 

An Alternative view of the 100 Years of Boom and Bust

"If we evaluate an organization's performance by what it promised when it was created, the Federal Reserve has clearly failed the American people… the revolution of 1913 shifted power from individuals, communities and states to the federal government and its powerful allies in the private sector."

The Fed's 100-Year War Against Gold (and economic common sense)

Instead of providing protection, the Fed has robbed the public through the hidden tax of inflation brought about by currency devaluation.

25 Fast Facts About The Fed

The American people like to think that we have a "democratic system", but there is nothing "democratic" about the Federal Reserve.  Unelected, unaccountable central planners from a private central bank run our financial system and manage our economy.  There is a reason why financial markets respond with a yawn when Barack Obama says something about the economy, but they swing wildly whenever Federal Reserve Chairman Ben Bernanke opens his mouth.

 

The Federal Reserve has far more power over the U.S. economy than anyone else does by a huge margin.

Art Cashin On 100 Years of Fed Trial and error and error and error…

the Fed was supposed to extend credit only for “productive” and not for “speculative” purposes." Ironically, less than a year later, the Fed noticed that some loans were being diverted to "securities purchases"

A century with and a century without The Fed…

 

 

And last but not least…

The Fed's Dismal Track Record:

According to the popular lie, the Federal Reserve was supposed to have been established to smooth out the economic cycle, thus preventing booms, busts, recessions, and depressions.

It hasn’t really worked out that way.

In the 100 years prior to the establishment of the Federal Reserve, there were 18 distinct recessions or depressions:

1815, 1822, 1825, 1828, 1833, 1836, 1839, 1845, 1847, 1853, 1860, 1865, 1869, 1873, 1887, 1890, 1899, and 1902.

Since the establishment of the Federal Reserve, there have been 18 recessions or depressions:

1918, 1920, 1923, 1926, 1929, 1937, 1945, 1949, 1953, 1958, 1960, 1969, 1973, 1980, 1981, 1990, 2001, 2008.

So in other words, the economy experienced just as many recessions with the ‘expert’ management of the Federal Reserve as without it.

And this doesn’t even begin to capture all the absurd panics (the S&L scare), bailouts (Long-Term Capital Management), and ridiculous asset bubbles that they’ve created.

Hardly an impressive enough track record to justify conjuring trillions of dollars out of thin air, and awarding nearly totalitarian control of the money supply and economy to a tiny banking elite… wouldn’t you say?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/5eAb-aP7VF8/story01.htm Tyler Durden

As we noted overnight, at 22:08:32 ET, a large wave of sell orders hit many stock index futures contracts. Most notably, Nanex notes, over 6,000 March 2014 eMini contracts traded in 1 second. After closer inspection, it appears that trading began almost simultaneously in several contracts, with the March 2014 eMini (ES) starting just a few milliseconds before the others. It’s unclear whether the trades in the other contracts were a reaction to the eMini or part of the same sell program… but the slowness of reversion in prices makes it clear that while the mainstream media would like to shrug it off as just another “fat finger,” it was anything but.

 

Via Nanex,

Comparing ES, NQ, TF and YM at 22:08:32 on December 15, 2013.

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Closeup of the collapse – and the clear indication it was not a single fat-finger trade…

(each pixel is 25 milliseconds)

 

and here each pixel is 1 millisecond…

Does that look like a “fat finger” to you?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/_JGzOfiA7PM/story01.htm Tyler Durden

As we noted overnight, at 22:08:32 ET, a large wave of sell orders hit many stock index futures contracts. Most notably, Nanex notes, over 6,000 March 2014 eMini contracts traded in 1 second. After closer inspection, it appears that trading began almost simultaneously in several contracts, with the March 2014 eMini (ES) starting just a few milliseconds before the others. It’s unclear whether the trades in the other contracts were a reaction to the eMini or part of the same sell program… but the slowness of reversion in prices makes it clear that while the mainstream media would like to shrug it off as just another “fat finger,” it was anything but.

 

Via Nanex,

Comparing ES, NQ, TF and YM at 22:08:32 on December 15, 2013.

---

---

Closeup of the collapse – and the clear indication it was not a single fat-finger trade…

(each pixel is 25 milliseconds)

 

and here each pixel is 1 millisecond…

Does that look like a “fat finger” to you?

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/_JGzOfiA7PM/story01.htm Tyler Durden

As was reported several days ago, the latest embarrassment for US foreign policy in Syria took place when the US-backed commander of the Free Syrian Army was forced to flee the country to Qatar after “Islamist fighters ran the top Western-backed rebel commander out of his headquarters.” In other words, the Islamic Front, which is a more palatable name for the six major groups among Syria’s religious extremist rebels, or as some call them, Al Qaeda, is now the only entity “fighting” the regime of Assad (funded with Qatari and Saudi financial generosity), which as recently as September was a very theatrically sworn enemy of John Kerry. So what is an isolated America to do in a country in which ambitions for Qatari nat gas pipelines will almost certainly rear their heads as soon as the spring of 2014? Why engage directly with Al Qaeda, pardon, the Islamic Front of course. Because the enemy of my enemy, who obstinately refuses to throw Putin under the bus or allow a Qatari gas pipeline under their territory, is my friend.

From Reuters:

U.S. officials may meet commanders from Syria’s Islamic Front this week, the State Department said, after the grouping took control of weapon depots belonging to the Western-backed opposition.

 

Over the weekend, Reuters reported that these talks were expected to take place but U.S. representatives based in Turkey were unable to give details about a visit from U.S. Syria envoy Robert Ford.

 

“State Department officials might be meeting with representatives of the Islamic Front this week,” State Department spokeswoman Jen Psaki said on Monday. She said that did not signify a change in U.S. support for the Syrian National Coalition, the moderate political opposition.

One wonders just what weapons will the US promise to various Al Qaeda members of the Islamic Front, and how it will safeguard and prevent the use of said weapons against the US?

As for what is next for the extremist “negotiators”? A trip to Geneva, preferably first class.

The State Department spokeswoman said in her email that Syria’s political opposition had started to seek contact with the Islamic Front, a step that “we welcome as the opposition prepares for the Geneva 2 conference”.

 

Monzer Akbik, chief of staff in the Syrian National Coalition, said the Islamic Front would be welcome to take part in Geneva, even though it has so far rejected participation.

 

“We would love it if the Islamic Front went to Geneva 2,” said another coalition leader on condition of anonymity.

 

“We haven’t offered them any seats but if they want to go we can figure out an arrangement with them. Geneva 2 can only be meaningful if it is supported by fighters in Syria which includes the Islamic Front.”

Or, as all of the above will be summarized by the US State Department: success.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/p4rIh9_gp7U/story01.htm Tyler Durden