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Chuck Hagel Goes Full Fearmonger: "ISIS Poses Greater Threat Than 9/11, Prepare For Everything"

US Secretary of Defense Chuck Hagel talks about the "imminent threat" ISIS poses to the US and the World.. .and pulls no punches in his total fearmongery..."ISIL poses a threat greater than 9/11. ISIL is as sophisticated and well funded as any group we have seen. They're beyond just a terrorist group. They marry ideology with a sophisticated strategic and tactical military prowess and they're tremendously well-funded. This is way beyond anything we have seen. We must prepare for everything. Get Ready!" Time for some QE-funded deficit-busting war spending...



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Congress Proposes Law Banning Body Armor In The Land Of The Free

Communist China. Nazi Germany. Cambodia. Guatemala. Uganda. The list goes on and on. Pacification of the citizens is almost always a prerequisite to totalitarianism. There have been a lot of attempts to disarm, or at least partially disarm, people in the US throughout history as well. Each time there’s a major shooting somewhere, the chant to ban firearms grows louder. But the latest proposal is especially telling. H.R. 5344 is a bill currently going through Congress that would ban the purchase of body armor.



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The Midterm Election: Prospects For A Republican Senate Majority

In the four months since we last wrote about the upcoming midterm election, the outlook has changed only incrementally. As Goldman notes, although there were a few surprising retirements and primary election results over the last few months, none of these seem to have significantly affected the overall prospects for control of the House or Senate. However, as the election draws near, the potential effects of a Republican Senate majority seem likely to become more of a focus for market participants.



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Trouble In Socialist Paradise: Maduro Rating Plummets As Shoppers Prepare To Be Fingerprinted

It appears Venezuelan President Nicolas Maduro has run out of other people's money. Just 8 months after his exuberant 60% approval rating at the end of last year after local elections (appealing to the ever-more-impoverished ultra-poor who remain entirely dependent on his 'fairness'), the socialist leader's popularity has plunged. As Bloomberg reports, Hinterlaces polling shows only a 39% approval rating (oddly similar to President Obama's). There are numerous reasons of course, but we suspect the news that Maduro has announced a mandatory grocery fingerprinting system to combat food shortages, will not exactly endear him to his 'followers'.



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Pakistan Opposition Leader Slams US: "You Like Only Those Governments In Muslim Countries That Are Your Slaves"

It is no secret that of all geopolitical crises in the past 5 years, the US has been the instrumental puppetmaster in virtually all of them: from Libya, to Egypt, to Syria, to Ukraine ("US Revealed As Alleged Mastermind Behind Ukraine Unrest"), even the ISIS insurrection in Iraq whose success would have been impossible without prior US weaponizing of al-Qaeda splinter groups in neighboring Syria. And now it appears the US has found yet another country for its "intelligence services" to alienate. According to go the WSJ, the leader of protests against Pakistan's Prime Minister Nawaz Sharif lashed out at the U.S. Thursday, accusing Washington of interfering in the country's political crisis. "You like only those governments in Muslim countries that are your slaves," Mr. Khan said in remarks directed at the U.S. "Is there another democracy for you, and another for us?"



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30 Facts That Prove The American Middle-Class Is Being Destroyed

The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed.  Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace.  Yes, the stock market has soared to unprecedented heights this year and there are a few isolated areas of the country that are doing rather well for the moment.  But overall, the long-term trends that are eviscerating the middle class just continue to accelerate. 



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"Disturbing Pattern" Continues, Administration Broke The Law With Bergdahl Swap, GAO Says

"In our view, the meaning of the (law) is clear and unambiguous," the nonpartisan Government Accountability Office (GAO) wrote, The Pentagon broke the law when it swapped Army Sgt. Bowe Bergdahl, a prisoner in Afghanistan for five years, for five Taliban leaders. As AP reports, the GAO charges that the administration failed to notify the relevant congressional committees at least 30 days in advance of the exchange, and furthermore, used $988,400 of a wartime account to make the transfer without express appropriation - breaking the Antideficiency Act. So it seems The White House's previous statement that it "acted lawfully" are once again false. As Republican Senator Susan Collins exclaimed, "The president's decision is part of a disturbing pattern where he unilaterally decides that he does not have to comply with provisions of laws with which he disagrees."



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Artist's Impression Of President Obama's Urgent Matters In Washington

Presented with no comment...



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Liberian Police Open Fire On Ebola Protesters

Police in the Liberian capital fired live rounds and tear gas on Wednesday to disperse a stone-throwing crowd trying to break an Ebola quarantine imposed on their neighbourhood. As Reuters reports, at least four people were injured in clashes with security forces, witnesses said, though it was unclear whether anyone was wounded by the gunfire. Liberian authorities introduced a nationwide curfew on Tuesday and put the West Point neighbourhood under quarantine to curb the spread of the disease. "The soldiers are using live rounds," said army spokesman Dessaline Allison, adding: "The soldiers applied the rules of engagement. They did not fire on peaceful citizens." Locals are angry, "I don't have any food and we're scared," screamed one, adding, "it is inhumane."



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The Stunning Charts Showing Just How Much Richer The Rich Have Gotten While The Poor Drown In Debt

Nowhere is the "financialization" of the US economy more evident than in this chart showing the relative net worth ratio of quntile to the next quintile right below it. Quote Census: "The distribution of net worth became more spread out between 2000 and 2011. The ratio of median net worth of the highest quintile to the second quintile increased from 39.8 to 86.8 between 2000 and 2011, and the ratio of the highest quintile to the third quintile increased from 7.7 to 9.2. The ratio of the highest quintile to the fourth quintile was 3.0 in 2000 and showed no statistically significant change over this period." 



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Ukraine Central Bank "Friends" USDollar Sellers, Posts 'Failed' FX Intervention On Facebook

Forget Bloomberg, ignore Reuters, dismiss that 'well-informed trader' source... Ukraine's Central Bank has decided that critical medium for expressing its desperation to stop the collapse of its currency is... Facebook.



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Meanwhile, Outside Of Jackson Hole...

It appears that while most of the world's great unwashed sell-side Economists were not invited to J-Hole this year, this group of protesters managed to sneak in and had a message for QE-ing elite...



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The Illusion Of Strength

The current occupation of the markets is both "unbelievable in power and grandeur." There is simply no denying the current bull market trend as "silent crowds remain stupefied by its immensity, its endlessness and its splendid perfection." The thought for the day is simply this: "Like the many proud soldiers that occupied Brussels then, two or three years from now, how many investors will be alive to 'tell the tale' of the occupation of the bull market today?" It is within "resigned complacency" that the risks to portfolios are easily dismissed with the conviction of strength and control. Yet, it is also within this illusion that the greatest defeats in history have been delivered.



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"Bullishness" Surges To 2014 Highs

Despite the constant hum of talking heads explaining how investors are "hating this rally" just ready to pile their last penny into stocks any minute (as soon as rates rise and destroy bondholders), AAII sees bullishness at 2014 highs... it appears retail is very much all-in and praying for Yellen's blessing tomorrow...



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If QE Is Ending Because It Was So Successful, Then Here Are A Few Simple Questions

If QE is ending because it was so successful, then why is aggressive forward guidance necessary? If QE worked so well, then why will Yellen likely need to mention ‘the elevated number of part time workers’, ‘under-utilization of labor resources’ or ‘room for improvement in the labor market’? In regard to its inflation mandate, there is no evidence that QE has had any impact other than causing asset price inflation.



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