Italy's Pitchfork Movement Slammed For "Delirious" Nazi-Like Comments

Italy’s anti-austerity Pitchfork movement, who described Italy as being “enslaved by wealthy Jewish bankers,” has come under fire for “shamelessly recall[ing] a historical period characterised by death, violence and denial of the most elementary rights.” The nation’s Jewish community, writing in La Repubblica, said the Pitchfork leader’s remarks demonstrate a “deeper sense of discomfort” fuelled by “the most violent and grimmest anti-Semitic stereotypes”. Despite Italian stock and bond markets surging to multi-year highs, IB Times notes that mass demonstrations continue to rile the company’s economy as Pitchfork followers demand the total removal of the ruling political class.

 

Via IB Times,

Italy’s Jewish communities have hit back at the spokesman of the anti-austerity Pitchfork movement, who described Italy as being “enslaved by wealthy Jewish bankers”.

 

The Pitchfork protestors’ spokesman, Andrea Zunino, who made the anti-Semitic comments, represents thousands of demonstrators who took to the streets in towns and cities across Italy to voice anger at austerity measures.

 

Renzo Gattegna, representing the Jewish community, said the words were “delirious”.

 

“[Those words] shamelessly recall a historical period characterised by death, violence and denial of the most elementary rights,” he told daily La Repubblica.

 

Conspiracy theories regarding Jews and banking were popular during the rise of National Socialism and the Nazis.

 

Earlier, Zunino had claimed: “We want government resignation. We want sovereignty over Italy which is now the slave of bankers, like the Rothschild: it is odd that five or six among the world’s richest people are Jews.”

 

The Pitchfork movement, which started with a loose group of Sicilian farmers concerned about rising taxes and cuts to agricultural state funds, has evolved into a nationwide umbrella grouping of truckers, small businessman, the unemployed, low-paid workers, rightwing extremists and football supporters.

 

Zunino cites Hungary’s controversial premier Viktor Orban, whose government has been accused of being weak in fighting rising anti-Semitism, as his role model.

 

But Gattegna said the Pitchfork leader’s remarks demonstrate a “deeper sense of discomfort” fuelled by “the most violent and grimmest anti-Semitic stereotypes”.

 

 

Thousands of Pitchfork demonstrators, riled by the country’s struggling economy, have demanded the total removal of the ruling political class, as well as calling for tax cuts, lowered fuel prices, and dumping the euro.

 

Mass demonstrations threw some Italian cities into chaos on Monday with police officers using teargas on protesters who had been throwing rocks and bottles at the headquarters of Italy’s tax collection agency.

 

Roadblocks, demonstrations and sit-ins continued from Milan to Bari in the south.

 

Shop-owners were reportedly threatened by demonstrators to either close their stores and join the protest, or face violence.

Of course, we have discussed the rise of social unrest and its linkages to austerity in the past but perhaps it is the huge gap between markets and high earner wealth and the struggling-with-record-unemployment working class that has fuelled the problems in Italy to this point.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/y4HF712PNAk/story01.htm Tyler Durden

Guest Post: Local Perceptions And Bitcoin’s Future In Singapore

Submitted by Keith Hilden, Squawkonomics

Squawk Walk Singapore: Local Perceptions and Bitcoin’s Future in Singapore

I have just returned from a very enjoyable trip to Singapore, in which our goal was to determine the sentiments and level of knowledge people had about Bitcoin in order to better determine Bitcoin’s future in Singapore. That journey took me to the pulsating central business district of a vibrant Singapore, traditional neighborhoods completely recast in the face of new immigration and rigorous central planning, and the newcomer immigrants and permanent residents where languages like Thai and Japanese punctuate the linguistic air of Singapore accentuated English. What we found out about Bitcoin sharply contrasted with that of what we learned about Bitcoin in Taiwan.

 

Bitcoin has a future here in Singapore, but it is a future that inevitably will be co-opted by central planning and control. The majority of locals who did not have the best sentiments regarding Bitcoin cited the lack of central control, ironically the reason in other countries why Bitcoin enjoyed its meteoric rise. Bitcoin is expected to be pilloried with payment gateways and other payment process implementation mechanisms to streamline the Bitcoin protocol into a fashion that the locals are familiarized to and prefer- a robust payment method with savings applications that is guaranteed by an actual organization against loss. Look no further than this lagging indicator, taken around the Promenade of the central business district overlooking the Marina Bay Sands casino, that Bitcoin’s future in Singapore is a co-opted system run on the familiar rails of global multinational corporations.

Source: Squawkonomics

Bitcoin’s culture in Singapore seems set in the trajectory of government involvement and control, far different than the cryptophile tech savvy liberty proponents calling for a much different future of decentralization, individualism, and confidence through peer-reviewed transaction confirmations. Indeed, it appears that Bitcoin is headed for a schism in how governments and populations in different countries wish to administer and implement Bitcoin in their own countries, resulting in strange family gatherings of statism and libertarianism driving Bitcoin’s future across various countries in the world. The big picture is an unfolding dynamic of converging discordant forces of libertarianism and statism at the crux of a grand showdown, as the battle lines for control of Bitcoin are drawn in places like Singapore, Germany, and China.

Singaporeans we talked to seemed to prefer government control over Bitcoin due to their perception of government being able to control price fluctuations and guarantee against loss. However, when asked if they would accept an independent organization guaranteeing Bitcoin transactions, most of the Singaporeans we talked to would also be fine with that. Almost all Singaporeans we talked to were not satisfied with the current Wild West status quo they perceived as a downfall to Bitcoin’s development.

Singaporeans we talked to as a whole expressed a rock-solid confidence in their government’s ability to guarantee the financial system, banking system, and the stability in the Singapore dollar. Singaporeans also questioned the need for Bitcoin when there was a plentiful array of payment methods around Singapore. Very few Singaporeans saw Bitcoin in the light of an advantageous vehicle in which to store savings, and most cited volatile fluctuations in the Bitcoin price for that reason.

Singaporeans further were not clear what was backing Bitcoin and thus were not clear as to how Bitcoin’s price could be so high. However, when the US came into conversation, the conversation veered many a times to the US money printing by Ben Bernanke, and the inflation and debt arising from that. Some of them had even likened Bitcoin to the US dollar, in the sense they felt nothing was backing either of them, and had no guarantee behind it. However, many Singaporeans spoke of US monetary and economic problems as if from a different part of the world that didn’t impact them in the slightest.

In comparison between what we learned in Singapore and Taiwan:

#1 People in Singapore had a drastically lower concern about cyber security with Bitcoin than did people in Taiwan.

#2 People in Singapore trusted the government to guarantee the financial and monetary system much more than people in Taiwan did. No one in Taiwan explicitly said they didn’t need Bitcoin due to confidence in their government.

#3 People in Singapore were at the same time more willing to try Bitcoin out, while people in Taiwan were much more conservative and cited the need to limit their exposure in Bitcoin and use it from arm’s length.

#4 Knowledge about Bitcoin in Singapore was remarkably higher than it was in Taiwan.

And for a fascinating insight on how people in Taiwan view Bitcoin, check out our Squawk Walk Taipei from last week:


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ibxUmx9o68Y/story01.htm Tyler Durden

Guest Post: Local Perceptions And Bitcoin's Future In Singapore

Submitted by Keith Hilden, Squawkonomics

Squawk Walk Singapore: Local Perceptions and Bitcoin’s Future in Singapore

I have just returned from a very enjoyable trip to Singapore, in which our goal was to determine the sentiments and level of knowledge people had about Bitcoin in order to better determine Bitcoin’s future in Singapore. That journey took me to the pulsating central business district of a vibrant Singapore, traditional neighborhoods completely recast in the face of new immigration and rigorous central planning, and the newcomer immigrants and permanent residents where languages like Thai and Japanese punctuate the linguistic air of Singapore accentuated English. What we found out about Bitcoin sharply contrasted with that of what we learned about Bitcoin in Taiwan.

 

Bitcoin has a future here in Singapore, but it is a future that inevitably will be co-opted by central planning and control. The majority of locals who did not have the best sentiments regarding Bitcoin cited the lack of central control, ironically the reason in other countries why Bitcoin enjoyed its meteoric rise. Bitcoin is expected to be pilloried with payment gateways and other payment process implementation mechanisms to streamline the Bitcoin protocol into a fashion that the locals are familiarized to and prefer- a robust payment method with savings applications that is guaranteed by an actual organization against loss. Look no further than this lagging indicator, taken around the Promenade of the central business district overlooking the Marina Bay Sands casino, that Bitcoin’s future in Singapore is a co-opted system run on the familiar rails of global multinational corporations.

Source: Squawkonomics

Bitcoin’s culture in Singapore seems set in the trajectory of government involvement and control, far different than the cryptophile tech savvy liberty proponents calling for a much different future of decentralization, individualism, and confidence through peer-reviewed transaction confirmations. Indeed, it appears that Bitcoin is headed for a schism in how governments and populations in different countries wish to administer and implement Bitcoin in their own countries, resulting in strange family gatherings of statism and libertarianism driving Bitcoin’s future across various countries in the world. The big picture is an unfolding dynamic of converging discordant forces of libertarianism and statism at the crux of a grand showdown, as the battle lines for control of Bitcoin are drawn in places like Singapore, Germany, and China.

Singaporeans we talked to seemed to prefer government control over Bitcoin due to their perception of government being able to control price fluctuations and guarantee against loss. However, when asked if they would accept an independent organization guaranteeing Bitcoin transactions, most of the Singaporeans we talked to would also be fine with that. Almost all Singaporeans we talked to were not satisfied with the current Wild West status quo they perceived as a downfall to Bitcoin’s development.

Singaporeans we talked to as a whole expressed a rock-solid confidence in their government’s ability to guarantee the financial system, banking system, and the stability in the Singapore dollar. Singaporeans also questioned the need for Bitcoin when there was a plentiful array of payment methods around Singapore. Very few Singaporeans saw Bitcoin in the light of an advantageous vehicle in which to store savings, and most cited volatile fluctuations in the Bitcoin price for that reason.

Singaporeans further were not clear what was backing Bitcoin and thus were not clear as to how Bitcoin’s price could be so high. However, when the US came into conversation, the conversation veered many a times to the US money printing by Ben Bernanke, and the inflation and debt arising from that. Some of them had even likened Bitcoin to the US dollar, in the sense they felt nothing was backing either of them, and had no guarantee behind it. However, many Singaporeans spoke of US monetary and economic problems as if from a different part of the world that didn’t impact them in the slightest.

In comparison between what we learned in Singapore and Taiwan:

#1 People in Singapore had a drastically lower concern about cyber security with Bitcoin than did people in Taiwan.

#2 People in Singapore trusted the government to guarantee the financial and monetary system much more than people in Taiwan did. No one in Taiwan explicitly said they didn’t need Bitcoin due to confidence in their government.

#3 People in Singapore were at the same time more willing to try Bitcoin out, while people in Taiwan were much more conservative and cited the need to limit their exposure in Bitcoin and use it from arm’s length.

#4 Knowledge about Bitcoin in Singapore was remarkably higher than it was in Taiwan.

And for a fascinating insight on how people in Taiwan view Bitcoin, check out our Squawk Walk Taipei from last week:


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ibxUmx9o68Y/story01.htm Tyler Durden

Stocks Have Worst Start To Year Since 2008

Despite the best efforts of 330RAMP CAPITAL, US equity indices ended the first trading day of the year with the biggest loss (on that day) since 2008. Led by weakness in the high-beta indices as Trannies tumbled their most in 4 months and the S&P's biggest daily downswing in over 3 weeks. On a side-note, gas prices have never been this high on the first day of the year. VIX closed higher once again as stocks began to catch down to it's recent warnings. Bonds rallied from the open this morning (with 10Y 6bps lower in yield from its opening print) with 10Y back under 3%. EUR weakness drove the USD higher (but JPY strength weighed on stocks). The biggest moves appeared in commodities with gold and silver up nicely and WTI crude down hard… on, and TWTR was up over 6%!

 

 

Gas prices have never been higher on the first day of the year…

 

Stocks were spanked from the panic-buying highs of New Year's Eve…Notably, the major selling pressure ended when Europe closed. Did we really see a rotation from US equities into European bonds?

 

So buy TWTR you idiot!!!

 

VIX pushed higher still and stocks began to catch down…

 

Despite Treasury strength, Utilities are actually the worst performer off the highs of New Year's Eve…

 

Which, perhaps most interestingly, means Utilities are now unchanged from the Taper…

 

Treasuries rallied from the get-go…

 

But commodities were the most actuve space today with Gold and silver surging and oil plunging… Gold's best day in 10 weeks; oil's worst day in 13 months

 

 

and FX markets have had quite a week but it seems the EUR repatriation filled its year-end liquidity needs and is now unwinding (on European bond's best day in over a year!!)

 

Charts: Bloomberg

Bonus Chart: Since 2000, there has now been 7 years with a negative first day. Of the previous 6, half ended the year with losses (-10.3%, -13%, and -38.5%)… will 2014 be any different? (h/t @Not_Jim_Cramer)


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/YX7zOaymFYU/story01.htm Tyler Durden

New York Declares State Of Emergency Ahead Of Nor’easter Snowstorm

A day after the new NYC mayor was sworn in, it looks like he will be busy digging his brand new city from under “blizzardlike” conditions including 5-6 inches of snow, which it seems are enough for New York governor Andrew Cuomo to declare…

The road closures are already known:

Finally, some details on what to expect:

Authorities are prepping hundreds of plows and tons of salt, shutting down highways and making contingency plans for mass transportation as a powerful nor’easter that is expected to dump up to 10 inches of snow on parts of the tri-state area and bring caustic 25-mph winds bears down on the East Coast.

 

A blizzard warning is in effect for Long Island, and winter storm warnings are in effect for most of the tri-state through Friday morning and hundreds of flights at the region’s three primary airports were canceled by mid-afternoon Thursday. A winter storm watch is in effect for central New Jersey and points south.

 

Flurries began falling late Wednesday into Thursday, leaving a light dusting of snow on roads and walkways for the first commute of the new year. Forecasters say snowfall will become heavier and steadier Thursday evening into Friday, accompanied by plunging temperatures and whipping winds that will make it feel like 10 degrees below zero in some spots overnight.

 

Gov. Cuomo has already announced the Long Island Expressway will be shut down at midnight within Nassau and Suffolk. The Queens section of the L.I.E. will remain open. Route 87 south of Albany will also be closed, and all of Route 84 will be shut down.

 

The roads will be reopened at 5 a.m., if conditions allow.

 

In New York City, 6 to 8 inches of fluffy snow are expected by Friday morning, and 8 to 10 inches of snow are possible north and west of the city and Long Island. Three to 6 inches are expected to fall in central and southern New Jersey.

 

The snowfall will combine with winds gusting up to 35 miles per hour to create possible white-out conditions, severely hampering visibility late Thursday into Friday, particularly in areas expected to see more accumulation. Drivers are urged to stay off the roads after Thursday afternoon.

 

The winds will cause the snow to drift onto roads, and the frigid temperatures will prevent any melting, which could make for dangerously slick roads for Friday’s morning commute.

 

Mass transit is a “prudent option, given that highways may be closed,” Gov. Andrew Cuomo said in a conference call with reporters Wednesday.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/uQnnYTqo8NA/story01.htm Tyler Durden

New York Declares State Of Emergency Ahead Of Nor'easter Snowstorm

A day after the new NYC mayor was sworn in, it looks like he will be busy digging his brand new city from under “blizzardlike” conditions including 5-6 inches of snow, which it seems are enough for New York governor Andrew Cuomo to declare…

The road closures are already known:

Finally, some details on what to expect:

Authorities are prepping hundreds of plows and tons of salt, shutting down highways and making contingency plans for mass transportation as a powerful nor’easter that is expected to dump up to 10 inches of snow on parts of the tri-state area and bring caustic 25-mph winds bears down on the East Coast.

 

A blizzard warning is in effect for Long Island, and winter storm warnings are in effect for most of the tri-state through Friday morning and hundreds of flights at the region’s three primary airports were canceled by mid-afternoon Thursday. A winter storm watch is in effect for central New Jersey and points south.

 

Flurries began falling late Wednesday into Thursday, leaving a light dusting of snow on roads and walkways for the first commute of the new year. Forecasters say snowfall will become heavier and steadier Thursday evening into Friday, accompanied by plunging temperatures and whipping winds that will make it feel like 10 degrees below zero in some spots overnight.

 

Gov. Cuomo has already announced the Long Island Expressway will be shut down at midnight within Nassau and Suffolk. The Queens section of the L.I.E. will remain open. Route 87 south of Albany will also be closed, and all of Route 84 will be shut down.

 

The roads will be reopened at 5 a.m., if conditions allow.

 

In New York City, 6 to 8 inches of fluffy snow are expected by Friday morning, and 8 to 10 inches of snow are possible north and west of the city and Long Island. Three to 6 inches are expected to fall in central and southern New Jersey.

 

The snowfall will combine with winds gusting up to 35 miles per hour to create possible white-out conditions, severely hampering visibility late Thursday into Friday, particularly in areas expected to see more accumulation. Drivers are urged to stay off the roads after Thursday afternoon.

 

The winds will cause the snow to drift onto roads, and the frigid temperatures will prevent any melting, which could make for dangerously slick roads for Friday’s morning commute.

 

Mass transit is a “prudent option, given that highways may be closed,” Gov. Andrew Cuomo said in a conference call with reporters Wednesday.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/uQnnYTqo8NA/story01.htm Tyler Durden

Trading The Technicals: Bond Bears Beware Of “Defensive Posture”

The combination of impulsive gains and corrective weakness from the late October lows at 78.99, repeated failure to hold a break of 79.95/79.82 area support and now bullish seasonals (January is the strongest month of the year for the US $ Index) all tell BofAML's Macneil Curry that the US Dollar Index is headed higher. While he remains a long-term Treasury bear, Curry warns bond bears to take a wait-and-see approach and fears a "defensive posture" may correct bond yields and stock prices lower.

 

Via BofAML,

Bullish US $ Index as 2014 starts.

We remain US $ Index bulls.

The combination of impulsive gains and corrective weakness from the late October lows at 78.99, repeated failure to hold a break of 79.95/79.82 area support and now bullish seasonals (January is the strongest month of the year for the US $ Index) all say the US $ Index is headed higher.

A closing break of 80.66/080.83 confirms (100d and Dec-20 high), opening the Nov highs at 81.48, ahead of 82.67 and beyond. Further supportive of a higher US $ would be a £/$ close below 1.6474 (Dec-31 low), which would result in a Bearish Engulfing Candle, and a €/$ close below the Dec-20 low of 1.3625, which would complete an irregular Double Top formation.

US Treasury yields trying to break out, but watch the S&P500

We have been and remain long-term US Treasury bears, with 10yr yields targeting 3.17%/3.30% and, eventually, 3.45%/3.50%. HOWEVER, right here, with 10yr yields struggling to maintain the break of 3.00%/3.012% support (61.8% of the Apr’10/Jul’12 decline and early Sept. highs), we are NEUTRAL, taking a wait-and-see approach. Indeed, the risk for a near-term and, potentially, medium-term yield top and turn lower is quite high. Watch 2.970%/2.965% resistance AND ESH4 support at 1833.50/1824.50. Through these levels would say that 10yr yields have formed a near-term top and bullish turn in trend, as investors adopt a more defensive posture and ESH4 enters into a near-term correction within the larger bull trend.

Bigger picture, ESH4 bears need a break of 1768.25/1754 to gain control.

Gold weakness to continue

Despite the rally in the US $, gold has proven to be very resilient. However, stay bearish against 1251/1270. Against here, the downtrend remains on firm footing for a test and break of the Jun lows at 1180, opening LONG-TERM PIVOTAL SUPPORT BETWEEN 1127/1087
 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/n4uSKhyShVI/story01.htm Tyler Durden

Trading The Technicals: Bond Bears Beware Of "Defensive Posture"

The combination of impulsive gains and corrective weakness from the late October lows at 78.99, repeated failure to hold a break of 79.95/79.82 area support and now bullish seasonals (January is the strongest month of the year for the US $ Index) all tell BofAML's Macneil Curry that the US Dollar Index is headed higher. While he remains a long-term Treasury bear, Curry warns bond bears to take a wait-and-see approach and fears a "defensive posture" may correct bond yields and stock prices lower.

 

Via BofAML,

Bullish US $ Index as 2014 starts.

We remain US $ Index bulls.

The combination of impulsive gains and corrective weakness from the late October lows at 78.99, repeated failure to hold a break of 79.95/79.82 area support and now bullish seasonals (January is the strongest month of the year for the US $ Index) all say the US $ Index is headed higher.

A closing break of 80.66/080.83 confirms (100d and Dec-20 high), opening the Nov highs at 81.48, ahead of 82.67 and beyond. Further supportive of a higher US $ would be a £/$ close below 1.6474 (Dec-31 low), which would result in a Bearish Engulfing Candle, and a €/$ close below the Dec-20 low of 1.3625, which would complete an irregular Double Top formation.

US Treasury yields trying to break out, but watch the S&P500

We have been and remain long-term US Treasury bears, with 10yr yields targeting 3.17%/3.30% and, eventually, 3.45%/3.50%. HOWEVER, right here, with 10yr yields struggling to maintain the break of 3.00%/3.012% support (61.8% of the Apr’10/Jul’12 decline and early Sept. highs), we are NEUTRAL, taking a wait-and-see approach. Indeed, the risk for a near-term and, potentially, medium-term yield top and turn lower is quite high. Watch 2.970%/2.965% resistance AND ESH4 support at 1833.50/1824.50. Through these levels would say that 10yr yields have formed a near-term top and bullish turn in trend, as investors adopt a more defensive posture and ESH4 enters into a near-term correction within the larger bull trend.

Bigger picture, ESH4 bears need a break of 1768.25/1754 to gain control.

Gold weakness to continue

Despite the rally in the US $, gold has proven to be very resilient. However, stay bearish against 1251/1270. Against here, the downtrend remains on firm footing for a test and break of the Jun lows at 1180, opening LONG-TERM PIVOTAL SUPPORT BETWEEN 1127/1087
 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/n4uSKhyShVI/story01.htm Tyler Durden

Four Key Lessons From 2013

Submitted by Simon Black of Sovereign Man blog,

1) Politicians believe there are no consequences for destroying our liberty…

Stimulus and response. That’s the easiest way of summing this up. When politicians steal, and there are no consequences, they’re going to keep stealing.

Cyprus proved this point handily. The government froze bank accounts for everyone in the country (of course, the big bosses got their money out in time). And yet, there was no violent revolution in the streets. People just accepted it.

Poland nationalized pensions. Argentina imposed severe capital controls. The French are taxing everything under the sun. The US government was caught red-handed spying on… everyone.

And yet, there have been ZERO consequences. Citizens have been trained like caged animals to simply roll over and acquiesce. I imagine the politicians are thinking, “Holy Cow! I can’t believe we just got away with that…”

It only reinforces their behavior. With each destructive act, they become more bold, more brazen in dismantling our liberties, confident that they can continue to act with total impunity.

2) …Central bankers and economists believe there are no consequences to printing money…

The Fed expanded its balance sheet by $1.1 TRILLION in 2013, a whopping 38.5%. Nobody seems to mind. The stock market surged to all-time highs, the bond market remained stable, and everyone pronounced the ‘recovery’ was in.

I attended a dinner a few months ago where Ben Bernanke himself touted how much his quantitative had helped US economic conditions.

They really believe in what they are doing. They really believe that conjuring endless quantities of money out of thin air is the path to prosperity.

Not to mention, our modern society awards its most esteemed prizes for intellectual achievement to the likes of idiot savants like Paul Krugman who tell us that the Fed should be printing even MORE money. And people listen to him.

So we can only expect Ben “I can raise interest rates in 15 minutes” Bernanke, and his heir apparent Janet Yellen, to give us more of the same.

3) …Investors think there are no consequences to deficits, or debasement…

In 2013, headlines like “the US deficit is -only- $700 billion” were actually considered good news.

And markets have given all of these fiascos a pass– from the government shutdown to record-shattering debt levels to downgrades by the rating agencies. AA became the new AAA in 2013.

Nobody cares that the US government ‘borrowed’ a record amount of money from the Social Security Trust Fund. Or that they spent a record amount just to pay interest on the debt at a time when interest rates are at all-time lows.

Rather, they just keep investing… without a single thought to the possible risks. The fear of missing the big boom is greater than the fear of losing money. But then again, it’s not their money at risk. It’s yours.

4) …But Joe Six-Pack knows this is all crap.

In 2013, the collective net worth of the 300 richest people in the world grew to $3.7 trillion, 16.5% higher than 2012. Corporate profits were also at record levels.

Fortune 500s, the super-rich, rich, and even upper middle class have largely been beneficiaries of the central bank induced asset bubble.

But everyone else is getting hammered by inflation… watching their savings and livelihoods melt away before their very eyes.

A report from the US Census Bureau this year showed that median household income has declined for five straight years. And those living in poverty, using food stamps, or receiving unemployment benefits remained at record high levels in 2013.

Meanwhile, the wealth gap has grown to its largest since 1929– the year of that fateful financial collapse.

It’s time for a reality check: something is wrong with this picture.

We’ve become desensitized to everything. “Unprecedented” monetary policy. Record debts. Massive wealth gap. Government surveillance. Theft. Deceit. Inflation.

We’ve become so accustomed to getting screwed, it’s just par for the course now. We sit quietly and wait for the next round of beatings, shrugging it all off as the new normal.

This isn’t normal. This is not how a free society is supposed to function.

A free society does not spy on its own people, threaten them with drone assassination, and award an unelected banking elite with supreme authority to rob purchasing power from the masses in favor of a bubbly stock market.

And despite the conventional wisdom, this is not a consequence-free environment.

History is full of examples of entire nations that reached their breaking points… shouting from the rooftops “I’m mad as hell! And I’m not going to take it anymore!”

2013 already saw violent unrest in some of the most stable countries in the world like Singapore and Sweden, all underpinned by absolute disgust for the status quo.

Whether today or tomorrow, this year or next, there will be a reckoning. The system is far too broken to repair, it must be reset.

It’s simply absurd to look at the situation objectively and presume this status quo can continue indefinitely… that this time is different… that we’re somehow special and immune to universal principles.

This is not some prediction for doom and gloom. Far from it.

It’s actually a message of optimism. For the sooner these crackpot criminal politicians and their central banking ilk are stricken from power, the better off we’ll all be.

Unfortunately there’s going to be quite a bit of turmoil to get there.

Here’s to 2014. It’s going to be a hell of a year.


    



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

Crude’s Worst Day In 13 Months Sends Trannies Tumbling

WTI crude is back below $95.50 – its lowest in a month – as the price of the front-month has dropped over 3% today – its biggest single-day drop since November 2012. USD strength (+0.3%) is being ignored for now by gold and silver which are jumping handily (back over $1230 and $20 respectively). US equities are suffering for the first day of the year for the first time since 2008 (which ended -38.5%) led by Russell 2000 and the Dow Transports – which is seeing its worst day in 4 months.

 

Oil is having a bad day – and its not a WTI-Brent issue as the spread is stable…

 

and the Trannies are tumbling…

 

Along with all the other major indices… from Friday’s panic-buying highs

 

Charts: Bloomberg

Thursday Humor Bonus Chart: We can only assume that Bloomberg did not get the memo on the 100-to-1 reverse split rescaling of Venzuela’s stock index… or it really is -99.9%…



    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/rN4pCt86cho/story01.htm Tyler Durden