Virtually everything that you do is being watched. Do you drive a car? Do you watch television? Do you use a cell phone? As you do any of those things, information about you is being recorded and tracked. We live at a time when personal privacy is dying. And it is not just governments that are doing this. In fact, sometimes private companies are the biggest offenders. It turns out that gathering information about all of us is very, very profitable. And both government entities and private companies are going to continue to push the envelope when it comes to high tech surveillance until people start objecting to what they are trying to do. If we continue down the path that we are currently on, it is inevitable that we will end up living in an extremely restrictive “Big Brother” police state where basically everything that we do is very closely watched, monitored, tracked and controlled. And such a day may be much closer than you think. The following are 10 examples of how “Big Brother” is steadily creeping into our daily lives…
In this brave New Normal world, a Chinese contraction is somehow expected to be offset by a rebound in Europe's worst economies, because following China's latest PMI miss, overnight we were told of beats in the Service PMI in Spain (56.5, vs Exp. 54.0, a 7 year high sending the Spanish 10 Year to fresh sub 3% lows), Italy at 51.1, vs Exp. 50.5, also pushing Italian yields to record lows, and France 50.4 (Exp. 50.3). We would speculate that macro events such as these, as fabricated as they may be, are relevant or even market-moving, but they aren't - all that matters is what the JPY and VIX traders at the NY Fed do in a low volume tape, usually in the last 30 minutes of the trading day. And since the trading day today happens to be a Tuesday, and nothing ever goes down on a Tuesday, the outcome is pretty much clear, and not even the absolutely abysmal Barclays earnings report has any chance of denting the latest rigged and manufactured low-volume levitation.
For 364 days of the year, the theater that the press and the administration are on the opposite sides of the table, continues without a glitch. However, one day a year, during the annual White House Correspondents' Association dinner, the facade falls and Obama, together with his fawning press corps, have a night of laughs in an Oscar-inspired night of self-congratularoty excess. Which, just like every other night in Washington, is at the taxpayers' expense. Here are the highlights from last night's festivities.
- Ukraine attacks rebel city, helicopter shot down (Reuters)
- Euro Unemployment Holds Near Record Amid Factory Gains (BBG)
- Yellen’s Fed Resigned to Diminished Growth Expectations (BBG)
- Junket Figure's Disappearance Shakes Macau's Gambling Industry (WSJ)
- China tried to undermine economic report showing its ascendancy (WSJ)
- Liquidity Trap Hitting AAA Bonds Has ATP CEO Sounding Alarm (BBG)
- AstraZeneca Snubs Pfizer Approach That U.K. Won’t Block (BBG)
- Missing Jet Recordings May Have Been 'Edited' (NBC)
- RBS turns corner as first-quarter profit trebles (Reuters)
- Japan household spending hits four-decade high, wages key to outlook (RTRS) while Real Incomes Drop 3.3% in March, 6th straight decline
- Two-Thirds of Insurance Exchange Enrollees Paid Premiums (WSJ)
- Panic: Criminal Charges Against Banks Risk Sparking Crisis (BBG)
- Did the junk bubble pop: Junk Loans Pulled as Investors Say No After Fed Raises Concerns (BBG)
- CME mulls price fluctuation limits for gold, silver futures (Reuters)
- AT&T Has Approached DirecTV About Possible Acquisition (WSJ)
- NBA sets wheels turning for Clippers sale; Oprah in wings (Reuters)
- One way to fix prison overcrowding: Florida Jail Hit by Deadly Blast (WSJ)
- New Boeing jets hold key to more than half of future sales (Reuters)
- Sony slashes profit estimate by 70% (Guardian)
Bonds, Gold, and JPY are bid this morning as US equity futures are fading fast. The Dow and S&P futures are now back below pre-AAPL/FB levels and Nasdaq futures falling fast. Gold is back above $1300 (up over $30 from yesterday's pre-Putin lows). Treasuries, led by the long-end, are rallying as safe-haven bids appear across the whole complex. 30Y yields are down to 3.53 - the lowest since July. JPY is bid once again as USDJPY tests back to the crucial 102 level.
Claiming $100 million in North American weather-related costs, and $310 million losses due to the devaluation of the Venezuelan currency, Ford Motor Company missed revenues and earnings quite significantly:
*FORD 1Q AUTOMOTIVE REV. $33.9B, EST. $34.2B
*FORD 1Q ADJ. EPS 25C, EST. 31C
Furthermore, Ford lost market share (for 0.6 percentage points to 15.3%) and expected operating cash flow in 2014 to be substantially lower than 2013. Ford is trading down 3% in the pre-market.
- Ukraine forces kill up to five rebels, Putin warns of consequences (Reuters)
- Obama to Russia: More sanctions are 'teed up' (AP)
- Vienna Banks Bemoan Russia Sanctions Testing Cold War Neutrality (BBG)
- GE’s $57 Billion Cash Overseas Said to Fuel Alstom Deal (BBG)
- GM posts lower first-quarter profit after recall costs (Reuters)
- Apple Stock Split Removes Obstacle to Inclusion in Dow (BBG)
- U.S. regulators to propose new net neutrality rules in May (Reuters)
- Ukraine's leaders say have U.S. backing to take on 'aggressors' (Reuters)
- Goldman Sachs Stands Firm as Banks Exit Commodity Trading (BBG)
- Obama reassures Japan, other allies on China as Asia trip begins (Reuters)
- China Challenges Obama’s Asia Pivot With Rapid Military Buildup (BBG)
- Google’s Stake in $2 Billion Apple-Samsung Trial Revealed (BBG)
- No bubble here: Numericable Set to Issue Record Junk Bond (WSJ)
- 'Bridgegate' scandal threatens next World Trade Center tower (Reuters)
- Supreme Court Conflicted on Legality of Aereo Online Video Service (WSJ)
- Barclays May Cut 7,500 at Investment Bank, Bernstein Says (BBG)
- Ukraine Accord Nears Collapse as Biden Meets Kiev Leaders (BBG)
- Novartis reshapes business via deals with GSK and Lilly (Reuters)
- Moscow Bankers See Fees Slide 67% as Ukraine Crisis Grows (BBG)
- Why ECB's QE will be Ukraine's fault: Draghi Gauges Ukraine Effect as ECB Tackles Low Inflation (BBG)
- As Phone Subsidies Fade, Apple Could Be Hurt (WSJ)
- Amazon Sales Take a Hit in States With Online Tax (BBG)
- Ford Speeds Up Succession Plan: Mark Fields, Auto Maker's No. 2, Seen Replacing Alan Mulally as CEO Ahead of Schedule (WSJ)
- U.S. force in Afghanistan may be cut to less than 10,000 troops (Reuters)
- IBM End to Buyback Splurge Pressures CEO to Boost Revenue (BBG)
There is now a systemic two-tier justice system operating in these United States, and the result will unquestionably be tyranny if the trend continues unabated. The latest example of a lowly citizen being subject to a disproportionate use of the law, is Jon Daniel of Peoria, Illinois. Jon was behind a parody Twitter account that mocked Peoria mayor Jim Ardis, and his biggest mistake was not making it clear that it was a parody. As a result, Twitter had already suspended the account weeks ago. Problem solved, right? Wrong. The tough guy mayor was so offended that a plebe would dare criticize his royal highness that he ordered a police raid on the home of Jon Daniel and his roommates.
- Ukraine Says Russia Exporting ‘Terror’ Amid Eastern Push (BBG)
- Civil War Threat in Ukraine (Reuters)
- China Shoe Plant Strike Disrupts Output at Nike, Adidas Supplier (BBG)
- Mt Gox to liquidate (WSJ)
- Ex-Co-Op Bank Chairman Charged With Cocaine Possession (BBG)
- Goldman Sachs plans to jump-start stock-trading business (WSJ)
- Credit Suisse first-quarter profit falls as trading tumbles (Reuters)
- U.K. Unemployment Rate Falls to Five-Year Low (BBG)
- Lawmakers Back High-Frequency Trade Curbs in EU Markets Law (BBG)
- Yahoo's growth anemic as turnaround chugs along (Reuters)
- Spain ETF Grows as Rajoy Attracts Record U.S. Investments (BBG)
Rather than rely on centralized states and corporations to organize labor and capital, collaborative networks can do so without alienating workers from their work and disrupting the sources of meaning. The emerging economy is opening up new ways to reconnect workers to their work and the profits from their work. These include traditional models such as self-employment and worker-owned cooperatives and new models of collaborative project-based work.
Martin Armstrong "It's Not the Rich – It's The Total Cost Of Government That Is Killing The Economy"Submitted by Tyler Durden on 04/14/2014 18:15 -0400
"It is not what an individual needs that is the issue. Take all the money away from Bill Gates. How will this improve your life at all? The issue is how much is government consuming. But as long as they point to the 'rich' they get to waste your money.
The solution is not to raise taxes on the rich, for government will still spend more than it takes in regardless of who pays... It is taxes that we must address – not how much someone else makes."
Despite her vehement denial of knowing anything about the ignition switch problems at GM (until late December, early January), documents revealed by the Energy and Commerce Department show:
*GM'S BARRA TOLD OF STEERING PROBLEM IN 2011, DOCUMENTS SHOW
*DEGIORGIO SAYS COST FOR ALL COBALT MODELS WOULD BE $10 EACH
We are sure the lawyers will be carefully crafting her PR response to this disaster but as Chairman Fred Upton notes, "There is still much left to examine and we will continue to follow the facts... These initial documents revealed failures within the system." It seems this was the last straw for the hedge funds (GM is the most widely held) as the stock is dumping.