- China cash crunch deepens as PBOC withholds funding (FT), just a week behind ZH
- Platts in hot manipulated crude again: Traders Try to Game Platts Oil-Price Benchmarks (WSJ)
- Kabul Suspends Security Talks With U.S., jeopardizing plans to maintain a U.S. military presence (WSJ)
- Afghan government irked over U.S. talks with Taliban (Reuters)
- BOJ Kuroda: BOJ to Adjust Policy If Japan Econ Changes (MNI)
- Google Considering Private-Equity Alliances (BBG)
- Korean Air Buying 747-8s to End Boeing’s Sales Drought (BBG)
- Syria's Islamists seize control as moderates dither (Reuters)
- SEC considers policy shift on admissions of wrongdoing (FT)
- U.K. Banker Bonuses Face Decade Delays in Industry Overhaul (BBG)
It appears that unlike the president, whose rating is plunging in the aftermath of PRISM-gate, US corporations are not eager to double down on their privacy intrusive ways, and some are becoming increasingly concerned about what all the recent exposure may do to their bottom line. Such as Google, which earlier today became only the first company to challenge the long-standing gag order issued by the secretive Foreign Intelligence Surveillance Court (FISA), arguing that the company has a First Amendment right to speak about information it is forced to give to the government. From Google: "Greater transparency is needed, so today we have petitioned the Foreign Intelligence Surveillance Court to allow us to publish aggregate numbers of national security requests, including FISA disclosures, separately." And yes, GOOG, which once upon a time pretended its motto is "don't evil" and since transformed it to "be evil, just don't get caught", still refer to "constitutional rights" - how quaint.
How is it possible to NOT monetize 200 million eyeballs?
China! Honestly, it comes to something when China jumps on the accusatory band-wagon asking the US administration to provide some comments about its monitoring programs and answer up to the international community.
Eager to take advantage of NSA-whistleblower Edward Snowden's current unincarcerated status and to ask him questions about his motives or thoughts? Here is your chance courtesy of the Guardian which is holding a live Q&A session with the famous leaker. As the Guardian notes: "He will be online today from 11am ET/4pm BST today. An important caveat: the live chat is subject to Snowden's security concerns and also his access to a secure internet connection. It is possible that he will appear and disappear intermittently, so if it takes him a while to get through the questions, please be patient." Some more from the Guardian:
- Edward Snowden is answering your questions about the NSA leaks live
- Post your questions in the comment section below and recommend your favorites
- We are posting Snowden's replies above the line
- You can also follow along on Twitter using the hashtag #AskSnowden
The live blog can be reached at the following link.
Happy Father's Day 2013 on the QT...
Americans who disapprove of the government reading their emails have more to worry about from a different and larger NSA effort. As the AP reports, the program, that snatches data as it passes through the fiber optic cables that make up the Internet's backbone, which has apparently been known for years, copies Internet traffic as it enters and leaves the United States, then routes it to the NSA for analysis. As the name suggests, Prism is merely the intelligent filter, finding discrete, manageable strands of information within this much more massive data stream that is being collected and stored. Prism makes sense of the cacophony of the Internet's raw feed. What is unclear, as more details, interviews and documents become available, is how Prism fits into a larger U.S. wiretapping program in place for years (know as 'Hoovering' at one major internet company). In the meantime, as one former NSA official noted, "You have to assume everything is being collected."
- As Goldman's money-printing tentacle Carney arrives, everyone else leaves: Tucker to Leave BOE (WSJ)
- So much for pent up demand: Refinancings Plunge as Bond Yields Rise (WSJ)
- Singapore Censures 20 Banks for Attempts to Rig Benchmark Rates (BBG)
- Behind the Big Profits: A Research Tax Break (WSJ)
- While working for spies, Snowden was secretly prolific online (Reuters)
- Turkey to Await Ruling on Park as Erdogan Meets Protesters (BBG)
- Iran votes for new president, Khamenei slams U.S. doubts (Reuters)
- NSA revelations, modified wheat cast a pall on U.S. trade talks with Europe (WaPo)
- Euro zone inflation subdued as employment keeps falling (Reuters)
Thousands Of Firms Trade Confidential Data With The US Government In Exchange For Classified IntelligenceSubmitted by Tyler Durden on 06/14/2013 00:29 -0400
The rabbit hole just got deeper. A whole lot deeper.
Establishment politicians from both major political parties are rushing to defend the NSA and condemn whistleblower Edward Snowden. They are attempting to portray Edward Snowden as a "traitor" and the spooks over at the NSA that are snooping on all of us as "heroes". In fact, many of the exact same politicians that once railed against government spying during the Bush years are now staunchly defending it now that Obama is in the White House. But it isn't just Democrats that are acting shamefully. Large numbers of Republican politicians that love to give speeches about "freedom" and "liberty" are attempting to eviscerate the Fourth Amendment to the U.S. Constitution. The government is not supposed to invade our privacy and investigate us unless there is probable cause to do so. Apparently many of our politicians misunderstood when they read the novel 1984 by George Orwell. It wasn't supposed to be an instruction manual.
Over the weekend we pointed out one of the more disturbing facets of the Snowden espionage affair: the covert, if massive (and very lucrative) symbiosis between private companies, who have explicitly opened up all private client data contrary to privacy disclosures, and a secretly uber-inquisitive government. We asked: "The reality is that while the NSA, which is a public entity through and through, is allowed and expected to do whatever its superiors tell it (i.e., the White House), how does one justify the complete betrayal of their customers by private corporations such as Verizon and AT&T? This may be the most insidious and toxic symbiosis between the public and private sector in the recent past." But while the quid was finally made public (if known by many long ago), the quo wasn't quite clear. It now is - the answer, as as always, is money. And not just any money, but in this specific case taxpayer money paid to either Google or Amazon by none other than the Central Intelligence Agency, or CIA for short. Lots of it.
- Pimco Sees 60% Chance of Global Recession in Five Years (BBG)
- Global Tumult Grips Markets (WSJ)
- NSA Secrecy Prompts a Pushback (WSJ)
- ANA Scraps 787 Dreamliner Flight as Engine Fails to Start (BBG) - one of these days, though, it shall fly
- Kuroda’s April-Was-Enough Message Faces Markets Wanting More (BBG)
- S&P warns top US banks are still ‘too big to fail’ (FT)
- Democracy for $500 per plate (Reuters)
- Iran, the United States and 'the cup of poison' (Reuters)
- Japan grapples with lack of entrepreneurs (FT)
- Greece First Developed Market Cut to Emerging at MSCI (BBG)
- Asia's ticking time bonds; time to cut and run? (Reuters)
- Sony Outduels Microsoft in First PS4-Xbox One Skirmish (BBG)
In America today there is a great rushing storm, a swirling hurricane of clashing opinions and ideologies that defy coherent organization and classification. This social tempest has been triggered by certain revelations among the general public on issues which we in the Liberty Movement have long been aware. The fact that our government is bought and paid for by international corporate interests, the fact that our government has positioned itself to spy on ALL Americans without warrant and without probable cause, the fact that our government is instituting policy initiatives that target common citizens as enemy combatants, the fact that every one of our Constitutional rights is being deliberately torn away; these things are not news to us, but to many once ignorant people, they are a shock to the system. Open corruption on the part of a criminal establishment has a funny way of politicizing everyone, even those people who go out of their way to avoid the bigger picture. In the end, no man or woman gets a pass. Whether you like it or not, one day soon, you will have to choose a side; freedom or tyranny. There is no middle ground.
When the Big Brothers fight it out! Did you know that your new Samsung GS4 has 14 new sensors to send your personal info up into the cloud, everything from real time health info to location and travel history.