Bogus news stories did flood social media throughout the campaign, and the hack of the Clinton campaign chair John Podesta’s e-mail seems likely to have been the work of Russian intelligence services. But, as harmful as these phenomena might be, the prospect of legitimate dissenting voices being labelled fake news or Russian propaganda by mysterious groups of ex-government employees, with the help of a national newspaper, is even scarier.
"...this group of ostensible experts far more resembles amateur peddlers of primitive, shallow propagandistic clichés than serious, substantive analysis and expertise; and is engaging in extremely dubious McCarthyite tactics about a wide range of critics and dissenters... WaPo should be very proud: it staked a major part of its news story on the unverified, untestable assertions of this laughable organization."
The Gulf Cooperation Council (GCC) is concerned over a missing radioactive device from Iran’s Bushehr nuclear reactor, Saudi-owned Arab newspaper Asharq al-Awsat reported on Thursday. Furthermore, as OilPrice.com's Tsvetana Paraskova notes, aside from the security concerns, at the forefront in the GCC’s mind is what impact the radioactive device - wherever it may be today - could have on water supplies.
It appears the social unrest, economic collapse, and currency crisis sparked by Indian PM Modi's decision to demonetize "corrupt" high-denomination bank-notes was not enough. As the Rupee crashed to a record low overnight, officials announced a suspension of the exchange of 'old notes' as of tomorrow to, in their words, "encourage people to deposit old notes in their bank accounts."
Unable to spend or deposit their sackfuls of large bank notes amid India’s crackdown on hoarding cash, business owners across the country are paying employees months of salary in advance, ringing up bogus sales and even buying gold they can smuggle overseas to get rid of stashed money or conceal its source.
Politics is the art of the symbolic gesture. The successful symbolic gesture gains gravitas by crystallizing a narrative that attracts a consensus that then powers policies of substance. The politics-as-usual gesture is empty of substance, serving only to mask collusion and failure.
India's 'de-monetization' scheme has caused chaos across the nation, and while SocGen says the government's plan may have some short-term success in curbing so-called 'black-money', investors should "brace for economic disruption" as Bloomberg reports the Indian government is considering a cap on cash holdings for individuals. As SocGen concludes, "people will now be more inclined to park their black income in gold rather than in currency."
Two weeks ago we warned of the "unintended consequences" of Dodd-Frank which are likely to crush bond market liquidity. On the day of Brexit we got a glimpse of what can happen when the world's most liquid bond market suddenly isn't and as one veteran bond trader exclaimed today, US Treasury market liquidity is "worse than Brexit."
Having been a loyal defender of Trump through the campaign - slamming the media's bias and Megyn Kelly's sex-addiction at one point - former House Speaker Newt Gingrich has confirmed today in an interview with McClatchy, that “I will not be in the Cabinet...I intend to be focused on strategic planning.”