John Kerry speaks out about allegations of new chemical weapons attacks in Syria and says the US may have to hold someone (Assad) "accountable."
As the Dept. Of Justice reports, a joint effort by the FBI and several New Jersey police departments has culminated in the indictment of US Air Force veteran Tairod Nathan Webster Pugh who “allegedly” pulled the terrorist trifecta by first accessing the internet and then traveling from Egypt to Turkey with an iPod and a picture of a machine gun.
Presidents, Prime Ministers, Congressmen, Generals, Spooks, Soldiers and Police ADMIT to False Flag TerrorSubmitted by George Washington on 03/18/2015 13:33 -0400
Another Conspiracy "Theory" Admitted as Fact
Ahead of The Fed's 'impatience' today, and amid a tumbling EUR, the oldest central bank in the world has decided it is time to go further into the illustrious ranks of NIRP/QE'ers:
*RIKSBANK CUTS KEY RATE TO -0.25%, TO BUY GOVT BONDS FOR SK30 BLN
So as opposed to Denamrk's roundabout QE, Sweden just jumps in and monetizes that debt direct by expanding their QE program and shifts from small NIRP to bigger NIRP. All this while suggesting the labor market is strengthening and inflation has bottomed out. The reaction - SEK is plunging and OMX surges.
This week's main event will be the FOMC announcement on Wednesday at 2:00 pm and the subsequent press conference, the conclusion of the March 2-day Fed meeting, in which it is widely expected that Yellen will announce the end of the Fed's "Patience" with an economy in which resurgent waiters and bartenders continue to skew the job market even if it means consistently declining wages for 80% of the US labor force. Here is a summary of what else to expect this week.
The inevitable death of the dollar may have been delayed. The reason is simply that the other three big economies of the world - Japan, China and Europe - are in even more disastrous condition. Worse still, their governments and central banks are actually more clueless than Washington, and are conducting policies that are flat out lunatic - meaning that their faltering economies will be facing even more destructive punishment from policy makers in the days ahead. The current malignant monetary regime does not merely imply that the Wall Street casino is a dangerous place for your money. No, it screams get out of harms’ way. Now!
Following the dramatic December surge in Russian interest rates when the Bank of Russia scrambled to preserve confidence in the then-plummeting currency and sent the interest rate to a whopping 17%, now that the oil price crash has stabilized it has been walking down this dramatic move, and after reducing rates by 2% on January 30 to 15%, moments ago the Bank of Russia once again cut rates this time by the expected 100 bps to 14%. The bank also said that more rate cuts are in the pipeline.
Bank Of Korea Unexpectedly Cuts Interest Rate To Record Low 1.75%, 24th Central Bank To Ease In 2015Submitted by Tyler Durden on 03/11/2015 21:19 -0400
The currency war salvos just keep on coming. Moments ago the BOK unexpectedly (the move was predicted by just 2 of 17 economists polled by Bloomberg) cut its policy rate from 2.00% to a record low 1.75%, in what is clearly a full-blown retaliation against the collapse currency of its biggest export competitor, Japan, whose currency has cratered to a level that many in South Korea believe has become a direct subsidy for its competing exports. As such the only question is why the BOK didn't cut earlier. And following the surprise rate cut by Thailand earlier today, the "surprise" South Korean rate cut means there are now 24 easing policy actions by central banks in 2015 alone.
Financial markets should actually be begging the Fed for a June 25 basis point rate hike, the alternative is going to hurt a lot more...
Whether the world's central banks are 'co-operating' or competing is up for question but the tsunami of policy easings so far this year is making the 'surprise' rate cut, unsurprising. As Bloomberg reports, Thailand today became the latest to execute an unexpected interest-rate cut, bringing the total to 23 in 2015. While only 6 of 22 economists expected it, the Southeast Asian country -- a onetime export powerhouse that’s seen its manufacturing mojo dim somewhat in recent years amid historic flooding and political infighting -- lowered its main rate to 1.75%. "The surprise move suggests the economy is much weaker than expected," noted one analyst, adding that "it is negative for the baht and there’s concern that lower rates may lead to more outflows as the U.S. is expected to raise rates."
"Give Everyone A Check For $10 Million, It Will Create Inflation": Albert Edwards First TV Interview In 20 YearsSubmitted by Tyler Durden on 03/07/2015 20:20 -0400
In his first TV interview in 20 years, SocGen's Albert Edwards unleashes his brutal honesty on Raoul Pal in this excellent RealVisionTV discussion. From "what Japan is doing is absolutely off the scale," warnings about money-printing to the awkward reality that "policy makers cannot eliminate the business cycle," warnings instead that "they will make the eventual downturn far worse than it otherwise would be..." Edwards' discussion ranges from the UK and US "choosing lunatic policies" to describing Alan Greenspan as "a prospective economic war criminal," the SocGen strategist concludes, rather ominously, if policy-makers keep handing out free money, it will create massive problems, "there is a trigger point where you can create inflation. I don't know where that is. The central banks don't know where that is."
Last week, after reading a Time article titled "Why Bashar Assad Won’t Fight ISIS" written by a journalist whose recent work includes "The YouTube War", and who sourced two unnamed, anonymous sources to reach the conclusion that Syria's president Assad is in cahoots with ISIS, we made a simple conclusion: "The Stage Is Set For The Syrian Invasion." Barely a week has gone by and the wheels for the Syrian invasion are indeed turning: earlier today, US Secretary of State John Kerry (who one hopes doesn't use kerryemails.com as a work email server) who is on a trip to Saudi Arabia unveiled the next steps when he said that "military pressure may be needed to oust Syria's President Bashar al-Assad."
Has the DNA of the global economy been gradually altered by endless injections of quantitative easing, morphing it into a freakish mutant? Are things that are not supposed to happen for centuries on end going to become common occurrences? The collapse of oil prices and jump in the Swiss franc have forced us to puzzle over these weighty questions. In isolation, these events and the direction of their moves did not worry us, but their magnitude, velocity and proximity to each other sent me on an intellectual quest.
UPDATE: TRY now +6.5 handles at 2.6275...
The Turkish Lira is down over 4 handles again this morning as the currency's collapse accelerates exponentially. Having devalued by 30% year-to-date amid Erdogan's rage against central bank independence, selling its gold, threats of jail for not cutting interest rates, and rising repression of increasing social unrest, the country's Economy Minister took to the TV today to expose the "hidden currency war" and blast 'speculators' (because only a speculator would pull his capital from such a 'stable' place) - "The manipulation of those who play with the dollar will explode in their hands and their hands will be burned."
Bill Clinton Dusted Off the Same Marketing Strategy Which Bad-Mustache Used On the Eve of Invading Poland ... And Obama's Been Using It Ever Since