Having publicly shunned President Obama, it appears Turkish Prime Minister Erdogan has no problem upsetting the status quo. As Reuters reports, the fifth cargo of crude oil from Iraqi Kurdistan was loading at Turkey's Mediterranean port of Ceyhan on Thursday and was scheduled to set sail on Friday, Turkish energy officials said. Baghdad is unhappy - missing out on the oil revenues. We are sure US is unhappy - oil being sold out of its control. And OPEC may be getting upset as it appears an 'anonymous' buyer is more than willing to buy the oil from the 'not sovereign status' seller militia at a healthy discount. De-petrodollarization?
What will it be? A gloat about 6 months of 200k-plus jobs growth (but ignoring rise in unemployment and drop in wage growth)? Republican-bashing over the Border Bill? Putin-panning after their phone call this morning (better not discuss costs)? Israel-condemnation (and funding)? Why you should buy the dip because it's patriotic? Stay hopey... (not cyniccy)
For reasons that have no rational explanations at this time, the US and Europe have embarked on a concerted program to demonize Putin, ostracize Russia, and bring the world as close to a major conflict as it's been since the Cold War, a time hardly memorable to many in the current crop of our elected officials. A dangerous dynamic is brewing between the West and Russia/Putin. We are seeing a rush to war very similar to the one that led up to Saddam's ouster, but this time, we have much less justification (hard to believe) and the opponent is tremendously more capable. There is little sense in the course the West is currently pursuing, little to gain, and much to lose. The main conclusion here is that not only is the US poking the bear, but it is doing so with increasing frequency and upping the ante dangerously with each step.
House Republicans are expected to formally approve their lawsuit against President Obama today. As John Boehner wrote earlier in the week, "President Obama has overstepped his constitutional authority — and it is the responsibility of the House of Representatives to defend the Constitution." Voting has started on the 'impeachment lite' bill...
Two weeks ago the head of the "most transparent administration ever" (perhaps to the NSA?), president Obama, told the common American to "not be cynical" and have hope. Today, speaking appropriately in an ornate theater in Kansas City, he had a message for republicans: "Stop being mad all the time. Stop. Stop. Stop just hatin’ all the time."
"It's a troubling continuation/expansion of trade as a geopolitical tool," warns one Washington-based consulting firm as Russia prepares to unleash retaliatory actions to US and European sanctions. As Bloomberg reports, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald's cheese for safety. In addition, a Russian lawmaker has drafted legislation that might result in U.S. accounting firms being barred from doing business in his country. All of this is odd given Jack "trust me" Lew's reassurance that Russian sanctions would have no impact on the US economy. Russia's response, US will feel 'tangible losses' from 'destructive, myopic' sanctions.
A 4.0% GDP print - time to get out in front of the people and take the credit...
American Intelligence Officers Who Battled the Soviet Union for Decades Slam the Flimsy "Intelligence" Against RussiaSubmitted by George Washington on 07/29/2014 17:17 -0400
Senior U.S. Intelligence Officers: Obama Should Release Ukraine Evidence
We are sure President Obama must be happy that the European leaders finally stepped in line behind him and layered new goldilocks sanctions on Russia. With business leaders on both sides of the Atlantic urging him not to, for fear of the dreaded 'boomerang' from Putin (which has already been targeted at MSFT, IBM, MCD, INTC, AMD, and car manufacturers), President Obama is set to explain how his new-new sanctions (which include several Russian banks including VTB, Russia's second largest ) and will be the message that Putin needs to leave, fold to NATO, handover everything, and retire to the Gulag. Yet, oddly enough, Gazprom is once again missing from the sanctions list. The whole market is sliding heading into his speech (including the Russian ETF). We await the retaliation.
With 1000s of illegal immigrants crossing the US-Mexico border every day (perhaps even more now some of the border has been washed away), the government quietly dumping them in Tennessee (among other places), and current (recently constructed border protection infrastructure already breaking down), it appears the American people are taking matters into their own hands. Photos showing dozens of members of militia groups on the U.S.-Mexico border carrying semi-automatic rifles and wearing masks, camouflage and tactical gear provide one of the first glimpses into the group's activities on the border. The groups, including Oathkeepers, Three Percenters and Patriots, began recruiting and organizing more than a month ago and recent Facebook entries provide more color on their perspective: "You see an illegal. You point your gun dead at him, right between his eyes, and you say, 'Get back across the border or you will be shot.' ...We are not worried about an 'International' incident."
Grab your popcorn as The Socialist Singularity comes to be... We are sure Steve Liesman will ask his 'economics reporter' questions while cow-towing to his glorious leader's position on job-destroying 'minimum wage' increases, unpatriotic (though legal) inversions, Fed-driven inequality, and the massive and unprecedented divergence between "bubble" markets and the minions that make it up... always remember "debt-is-good" but "hope-is-better."
The President is explaining 'the economy' to the people, but appears to be stuck one topic...
*OBAMA SAYS CORPORATE INVERSIONS ARE `WRONG' EVEN IF LEGAL
*OBAMA SAYS HE'S INTERESTED IN `ECONOMIC PATRIOTISM'
*OBAMA: U.S. SHOULD REWARD COS. PAYING FAIR SHARE IN U.S.
Time for some retroactive executive actions...
You’re More Likely to Be Killed By Brain-Eating Parasites, Texting While Driving, Toddlers, Lightning, Falling Out of Bed ...Submitted by George Washington on 07/24/2014 13:36 -0400
... Alcoholism, Food Poisoning, a Financial Crash, Obesity, Dog Bites, Doctor Mistakes or “Autoerotic Asphyxiation” than by Terrorists (Getting Hit By ASTEROID = Even Odds)
With America's attention, diverted for the past week to events in the middle east and Ukraine, once again returning to domestic issues, Obama is coming under renewed pressure to address the immigration issues that has gripped the southern states as this will certainly be a hot topic issue during the midterm elections. Which is probably why the president has sent a team to Texas to assess whether a National Guard deployment would help to handle an immigration crisis at the Mexican border having so far resisted Republican calls for such a move, Reuters reports. Meanwhile, the underlying problem is getting from bad to worse, and as Bloomberg reported overnight, the flood of children at the border is now overwhelming the US, and as a result "President Obama and congressional Republicans have begun to offer the same simple-sounding solution for dealing with the flood of children crossing the U.S. border alone: Send the kids home."