Trump Supporter Sucker-Punches Protester, Police Respond by Handcuffing Protester

Multiple video clips have emerged showing an anti-Donald Trump protester, part of a group being ejected from last night’s Trump rally in Fayetteville, NC, being sucker-punched by a Trump supporter.

Though the incident took place mere feet away from the same law enforcement officials escorting protester Rakeem Jones out of the venue, the officers in question ignored the perpetrator and instead immediately grabbed a stunned Jones, threw him to the ground, and placed him in handcuffs. 

Jones told the Washington Post that he and three companions, “a white woman, a Muslim, and a gay man” went to the rally as a “social experiment.” One of the people in the group, Ronnie C. Rouse, said that as soon as Trump’s speech began, someone in the crowd “singled them out” and moments later a group of eight officers wearing “Sheriff’s Office” uniforms arrived to remove them from the premises. 

With officers both in front and behind him, Jones walked up the stairs, pausing briefly to throw his hands up in mocking defiance of the booing crowd. The video clips show a man wearing a ponytail under a cowboy hat walking toward the aisle, waiting until Jones is within arm’s reach, then decking him with a right cross. Seconds later, the officers yanked Jones up the stairs and forcibly detained him. 

“The police jumped on me like I was the one swinging,” Jones said to the Post. He added, “It’s like this dude really hit me and they let him get away with it. I was basically in police custody and got hit.”

The identity of the man who threw the Moment before a suckerpunch.punch is unknown at this time, but one video shows several officers walking right past him, not even looking in his direction, after he threw the punch. 

In a strange twist, the area’s local law enforcement agencies are all refusing to take responsibility for what happened. The Post reports:

Fayetteville is in Cumberland County, N.C., but an official from the Cumberland County Sheriff’s Office, reached by The Washington Post early Wednesday, said officers from that jurisdiction were not the ones who detained the man. The Fayetteville Police Department also told The Post they did not detain anyone at the rally, held at the city’s Crown Coliseum.

As previously noted here at Reason, violence and threats of violence have become an increasingly common feature of Trump rallies, and disrupting a Trump event can technically be prosecuted as a federal crime

The Republican frontrunner has also mused publicly that he’d like to punch a protester in the face, insinuated that people who disrupt his events might deserve to get “roughed-up,” and encouraged his supporters to forcibly remove anti-Trump demonstrators, telling one crowd he’d “defend you in court.”

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Do Any Of The Current Rallies Pass “The Sniff Test”? (Spoiler Alert: No!)

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

But you can't tame the monster of speculative, legalized looting and financialization.

Everything from iron ore to copper to the Baltic Dry Index to stocks to bat guano is rallying. The problem is not a single rally passes "the sniff test:" is the rally the result of changing fundamentals, or is it merely short-covering and/or speculative hot money leaping from one rally to the next?

Every one of these rallies is bogus, a travesty of a mockery of a sham of price discovery, supposedly the core function of markets. What shift in fundamentals drove this rally? Higher profits? No, profits are declining, especially once the phony adjustments are stripped away. Is the global economy strengthening? Don't make us laugh!

As Chris Martenson and many others have noted, "price discovery" is a joke now, as markets are either propped up by central bank "we got your back" guarantees or outright asset purchases, or driven up and down by speculative hot money flows.

Even the recent (and overdue) run-up in gold has a speculative-fever feel. Whatever the market, the game is the same: traders goose the markets higher with futures purchases, pile on with buying that attracts latecomers, who are then sold the rally at the top and left holding the bag when the rally inevitably deflates, once the speculative hot money exits.

This is not capitalism, or a functioning market: this is the end-game of legalized looting and financialization. What's the value of real estate? If interest rates are pushed negative, then that gooses housing demand, as the cost of interest on a mortgage declines to near-zero in real terms.

What would the value be at 5% mortgage rates? What would the interest rate be in a truly private mortgage market, one that wasn't dominated by government agencies and central banks? Nobody knows.

Once you lower interest to zero, the market can no longer price the difference between a mal-investment and a sound investment. Price and risk discovery are dead.

Prop up asset bubbles with direct asset purchases, and markets abandon valuations in favor of following the manipulation. Price discovery is dead.

Create trillions in near-zero interest hot money seeking a quick return, and markets can no longer price anything but hot-money capital flows of the moment. Hot money is flowing in–rally! Hot money is exiting–bust!

The financialization snake is eating its own tail. Once everything has been financialized and commoditized, the price is set not by fundamentals but by state/central bank manipulation (politely called "intervention") and the capital flows chasing the manipulations.

The game requires being one step ahead. The leap out of stocks into iron ore, then out of iron ore into oil, then out of oil into gold, then out of gold into the shippers, then out of the shippers into bat guano–the game is speeding up as the markets become completely detached from any fundamental valuation price discovery.

The price is what the next flipper will pay. This is now the foundation of the global economy: central banks have destroyed price discovery to prop up asset bubbles that serve the power of the privileged few, and a global financial system awash in trillions of dollars of hot money, unsecured debt, derivatives, shadow banking loans, petrodollars and sovereign wealth funds is chasing the next hot sector.

The more the monster thrashes, the faster the cycles of boom and bust and the greater the manipulations the central planners must impose to keep the beast alive. Is there any greater desperation possible than negative interest rates, which scream there is no way out, we are clueless, this is our last best idea to save the monster from destroying itself.

But you can't tame the monster of speculative, legalized looting and financialization. The monster is thrashing about, smashing everything it touches. Anyone who thinks negative interest rates will tame this monster is delusional.


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Did Draghi Just Blow His Bazooka’s Wad: Gold Soars, EUR Spikes

Did we just witness peak bullshit?

From omnipotent to impotent in an hour…

 

Sending gold soaring – after 4 slams in the last 2 days…

 

So first Yellen… Gold +18% since the rate hike (stocks lower)

 

Then Kuroda… (JPY strength and stock weakness)

 

And now Draghi (EUR strength) – the centrally-planned world is losing faith in its 'leaders'.


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The ECB’s Embarrassing Inflation Forecast Implodes

Three months ago, when the ECB released its latest quarterly inflation expectations, we mocked that “there is a bit of a hockeystick” going from 2015 to 2016, when HICP inflation was expected to soar from 0.1% to 1.0%.

We said the following:

“in March 2014, the ECB predicted 2016 year end inflation would be 1.5%. It now predicts it will rise to 1.0%, decidedly lower than the 1.5% predicted in June, and yet in our humble opinion, still about 1% higher than where it will end up.”

Visually:

 

We were right, because moments ago the ECB reveled its latest, 2016 year-end inflation forecast, which suffered a spectacular implosion, plunging from December’s 1.0%, to a laughable 0.1%, still technically 0.1% above our modest prediction which once again was essentially spot on… and the ECB was dead wrong.


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Listen to Matt Welch Talk Dem & GOP Debates All Day on SiriusXM Insight

What were the lowest lights of last night’s Democratic debate? I’ll be on SiriusXM’s Insight channel (121) at 11 a.m. talking about it on StandUP with Pete Dominick. You can call in at 1-877-974-7487 to heckle.

Then tonight after the GOP presidential debate in Miami I’ll be joining a Dominick-orchestrated group of drunken commentators reacting to what may well be the Last Stand of the Establishmentarians. Tune in!  

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Oil Plunges As OPEC/NOPEC “Freeze Production” Meeting Reportedly Unlikely To Happen

When it rains impotence, it pours. All that lying, hope, and hype and now this:

  • OPEC, NON-OPEC MEETING UNLIKELY TO HAPPEN ON MARCH 20 AS IRAN YET TO COMMIT TO OIL PRODUCTION FREEZE – SOURCES…

And oil is tumbling…

 

And yet the Nigerians were so sure…or just outright lying!!


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Draghi Blew It – Euro, Stocks Retrace Bazooka Bounce

Within an hour of unleashing the yuuge bazooka, Draghi blew it by failing Central Planning 101:

  • *DRAGHI DOESN'T ANTICIPATE MORE RATE CUTS BASED ON CURRENT VIEW

As we tweeted – you never close an open-ended monetary stimulus package…

EURUSD has entirely retraced the plunge and Dow futures are tumbling back to reality…

 

From hero to zero! And it's getting worse…

 

And worser…

 

Banging The USD Index back below its 200-day moving-average…


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This Is The €1.6 Trillion In European IG Bonds Which The ECB Is Now Buying

Ever since the start of ECB’s QE, one of the biggest concerns has been how will the ECB continue monetizing €60 billion in debt in a market that is increasingly illiquid and running out of collateral. Moments ago we got the answer when the ECB not only went even deeper into negative rates territory, cutting all three of its main rates, but boosted QE by €20BN.

To be sure, if the ECB had maintained the universe of eligible assets as currently, it would immediately drain the govie market of what little liquidity there was, sending the Bund curve negative until the 30Y. Recently Goldman Sachs Group estimated that had it boosted QE by just €10 billion with the same collateral pool, the ECB would run out of German government debt to buy in 10 to 12 months.

Which is why the ECB had no choice but to expand its universe of eligible securities to include EUR-denominated, European non-financal Investment Grade bonds.

In doing so Draghi has officially opened the Pandora’s box of purchasing not only sovereign securities but corporate ones, something the BOJ has been doing for years with REITs and ETFs, and leads to the question: once the bonds the ECB holds are equitized (along the lines of what China announced earlier today), will the European Central Bank be an active, or passive, equity shareholder. Better: if the ECB is buying IG bonds, why not Junk, or stocks, or oil, or anything else?

Actually, there is no definitive answer, which is why sooner or later the ECB will do just that.

Here are some more thoughts from Bloomberg:

The next target for the European Central Bank’s expanding asset purchase program: the region’s 900 billion-euro ($980 billion)corporate-bond market.

 

The ECB will buy investment grade euro-denominated bonds issued by non-bank corporations established in the euro area, according to a press release on Thursday.

 

Corporate bonds are the latest assets to be added to a growing list of securities, from government debt to mortgage-backed notes, the central bank is snapping up to combat weak growth and inflation. Buying company bonds may also demonstrate a greater tolerance for risk at the central bank as the securities are typically unsecured.

 

The ECB has bought 786.8 billion euros of assets since October 2014. It expanded its purchasing target to 80 billion euros a month starting in April, according to the statement. Government bonds have accounted for the largest portion of ECB acquisitions, at 77 percent, while asset-backed securities account for less than 3 percent.

 

The central bank has already dipped its toe into the water of corporate debt markets by adding state-backed company bonds, including securities from Italian utility Enel SpA, to the list of assets eligible for purchase last year.

The following, however, is paramount, because there is no such thing as a free lunch, especially when Central Banks are going all in into a market which no longer has any liquidity:

ECB purchases of company securities could serve to limit liquidity in a market where investors say it’s become harder to trade after banks cut their bond holdings to preserve capital in response to tougher rules.

Finally here, courtesy of Goldman, is a snapshot of the total size of Europe’s Investment Grade market: this is where the ECB’s trading desk will now be actively buying.

It is unclear what happens to those IG bonds that the ECB has purchased if and when they get downgraded to junk.

Within 6-9 months we expect to add a chart showing Europe’s junk bond market which will be next on the monetization menu, followed shortly after by equities and kitchen sinks.

The only thing the ECB will never monetize, however, is gold – perhaps because it is the only asset class that does not need central bank support?


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US Treasury Curve Collapses To Dec 2008 Lows

The spread between the 30Y US Treasury yield and 2Y has plunged by 7.5bps this morning (as 2Y sells off and 30Y rallies post-Draghi) to 175bps. This is the flattest curve since Dec 2008 lows (at 172bps) which can only bode poorly for financials…

30Y bonds are bid (juicy yield compared to Europe) and 2Y yields are surging (room for a Fed rate hike)…

 

Still buying the Dimon Bottom?

 

Charts: Bloomberg


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A.M. Links: GOP Debate Tonight, Hillary vs. Bernie, Snowden vs. FBI

  • Marco Rubio now says he regrets making personal attacks on Donald Trump. “My kids were embarrassed by it, and if I had to do it again, I wouldn’t,” Rubio said.
  • Edward Snowden: “The FBI says Apple has the ‘exclusive technical means’ to unlock the phone. Respectfully, that’s bullshit.”
  • “The German authorities have obtained a list of the names of about 22,000 foreigners who have traveled to Syria to fight for the Islamic State, a trove of documents that officials say will help them prosecute fighters who return home and improve their efforts to prevent other Germans from joining the organization.”

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