Tag: finance

Trump Confirms Michael Pence As His Vice Presidential Running Mate

And so, in lieu of a press conference, which Trump cancelled following the French terrorist attack, Trump has had no choice but to Tweet what everyone already knew.

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Jill Stein Just Promised To Pardon Snowden, Appoint Him To Cabinet If Elected

Submitted by Claire Bernish via TheAntiMedia.org,

Presumptive Green Party presidential nominee Dr. Jill Stein promises to grant NSA whistleblower Edward Snowden – whom many describe as a true American hero – not just a full pardon, but a promotion to the upper echelons of government should she win the White House.

“[Snowden] has done an incredible service to our country at great cost to himself for having to live away from his family, his friends, his job, his network, to basically live as an expatriate,” Stein asserted during a town hall live-streamed to supporters on her Facebook page, US Uncut reported.

 

“I would say not only bring Snowden back, but bring him into my administration as a member of the Cabinet,” she continued, “because we need people who are part of our national security administration who are really, very patriotic. If we’re really going to protect our American security, we also have to protect our Constitutional rights, and that includes our right to privacy.”

Stein said her pardons wouldn’t stop with Snowden, but would extend to others, including CIA whistleblower John Kiriakou, who first revealed proof of U.S. government employment of waterboarding and other torture tactics, as well as Chelsea Manning.

Perhaps Stein’s pledge will come as a glimmer of hope to Manning, who has been forced to languish in prison for the duration of a 35-year sentence after leaking what came to be called the Afghan War Diary and Iraq War Logs—which included now-notorious footage of U.S. helicopter airmen deliberately gunning down journalists—to Wikileaks. Stating she was “glad to be alive” now, Manning’s continued struggle behind bars led to her attempted suicide last week.

Reddit co-founder and MIT student, Aaron Swartz, however, succeeded in killing himself in 2013, after being harassed and threatened with a 35-year sentence and $1 million in fines for leaking academic research to the public. Stein lamented Swartz would also have received a pardon under her presidency, explaining:

“[Swartz] was a proponent of free and liberated Internet and for sharing our resources on that internet, who was basically hounded into suicide by a very oppressive Department of Justice. So, he — in my mind — is another one of these heroes that we need to remember and be very thankful for.”

Remarking whistleblowers “have done a great service,” Stein described those who expose governmental—and other—wrongs as “people who’ve paid an incredible price for our rights of not only the freedom to communicate on the Internet, but also the freedom to guard our privacy.”

Stein—whose cutting-edge campaign platform includes the call to end wars, cut the U.S. military budget in half, stop police brutality, end mass incarceration, forego corporate trade agreements in favor of fair trade, label genetically-modified food, and much more—quickly became the favorite of Bernie Sanders supporters who felt betrayed by his endorsement of war hawk, Hillary Clinton.

In the 24 hours following that capitulation, Stein’s campaign saw an astonishing 1,000 percent swell in donations—receiving over $80,ooo since Tuesday.

“There’s been an explosion of Berners coming through in every portal of the campaign, and it’s really exciting,” Stein told US Uncut, employing the popular term for the Vermont senator’s supporters, in an interview. “There is so much courage out there to stand up to the marching orders handed down by the usual suspects.”

Last week, Stein invited Sanders to collaborate—going so far as to offer the Green Party ticket for the continuance of his campaign.

“I’ve invited Bernie to sit down and explore collaboration — everything is on the table,” she announced last week, prior to his endorsement of the Democratic establishment darling, Clinton. “If he saw that you can’t have a revolutionary campaign in a counter-revolutionary party, he’d be welcomed to the Green Party. He could lead the ticket and build a political movement.”

With her gracious offer ultimately rebuffed, Stein expressed disappointment and instead invited disillusioned Berners to consider voting for her. During the live-stream, Stein stated:

“I call on the tens of millions inspired by Bernie Sanders’ call for political revolution, the 60 percent of Americans who want a new major party, and the independents who outnumber both Democrats and Republicans who reject the self-defeating strategy of voting for the lesser evil and join our fight for the greater good.”

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French Prime Minister Slammed For Saying “France Will Have To Live With Terrorism”

In the aftermath of last night’s latest tragic terrorist attack in Nice, French Prime Minister Manuel Valls made the statement: “Times have changed, and France is going to have to live with terrorism, and we must face this together and show our collective sang-froid,” he said. “France is a great country and a great democracy and we will not allow ourselves to be destabilized.”

 

Perceiving this is a preliminary admission of retreat against terrorism, social media reacted with furious anger to the PM’s assertion that France “will have to live with terrorism.” Users shamed the PM, saying that more people apparently need to be killed in terror attacks to wake up the French government.

Some examples of people who now longer believe in #hastag diplomacy included @DamienLcc  who wrote that “The government is “unable to protect French people,” while @lazgougeon added that the nation doesn’t have “to get used to the incompetence of our leaders!”

 

Others were incredulous: “What? More people should be killed to wake you up, fool!” @MathiasLiurno added.

Some called on Valls to resign after uttering such words

“You don’t have any shame?” “It gave me chills.” “The sword of Damocles over our heads” – these were the angry comments on social media.

“This phrase [Valls’] is horrible. We don’t want to live with terrorism, we want to live in peace,” @FlowerofFields added.

Trolled were also present  “Okay this is reassuring” “Best sentence of the day, again congratulations Mr. Valls” “Thanks Mr.Valls.”

 

Whether this was just the latest diplomatic faux pas by the young and inexperienced PM, or a true admission that radicalized Islam now has the upper hand in France, and elsewhere, is unknown but what is clear is that the European response to the surge in regional terrorism has so far failed to yield results, whether on purpose or not, and that a far greater escalation in the conflict is imminent. What is troubling is that such an escalation which will trigger even more violent retaliation by radicalized forces.

And so, having stirred the hornets’ next when he sided with “coalition” forces in attacking ISIS – an ISIS which was unleashed with the purpose of destabilizing the Syrian regime and has now failed in this mission and so finds foreign conduits to its aggression – Hollande now finds himself with no way out.

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Business Inventories At Highest Level To Sales Since The Crisis

Autos and buidling materials are at their highest levels of inventories relative to sales since the financial crisis leaving overall business inventories-to-sales ratio hovering near cycle highs at 1.40x. A 0.2% rise in inventories (bigger than expected) matched the 0.2% rise in sales MoM but YoY it’s a different picture with sales down 0.3% and inventories up 0.9% (with retailers seeing inventories surging 6.1%).

 

 

This will not end well… no matter how high stocks go!

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US Consumer “Hope” Tumbles To 2 Year Lows, ‘Rich’ Shocked By Brexit

Despite the rip-roaring rally in stocks, Brexit had a significant effect on the wealthiest third of US incomes as UMich Consumer Expectations (i.e. “Hope”) tumbled to its lowest since September 2014.

“Hope” vs the ‘reality’ of stocks…

 

As Bloomberg reports, Consumer confidence in the U.S. dropped in July as U.K.’s vote to leave the European Union flustered high-income earners.

The University of Michigan’s preliminary sentiment index fell to 89.5, a three-month low, from 93.5 in June. The median projection in a Bloomberg survey called for no change.

 

The Brexit vote’s outcome caused global equity markets to briefly slump, giving Americans in the upper third of the income scale reason to shudder over their finances. The subsequent rebound in stocks means confidence probably will soon regain some of its lost ground, according to Richard Curtin, the Michigan survey’s director.

 

“Prior to the Brexit vote, virtually no consumer thought the issue would have the slightest impact on the U.S. economy,” Curtin said in a statement. “Following the Brexit vote, it was mentioned by record numbers of consumers, especially high-income consumers.”
The current conditions index, which measures Americans’ perceptions of their personal finances, declined to 108.7 from 110.8 in the prior month.

“While stock prices quickly rebounded, an underlying sense of uncertainty about global prospects as well as for the domestic economy have not faded,” Curtin said in the statement.

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Dramatic Footage Shows Moment Police Killed Nice Truck Terrorist

After driving for 2 kilometers at up to 70kmh on Nice’s seaside Promenade des Anglais during national Bastille Day revelry on Thursday night, mowing down hundreds of people and killing 84, the alleged Nice killer, Tunisian Mohamed Lahouaiej Bouhlel came to halt in front of the Hotel Westminster, where a shoot out with the police ensued, leaving the truck riddled with bullet holes, in the process killing the assailant.

 

Moments ago, AP released footage of Bohlel’s final moments as he engaged the police. This is what the Tunisian’s last shootout looked like just around 11pm local time.

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How The World Reacted To The Nice Bastille Day Massacre

From shock to solidarity and from aggressive reality checks to passive toothless solutions, the world's leaders responded in many different ways to the horrific attack last night in Nice, France. However, it is one seasoned veteran trader's response that is perhaps most poignant…

Barack Obama:

“On behalf of the American people, I condemn in the strongest terms what appears to be a horrific terrorist attack in Nice, France, which killed and wounded dozens of innocent civilians.”

Nicolas Sarkozy:

“Deep emotion and infinite sadness at the #Nice06 attack. Solidarity with the #Niçois”

Justin Trudeau:

“Canadians are shocked by tonight’s attack in Nice. Our sympathy is with the victims, and our solidarity with the French people.”

Italian Premier Matteo Renzi says the pain of the attack in Nice was made worse because so many children were killed and maimed on France's national holiday. In a Facebook post, Renzi wrote:

"We're used to seeing postcards from Nice full of beauty, not images of death with a doll near a destroyed stroller. Reacting is a moral duty."

Downing Street spokesman:

“We are shocked and concerned by the scenes there. Our thoughts are with all those affected by this terrible incident on what was a day of national celebration.”

Donald Trump:

“Another horrific attack, this time in Nice, France. Many dead and injured. When will we learn? It is only getting worse.”

As CNN reports, Donald Trump and Hillary Clinton struck different tones following the France terror attack Thursday night, with Trump saying he'd ask for a declaration of war against ISIS while Clinton called for greater intelligence gathering to fight terror groups.

The two major party candidates' responses again highlighted the sharp differences in their foreign policy stances, with Trump reiterating his belief that the U.S. needs to be "tough" in its response to terrorism.

Fox News' Bill O'Reilly asked Trump if he would seek a declaration of war from Congress against the terror group.

 

"I would, I would. This is war," Trump replied. "If you look at it, this is war coming from all different parts."

 

He reiterated his belief that "we have to be tough" and his view that the U.S. should reverse its decision to allow Syrian refugees into the country.

 

"You know, in the old days, we would have uniforms, you knew what you were fighting. We are allowing people into our country who we have no idea where they are, where they're from, who they are, they have no paperwork, they have no documentation, in many cases," Trump said.

Asked later Thursday about Trump's response by CNN's Anderson Cooper, Clinton said it was "clear" that the U.S. was at war with terrorist groups, but she said it "was a very different kind of war." But, she argued, greater intelligence gathering, not military force, was necessary.

"They would love to draw the United States into a ground war in Syria," Clinton said. "I would be very focused on the intelligence surge. I would be very focused on working with our partners and allies and intensify our efforts against the ideologues that pedal radical jihadism online."

 

Cooper then asked Clinton if the U.S. was at war with "radical Islam" — a phrase Trump often uses on the campaign trail and says is necessary to identify the threat. Clinton and President Barack Obama, however, have largely shied away from using the term, believing that associating terrorists with Islam helps to legitimize their interpretation of the religion.

 

"We're at war against radical jihadists who use Islam to recruit and radicalize others in order to pursue their evil agenda," Clinton responded. "It's not so important what we call these people as what we do about them, and I think back to our success in getting (Osama) bin Laden, it was important that we built the case, we got the information and the President ordered the raid."

Indiana Gov. Mike Pence, who on Thursday accepted Trump's offer to be his running mate, also issued a statement on the attack, which he said was

"a horrific reminder of the threat facing Western civilization."

 

"As we mourn with the people of France, we must resolve to bring justice all those responsible and defeat this enemy of civilization at its source," Pence said.

Paul Ryan was compassionate…

And finally, here is the reaction from a veteran markets trader… Mint's Bill Blain explains

A night of shock and horror in France.

 

My morning porridge is a “blog” focused on markets. To understand markets you have to understand the factors that influence them – the environment created by politics, policies and indefinables like sentiment and mood. For that reason, it’s important to understand the atrocities visited on Paris, Istanbul, Orlando, Brussels, and now Nice.

 

None of us can understand how any kind of religion would condone such evil. It doesn’t. Islam does not allow this. But, there is method in the Jihadis’ madness. The fanatics are determined to goad France – and all the western democracies – into chronic over-reaction. France is an obvious target – home of despised western culture plus massive sink estates of disaffected Moslem youth they look to recruit.

 

The aim is to provoke.

 

While we hang last decade’s politicians for the “unnecessary” invasion of Iraq, the fanatics’ policy is working. Any action by the West is blunted, reversed and turned against us. Drone strikes taking out the leadership of ISIS are questioned by the lawyers, while “collateral damage” killing their wives and children is reported as tragedy and proof of Western evil. The extremists present themselves as the victims, stirring up greater support for their twisted Jihad.

 

The aim is to distract.

 

It comes at a time when immigration is tearing Europe apart. The terrorists keep prodding that festering sore. Distract the West and keep up the pressure through asymmetric violence.

 

The aim is to destabilise.

 

How to keep the lid on the fury this generates…? Sadly the beneficiaries may be Le Pen and Trump. And that has profound market implications – how long will Trump resist a “as ye sow, so shall ye reap” remark which will just fuel the cycle? If he gets in power, what’s his grand solution? Give everyone guns? Further alienate Islam by slamming the doors on them?

 

How do we turn it around and justly visit fury on the evil men? Crushing Islam might bring momentary satisfaction for the likes of Trump – but would it ultimately make us worse. Yet, you can’t win a war without absolute commitment.

 

What response is required? What response is likely?

 

This morning, I was going to write about the importance of understanding the twin influences of Policies and Politics on this market. But, explaining how the recent government coup in the UK – which has seen the 40% of cabinet Notting-Hill Billies sacked and replaced with politicians – will change the UK and Markets, seems a bit trite this morning. That’s politics.

 

In terms of policies, the bottom line is the Central Banks and Finance Ministries stand ready to “support” economies. While NIRP, ZIRP, QE and whatever other ridiculous expressions we invent to describe monetary experimentation might not be working in terms of growth or jobs, and make little fundamental common sense, they do set current prices. Play them.

 

That’s the current game. Politics and Policies.

 

I was also going to talk about banks. How rumours of a Euro 4 bln capital raise for MPS won’t save the perilous state of Italian banking. A sticky plaster on a hacked-off limb.

It seems to us like Bill Blain's "sticky plaster on a hacked-off limb" analogy is just as prone to describe the Italian bank bailout as any belief the mainstream western body politik has in its "war on terrorism."

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US Industrial Production Declines For 10th Straight Month – Longest Non-Recessionary Streak In History

Following a 0.3% decline in May, Industrial Production rose 0.6% in June (better than the 0.3% rise expected) but year-over-year remains lower (-0.7%) for the 10th straight month. This is the longest non-recessionary streak of industrial production declines in US history. Gains on the month were driven by motor vehicle assembly (which is ironic givenm near-record inventories), but Q2 ended with a decline of 1.0% – the 3rd quarterly decline in a row (also not experienced without a recession).

 

The 0.7% decline YoY in June is the 10th in a row – the longest streak without a recession in US history…

 

For the second quarter as a whole, industrial production fell at an annual rate of 1.0 percent, its third consecutive quarterly decline.

Manufacturing output moved up 0.4 percent in June, a gain largely due to an increase in motor vehicle assemblies. The output of manufactured goods other than motor vehicles and parts was unchanged. The index for utilities rose 2.4 percent as a result of warmer weather than is typical for June boosting demand for air conditioning.

The index for business equipment moved up 0.7 percent, as a decrease for information processing equipment was outweighed by gains for transit equipment and for industrial and other equipment. The index for defense and space equipment moved down 0.3 percent. Construction supplies recorded a decrease for a second consecutive month; likewise, the output of business supplies also declined in each of the past two months, though the losses were very small. The production of materials increased 0.6 percent in June, with gains for durable materials and energy materials but a decline for nondurable materials. The improvement in durable materials reflected a sharp advance in the output of consumer parts that resulted from increased output of motor vehicle parts; the other major categories of durable materials recorded decreases.

But none of that matters of course…

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