Obamacare Architect Says Society Would Be Better Off If People Died At 75

Dr. Ezekiel Emanuel, brother of Rahm Emanuel, says that society would be far better off if people quit trying to live past age 75.  His new article entitled “Why I Hope To Die At 75” has the following very creepy subtitle: “An argument that society and families—and you - will be better off if nature takes its course swiftly and promptly”.  In the article, Emanuel forcefully argues that the quality of life for most people is significantly diminished past the age of 75 and that once we get to that age we should refuse any more medical care that will extend our lifespans.  This is quite chilling to read, considering the fact that this is coming from one of the key architects of Obamacare Of course he never uses the term “death panels” in his article, but that is obviously what Emanuel would want in a perfect world.  To Emanuel, it is inefficient to waste medical resources on those that do not have a high “quality of life”.  So he says that “75 is a pretty good age to aim to stop”.

ISIS Splinter Group "Caliphate Soldiers" Beheads French Hostage In Algeria

A new armed group in Algeria calling itself the "Caliphate Soldiers"  - a re-splinter from Al-Qaeda splinter group ISIS - has, according to AP, beheaded a Frenchman abducted in Algeria in a video posted online on Wednesday, after giving a 24-hour deadline to Paris. Herve Gourdel, a 55-year-old hiker from the southern French city of Nice, was kidnapped on Sunday by Jund al-Khilifa, which demanded France stop its air strikes against IS in Iraq.

"Get To Work Mr. Chinese Chairman": China Set To Fire Its Central Bank Head, Unleash The Liquidity Floodgates

In what is certainly the most impotant news of the day, the WSJ reports that China's long-serving central banker Zhou Xiaochuan, "the face of the Chinese economy to markets globally" is about to be given the boot. According to the WSJ, "Chinese leader Xi Jinping is considering replacing Mr. Zhou, say party officials, as part of a wider personnel reshuffle that also comes after internal battles over economic reforms." And while it is true that at the age of 66, Zhou has passed China's retirement age, and his departure will be spun as an old man spending more time with his family, the reality is that this is part of a major Chinese shift in the "balance of power between reformist and reactionary forces, with the momentum for reforms being eroded by the loss of growth momentum in the economy," said Eswar Prasad, a Cornell University China expert. Zhou's replacement: a career banker, who will do the bidding of, you guessed it, banks, which means "liquidity to the max."

A Nation Dividing: Mapping The World's Significant Separatist Movements

The Scottish referendum and waves of secession movements - from Spain's Catalonia to Turkey and Iraq's ethnic Kurds - are working in different directions to the world's status quo sustaining leaders' hopes for increased centralization and 'planned' economic growth. More than half a century after World War II triggered a wave of post-colonial nationalism that changed the map of the world, buried nationalism and ethnic identity movements of various forms are challenging the modern idea of the inviolable unity of the nation-state, not just in Europe, but across the entire world...

New Home Sales Explode Higher Thanks To... Record High Average New Home Prices?

New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August - the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold at the peak in 2005). As a reminder, May's 504K new home sales print was later revieed later to 458K. But even more stunning, new home sales in The West rose a mind-numbing 50% in August (and up 84.4% YoY - nearly double).  And just to confuse matters, the average new home sale price rose to a new record high of $347,900. So as existing home sales are sliding (and prices dropping), new home sales are surging (to new record highs) - makes perfect sense. We await the extrapolations for how great this move is. (or the realization that it is entirely seasonal-adjustment-biased and unsustainable given the realities of mortgage applications).

President Obama Addresses The United Nations General Assembly - Live Feed

"We did it for your own good," could perhaps be the mantra of President Obama's address to The United Nations' General Assembly this morning as the Nobel Peace Prize winner looks his fellow world-leaders in the eye and explains why the US unilaterally invaded Syria to save them all from the Dread Pirate Roberts ISIS/ISIL/Islamic State (and now The Khorasan Group). As AP reports, on Wednesday afternoon, Obama will convene an unusual meeting of the U.N. Security Council, during which members were expected to adopt a resolution that would require all countries to prevent the recruitment and transport of would-be foreign fighters preparing to join terrorist groups such as the Islamic State group. Good luck with that.

Sudden USDollar Surge Sparks Silver & Stocks Smackdown

EURUSD is back under 1.28 (for the first time since July 2013) as sustained USD demand since around 845ET has driven the USD Index up to fresh 4-year highs. Bonds are not reacting much to this significant move (for now) but stocks are pushing to the lows of the day as carry-induced euphoria is failing fast. Precious metals are sliding led by Silver.

 

Global Trade Collapses: One Of World's Largest Logistics Companies Slashes Forecast; Blames Europe, US Trade

Listening to the iPhone and Alibaba infotainment channel, the name TNT Express has been mentioned exactly zero times today. For those who are unaware, Dutch TNT Express, which UPS tried to acquire in 2012, is one of the world's largest logistics companies competing with UPS, FDX and DHL. And the reason the name is important this morning, and thus why it is being avoided on this side of the Atlantic, is because earlier today it provided the latest confirmation of Goldman showed previously, namely that the global economy has not only hit a brick wall, but is now in reverse, when it warned that as a result of "weak growth in Europe and the US" it would not meet its overoptimistic full-year targets. The result: its stock plunged by 11%. And since global logistics and trade, or lack thereof, is universal, expect FedEx and UPS to follow shortly with guidance cuts of their own in the coming days and weeks.

Afghan President Hamid Karzai Slams U.S. Foreign Policy in Farewell Speech

You’ve got to hand it to the brain surgeons running America’s foreign policy. They possess an uncanny ability to seamlessly forge alliances, break alliances and turn former allies into existential enemies, while simultaneously demonizing regimes, making amends with demonized regimes, and then quickly forming alliances with the same bitter enemies... “I want to thank those countries who genuinely supported us. Western countries had their personal interest, the Western countries and the United States had their own personal goal,” Mr. Karzai said, adding "this war is for the personal interest of foreign policies and this is fight of outsiders in which Afghans are sacrificed."

World Proxy War I - Mapping The Foreign Troops Fighting In Syria And Iraq

If only a year ago, someone had suggested that World Proxy War I would break out on the territory of what used to be Iraq and Syria, they would be deemed insane and put away in the Marriner Eccles building or some other insane asylum. And yet, as AFP's latest map shows, as of this moment nearly 20 nations from around the globe have deployed boots on the ground to battle a terrorist threat, which at least according to the people of Iraq, was once again created by the CIA.

Frontrunning: September 24

  • A Month of Bombs Dropped in One Night of Strikes on Syria (BBG)
  • Air strikes in Syria hit Islamic State-held areas near Turkey (Reuters)
  • Pimco ETF Draws Probe by SEC (WSJ)
  • Shadowy al Qaeda cell, hit by U.S. in Syria, seen as 'imminent' threat (Reuters)
  • Yellen Warns on Market Calm Before ‘Considerable Time’ Up (BBG)
  • Dudley Says Fed Needs U.S. Economy to Run ‘A Little Hot' (BBG)
  • Websites Are Wary of Facebook Tracking Software (WSJ)
  • Just a joke now: Barclays Fined Twice in One Day for Compliance Failures (BBG)
  • Fired UPS worker kills two supervisors, self, in Alabama shooting (Reuters)

Futures Higher As Lowest German IFO Since April 2013 Prompts More Demands For ECB QE

If yesterday the bombardment, no pun intended, of bad news from around the globe was too much even for Mahwah's vacuum tubes to spin as bullish - for stocks - news, then tonight's macro economic updates have so far been hardly as bombastic, with the only real news of the day has Germany's IFO Business Climate reading, which dropped from 106.3 to 105.8, declining for the 5th month in a row, missing expectations, and printing at the lowest level of since April 2013! (More from Goldman below) Net result: Bunds yields were once again pushed in the sub-1% category, even if stocks today are higher because the European data is "so bad it means the ECB has no choice but to do (public instead of just private) QE" blah blah blah.

Citi Previews How It All Ends, In One Chart

Doesn't get any simpler than this chart showing global monetary policy response to "secular stagnation", i.e., the situation the world finds itself in right now.

Welcome To The Oligarchy – US Leads The Developed World In Low Wage Jobs

In an apparent attempt to advise investors on how they can take advantage of America’s transformation into a neo-feudal oligarchy in a 50-page research report, Morgan Stanley has put together some very interesting charts. We will be sharing many of them in the next few days but none is more telling and depressing than the one that shows how the U.S. leads the developed world in the share of low wage jobs...

FBI, DHS Go Full Scaremonger: Warn Police Of Airstrike-Inspired "Homegrown Extremists" & "Disgruntled Employee" Threats

While careful to note 'no specific threats' have been found, it appears the FBI and DHS have decided it's time to show why local police departments needed to be fully militarized after all. In the first bulletin, according to Bloomberg, US security officials warned federal and local police to watch for “homegrown violent extremists” who may be motivated to attack by airstrikes in Syria. In the second bulletin, the FBI and DHS assess that disgruntled and former employees pose a significant threat to US businesses due to their authorized access to sensitive information and the networks businesses rely on (no doubt inspired by today's dreadful occurrences at UPS in Birmingham). It's just a good thing all those local police forces have MRAPs, don't you feel safer already? However, don't forget, as The UK made clear, the definition of terrorist is a tricky one since even viewing ISIS propaganda constitutes a criminal offense.

Bread, Circuses, & Bombs - Decline Of The American Empire

History may not repeat exactly because technology, resource discoveries, and political dynamics change the nature of society, but it does rhyme because the human foibles of greed, lust for power, arrogance, and desire for conquest do not vary across the ages. The corruption, arrogance, hubris, currency debasement, materialism, imperialism, and civic decay that led to the ultimate downfall of the Roman Empire is being repeated on an even far greater scale today as the American Empire flames out after only two centuries. The pillars of western society are crumbling under the sustained pressure of an immense mountain of debt, created by crooked bankers and utilized by corrupt politicians to sustain and expand their welfare/warfare state. Recklessness, myopia, greed, willful ignorance, and selfish disregard for unborn generations are the earmarks of decline in this modern day empire of debt, delusion and decay.