http://www.zerohedge.com/fullrss2.xml/contributed/contributed/news/In%20three%20states%E2%80%94Arkansas%2C%20Nebraska%20and%20South%20Dakota%E2%80%94voters%20approved%20ballot%20measures%20in%20November%20to%20increase%20the%20minimum%20wage%2C%20effective%20Jan.%201%2C%20according%20to%20the%20National%20Conference%20of%20State%20Legislatures.%20%20Alaska%20voters%20passed%20an%20initiative%20raising%20the%20minimum%20wage%20in%20the%20state%20to%20begin%20Jan.%201.%20But%20the%20pay%20increase%20isn%E2%80%99t%20effective%20until%2090%20days%20after%20the%20election%20results%20are%20certified%2C%20Feb.%2024.%20%20Meanwhile%2C%20legislatures%20in%20seven%20states%E2%80%94Connecticut%2C%20Hawaii%2C%20Maryland%2C%20Massachusetts%2C%20Rhode%20Island%2C%20Vermont%20and%20West%20Virginia%E2%80%94approved%20laws%20boosting%20the%20minimum%20wage.%20Those%20laws%20go%20into%20effect%20today.%20%20Though%20Delaware%20and%20Minnesota%E2%80%99s%20state%20lawmakers%20voted%20to%20raise%20the%20minimum%20wage%2C%20those%20increases%20won%E2%80%99t%20begin%20until%20June%20and%20August%2C%20respectively.%20The%20District%20of%20Columbia%20will%20see%20a%20minimum%20wage%20hike%20beginning%20July%201. en Graham Dares Trump: "Holy Hell To Pay if You Fire Sessions" http://www.zerohedge.com/news/2017-07-27/graham-dares-trump-holy-hell-pay-if-you-fire-sessions <p><span style="text-decoration: underline;"><em><strong>Threat, promise, or red flag to a bull?</strong></em></span></p> <p>After a few days of non-stop tirades against current Attorney-General Jeff Sessions by President Trump, increasing numbers of Republicans are coming out in support of the &quot;beleauered&quot; AG urging Trump to stop.</p> <p>As Bloomberg reports, <strong>a number of Republicans have called White House officials - and even Trump personally - to warn against removing Sessions,</strong> according to a Senate GOP aide who asked not to be identified discussing the private conversations. Their message has been that Sessions is universally liked on Capitol Hill and that removing him would be one of Trump&rsquo;s biggest mistakes as president.</p> <p>But, just in case the message from senior Republicans was not getting to the President, Republican Senator Lindsey Graham&nbsp;of South Carolina told CNN on Thursday morning...</p> <blockquote class="twitter-video" data-lang="en"><p dir="ltr" lang="en">WATCH: &quot;Any effort to go after Mueller could be the beginning of the end of the Trump presidency,&quot; says Sen. Lindsey Graham. <a href="https://t.co/x2scZCKUIo">pic.twitter.com/x2scZCKUIo</a></p> <p>&mdash; NBC News (@NBCNews) <a href="https://twitter.com/NBCNews/status/890588304403517440">July 27, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;If Jeff Sessions is fired, there will be holy hell to pay.&rdquo;</strong></p> </blockquote> <p>Graham described as &ldquo;chilling&rdquo; a tweet posted by Senate Judiciary Chairman&nbsp;Chuck Grassley&nbsp;late Wednesday in which the Iowa Republican said there was &ldquo;no way&rdquo; his panel would consider the nomination of a replacement for Sessions.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;There will be no confirmation hearing for a new attorney general in 2017,&rdquo; </strong>Graham said.</p> </blockquote> <p>Graham also warned Trump against any efforts to remove the special prosecutor appointed in the Russia probe, former FBI Director&nbsp;Robert Mueller.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;Any effort to go after Mueller could be the beginning of the end of the Trump presidency,&rdquo; </strong>Graham said on CNN.</p> </blockquote> <p>Over/Under on Trump&#39;s tweet response to Graham&#39;s &#39;threat&#39; is currently 90/120 mins.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="432" height="218" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170727_graham.jpg?1501171898" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/graham-dares-trump-holy-hell-pay-if-you-fire-sessions#comments Dismissal of James Comey Donald Trump FBI Federal Bureau of Investigation Jeff Sessions Lindsey Graham NBC Nomination Politics Presidency of Donald Trump Protestantism Republican Party Russian interference in the 2016 United States elections South Carolina Stop Trump movement Twitter Twitter United States White House White House Thu, 27 Jul 2017 16:20:00 +0000 Tyler Durden 600607 at http://www.zerohedge.com Russia To Stay In Syria For The Next 50 Years http://www.zerohedge.com/news/2017-07-27/russia-stay-syria-next-50-years <p>While the Trump administration appears set to withdraw US troops from Syria in the not too distant future, as hinted by the recent <a href="http://www.zerohedge.com/news/2017-07-19/seismic-shift-syria-trump-ends-covert-obama-era-cia-program-which-sent-arms-jihadist">decision to reverse the Obama-era decision to stop arming "moderate rebels" </a>fighting the Assad regime, Vladimir Putin has a slightly different strategic vision for the proxy war-torn nation. </p> <p>On Wednesday, the Russian president signed a law ratifying a deal with the Syrian government allowing Russia to keep its air base in Syria for almost half a century, <a href="http://www.reuters.com/article/us-mideast-crisis-russia-syria-idUSKBN1AC1R9">Reuters reported</a>. </p> <p>Under the original deal signed in this January in Damascus, Russia can use its Hmeymim air base in Latakia Province which it has used to carry out air strikes against forces opposing President Bashar al-Assad, Russia could modify the terms of its presence in the country. So with the US on its way out, Putin made it clear that clear that Russia isn't going anywhere from the one nation that has emerged as a key regional presence for Russia in the middle-east. </p> <p>The Russian president approved the agreement on Wednesday, after the two chambers of the Russian parliament backed it earlier this month, according to the government's official information portal. <strong>The document says Russian forces will be deployed at the Hmeymim base for 49 years with the option of extending that arrangement for 25-year periods.</strong></p> <p>The Hmeymim airbase has been at the heart of Moscow's military foray since it intervened in the conflict in September 2015, helping turn the tide in favor of Assad, as well as disrupt key ISIS oil supply lines which have resulted in the imminent collapse of the Islamic State.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="982" height="556" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/putin%20glasses%202.jpg?1501171471" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/russia-stay-syria-next-50-years#comments Al-Assad family Assad family Bashar al-Assad Foreign relations of Russia Government International relations Khmeimim Politics Reuters Russian involvement in the Syrian Civil War Russian military intervention in the Syrian Civil War Russian Parliament Russia–Syria relations Syrian government Trump Administration Vladimir Putin Vladimir Putin War Thu, 27 Jul 2017 16:05:12 +0000 Tyler Durden 600606 at http://www.zerohedge.com Immediately Following Scaramucci Interview Regarding Leakers, A Bloomberg Reporter Reads Another Leak on Air http://www.zerohedge.com/news/2017-07-27/immediately-following-scaramucci-interview-regarding-leakers-bloomberg-reporter-read <p><em>Content originally published at <a href="http://ibankcoin.com/">iBankCoin.com</a></em></p> <p>Josh Green from Bloomberg was taken aback by <a href="http://ibankcoin.com/flyblog/2017/07/27/scaramucci-white-house-leakers-treasonous-150-years-ago-theyd-hung/">Scaramucci's interview with CNN's Chris Cuomo</a>, disturbed by Mooch's 'jocular' demeanor.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"How bizarre and unusual what just transpired is...even if it's a joke, it's weird -- the whole jocular towel snapping live on air thing..."</p></blockquote> <p>Here's Josh Green expressing his moral indignation to Scaramucci's live on air towel snapping of the White House leakers, ironically reading another leak on air regarding the crack down of leaks.</p> <p><strong>"A Car Crash"</strong><br /> <iframe src="https://www.youtube.com/embed/X4H5wl5DEQ8" width="560" height="315" frameborder="0"></iframe></p> <p>The ride never ends.</p> http://www.zerohedge.com/news/2017-07-27/immediately-following-scaramucci-interview-regarding-leakers-bloomberg-reporter-read#comments Chris Cuomo Cuomo family Leak Television news in the United States White House White House Thu, 27 Jul 2017 15:47:40 +0000 The_Real_Fly 600605 at http://www.zerohedge.com Steen Jakobsen On The Next 30 Years: "Everything Is Deflationary" http://www.zerohedge.com/news/2017-07-27/steen-jakobsen-next-30-years-everything-deflationary <p><a href="https://mishtalk.com/2017/07/26/steen-jakobsen-on-the-next-30-years-everything-is-deflationary/"><em>Authored by Mike Shedlock via MishTalk.com,</em></a></p> <p>Steen Jakobsen, Saxo Bank chief economist and CIO just pinged me with a PowerPoint presentation on the preceding and next 30 years.</p> <p>He commented &ldquo;<em><strong>I somehow to my own surprise came to one single trend I believe in: everything is deflationary.</strong></em> Enjoy the &ldquo;funny pictures&rdquo; and the outlook.&rdquo;</p> <p><u><strong>30 Years Ago</strong></u></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen2a.png"><img class="alignnone size-large wp-image-47053" height="375" src="https://mishgea.files.wordpress.com/2017/07/steen2a.png?w=529&amp;h=375" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen3.png"><img class="alignnone size-large wp-image-47054" height="415" src="https://mishgea.files.wordpress.com/2017/07/steen3.png?w=529&amp;h=415" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen4.png"><img class="alignnone size-large wp-image-47038" height="354" src="https://mishgea.files.wordpress.com/2017/07/steen4.png?w=529&amp;h=354" width="529" /></a></p> <p><strong>Current and Foreward Trends</strong></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen5.png"><img class="alignnone size-large wp-image-47039" height="377" src="https://mishgea.files.wordpress.com/2017/07/steen5.png?w=529&amp;h=377" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen6.png"><img class="alignnone size-large wp-image-47040" height="412" src="https://mishgea.files.wordpress.com/2017/07/steen6.png?w=529&amp;h=412" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen7.png"><img class="alignnone size-large wp-image-47041" height="506" src="https://mishgea.files.wordpress.com/2017/07/steen7.png?w=529&amp;h=506" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen8.png"><img class="alignnone size-large wp-image-47042" height="496" src="https://mishgea.files.wordpress.com/2017/07/steen8.png?w=529&amp;h=496" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen9.png"><img class="alignnone size-large wp-image-47043" height="412" src="https://mishgea.files.wordpress.com/2017/07/steen9.png?w=529&amp;h=412" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen11.png"><img class="alignnone size-large wp-image-47045" height="414" src="https://mishgea.files.wordpress.com/2017/07/steen11.png?w=529&amp;h=414" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen12.png"><img class="alignnone size-large wp-image-47046" height="418" src="https://mishgea.files.wordpress.com/2017/07/steen12.png?w=529&amp;h=418" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen13.png"><img class="alignnone size-large wp-image-47047" height="478" src="https://mishgea.files.wordpress.com/2017/07/steen13.png?w=529&amp;h=478" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen14.png"><img class="alignnone size-large wp-image-47048" height="348" src="https://mishgea.files.wordpress.com/2017/07/steen14.png?w=529&amp;h=348" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen15.png"><img class="alignnone size-large wp-image-47049" height="388" src="https://mishgea.files.wordpress.com/2017/07/steen15.png?w=529&amp;h=388" width="529" /></a></p> <p><a href="https://mishgea.files.wordpress.com/2017/07/steen16.png"><img class="alignnone size-large wp-image-47050" height="564" src="https://mishgea.files.wordpress.com/2017/07/steen16.png?w=529&amp;h=564" width="529" /></a></p> <p><span style="text-decoration: underline;"><strong>Mish Comments</strong></span></p> <p>I agree with Steen that the trends are deflationary from a CPI perspective.</p> <p>Compare the GMO 7-Year returns estimate to the John Bogle view. I believe GMO has this correct.</p> <p><strong>Public pensions are in serious trouble even on the more optimistic view.</strong></p> <p><span style="text-decoration: underline;"><strong>Credit Impulse</strong></span></p> <p><strong><em>Pay close attention to the global credit impulse chart. Credit impulse is the &ldquo;Rate of Change of Change&rdquo; of global credit creation/QE.</em></strong></p> <p>The Stevens Report discusses the topic in <a href="http://sevensreport.com/credit-impulse-matters/" rel="noopener" target="_blank">Why &ldquo;Credit Impulse&rdquo; Matters to You</a>.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>There are many analysts and investors who believe that the entire &rsquo;09-&rsquo;17 stock rally is nothing more than the result of a historic, globally coordinated credit creation event from the world&rsquo;s major central banks. Put in layman&rsquo;s terms, every major central bank in the world has done QE at some stage over the past eight years, and pumped the world full on cash. So, all they&rsquo;ve done is create massive asset inflation in bonds, stocks and real estate.</p> <p>&nbsp;</p> <p>While there is no hard proof that this global expansion of credit has powered US (and now global) stocks higher, there certainly is at least a casual relationship if we look at history.</p> <p>&nbsp;</p> <p>The reason I am pointing this out is simple: There are growing signs that the near-decade-long global credit creation/QE cycle appears to be nearing the end. First, there are the central bank actions. The Fed is hiking rates, and likely taking steps to reduce its balance sheet, draining liquidity from the system.</p> <p>&nbsp;</p> <p>Second, the ECB appears to be on the verge of tapering its QE program, and while that will still result in a net credit increase for the next year, the pace of credit creation will slow. Finally, and perhaps most importantly, China continues to aggressively reduce credit in its economy, and I&rsquo;ll again remind everyone the last time they did that, we got the volatility in 2H &rsquo;15.</p> <p>&nbsp;</p> <p>This is where the &ldquo;Credit Impulse&rdquo; comes in.</p> <p>&nbsp;</p> <p>Credit Impulse is a term used by various research firms that measures the &ldquo;Rate of Change of Change&rdquo; of global credit creation/QE. Put simply, while the global amount of credit may still be rising, the pace of the increase has not only slowed&hellip; it&rsquo;s turned negative. Similar to taking your foot off the gas while you&rsquo;re still going forward. It&rsquo;s just a matter of time until you stop.</p> <p>&nbsp;</p> <p>Getting more granular, UBS has been out front on this issue, and back in February noted that Credit Impulse turned negative. In a much-anticipated report out last week, the firm said that the decline over the past three-to-four months has accelerated, with Credit Impulse dropping to -0.6% annualized over the past three months.</p> <p>&nbsp;</p> <p>Now, Credit Impulse is a composite of various measures of credit, including loans, loan demand, and other metrics, so this is not a hard-and-fast number. And the fact that it has turned negative doesn&rsquo;t mean we&rsquo;re looking at an impending collapse in stocks.</p> <p>&nbsp;</p> <p>But if we look at the entire picture, negative Credit Impulse; a more-hawkish-than-expected Fed that&rsquo;s apparently committed to reducing its balance sheet, a Chinese central bank that is apparently committed to reducing credit in that economy, and an ECB that will begin tapering QE in 2018&hellip; the fact is we appear to be nearing the end of the post-financial-crisis credit expansion, and with economic growth where it is, I cannot see how that will be positive for stocks longer term.</p> <p>&nbsp;</p> <p>Bottom line, I&rsquo;m not turning into ZeroHedge (although they are all over this), but the fact is that I sense a lot of complacency regarding the end of this global credit creation cycle.</p> </blockquote> <p><span style="text-decoration: underline;"><strong>Credit Impulse Update</strong></span></p> <p>Also consider comments on the&nbsp;<a href="https://www.adamtooze.com/2017/06/16/daily-notes-20174-global-credit-impulse/" rel="noopener" target="_blank">Global Credit Impulse</a> by Adam Tooze.</p> <p><a href="https://mishgea.files.wordpress.com/2017/07/global-credit-impulse.png"><img class="alignnone size-large wp-image-47061" height="313" src="https://mishgea.files.wordpress.com/2017/07/global-credit-impulse.png?w=529&amp;h=313" width="529" /></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>In late Feb 2017, UBS&rsquo; analyst Arend Kapteyn reported that a measure of global credit impulse covering 77% of the world economy was behaving rather alarmingly. After growing vigorously in 2015 and 2016 thanks to another round of Chinese stimulus the credit impulse had collapsed to zero.</p> <p>Since then the news is worse with the global credit impulse indicator falling earlier this month to negative numbers&nbsp;not seen since the dot.com bubble burst. This should be a strong leading indicator of a fall in investment and contractionary pressures in the world economy.</p> </blockquote> <p>Wrapping up the global credit impulse, ZeroHedge discussed it in&nbsp;<a href="http://www.zerohedge.com/news/2017-06-20/why-collapsing-global-credit-impulse-all-matters-citi-explains" rel="noopener" target="_blank">Why The (Collapsing) Global Credit Impulse Is All That Matters: Citi Explains</a>.</p> <p><span style="text-decoration: underline;"><strong>Complete Powerpoint</strong></span></p> <p>Once again Steen made an excellent presentation. It consists of 28 slides. I used 14 of them.</p> <p>Click on <a href="https://drive.google.com/open?id=0B4QF4MBBMA0kcWJQYXlxano2M2M" rel="noopener" target="_blank">Investment Returns Plus/Minus 30 Years</a>&nbsp;for Steen&rsquo;s full presentation at the 30th Anniversary CFA Annual Forecast Event,&nbsp;Singapore July, 2017.</p> <p>Thanks, Steen!</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="432" height="259" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170727_def.jpg?1501155724" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/steen-jakobsen-next-30-years-everything-deflationary#comments Banking Business Central Banks China CPI Credit Deflation Economy European Central Bank Money creation Rate of Change Real estate Saxo Bank UBS Volatility Thu, 27 Jul 2017 15:46:11 +0000 Tyler Durden 600581 at http://www.zerohedge.com Mark Hanson Reveals "The Next Housing Bubble" http://www.zerohedge.com/news/2017-07-27/next-us-housing-bubble-has-arrived <p>The striking Case-Shiller regional charts shown below, courtesy of <a href="http://www.mhanson.com">MHanson.com</a>, make Mark Hanson angry: "so, 2006/2007 was the largest house price bubble ever, but there is nothing to see here in 2017?" and sarcastically points out that "if this isn't a house price bubble, I would hate to see one." </p> <p>His bottom line:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>If 2006/07 was the peak of the largest housing bubble in history with affordability never better vis a’ vis exotic loans; easy availability of credit; unemployment in the 4%’s; the total workforce at record highs; and growing wages, <strong>then what do you call “now” with house prices at or above 2006 levels; worse affordability; tighter credit; higher unemployment; a weakening total workforce; and shrinking wages? </strong>Whatever you call it, it’s a greater thing than the Bubble 1.0 peak.</p> </blockquote> <p>And visually:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/housing%20bubble%202.0.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/housing%20bubble%202.0_1.jpg" width="564" height="569" /></a></p> <p>Below are some further observations and "red-flags" from Hanson on Peak Housing, after the latest new home sales data:</p> <ul> <li>Sharp downward sales revisions for past 3-months.</li> <li>Huge downward price revisions for past 3-months, lower by 10%, 5% and 3%, respectively, exactly as I predicted on last month's release.</li> <li>Builders maxed out on pricing power; Med &amp; avg prices flat for 2-years.</li> <li>The all-important Southern Region was flat YY; the South makes up over half of all sales in the nation, and drives builder demand and profits.</li> <li>100% of the June YY sales gain came from the Western Region, which doesn't jibe with the weak price performance and will likely be revised lower next month.</li> <li>Income required to buy the avg priced builder house is at historical highs and has completely diverged from the multi-decade trend line.</li> <li>Historically low growth &amp; rebound relative to resales suggest "lack of supply" meme in the Existing Sales market is over-stated.</li> </ul> <p>As he says, "Peak builder is here."</p> <p>Finally some other quantitative and qualitative observations from the housing guru:</p> <p><strong>1) New Home Sales "up to" 1995 levels after $15 TRILLION in debt and Fed liquidity aimed largely at the sector.</strong></p> <p><strong>2) Builder pricing power largely flat for 2-years.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub1.jpg" width="564" height="376" /></a></p> <p><strong>3) Income required to buy the average priced builder house has completely diverged from the multi-decade trend line. This obviously explains why sales are only at 600k SAAR now vs 1.2 million in Bubble 1.0. </strong>Reversion to this mean will occur...either thru a sharp rise in income; new exotic loan programs, which make payment less; or house prices dropping.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub2.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub2.jpg" width="564" height="376" /></a></p> <p><strong>4) Last time builders were this euphoric was the peak of the biggest credit bubble in history.<br /><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub3.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub3.jpg" width="564" height="376" /></a></strong></p> <p><strong>5) It's too bad the public isn't as euphoric about buying as the builders think they are.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub4.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/bub4.jpg" width="564" height="376" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="2776" height="289" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/housing%20bubble%202.0%20teaser_0.jpg?1501164940" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/next-us-housing-bubble-has-arrived#comments Business Case-Shiller Economic bubble Economic history Economy Financial crises HIGHER UNEMPLOYMENT House prices Housing Bubble Macroeconomics New Home Sales Pricing Real estate bubble Unemployment United States housing market correction US Federal Reserve Thu, 27 Jul 2017 15:43:58 +0000 Tyler Durden 600597 at http://www.zerohedge.com Jury Could Have Martin Shkreli Verdict As Soon As Friday http://www.zerohedge.com/news/2017-07-27/jury-could-have-martin-shkreli-verdict-soon-friday <p>Now that former Turing Pharmaceuticals CEO Martin Shkreli has decided not to testify in his own defense, the jury could reach a verdict as soon as Friday afternoon. <strong>Closing arguments are beginning Thursday, as Shkreli lawyer Benjamin Brafman bets that he poked enough holes in the prosecution&rsquo;s case to give his client a reasonable shot at a &ldquo;not guilty&rdquo; verdict.</strong><br />After the defense let its case rest without calling any witnesses or producing any evidence, Shkreli&rsquo;s lawyers lost a long-shot bid to get their client off by motioning for the judge to drop the charges on the grounds that the eight-count indictment included &ldquo;insufficient evidence.&rdquo; The bid was quickly rejected, according to<a href="http://www.cnbc.com/2017/07/26/judge-rejects-dismissal-request-by-martin-shkrelis-lawyers.html"> CNBC.</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;The rejection sets the stage for a very long, full day of closing arguments in the case by prosecutors and Shkreli&#39;s lawyers Thursday, <strong>with those arguments only expected to wrap up Friday morning.</strong></p> <p>&nbsp;</p> <p><strong>Jurors could then begin deliberations later Friday, exactly one month after opening arguments were made in the trial.&rdquo;</strong></p> </blockquote> <p>Meanwhile, in an ill-timed release (though it presumably won&rsquo;t influence the jury, which has been instructed to avoid Shkreli-related media), New York State listed Shkreli as No. 14 on its July list of the biggest tax delinquents in the state, claiming he owes $4 million.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/07/27/2017.07.10Shkreli.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/07/27/2017.07.10Shkreli_0.JPG" style="width: 500px; height: 295px;" /></a></p> <p>However, Brafman disputed the government&rsquo;s claims in a statement to the <a href="http://nypost.com/2017/07/25/shkreli-had-a-meltdown-as-alleged-ponzi-scheme-unraveled/">New York Post. </a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;&hellip;Shkreli, <strong>&lsquo;through his lawyers and accountants, has been negotiating a payment plan with the IRS and New York State authorities that has been accepted by them. He is not a delinquent taxpayer.&rsquo;&rdquo;</strong></p> </blockquote> <p>Shkreli, once reportedly worth $100 million, is now reportedly close to penniless following a series of trading losses and expenses related to his defense.</p> <p>Shkreli reportedly <strong>waived his right to a separate trial by the same jury to determine how much of his assets should be forfeited if he&rsquo;s found guilty,</strong> possibly a sign that the Shkreli &ndash; who has vehemently proclaimed his innocence &ndash; believes he will be exonerated.</p> <p>While arguing their case, prosecutors presented evidence that Shkreli mislead investors about the size of their investment returns, and then became evasive when some asked for their money. They&rsquo;ve also shown records of employment agreements hiring some of these same investors as consultants at Retrophin, a pharmaceutical company Shkreli co-founded. Through the agreements, <strong>Shkreli made his investors whole with salaries and stock paid out by Retrophin. Prosecutors&rsquo; allege Shkreli improperly embezzled this money from the company to pay off his personal debts. Shkreli is facing eight counts of wire and mail fraud.</strong></p> <p>Shkreli defense lawyer Brafman tried to portray his client as a brilliant, hardworking financier who&rsquo;s borderline-autistic social skills brought him into conflict with his investors and the board of his former company. Papers have called it &ldquo;the born this way defense.&rdquo; Shkreli originally attracted media attention after <strong>his former company, Turing Pharmaceuticals,</strong> <strong>raised the price of the toxoplasmosis drug Daraprim by 5,000%, earning Shkreli the label of &ldquo;the most hated man in America.&rdquo;</strong><br />&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="577" height="341" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.07.10Shkreli_2.JPG?1501168126" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/jury-could-have-martin-shkreli-verdict-soon-friday#comments Benjamin Brafman Business Business Economy of the United States Finance Internal Revenue Service Law Martin Shkreli New York Post New York State Pyrimethamine Shkreli Turing Pharmaceuticals Thu, 27 Jul 2017 15:25:18 +0000 Tyler Durden 600602 at http://www.zerohedge.com $350 Trillion In Securities In Limbo: LIBOR To Be Phased Out By 2021 http://www.zerohedge.com/news/2017-07-27/350-trillion-securities-limbo-libor-be-phased-out-2021 <p>Unofficially, Libor died some time in 2012 when what until then was a giant "conspiracy theory" - namely that the world's most important reference index, setting the price for $350 trillion in loans, credit and derivative securities had been rigged for years - was confirmed. Officially, Libor died earlier today when the top U.K. regulator, the Financial Conduct Authority which regulates Libor, said the scandal-plagued index would be phased out and that work would begin for a transition to alternate, and still undetermined, benchmarks by the end of 2021. </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/20170727_libor_0.jpg" width="500" height="264" /></p> <p>As Andrew Bailey, <a href="https://www.wsj.com/articles/u-k-calls-time-on-scandal-hit-libor-1501148216?mod=djemalertEuropenews">chief executive of the FCA, explained</a> the decision to eliminate Libor was made as the amount of interbank lending has hugely diminished and as a result “we do not think markets can rely on Libor continuing to be available indefinitely."</p> <p>He is right: whether as a result of central banks effectively subsuming unsecured funding needs, or simply due to trader fears of being caught "red-handed" for simply trading it, the number of transactions directly involving Libor have virtually ground to a halt. <a href="https://www.wsj.com/articles/u-k-calls-time-on-scandal-hit-libor-1501148216?mod=djemalertEuropenews">According to the WSJ</a>, "in one case banks setting the Libor rate for one version of the benchmark executed just 15 transactions in that currency and duration for the whole of 2016." </p> <p>As the WSJ adds, the U.K. regulator has the power to compel banks to submit data to calculate the benchmark. “<strong>But we do not think it right to ask, or to require, that panel banks continue to submit expert judgments indefinitely,” </strong>he said, adding that many banks felt “discomfort” at the current set up. The FCA recently launched an exercise to gather data from 49 banks to see which institutions are most active in the interbank lending market.</p> <p>Commeting on the decision, NatWest Markets' Blake Gwinn told Bloomberg that the decision was largely inevitable: “There had never been an answer as to how you get market participants to adopt a new benchmark. It was clear at some point authorities were going to force them. The FCA can compel people to participate in Libor. <strong>What can ICE do if they’ve lost the ability to get banks to submit Libor rates</strong>?” </p> <p>Gwinn then mused that “in the meantime, what’s today’s trade? The U.K. has Sonia, <strong>but the U.S. doesn’t have a market. </strong>There’s still so much uncertainty at this point" Yesterday, "<strong>a Libor swap meant something. Now you can’t rely on swaps for balance-sheet hedging</strong>." </p> <p>And so the inevitable decision which many had anticipated, was finally made: after 2021 Libor will be no more. </p> <p>Below is a brief history of what to many was and still remains the most important rate:</p> <ul> <li>1986: First Libor rates published.</li> <li>2008: WSJ articles show concerns with Libor. Regulators begin probes.</li> <li>2012: Barclays becomes first bank to settle Libor-rigging allegations. U.K. regulator pledges to reform the benchmark.</li> <li>2014: Intercontinental Exchange takes control of administering Libor.</li> <li>2015: Trader Tom Hayes gets 14-year prison sentence after Libor trial.</li> <li>2017: U.K. regulator plans to phase in Libor alternatives over five years.</li> </ul> <p>Yet while anticipated, the surprising announcement of Libor's upcoming death has taken many traders by surprise, not least because so many egacy trades still exist. As BLoomberg's Cameron Crise writes, "There is currently an open interest of 170,000 eurodollar futures contracts expiring in 2022 and beyond - <strong>contracts that settle into a benchmark that will no longer exist. What are existing contract holders and market makers supposed to do?</strong>"</p> <p>Then there is the question of succession: with over $300 trillion in derivative trades, and countless billion in floating debt contracts, currently referening Libor, the pressing question is what will replace it, and how will the transition be implemented seamlessly? </p> <p>The FCA's CEO didn’t set out exactly what a potential replacement for Libor might look like but a group within the Bank of England is already working on potential replacements. "However, any shift will have to be phased in slowly."</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Bailey said it was up to the IBA and banks to decide how to move Libor-based contracts to new benchmarks. After 2021 IBA could choose to keep Libor running, but the U.K. regulator would no longer compel banks to submit data for the benchmark. </p> </blockquote> <p>The Fed has already been gearing up for the replacement: last month the Alternative Reference Rates Committee, a group made up of the largest US banks, <strong>voted to use a benchmark based on short-term loans known as repurchase agreements or “repo” trades, backed by Treasury securities, to replace U.S. dollar Libor. </strong>The new rate is expected to be phased in starting next year, <a href="https://www.newyorkfed.org/medialibrary/microsites/arrc/files/2017/ARRC-agenda-Aug-1-2017.pdf">and the group will hold its inaugural meeting in just days, on August 1.</a></p> <p>The problem with a repo-based replacement, however, is that it will take the placidity of the existing reference rate, and replace it with a far more volatile equivalent. As Crise points, out, "since 2010 the average daily standard deviation of three month dollar Libor is 0.7 basis points. The equivalent measure for GC repo is 4.25 bps. That’s a completely different kettle of fish."</p> <p>So as the countdown to 2021 begins, what replaces Libor is not the only question: a bigger problem, and perhaps the reason why Libor was so irrelevant since the financial crisis, is that short-term funding costs since the financial crisis were virtually non-existent due to ZIRP and NIRP. Now that rates are once again rising, the concern will be that not does a replacement index have to be launched that has all the functionality of Libor (ex rigging of course), but that short-term interest rates linked to the Libor replacement will be inevitably rising. And, for all those who follow funding costs and the upcoming reduction in liqiduity in a world of hawkish central banks, this means that volatility is guaranteed. In other words, this forced transition is coming in the worst possible time. </p> <p>Then again, as many have speculated, with the next recession virtually assured to hit well before 2021, it is much more likely that this particular plan, like so many others, will be indefinitely postponed long before the actual deadline. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="512" height="270" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/20170727_libor.jpg?1501166296" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/350-trillion-securities-limbo-libor-be-phased-out-2021#comments Alternative Reference Rates Committee Bank of England Bank of England Banking Barclays Business Central Banks Economy EuroDollar Eurodollar Finance Financial Conduct Authority Interbank lending market Interest rates International finance LIBOR Libor Money Recession Reference rate Systemic risk UBS United States housing bubble US Federal Reserve Volatility Thu, 27 Jul 2017 14:44:28 +0000 Tyler Durden 600600 at http://www.zerohedge.com Greece Arrests Russian "Mastermind" Behind $4 Billion Bitcoin Laundering Scheme http://www.zerohedge.com/news/2017-07-27/greece-arrests-russian-mastermind-behind-4-billion-bitcoin-laundering-scheme <p>Greek authorities have arrested a <strong>38-year-old Russian man</strong> wanted in the United States on suspicion of<strong> masterminding a money laundering operation involving at least $4 billion through transactions in bitcoins</strong>. <a href="http://www.reuters.com/article/us-greece-russia-arrest-idUSKBN1AB1OP?il=0">Reuters reports</a>, a US jury indicted the man on Wednesday over the scheme which involved crimes ranging from computer hacking to drug trafficking.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/26/20170727_btc11.jpg"><img height="357" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/26/20170727_btc11.jpg" width="600" /></a></p> <p><a href="http://www.keeptalkinggreece.com/2017/07/26/russian-bitcoins-arrested-greece/">KeepTalkingGreece reports</a> that <strong>Alexander Vinnik was arrested in a small beachside village in northern Greece on Tuesday,</strong> according to local authorities, following an investigation led by the U.S. Justice Department along with several other federal agencies and task forces.</p> <p>The following were found in his hotel room and seized by police:</p> <ul> <li>two laptops</li> <li>two tablets</li> <li>five mobile phones</li> <li>one router</li> <li>one camera</li> <li>four credit cards.</li> </ul> <p>The arrest was conducted in cooperation with US authorities.</p> <p><a href="http://www.reuters.com/article/us-greece-russia-arrest-idUSKBN1AB1OP?il=0">Reuters notes</a> that <strong>U.S. officials described Vinnik in a Justice Department statement as the operator of BTC-e</strong>, an exchange used to trade the digital currency bitcoin since 2011.</p> <p>They alleged <strong>Vinnik and his firm &quot;received&quot; more than $4 billion in bitcoin and did substantial business in the United States without following appropriate protocols</strong> to protect against money laundering and other crimes.</p> <p>U.S. authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked. <strong>Vinnik &quot;obtained&quot; funds from the hack of Mt. Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned</strong>, they said in the statement.</p> <p>US prosecutors working with the Financial Crimes Enforcement Network unsealed a 21-count indictment against Vinnik and BTC-e late Wednesday, alleging that he used the exchange to help launder money for some of the most notorious criminals in bitcoin history, including the Mt. Gox hackers.</p> <p>Vinnik is facing 17 counts of money laundering and two counts of engaging in unlawful monetary transactions, <strong>while he and BTC-e, through a holding company called Canton Business Corp., are each facing one count of operating an illegal money transfer service.&nbsp;</strong> <strong>The site is facing a $110 million fine from FinCEN, while Vinnik is being fined $12 million. </strong></p> <p>If convicted on all counts, the Russian-born Vinnik <strong>could serve up to 55 years in a US prison,</strong> according to <a href="https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/">CoinDesk.</a></p> <p>Until now, little has been known about BTC-E, which <a href="https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/">CoinDesk</a> described as the digital-currency market&rsquo;s <strong>&ldquo;murkiest exchange long suspected of enabling criminal activity.&rdquo;</strong></p> <p>In the indictment, prosecutors for the Northern District of California claim that BTC-e <strong>&ldquo;functioned as the exchange of choice to convert digital currencies like bitcoin to fiat money for the criminal world, especially by those who committed their crimes online.&rdquo;</strong></p> <p>Founded in 2011, BTC-E was one of the most popular exchanges in the early days of bitcoin.</p> <p>A FinCEN <a href="https://www.fincen.gov/news/news-releases/fincen-fines-btc-e-virtual-currency-exchange-110-million-facilitating-ransomware">press release</a> announcing the indictments described a criminal organization that knowingy and recklessly violated US anti-money laundering laws. For example, prosecutors claimed that BTC-e&rsquo;s customer-service reps would knowingly advise users about how to launder money from illegal drug sales made on the dark web.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Among other violations, BTC-e failed to obtain required information from customers beyond a username, a password, and an e-mail address.&nbsp; Instead of acting to prevent money laundering, BTC-e and its operators embraced the pervasive criminal activity conducted at the exchange.&nbsp; <strong>Users openly and explicitly discussed criminal activity on BTC-e&rsquo;s user chat.&nbsp; BTC-e&rsquo;s customer service representatives offered advice on how to process and access money obtained from illegal drug sales on dark net markets like Silk Road, Hansa Market, and AlphaBay.&rdquo;</strong></p> </blockquote> <p>It&#39;s unclear whether US authorities will shut BTC-e down. In a tweet published last night, the exchanged said it&#39;s working to restore service, and apologized for the inconvenience.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="ru">Update2: ?? ?????? ?????? ??????? ?????? ?? ?????????????? ?????? ???????. ????????? ????? ?? 5 ?? 10 ????. ??????? ?? ????????? <a href="https://twitter.com/hashtag/btce?src=hash">#btce</a></p> <p>&mdash; BTC-E (@btcecom) <a href="https://twitter.com/btcecom/status/890281223632764928">July 26, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>However, some are already bracing for a Mt. Gox style collapse that will wipe out customer deposits.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Too soon? <a href="https://twitter.com/hashtag/BTCe?src=hash">#BTCe</a> <a href="https://t.co/g0XeycGyZT">pic.twitter.com/g0XeycGyZT</a></p> <p>&mdash; SirMeow UASF BIP148 (@OneSirMeow) <a href="https://javascript:void(0);twitter.com/OneSirMeow/status/890515225270726656">July 27, 2017</a></p></blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="613" height="365" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/20170727_btc11.jpg?1501163906" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/greece-arrests-russian-mastermind-behind-4-billion-bitcoin-laundering-scheme#comments Bitcoin Bitcoin BTC-e CoinDesk Cryptocurrencies Digital currency exchange Economy Finance Financial Crimes Enforcement Network Greece Law mobile phones Money Money laundering Mt. Gox Northern Greece one router Reuters Silk Road Twitter Twitter U.S. Justice Department Thu, 27 Jul 2017 14:25:45 +0000 Tyler Durden 600594 at http://www.zerohedge.com Gold- breaking above 6-year falling resistance http://www.zerohedge.com/news/2017-07-27/gold-breaking-above-6-year-falling-resistance <p><img src="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/07/boy-megaphone.jpg" alt="boy on a bull horn for kimble charting solutions post Gold- breaking above 6-year falling resistance" title="Gold- breaking above 6-year falling resistance" width="400" style="user-select: none; background-position: 0px 0px, 10px 10px; background-size: 20px 20px; background-image: linear-gradient(45deg, #eeeeee 25%, transparent 25%, transparent 75%, #eeeeee 75%, #eeeeee 100%), linear-gradient(45deg, #eeeeee 25%, white 25%, white 75%, #eeeeee 75%, #eeeeee 100%); display: block; margin-left: auto; margin-right: auto;" /></p> <p>&nbsp;</p> <p><span style="color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif; font-size: 14px;">Below looks at the ratio of Gold compared to the US Dollar over the past 20-years. The ratio reflects that some long-term trends have taken place and the ratio is making an attempt to do something it hasn’t been able to accomplish in 6-years.</span></p> <p>&nbsp;</p> <p><a href="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/07/gold-dollar-ratio-breaking-above-6-year-resistance-july-27-2.jpg" target="_blank" title="Gold- breaking above 6-year falling resistance"><img src="https://www.kimblechartingsolutions.com/wp-content/uploads/2017/07/gold-dollar-ratio-breaking-above-6-year-resistance-july-27-2.jpg" alt="gold and us dollar ratio monthly kimble charting solutions" title="Gold- breaking above 6-year falling resistance kimble charting solutions" width="1000" style="font-size: 13.008px; user-select: none; background-position: 0px 0px, 10px 10px; background-size: 20px 20px; background-image: linear-gradient(45deg, #eeeeee 25%, transparent 25%, transparent 75%, #eeeeee 75%, #eeeeee 100%), linear-gradient(45deg, #eeeeee 25%, white 25%, white 75%, #eeeeee 75%, #eeeeee 100%); display: block; margin-left: auto; margin-right: auto;" /></a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif; text-align: center;"><span style="box-sizing: border-box; outline: 0px; background: transparent; color: #0000ff;"><strong style="box-sizing: border-box; outline: 0px; background: transparent;">CLICK ON CHART TO ENLARGE</strong></span></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">The ratio broke above 6-year falling channel back in 2001 at (1) and then it proceeded to rally for the next 10-years.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">For the past 6-years, the ratio has continued to create a series of lower highs and lower lows inside of falling channel (2).</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">Currently the ratio is attempting to do something that it has not done in 6-years, which is a breakout above falling channel (2) at (3).</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-bottom: 1em; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 14px; color: #303030; font-family: &quot;Open Sans&quot;, Arial, sans-serif;">If you would like to stay on top of the Power of the Pattern thoughts in the Gold, Silver, Copper and Mining sector, we would be honored if you were a&nbsp;<a href="https://www.kimblechartingsolutions.com/premium-bundle/" style="box-sizing: border-box; background: transparent; color: #2ea3f2; outline: 0px;"><strong style="box-sizing: border-box; outline: 0px; 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margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin: 0in 0in 0.0001pt; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; color: #303030;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><br /></strong></span></p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="1295" height="673" alt="" src="http://www.zerohedge.com/sites/default/files/images/user182769/imageroot/gold-dollar-ratio-breaking-above-6-year-resistance-july-27-2.jpg?1501165017" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/gold-breaking-above-6-year-falling-resistance#comments Business Copper Metals Thu, 27 Jul 2017 14:17:01 +0000 kimblecharting 600598 at http://www.zerohedge.com North Korea Threatens "Nuclear Hammer" After CIA Proposes 'Regime Change' http://www.zerohedge.com/news/2017-07-27/north-korea-threatens-nuclear-hammer-after-cia-proposes-regime-change <p><a href="http://theantimedia.org/cia-regime-change-north-korea-nuclear/"><em>Via TheAntiMedia.org,</em></a></p> <p><em><img height="305" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/26/20170727_NK.jpg" width="600" /></em></p> <p>Less than a week after C.I.A. chief Mike Pompeo<a href="http://www.cnn.com/2017/07/20/politics/cia-mike-pompeo-north-korea/index.html" rel="noopener" target="_blank">&nbsp;suggested</a>&nbsp;that regime change in North Korea would be a good thing for the Trump administration, the East Asian country said Tuesday it was ready and willing to strike the U.S. with a&nbsp;<em>&ldquo;nuclear hammer&rdquo;</em>&nbsp;if that proves to be the Trump team&rsquo;s agenda.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;Should the U.S. dare to show even the slightest sign of attempt to remove our supreme leadership, we will strike a merciless blow at the heart of the U.S. with our powerful nuclear hammer, honed and hardened over time,&rdquo;</em></strong><a href="http://www.japantimes.co.jp/news/2017/07/25/asia-pacific/north-korea-threatens-u-s-nuclear-hammer-cia-chief-appears-hint-regime-change/#.WXi-IIjyvIW" rel="noopener" target="_blank">&nbsp;writes</a>&nbsp;state-run&nbsp;<em>Korean Central News Agency (KCNA)</em>, quoting a spokesman for the Foreign Ministry.</p> </blockquote> <p>Speaking at the Aspen Security Forum in Colorado on July 20, C.I.A. director<strong> Pompeo<a href="http://thehill.com/policy/national-security/343077-cia-chief-hopeful-that-us-will-separate-north-korean-regime-from" rel="noopener" target="_blank">&nbsp;said</a>&nbsp;it would be&nbsp;<em>&ldquo;a great thing to denuclearize the peninsula, to get those weapons off of that, but the thing that is most dangerous about it is the character who holds the control over them today.&rdquo;</em></strong></p> <p>Continuing, Pompeo appeared to hint that there&rsquo;s a consensus within Washington, D.C. that ousting Kim Jong-un is something that&nbsp;<em>&ldquo;ultimately needs to be achieved&rdquo;</em>&nbsp;in order to combat the North Korean nuclear threat:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;So from the administration&rsquo;s perspective, the most important thing we can do is separate those two. Right? Separate capacity and someone who might well have intent and break those two apart.&rdquo;</em></p> </blockquote> <p>The C.I.A. director further stated that citizens of North Korea would be appreciative if Kim&rsquo;s finger was off the nuclear button:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;<u><strong>As for the regime, I am hopeful we will find a way to separate that regime from this system. </strong></u>The North Korean people I&rsquo;m sure are lovely people and would love to see him go.&rdquo;</em></p> </blockquote> <p>On that subject,&nbsp;<em>KCNA</em><a href="http://www.japantimes.co.jp/news/2017/07/25/asia-pacific/north-korea-threatens-u-s-nuclear-hammer-cia-chief-appears-hint-regime-change/#.WXi-IIjyvIW" rel="noopener" target="_blank">&nbsp;wrote</a>&nbsp;Tuesday that North Korea&rsquo;s&nbsp;<em>&ldquo;army and people have never thought about their destiny and future separated from their supreme leadership&rdquo;</em>&nbsp;and that the&nbsp;<em>&ldquo;first and foremost mission of our revolutionary armed forces with the nuclear force as their backbone is to defend the leader at the cost of their lives.&rdquo;</em></p> <p>The comments come at a time when the mainstream media is<a href="http://time.com/4873980/north-korea-nuclear-missile-program/" rel="noopener" target="_blank">&nbsp;reporting</a>&nbsp;that North Korea could produce a nuclear-capable missile in far less time than previously estimated.</p> <p>As&nbsp;<em>Anti-Media</em>&nbsp;<a href="http://theantimedia.org/north-korean-missiles-america/" rel="noopener" target="_blank">highlighted</a>&nbsp;last week, however, the second-highest ranking U.S. military official, vice chairman of the Joint Chiefs of Staff General Paul Selva,&nbsp;<a href="http://www.reuters.com/article/us-usa-northkorea-missiles-idUSKBN1A31JK" rel="noopener" target="_blank">stated</a>&nbsp;recently that <strong>North Korea lacks&nbsp;<em>&ldquo;the capacity to strike the United States with any degree of accuracy or reasonable confidence of success.&rdquo;</em></strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="717" height="365" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170727_NK.jpg?1501154860" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-27/north-korea-threatens-nuclear-hammer-after-cia-proposes-regime-change#comments C.I.A. Foreign Ministry International relations KIM Korea Korean Central News Agency Korean Central News Agency Mike Pompeo Military of North Korea North Korea North Korea–South Korea relations Nuclear program of North Korea Politics Trump Administration Washington D.C. Thu, 27 Jul 2017 14:07:14 +0000 Tyler Durden 600578 at http://www.zerohedge.com