Seymour Hersh: Obama's Entire Account Of bin Laden's Death Is One Big Lie; This Is What Really HappenedSubmitted by Tyler Durden on 05/11/2015 19:23 -0400
"The White House’s story might have been written by Lewis Carroll: would bin Laden, target of a massive international manhunt, really decide that a resort town forty miles from Islamabad would be the safest place to live and command al-Qaida’s operations? It was inevitable that the Obama administration’s lies, misstatements and betrayals would create a backlash... High-level lying nevertheless remains the modus operandi of US policy, along with secret prisons, drone attacks, Special Forces night raids, bypassing the chain of command, and cutting out those who might say no." - Seymour Hersh
As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms:
*STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL
The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal.
Today’s Eurogroup meeting will be key in determining where Greece and its creditors negotiations currently stand. Over in the US today, it’s the usual post payrolls lull with just the labor market conditions data expected.
As we have pointed out for a number of years, according to the payroll jobs reports, the complexion of the US labor force is that of a Third World country. Most of the jobs created are lowly paid domestic services. No economist should ever have accepted the claim that the economy was in recovery while participation in the labor force was declining. Having looked at the actual details of the payroll jobs report, which are seldom if ever reported in the financial media, let’s look at what else goes unreported in the media.
"When a Chinese honor guard joins a military parade in Russia’s capital this weekend, watched by China’s President Xi Jinping, it will mark more than just a symbolic recognition of the two countries' contributions to the Allied victory in 1945... They've basically come to a consensus that despite their differences over some national interests, they really face the same common enemy..."
While we are sure President Obama will find a way to comment on today's jobs number (focusing on the unemployment rate we suspect and not the quality of jobs or record number of people out of work), his main topic of discussion is how wonderful the ultra-secret "Trans-Pacific Partnership" deal is for Americans... and why congress must pass it asap.
In a remarkably unbalanced and lazy article on gold this month the Economist magazine attempts to dismantle the case for investors and others to own gold. Both from an investment point of view and also from an ethical point of view. The article is so laughably one sided that it resembles propaganda rather than journalism. Therefore, we take pleasure in dissecting the article misleading sentence by misleading sentence.
"If you want to hear the details of the Trans-Pacific Partnership trade deal the Obama administration is hoping to pass, you’ve got to be a member of Congress, and you’ve got to go to classified briefings and leave your staff and cellphone at the door. If you’re a member who wants to read the text, you’ve got to go to a room in the basement of the Capitol Visitor Center and be handed it one section at a time, watched over as you read, and forced to hand over any notes you make before leaving. And no matter what, you can’t discuss the details of what you’ve read."
The only thing that is of any interest when you say the word Qatar is the fact that the French have just struck a $7 billion deal for the sale of 24 Dassault Rafale fighter jets.
China, the world’s largest gold producer and buyer, feels its market weight should entitle it to be a price setter for gold bullion. It is asserting itself at a time when the established benchmark, the century-old London ‘gold fix’, is under scrutiny because of long-running allegations of price manipulation.
Wall Street's Council on Foreign Relations has issued a major report, alleging that China must be defeated because it threatens to become a bigger power in the world than the U.S. This report urges: "The United States should invest in defense capabilities and capacity specifically to defeat China’s emerging anti-access capabilities and permit successful U.S. power projection even against concerted opposition from Beijing. … Congress should remove sequestration caps and substantially increase the U.S. defense budget.” In other words: the Government should spiral upward the U.S. debt even more vertically (which is good for Wall Street), and, in order to enable the increased ‘defense’ expenditures, only ‘defense’ expenditures should be freed from spending-caps.
"The Japan-led Asian Development Bank unleashed measures that could help it hold its ground as a resource for regional economies, even as China’s Asian Infrastructure Investment Bank gains prominence," Bloomberg says. In the latest sign that the US and Japan are struggling to cope with the rise of China-led multilateral institutions, the ADB is reportedly adopting "groundbreaking" measures to ensure it can remain competitive.
Quickly looking at the potential market moving events this week, US payrolls on Friday will be the clear focus. In terms of expectations, our US colleagues are expecting a +225k print which matches the current Bloomberg consensus, while they expect the unemployment rate to drop one-tenth to 5.4%. Elsewhere, Thursday’s UK Election will be closely followed while Greece will once again be front and center.
Holidays in Europe and Asia left things quiet overnight after some traders used the last day of April to frontrun the old "sell in May and go away" market adage. Market closures also kept the Chinese day trading hordes from using a tiny beat on the official manufacturing PMI print as an excuse to pile more money into the country's equity mania, while Japanese shares ended mostly unchanged as investors fret over when the BoJ will deliver the next shot of monetary heroin. In the US we'll get a look at ISM manufacturing and the latest read on consumer confidence as we head into the weekend.
Moments ago there was yet another step up in the Persian Gulf naval escalation when CNN reported that the U.S. Navy will escort U.S.-flagged cargo ships through Strait of Hormuz in wake of Iran seizure this week, a US official says. Specifically, the Navy will henceforth accompany ships on concern that Iran’s Revolutionary Guard may seize them, CNN’s Jim Sciutto says in Twitter post, citing CNN’s Barbara Starr. It is unclear what happens if either the accompanied cargo ship, or the US Navy warship leaves international waters, and enters Iran territory, which as the Bab el-Mandeb Strait is virtually assured: a strait which as the following US Naval update map has become as busy for US traffic as the 405 Freeway during rush hour.