New York Times
Did the U.S. and Its Allies Use ISIS to Balkanize Syria Into Smaller Regions?
This week Americans will enjoy Independence Day with family cookouts and fireworks. Flags will be displayed in abundance. Sadly, however, what should be a celebration of the courage of those who risked so much to oppose tyranny will instead be turned into a celebration of government, not liberty. The mainstream media and opportunistic politicians have turned Independence Day into the opposite of what was intended. The idea of opposing - by force if necessary - a tyrannical government has been turned into a celebration of tyrannical government itself!
Over the past decade, the long-term trends that are destroying jobs in America have accelerated. We have seen countless numbers of jobs shipped overseas, we have seen countless numbers of jobs replaced by technology, we have seen countless numbers of jobs taken by immigrants and we have seen countless numbers of jobs lost to the overall decline of the once great U.S. economy. Unfortunately, even though we can all see this happening, our “leaders” have failed to come up with any solutions. Needless to say, all of this is absolutely eviscerating the middle class. The following are 17 facts that prove that the quality of jobs in America is going down the drain...
The boom is unsustainable. Investment and consumption are higher than they would have been in the absence of monetary intervention. As asset bubbles inflate, yields increase, but so do inflation expectations. To dampen inflation expectations, the Fed withdraws stimulus. As soon as asset prices start to fall, yields on heavily leveraged assets are negative. As asset prices decline, increasingly more investors are underwater. Loan defaults rise as mortgage payments adjust up with rising interest rates. When asset bubbles pop, the boom becomes the bust.
In Reality, War Will Bring An End to the Petrodollar, and Impose Hardship on the Average American ...
“Economics is haunted by more fallacies than any other study known to man.” – Henry Hazlitt, Economics In One Lesson. The great Henry Hazlitt’s wise words came to mind while reading a recent New York Times post by George Mason economist Tyler Cowen who strangely observed that “The world just hasn’t had that much warfare lately, at least not by historical standards,” and “Counterintuitive though it may sound, the greater peacefulness of the world may make the attainment of higher rates of economic growth less urgent and thus less likely.” As Forbes' John Tamny lambasts, "They’re ultimately only words, but Cowen’s about war theoretically boosting animal spirits are pretty disturbing ones..."
Just weeks before Blackwater guards fatally shot 17 civilians at Baghdad’s Nisour Square in 2007, The NY Times reports that the State Department began investigating the security contractor’s operations in Iraq. However, as James Risen (who himself faces jail time thanks to the White House) reports, a senior official of the notorious private security firm allegedly threatened to kill a government investigator leading the probe into the firm’s Iraqi operation. Stunningly (or not), the US embassy sided with him and forced the inspector to cut the visit short. “Blackwater contractors saw themselves as above the law,” Richter added; now we wonder what gave them that idea?
Long before 1984 gave us the adjective “Orwellian” to describe the political corruption of language and thought, Thucydides observed how factional struggles for power make words their first victims, "Words had to change their ordinary meaning and to take that which was now given them." Orwell later explained the reason for such degradation of language, "Political speech and writing are largely the defense of the indefensible." The bottom-line is that tyrannical power and its abuses comprise the "indefensible" that must be verbally disguised; which seems to have never been more appropriate than now in the stream of 'disguised' words we are fed every day...
It's been a busy day for President Obama and he needs a win... a bright shiny PR moment, surrounded with immigrant children explaining how he is the Pied Piper that will save them all from the despotic servitude they come from. In an unplanned press conference President Obama will address his immigration reform at 1450ET through executive action. No lesser man than Cantor-buster Dave Brat opined that the President's policies "sound nice", like "the Kids’ Act, the DREAM Act, the ENLIST Act," but did little to address the growing influx of children. “The reason we have those thousands crossing the border is because of poor policy in the first place,” Brat added. We are sure Obama disagrees - besides, this has to be good for GDP, right? - The Broken Border Fallacy.
U.S. Relies On Law from Governments Which Don’t Even HAVE a Constitution to Justify Assassination of U.S. Citizens By DroneSubmitted by George Washington on 06/30/2014 13:01 -0400
U.S. Relies On Law of Non-Constitutional Countries
The VA scandal was just the beginning. According to Internal documents obtained by New York Times, US military healthcare is "a system in which scrutiny is sporadic and avoidable errors are chronic." As the NYT reports In Military Care, a Pattern of Errors but Not Scrutiny, "the military system has consistently had higher than expected rates of harm and complications in two central parts of its business — maternity care and surgery."
- The Kerry Konfusion Kontinues: Kerry urges Kurds to save Iraq from collapse (Reuters)
- Abe Unveils Japan’s New Growth Strategy (WSJ)
- Because the recovery: Avon to Cut 600 Jobs as CEO McCoy Seeks to Trim Expenses (BBG)
- Iraqi Parties Pressure Prime Minister Nouri al-Maliki to Step Down (WSJ)
- Ukraine Rebels Call Cease-Fire to Match Government Truce (BBG)
- IRS accused of obstruction over lost emails in Tea Party affair (Reuters)
- IRS chief scorched as 'liar' (WND)
- Big Investors Missed Stock Rally (WSJ)
- U.K. Jury Finds Coulson Guilty of Conspiracy to Intercept Phone Voice-Mail Messages (WSJ)
- HSBC to halve countries served by private bank, sells assets (Reuters)
- Bond Market Has $900 Billion Mom-and-Pop Problem When Rates Rise (BBG)
Judging by the surprising reversal in futures overnight, which certainly can not be attributed to the latest data miss out of Europe in the form of the June German IFO Business Climate report (print 109.7, Exp. 110.3, Last 110.4) as it would be naive to assume that centrally-planned markets have finally started to respond as they should to macro data, it appears that algos, with their usual 24 hour delay, have finally discovered Dubai on the map. The same Dubai, which as we showed yesterday had just entered a bear market in a few short weeks after going turbo parabolic in early 2014. It is this Dubai which crashed another 8% just today, as fears that leveraged traders are liquidating positions, have surfaced and are spreading, adversely (because in the new normal this needs to be clarified) to other risk assets, while at the same time pushing gold and silver to breakout highs. Recall that it was Dubai where the global sovereign crisis started in the fall of 2009 - will Dubai also be the place where the first domino of the global credit bubble topples and takes down the best laid plans of central-planners and men?
The popular story is that America was built by immigrants and that therefore everything about immigration is good and leads to a more successful society. However, in the 21st century, The USA is no longer sparsely populated, except in the regions that are typically hostile to settlement anywhere else in the world — places where there is no water, or too hot, or too cold, or too swampy. Currently, progressive America is pretending that the conditions of the 19th century still prevail here - boundless material resources and land for the taking - and that we can happily accommodate the overflow from our equally overpopulated neighbors, Mexico and the countries of Central America, any way they can manage to get here. It’s rather funny that the presumptive Democratic nominee for president in 2016 titled her current book Hard Choices, because that is the chief pretense of the party she represents. The last thing Hillary wants to do is take a stand on anything, other than her entitlement to live in the White House.