en "Central Bankers Are Killing Capitalism" Odey Warns, Moving Politics "Fast To Extremes" <p>Outspoken billionaire hedge fund manager Crispin Odey had a good June (+3.9%) in his &#39;Swan Fund&#39; but remains down year-to-date as he continues to <a href="">refuse to stop fighting The Fed</a>. His latest missive - titled &quot;Doing The Devil&#39;s Work&quot; -<strong> lashes out at governments, central banks, and Europe for their desire to &lsquo;stop recession at any price&rsquo;</strong>. <a href="">As ValueWalk&#39;s Rupert Hargreaves summarizes, </a>Odey blames this desire for the rise of extreme politicians like Trump, the desire for the UK to leave the EU and the lack of global trade growth. He compares this environment to that of the 1970s, when after a period of rapid growth, governments became obsessed with the fact that nothing should be done to endanger employment, giving trade unions all the power and allowing inflation to get out of hand as productivity fell and wage increases became inflationary in a way they had before. <strong>This economic stalemate was only broken down by Reagan and Thatcher &mdash; politicians willing to take on the unassailable unions and risk higher unemployment.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The UK decided to join the EEC in 1973, just as today it has decided to exit the European Union. <strong>Both were difficult times.</strong></p> <p>&nbsp;</p> <p>The world had enjoyed continuous economic growth from 1945 to 1973 &ndash; what the French called the &lsquo;Trente Glorieuses&rsquo;. But in the 70s, the world trading platform started to stutter and break up. Productivity fell to low levels and what had driven the impetus for growth &ndash; the profound desire, after the thirties, to ensure full employment &ndash; meant that wage in- creases now became inflationary in a way they hadn&rsquo;t before. A system which was collectivist in construction &ndash; government and big businesses &ndash; started to crack, especially after the oil price rose 400% on the back of the Arab / Israeli conflicts. <strong>The problem was that governments were obsessed with the fact that nothing should be done to endanger employment and this gave the trade unions all the power and allowed inflation to continue to rise. Just when the communist revolutionaries were expecting the system to break up, capitalism fought back. </strong>The problem behind the lack of productivity was that governments were in charge of the show. Let markets dictate asset allocation and society live under a regime of free markets and all will be better. By 1979, in Reagan and Thatcher, there were politi-cians willing to take on the unassailable unions and risk higher unemployment.</p> <p>&nbsp;</p> <p><strong>The effect was electric, but what ensured that it was to last for over 30 years was that at the same time that market forces were allowed to act, there was the privatisation of credit.</strong> Before 1979, by and large, credit was available to government and big businesses, and with exchange controls in place, savings were largely tortured and torched within their own countries.</p> <p>&nbsp;</p> <p><em><strong>The effect of privatising credit was that individuals could become better off, even if their incomes did not rise, from a growing balance sheet.</strong></em> Globalisation followed but with it competition became ever more fierce. Societies were forced to change to compete or risk falling behind &ndash; a uniformity and conformity to economies the world over became observable, which has involved great pain.</p> <p>&nbsp;</p> <p><u><strong>Now we come onto today.</strong></u> By 2009 we in the developed world were running out of the benefits of credit growth. Asset prices were just too high for incomes &ndash; the young could not afford to buy houses &ndash; falling interest rates had already created asset bubbles. <strong>Productivity was falling and suddenly banks were endangered by over-leveraged unwise lending</strong>. Interest rates fell to zero in 2009. <u><strong>Six years later and it is becoming obvious that &lsquo;Houston has a problem&rsquo;.</strong></u></p> <p>&nbsp;</p> <p>Productivity is not only around zero in most developed countries but falling into negative territory. <strong>Market forces are no longer driving investment decisions on the allocation of resources &ndash; driven out by governments using central bankers as their conduit for extending credit.</strong></p> <p>&nbsp;</p> <p>Just as in the 70s the unthinkable was rising unemployment and for 6 years governments were willing to watch rising inflation rather than address the issue. <strong>So from 2009 onwards, &lsquo;recession&rsquo; is the word that is not allowed.</strong></p> <p>&nbsp;</p> <p><u><strong>Central banks do their master&rsquo;s bidding and governments tell them &lsquo;stop recession at any price&rsquo;.</strong></u></p> <p>&nbsp;</p> <p><strong>They can control asset prices by printing money but can they control the economy? &lsquo;No&rsquo;.</strong> So what we have now is a world in which the <strong><u>Have-nots are rising in number</u></strong> and, thanks to the workings of central banks, see the Haves still seemingly enjoying themselves on the back of rising asset prices.</p> <p>&nbsp;</p> <p><strong>It is no wonder that politics are moving fast to the extremes. </strong>The politicians and the central bankers are serving each other but not the common purpose.<u><strong> In such an environment you must expect &lsquo;Brexit&rsquo; to win, Trump to succeed.</strong></u></p> <p>&nbsp;</p> <p>In such an environment, whither the Euro? Remember the Euro has ensured that Spanish and Italians and Greeks, who before were able to pursue a lifestyle, which was protected by currency devaluation, now, with a fixed exchange rate, the competition is felt immediately and the southern state employees are forced to become &lsquo;German&rsquo;.</p> </blockquote> <p>Odey concludes: <u><em><strong>Why do I write this?</strong></em></u></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Because<strong> capitalism is now being blamed for something that they are not party to</strong>. This is etatism and the central bankers are the trade unions of this debacle. No wonder that Trump is determined to get rid of the Fed. Just as in 1979, politicians realised that they had to turn on the unions, <strong>so today the central banks with their endless printing of money need to be stopped, or capitalism will be blamed for consequences not of their making.</strong></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="363" height="197" alt="" src="" /> </div> </div> </div> Central Banks European Union fixed HIGHER UNEMPLOYMENT Recession Unemployment Mon, 25 Jul 2016 22:40:00 +0000 Tyler Durden 567164 at Oil Set For Bigger Drop As Historic Gasoline Glut Forces Early Switch To Winter Blends <p>With everyone now talking about the record gasoline glut, something which we <a href="">first predicted in February is </a>the <em>"big threat</em>" to oil prices, oil finally succumbed to the unprecedented imbalance in the market, not only on the crude side of the supply-chain, but more importantly in the past month, on the product side, led by both record gasoline stocks as well as soaring Chinese exports of gasoline, distillates and other refined products. </p> <p>To underscore this point, earlier today Morgan Stanley's Adam Longson - a prominent oil bear - released a note saying that "<strong>A refinery-driven correction is upon us." </strong>Some of his key points:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong> </strong>Along with supply disruptions, healthy refinery margins and overly bullish sentiment towards global gasoline helped drive abnormally high crude oil demand in late 2015 and early 2016 - <strong>well beyond what product markets required. </strong>While such appetite for crude oil helped to improve crude oil statistics in some regions, it simply resulted in a market awash in product, namely gasoline. <strong>With inventories above 5Y highs in almost every region, product margins have been falling sharply</strong>. <strong>This product overhang will weigh on crude oil markets as well, just with a lag</strong>. As refinery margins continue to fall, refiners will look to cut back on utilization, leading to lower crude oil demand. <strong>Ultimately, this should lead to distressed cargoes, deeper contangos, inventory builds, and lower prices. </strong></p> </blockquote> <p>Just as bad, the widely anticipated gasoline demand surge, which was supposed to open the gasoline inventories and provide the impetus for the next leg higher in crude oil prices, never happened. In fact, gasoline demand, according to Morgan Stanley is decelerating. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Refined product demand is decelerating, especially in key gasoline and diesel markets</strong>. Transportation fuels, and particularly gasoline, are the most valuable products in the barrel, but demand growth shows signs of slowing. China has been a large source of gasoline growth in recent years, yet growth has slowed markedly. Gasoline demand fell 1.8% YoY in May (after growing 12-15% for much of 2015), while diesel fell 11%. Many EM countries responsible for growth are also slowing as lower commodity prices and the removal of oil subsidies crimp demand (e.g., Saudi Arabia, Brazil). The US and India have been bright spots, but even here we are seeing signs of deceleration in recent data points. US April gasoline demand was below March, counter to seasonal trends.<strong>&nbsp;</strong></p> <p>&nbsp;</p> <p><strong>Crude oil demand is trending below refined product demand for the first time in 3 years. </strong>Refineries are the true consumer of crude oil, and crude oil demand is ultimately more important than aggregate refined product demand for oil balances. Given the oversupply in the refined product markets, fading refinery margins, and economic run cuts, we expect crude oil demand to deteriorate further over the coming months.</p> <p>&nbsp;</p> <p><a href=""><img src="" width="500" height="262" /></a></p> </blockquote> <p>The result: after tagging $50 just several weeks ago, WTI is back under $43 and accelerating its drop in a move reminiscent of the price action in the second half of 2015.</p> <p>However just because the problem has been recognized, that doesn't mean that anything is being done to address it. To the contrary: <a href="">according to Reuters</a>, refiners are now shifting to yet another desperate attempt to delay the inevitable market equilibrium point. They are doing so by <strong>switching from summer to winter blend several weeks in advance as demand for the former has disappointed</strong>. The problem is that by doing so early, stocks of winter blend will fill up that much sooner, and absent some miraculous surge in demand in the winter months - a very improbable event - the moment when the price of oil crashes has just been postponed by a few months, while assuring that the drop - when it comes - will be much more acute.</p> <p><span id="articleText">&nbsp;</span></p> <p>According to Reuters, the<br /> switchover from summer blends, which are more environmentally friendly and costlier to produce, usually happens in August for sale starting on Sept. 15, the date allowed under U.S. government regulations. Winter blends are more likely to evaporate in the summer heat and cause smog. </p> <p><strong>"Why produce more summer grade right now when you can produce something at a cheaper cost and then be prepared to bring that into your supply chain right when the government specifications allow,"</strong> said Eric Rosenfeldt, refined products trader at PAPCO Inc. What he did not say is why produce more summer grade now when there is just not enough demand for it. What he also did not say is that by shifting early, refiners will simply end up with an even greater glut of product. </p> <p><span id="midArticle_4">&nbsp;</span></p> <p>Reuters admits as much: <strong>"mixing more winter gasoline now threatens to worsen the glut later, a risk willingly taken by an industry left with few other choices.</strong>" </p> <p>As a reminder, one look at crack spreads confirms that U.S. refiners are expected to post another quarter of weak earnings en route to possibly the worst year since the shale boom began in 2011. So what are refiners - many of whom are unable to stop the crude supply train - to do? Why bet it all on the "winter driving season"</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Summer grade gasoline is harder to produce than winter grade, which is why pump prices tend to rise with the heat. In the winter, when evaporation is less of a concern, gasoline is made with a higher Reid Vapor Pressure (RVP), a common measure of the volatility of gasoline. </p> <p>&nbsp;</p> <p>This year, looking to cut costs, refiners and blenders are making an early move to mix cheap butane - a cheaper blending component than most other ingredients - to convert the summer barrels into winter barrels, according to the trading sources.</p> </blockquote> <p>No matter how one wants to spin it, this is bad news for both margins, and for crude prices. "Some see the shift as a sign of a tougher road ahead. "<strong><span style="text-decoration: underline;">They made summer grade in winter because winter was crap. Now they will make winter in summer because summer is crap</span>," </strong>said one U.S. East Coast trader." </p> <p>Part of the reason for the shift to winter grade is the anomaly in the structure of the market, traders said. Historically, gasoline prices weaken as autumn begins in September and refiners start to switch to winter grade gasoline.&nbsp; But this time, the drop in forward prices is not expected to be as pronounced as in the past six years according to Reuters. </p> <p>Futures for delivery in September traded at a premium of just 7 cents to those for delivery in October. That is well below the 20-cent gap at this time last year. This, along with the overhang in summer-grade gasoline inventory, has motivated refiners to shift to winter gasoline before August, <strong>betting that gasoline in storage would satisfy demand for the rest of the summer</strong>.</p> <p>They are right about this, but for a very bad reason: there was simply not enough demand. And if the summer driving season was poor, winter is going to be a disaster.</p> <p>This desperate move is unlikely to be more than a short-term fix. With U.S. gasoline stocks last week at 241 million barrels, 10% more than a year ago and well above the five-year average, more run cuts are likely. </p> <p>"Simply trimming the amount of crude a refinery processes does very little to reduce gasoline supply," Energy Aspects said in a note on Thursday. <strong>"Bigger cuts need to come." </strong></p> <p>And they will, likely resulting in the next sharp leg lower in crude oil, because - just as we predicted in February - the collapse in oil prices is as much an excess supply story as it is a lack of demand, something which can not be blamed on OPEC dysfunctionality, and is the result of a very politically charged topic: a weak US economy. </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="420" height="315" alt="" src="" /> </div> </div> </div> Brazil China CRAP Crude Crude Oil Distillates India Morgan Stanley OPEC Price Action Reuters Saudi Arabia Volatility Mon, 25 Jul 2016 22:14:42 +0000 Tyler Durden 567165 at Thunderstorm Sparks Massive Spike In New York Elctricity Prices Amid Heat Wave <p>Amid day 5 of a heat wave expected to last through Thursday, local New York electricity generators had been dealing with the increased demand(to help power air-conditioners) until, as Bloomberg reports, <span>the agency that oversees New York’s power system issued issued an<strong> alert in advance of a thunderstorm that cut the amount of electricity allowed to be carried across transmission lines</strong> feeding the city. <strong>This sparked a massive surge in New York electricity prices from $40/MwH to over $1000/MwH</strong>.</span></p> <p>&nbsp;</p> <p><span><a href=""><img src="" width="600" height="313" /></a></span></p> <p>&nbsp;</p> <p><span>As Bloomberg details, the <strong>grid operator is “worried about lightning hitting between Albany and NYC” and knocking out import lines, </strong>said Ben Chamberlain, a Boston-based analyst with Genscape.<strong> “More local generation would help, but I think they’re running almost everything already.”</strong></span></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><span>Blue, sunny skies over Manhattan quickly gave way to dark clouds about 4 p.m., followed quickly by sheets of rain, hail and thunder.</span></p> <p>&nbsp;</p> <p><span><strong>The grid operator’s thunderstorm alert issued two hours earlier came after electricity imports from Canada plunged.</strong> The New York ISO reported it had four large reserve pickups for seven minutes starting at 1:38 p.m., which Chamberlain said can signal that there was a sudden supply outage. </span></p> <p>&nbsp;</p> <p><span><strong>Power flows on Hydro-Quebec’s Chateauguay high-voltage transmission line that feeds New York dropped to 300 megawatts at 2:10 p.m. from 1,500 megawatts 1:35 p.m.,</strong> grid and Genscape data show. A spokeswoman for Hydro-Quebec couldn’t be immediately reached for comment.</span></p> </blockquote> <p><span>We can't help but look at that chart and<strong> wonder just how fragile and marginal the power grid really is.</strong><br /></span></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="1178" height="614" alt="" src="" /> </div> </div> </div> Mon, 25 Jul 2016 21:59:30 +0000 Tyler Durden 567166 at Kaine Implies Hillary Should Be Prosecuted For Mishandling Classified Information <p>Tim Kaine recently used a rather surprising analogy to explain to Chuck Todd the "reasonable limits" of freedom of speech. &nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>“<strong>I can’t take classified information I get as a senator and give it to somebody with no consequence.</strong> Freedom of speech has reasonable limits.”</p> </blockquote> <p>While we certainly appreciate your zeal, Tim, it's a little early to be angling for the Oval. &nbsp;We're also big fans of Season 2 of the House of Cards but you would be well-served to remember that the "Underwoods" never lose.</p> <p>Below is the full interview with Chuck Todd...skip to the 7:00 mark for the fireworks.</p> <p><iframe src="" width="560" height="315" frameborder="0"></iframe></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="340" height="298" alt="" src="" /> </div> </div> </div> Mon, 25 Jul 2016 21:50:00 +0000 Tyler Durden 567115 at "Bedlam" As Wasserman Schultz Boo'd, Heckled Off Stage By DNC Delegates <p>Not the greatest start to Hillary's homecoming week. Outgoing Democratic Party chairwoman Debbie Wasserman Schultz was <strong>booed and heckled </strong>at a Florida delegate breakfast, with <strong>attendees shouting "shame."</strong></p> <p>&nbsp;</p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Man this is brutal: DWS being booed this morning at the Florida Delegation Breakfast ahead of the DNC: <a href=""></a></p> <p>— Frank Thorp V (@frankthorp) <a href="">July 25, 2016</a></p></blockquote> <script src="//"></script><p>&nbsp;</p> <p><a href=""><em>As The Hill reports</em></a>, Democratic National Committee Chair Debbie Wasserman Schultz was <strong>repeatedly interrupted and booed Monday as she sought to speak to Florida's delegation.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The Florida lawmaker, who will resign after this week's convention in response to the disclosure of emails that showed top members of the DNC working to boost Hillary Clinton's primary bid, had to strain her voice to yell over the flurry of protestors who showed up to interrupt her speech.</p> <p>&nbsp;</p> <p><em><strong>"We need to make sure we move together in a unified way,"</strong></em> she said over shouts from the crowd. </p> <p>&nbsp;</p> <p><strong>As she spoke, people stood on chairs holding up signs that said "emails," "No!," and "Thanks for the 'help,' Debbie."</strong></p> <p>&nbsp;</p> <p>The heckling didn't stop even as Wasserman Schultz mentioned last night's shooting in Fort Meyers, Florida, that left two dead and more than a dozen injured. </p> <p>&nbsp;</p> <p>Wasserman Schutz was defiant, insisting that she would remain for the entire convention.</p> <p>&nbsp;</p> <p><em><strong>"We know the voices in this room that are standing up and being disruptive, that’s not the Florida we know. The Florida we know is united, the Florida we know will continue to create jobs.”</strong></em></p> </blockquote> <p>Yet the remarkable scene raised more questions about the wisdom of having Wasserman Schultz gavel the convention in and out.</p> <p>"Bedlam" breaks out...</p> <p>&nbsp;</p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Bedlam as Debbie Wasserman Schultz appears at the Florida delegation meeting at the DNC. <a href="">@ndn</a> <a href=""></a></p> <p>— Brent Batten (@NDN_BrentBatten) <a href="">July 25, 2016</a></p></blockquote> <script src="//"></script><p>&nbsp;</p> <p>Unity? Just wait until <a href="Not the greatest start to Hillary's homecoming week. Outgoing Democratic Party chairwoman Debbie Wasserman Schultz was booed and heckled at a Florida delegate breakfast, with attendees shouting &quot;shame.&quot;">DWS' replacement, Donna Brazile, takes the stage with the same baggage</a>.</p> <p>The ending was just as calamitous:</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Holy shit. Schultz had to be whisked out of her own delegation's breakfast by security.</p> <p>— David Catanese (@davecatanese) <a href="">July 25, 2016</a></p></blockquote> <script src="//"></script><p>It was unclear if she was escorted out to shouts of "Goldman Sachs."</p> <p>And with The Democrats rapidly losing the narrative, <strong>Clinton campaign manager Bobby Mook was dispatched to Bloomberg.</strong></p> <ul> <li><strong>*GOP CONVENTION HAD `FUNDAMENTAL PROBLEMS' CLINTON'S MOOK SAYS</strong></li> <li><strong>*GOP CONVENTION ATTENDEES WERE LIKE `ANGRY MOB,' MOOK SAYS</strong></li> <li><strong>*MOOK SAYS TRUMP IS `ENORMOUSLY VULNERABLE'</strong></li> <li><strong>*OHIO, FLORIDA WILL BE `EXTREMELY IMPORTANT,' CLINTON AIDE SAYS</strong></li> </ul> <p>An "angry mob"? Like the DNC delegates above you mean?</p> <p>Trump, of course, is not shy about chiming in...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">The State of Florida is so embarrassed by the antics of Crooked Hillary Clinton and Debbie Wasserman Schultz that they will vote for CHANGE!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="">July 25, 2016</a></p></blockquote> <script src="//"></script> <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="410" height="209" alt="" src="" /> </div> </div> </div> Florida goldman sachs Goldman Sachs Ohio Twitter Twitter Mon, 25 Jul 2016 21:36:48 +0000 Tyler Durden 567095 at Our Monetary System Favors The Rich & Hurts The Poor <p><em><a href="">Submitted by Philipp Bagus via The Mises Institute,</a></em></p> <div><em>Last month,&nbsp;Philipp Bagus and Andreas Marquart&nbsp;released their new book <a href="" target="_blank">Blind Robbery!: How the Fed, Banks, and Government Steal Our Money</a>,&nbsp;now available from FinanzBuch publishers. (See Karl-Friedrich Israel&#39;s&nbsp;<a href="">full review</a> on We recently spoke with Dr. Bagus about the new book and how certain politically influential groups benefit from our modern monetary system.&nbsp;</em></div> <p><em><strong>Mises Institute: In your new book, you contend that our economic system increases wealth inequality by favoring the wealthy. Can you briefly summarize what you mean by this?</strong></em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Philipp Bagus: <strong>Always when new money is produced, there is a redistribution in favor of those who receive the new money and spend it at the old, still low prices and to the detriment of those who receive the new money later and see prices rise faster than their income. </strong>In our fiat money system new money can and is produced at almost zero cost. Those actors, who are in position to receive the new money first benefit. Among them are the government and the financial system. The new money is usually introduced into the market in form of loans. Those, who receive a higher percentage of these loans profit at the cost of those who do not. <strong>The super rich have an advantage in this respect. They have an easier access to the new money produced by the banking system in form of loans, because they can offer collateral. </strong>They can offer real estate as a collateral for new loans using these loans to buy even more real estate or stocks pushing up prices. A poor person has more difficulties to get a loan in normal times because he does not own assets. Only in dangerous bubble times will he get easy and cheap access to loans. Thus, someone like George Soros may easily give a call to his banker and get a million dollar loan in an instant to buy more assets. <strong>A poor or even middle-class person will not get such a million dollar loan so easily, rather they will observe how asset prices are being pushed up and they keep getting relatively poorer. </strong>Thus, our fiat monetary system is one often neglected reason for an increasing wealth inequality.</p> </blockquote> <p><strong><em>MI: As we all know, if you&rsquo;re not already wealthy, it&rsquo;s difficult to build wealth even if you carefully save a lot of money. What is it about our current economic system that makes this so difficult?</em></strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>PB: <strong>If you save in cash today, your savings will be eroded by price inflation. Asset prices have risen relatively more than income in the past. That means that it becomes ever more difficult to buy a standard house with a standard income.</strong> The monetary system drives people to indebt themselves early in life to buy a house. The house will tend to rise in value and the debt will be eroded by price inflation. Saving in cash for 10 or 20 years in order to buy a house is not the smartest way in our monetary system that implies continual and relatively strong increases in the money supply. <strong>Things would be very different and in some sense much easier in a pure gold standard.</strong></p> </blockquote> <p><strong><em>MI: You have suggested that without the fiat monetary system, it would be more difficult for the wealthy to stay wealthy as they do under the current system. What do you mean by this?</em></strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>PB: Well,<strong> wealthy people have an easier access and a better connection to the banking system, where the new money is produced, simply because they are wealthy and have assets.</strong> Similar things apply to companies. Established and big companies that own real estate and other assets will have a relatively easier and cheaper access to new money than small newcomers. <strong>If you are wealthy and own parts of an established company with a good connection to financial markets and the banking system, you have an advantage vis-à-vis potential competitors that threaten your position due to the fiat money system.</strong> In our system in order to stay rich it has become more important to have a fast and easy access to new money, and it has become less important to be innovative and satisfy consumer wishes in better and cheaper ways. Incumbents are in a sense protected by the fiat monetary system. In a pure gold standard such an artificial protection would disappear.</p> </blockquote> <p><em><strong>MI: What would be some practical ways to start un-doing this system we have right now?</strong></em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>PB: <strong>This system stays in place because people do not understand its detrimental and fatal consequences such as an unfair redistribution, business cycles, poverty, bigger government, moral decay, and so on.</strong> In order to un-do this system we must convince people of all this. The problem here is that our monetary system and monetary theory is quite complex. One would have to explain it in an easy and attractive way so that everyone could understand the problem at hand. That is the reason why Andreas Marquart and I have written our new book that explains the problems of the system in a provocative and easily understandable way. So<strong> the most practical step to start un-doing the system would be to spread the message.</strong> Once we have succeeded and a critical mass shares our views on the fiat monetary system, it will fall apart on its own and will be taken over simultaneously by private alternatives.</p> </blockquote> <p><em><strong>MI: But even in a free market, won&rsquo;t there be income inequality?</strong></em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>PB: Yes, you are right. <strong>We should distinguish between morally justified and unjustified inequality.</strong> When someone gets rich because he is productive and satisfies the wishes of people in a cheaper and better way than his competitors, we should applaud him. The resulting income inequality is justified. The problem starts if someone earns an income due to government intervention such as licenses, other regulations, or simply tax transfers. The resulting income inequality is unjustified. <u><strong>Getting richer at the expense of&nbsp;others through the use of the fiat monetary system, which represents a government monopoly and banking privileges, is unjust.</strong></u></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="228" height="152" alt="" src="" /> </div> </div> </div> George Soros Israel Mises Institute Money Supply Real estate Mon, 25 Jul 2016 21:25:00 +0000 Tyler Durden 567154 at At Least 19 Killed, 45 Injured By Knife-Wielding Man In Japan <p>Mass killings have now become a daily thing. The latest attack however took place not in Europe, nor the US, but Japan, where national broadcaster <a href="">NHK reports </a>that a knife-wielding man has reportedly gone on a rampage at a facility for people with heart disabilities in the city of Sagamihara, west of Tokyo. </p> <p>Police say 19 people are confirmed dead and 45 are injured. </p> <p>According to <a href="">Tokyo Reporter</a>, at approximately 2:30 a.m. on Tuesday, police received a tip about “a man with a knife” at the Tsukui Yamayuri-en facility in Midori Ward. Officers arriving at the scene confirmed 19 people dead another 45 injured.&nbsp; </p> <p>About 30 minutes later, a former employee, aged in his 20s, turned himself over to officers at the Sagamihara Police Station. <strong>He was subsequently arrested for murder. “I did it,” the man was quoted in admitting to the charges.</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">[Breaking news] Sagamihara stabbed the knife man invasion of dozens of...<a href=""></a> <a href=""></a></p> <p>— GuideMe! Japan (@guideme_japan) <a href="">July 25, 2016</a></p></blockquote> <script src="//"></script><p><em></em></p> <p></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en"><em>BREAKING news: at least 15 individuals killed in knife attack in Japan - <a href=""></a> <a href=""></a></em></p> <p><em>— (@NewsYab) <a href="">July 25, 2016</a></em></p></blockquote> <p><em></em></p> <script src="//"></script><p> </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en"><em>Sagamihara: 19 dead, nearly 50 injured, according to Japanese tv <a href=""></a> <a href=""></a> via <a href="">@B3zero</a></em></p> <p><em>— Liveuamap (@Liveuamap) <a href="">July 25, 2016</a></em></p></blockquote> <p><em></em></p> <script src="//"></script><p></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="590" height="350" alt="" src="" /> </div> </div> </div> Japan Twitter Twitter Mon, 25 Jul 2016 21:07:37 +0000 Tyler Durden 567160 at We're Sorry! - DNC Apologizes To Bernie For "Inexcusable Remarks" <p>Facing an already rambunctious crowd - chanting &#39;Bernie&#39; at every mention of Clinton - The DNC has been forced to issue a formal apology to Bernie Sanders (and presumably his supporters).... <strong><em>&quot;the inexcusable remarks... do not reflect the value of the DNC or our steadfast commitment to neutrality during the nominating process.&quot;</em></strong></p> <p>&nbsp;</p> <p><a href=""><img height="456" src="" width="600" /></a></p> <p>So... we assume this means Vladimir Putin&#39;s crack team of Kremlin hackers did not &quot;make them up&quot; then.</p> <p>What is &quot;them&quot;? Here, courtesy of the <a href="">Gateway Pundit </a>are the key highlights from the leaked DNC emails:</p> <p><strong>The list was compiled thanks to the work of Reddit Bernie Sander supporters and Donald Trump supporters:&nbsp;</strong><br /><em>Hat Tip Steve A.</em></p> <p><strong>DNC member killing horses for insurance money.</strong><br /><a href="" id="LPlnk887950" rel="nofollow" target="_blank"></a><br /><strong>DNC making fun of black womans name.</strong><br /><a href=";h=KAQFBstEzAQEDp26VdlngCvWRRDmrFg2Bwwk6eos8yQYbAQ&amp;enc=AZNMCoFPhY8RrScTXSxLLfoS2bnx0vsZnaMA1dLKedsn_lBJOGunuxjt3gyGdVCUdvXGxeIrWimaiirz8mXjySeSTzW9JKlzmUrAxl-KKwOlhSR5jgflFR0rFccGOJrGHrQltzzK2bmCVuAvwqwRUoX_7iUNetsl0to54JoTwf9ZmBMc6wM22WCcZr_j6tIB9FrZ4cwlZV_A_CVXMFmj4xVZ&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC telling each other, &ldquo;I love you too. no homo.&rdquo;</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC requesting a pull an MSNBC commentary segment.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC controlling the narrative with time released stories.</strong><br /><a href=";h=8AQEPyU8uAQHlXzpxZjQWEZ6ilMAni84-qr-J8Uh8V8wKWA&amp;enc=AZP8TfyMUmWH-xD6TArl5zQZpoX3-DOfkZOQ0Ahdf_-Mhu55BtfOulm0ihHqOmecKWo5APdqJb9bV_RRLMHiQTIhaiBlzKsTiS6RGd8aEUiBO1haAljoUzRogkBai7e4Bgwk8vci1jHPDO-qTjW7Au5TTkY9F0XCGy5WDs1JOEJnkm2EU7TzQ7Jod53_yHoyhOJuMiOAqdX8jou_ObOngEIF&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC conspiring to create false Trump information and release with Reuters.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC Hillary supporters infiltrated Sanders campaign.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC members going to complain to Morning Joe producers about his mentioning of a &ldquo;rigged system.&rdquo;</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC discussing their relationship with NBC/MSNBC/CNN and how to get better treatment.</strong><br /><a href=";h=fAQEZSzTpAQFyhjqeDsmhiMsRtM_xtTyC1mveuqORzomGFQ&amp;enc=AZOrHohc3sihePuj-6qwbZnke9d0CmJpzNd3RWQLxE66nXAs3LtwQaXbF4HM_zNWvo8pUX5f_SVIS-Zm9yFuzQiaZuw0DsocNcLONPu67wUImkVGznl9Ly974DZRgohyM40Psz8DbGP_KQ-gMpAs-og8LDWV5_4aWppHJIWhoeog5QzeukXgxR0-0UJrFCJ_oy1Kmy6dH8mOrqFmUo8xEl1o&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Super PAC paying young voters to push back online Sanders supporters. Paid shills.</strong><br /><a href="" rel="nofollow" target="_blank"><br />DNC Chair Debbie Wasserman Schultz having an off the record meeting in MSNBC President Phil Griffin&rsquo;s office.</a><br /><a href=";h=ZAQGmw3CHAQEgxo4Z9C09GKXCfFOlRPJa3sYQUTu6t5ymFQ&amp;enc=AZOG6slz1gHbme0LYL8yh-In_4WXi-4GS0jBbaJUcCvM_oZ9Q1iarfI_e8lqKsnnnEEc6ZsVeKAxLQ7Gk5FHLqBih0YD8xYzAHW512M5XsZpBHePPXg5a2Z5g3zcUcdpElvOIroYQJ339qwD_-f34Lymvgyu2bRRmdJ83Hwzziq3sYwgDKmYisOPVhbAFkxplNGL_Ohi5S3dRs0LY-gKwSMy&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC being messed with by the Washington Examiner.</strong><br /><a href=";h=iAQFWY6cvAQHOyUfSHsRSH5moce7YVAOt3LxlBJAe36va4g&amp;enc=AZNvCrBFMFMDUW48aOUqrogZ54NHXCf3yc0TX0GyEfS9ggaeHdTVbH_yKEY1Q2REXQaGAQAPju7e5ZBNVJDgGWCqW-LBbYihaX8KxmWrDst31sswFYtgl_gXdhQfnvt9Kb93qgvoefP0NUMM3AqOKUAShZMMaZXMbd4bme3Kk61AwNo5K09c63Bnrv30c3qh6HbR-_UM-sPpibzZWF9ClT54&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC discussing Hillary&rsquo;s policies as unfeasible.</strong><br /><a href=";h=QAQGquHr3AQFnM3oywrH0N6O2ieQmv3VWdBPWtWAVy4FLTQ&amp;enc=AZMBg3v9dP5oEHYf5S0klXkDqoNMB7Rqo2YcsSLXWiShvCvg8izb9u8GkuPAh-eWPHCvRarlB4bNJrQO4lt3tuqqg_BYOm1ztpOptmte_6PIt7cdZUb9jQlBhxRSokCWaYIXzuAqTfbqrcn3SSlW0SpLWCTl3wEQWu-7c8PuWwiadBB75CrhNENl45Zu3_4tvEvfI30AYAr0NL7PVD9b1Yu5&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>$200k for a private dinner with Hillary.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>Offering to send interns out to fake a protest against the RNC.</strong><br /><a href=";h=JAQEJn9O4AQEUUz72WpmHb5JKy59-eNn8qBuWq3fkD5hHkw&amp;enc=AZPe4W1ieCx7nx_uabPBrmMN_WNDtQ4ABP5eX_2ESgkebVF3R9SwhcpFN6kSguMk9RX4tYZE9xkrjTdBZQl33NMZTl4yiKHzgDnhtjUJGgrkLv3pLvfvZQ7NYNfg_Miq7JoCGw-ykizpoxuhbVOpzdciZw7gi8vM7_mzOE5p-LwX2R04FCWSCF6hVxyxfYx2edhCMekFvKoA8wHoohzUIkzg&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Faking outrage and pasting in a video later.</strong><br /><a href=";h=LAQGGOZLdAQHbYAe3jppT9eUsNXYCZ5LZCKPANaatxn59bg&amp;enc=AZMX5Mx28gZCyZz335yn3VvFf-3BW1lKCk8r17Gyroa6It-xlvcwBNbQGSm5KTFg6nkZmk__W6y00ojvjgRl8ZJ-Wt9zcEGVHioRBFzkE8Fi-wczPl8DTVoH_hpo8ltmIfFy-257yB-dREx4b6AIxFoA-5yQRfm9I2TVmVPYY-GwVaDcImVDG6s_DCL6E6NV8nCiLQyxpJWnrWB22N7BO0xi&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>A mole working inside of the Sanders campaign.</strong><br /><a href=";h=2AQFXYayBAQHZvyl0NJdonMQUnUk3UewkOL7VRSsMH5Uy8A&amp;enc=AZMlL4smEhUbCHPSz17rgekKJIsAeGAIrPSfPafCY04cfWkpnOrg9HKwDm5hqITMGAsIXQvvb_xPXN8O4s9c6eukd20S2ZtDly6J_LOKSWtKGYhtFZtS1_gPUKWe-JXr8BlMvYppHaHAp_QioiRM5Sl0epHlAfY6aFluEr8ipCTpqObBr7etDnsuYS1Z0pAYK6YHVtLGn58jp0Hqaq6-6ZI-&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Bringing up Sanders religion to scare the southern voters.</strong><br /><a href=";h=aAQHQFnhBAQHdWxyeDI2xUPVQ7hEYnKLiAt_44zzjFehbZA&amp;enc=AZMw-DrlBp65-5974CDqxESPDywl3MUtYDLAKVOSStiGV3mLsOvTvHQBLaaw2Ap3C33dazvhueblEfDH7MRn8kDXNg0Q-Ofe4cnZkvpv40g4MkVGHg43FkU1Koduj974WUd5WdcufxzdKeRJtuk3_YW07WvyoFfXXqZCrITpV1pkEPALVExGzw98jW4-bq82oJITh-y3j6Q7hIEsbGHF1ZxP&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Possible money laundering by moving money back and forth to bypass legal limits.</strong><br /><a href=";h=8AQEPyU8uAQH-t38-K0XdDLU1aTDbBVdeDV3FYoT0Rlrvag&amp;enc=AZOJree0K9qza7CCGkFhi7eYLy3-oTf-NAPTnpKIdwrvP2K-hCJAhJPHVxG7xXRR0X_c1kCf4p3jvGlkM66YcsA68BLLsSjRxZ4lYYtssnBcQ4MnhGRrO1sfhuBjBkkajkBLs-tR273ZGbG3rvKolNcdXFFst0YtgPGOMYAPG9cxTogwVYAflvmIbGgscGCIo-hqolssrOaGglBVPf1_2heD&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Politico writer sending his stories to the DNC before he sends them to his editor.</strong><br /><a href=";h=2AQFXYayBAQHwpZY-HEAh9S6RwQ4sb-0_As3daTnVbHjWtw&amp;enc=AZOc_DZAb97SN8FzoTMXPNJ-DCA_LMRJ4LhOdERXUZ-oXWg8yJLWOqmx7tb40q28jRH-9tCvvWdFbVQ2R3xJK6SUIN6KTQ6q_08O-LUT-9TPKRrA63-tnA66n10Z4rXzcuNStvtW0ZVYKYtYFgh7DQSSRwftxj-jjhirLK6Y29BmAuS8UXMEvnI97bSmlEfAx1ypQMWkV88CXV-GMy_ZQauI&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC feeding CNN the questions they want to be asked in interviews.</strong><br /><a href=";h=XAQHwCeEEAQG_OIOsFmdDAUa7U18skonTKJ7WHckBP4aQig&amp;enc=AZM6JIuwu9T42SHx_u_FLlrHKK3dPdLy1qeCw2IML4adpOzLAqW0l5fMQc60fYKg04N8eSRa3x3FOOuax2KS97hZw5KDkKekbsCgg_eHySKfnaaU5vkzDTec_c0BuU1S1JWpbgh1XuXSwTaJa6wN99kQ2xMQRIKCp0Un6P-b3MFL79B9UWSlC7e_vUv8D8cIbjYi5SDaT4Skkf2cj2dNDrZ6&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Creating a fake job ad for a Trump business to paint him as a sexist.</strong><br /><a href=";h=7AQGIUX--AQFBFi5LV38eZ2lv0P5QT1MPvKsMx_3XW5nQSQ&amp;enc=AZOpZAKZ3qmu24lnpdrBwHfn-Xk1omSJIEBp21ozgSbk0UWhwGiZeWIafHbxGmnlI4QL_Oj1OfNZyHXNbTn3Acof2XVlizzZHDPWOkigEy19hA3NKLQ6oSbM-mQz80Y2M1aQ7jjsU2Ognp30nrPwVCBkSPhUN1uKDvizrvs4F_6Hn8KxDuASrY4VrqDV5Bdkk0S5WH-8mN89TwGSePYO5AyZ&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Hillary funding 2 million dollars in a cooridanted campaign in battleground states to win back the Senate.</strong><br /><a href=";h=_AQF0aH8VAQFyH9rAy-ZS1g6XnOpPsEch7719yJSyVun-0w&amp;enc=AZOtkGa6lRKfvVx3Q5h_3x7Wu2NZpF4lBVds992QfUrm3zN9QpQcrIJpyLAxrfjl7sc2hqlQyFEJbgKGBNS6dq0LMWCbYYvPyjbsjyi6Q__SXDOpCKuweX835Ow5556rPM3D-meHuDAw7Qd74U0CeHq2K8_32y3hthd4GJW7U7hC33TDT9iJV9mGjCjiBb1Qubkfrh4NoXaIfpAW626FBumB&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>DNC is upset that their &ldquo;allies&rdquo; didn&rsquo;t send in protestors so they sent out interns.</strong><br /><a href=";h=pAQH7DvsgAQFkahV35pU9EdacgF-wcqrhPKv3X-pspJuHHw&amp;enc=AZM2NpMDJKIJFN7U8CAI8kr6B_LI9xOiwK0DEQQCqpV93gZrvccJARWS4z6sXZCEo5ixueDtnQZt6q8LnovOs8ZmA6Baai1AcfTy5k1eSWZ_KOVNvEDRY2xZrFgStdg5iGMkID44H-dF60R1rtwXbpJTnNx3K0_Hh2GBw4gAesR8BT5q3QnaIhLsE1A8STAV-rLz8JewOZA43eO36lOAEDxV&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>&ldquo;Clinton Foundation quid-pro-quo worries are lingering, will be exploited in general.&rdquo;</strong><br /><a href=";h=EAQGF6n3tAQEqHQLHUIwsY60P2YeQ-YAknRHvDRVYsVhbSw&amp;enc=AZPHIVSRdnGwn3_4P_cQuMdAn1JpTNUgYaaceAvmCoIBV0BvLZOriywcscq0M-MuBwXFqkvoRGTK5reCeXae7gJcjbKH_5OSP1olmCvoRGEZMwT3gZwy7RgZMj5YAN9ZL065yQ48CToqNJBsFuI7FxXyi5u3JvaAkkJWuzegzb_P1vc2tJmM5JtA1o5l_8TFgoKOXhTmP8zyz28oL8I6fL4r&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>$50,000 &ndash; Lawrence Benenson.</strong><br /><a href=";h=iAQFWY6cvAQGHQ2wV14KZRjvHU8AqDtYNiG6Qb6BdYKoy6g&amp;enc=AZOC4j-TZ226JUGTF3YTht7c06zNiwEGkBRSBwHg9mWLNMXPQnSsCbeHi9hZotbBLEx4gKTE5ek1yymp1O9Zu4zhNs3uESDI84W-MNnMPbuTPkRqP5cXXbHrcg7JHJAdpaz7AoH62ly-qMqEt2DIHVnXiYGl7QsLUuwufXkbbaztxwa97zySOBT9wavw9YUsSzoXbKVcj88sUilp6yErWiE4&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Daily Fundraising Report for the DNC.</strong><br /><a href=";h=3AQF0pkyOAQE2LWd7uRpWXGybLgG8mgSq737HIfw0OoytOg&amp;enc=AZMclvTyeI9E0TNi3E4IoayTM-Fo7tbOo4-rnzhhpGRhfX0THh77jrbL3F9PA9SLbTiqYsbSjxKknOHvqdTNZSCPzMAFp_XAld_7i0-GOgzRv4FT4Jpk7QbSN5XLminWQvBKUsIsukY3uL9kCeYX3Nbx8faHINdoDmVRmAtCMO3ETT7pnBQIBkAoIC_jWdURMb7QOubifzjB_WkqtbOwWtgI&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Content &amp; Social Strategy Discussion.</strong><br /><a href=";h=sAQFf89UaAQGyAyT4Txm4290gN3bOQxVpxI86FKDp7dOctw&amp;enc=AZOu09-tyqqhI0vXqolLWXbrxkZ3V14IjJh_WoSn4I2pzm8np0JG-vuzcHDHXSdGxhx3_auvBznBpaTOYDk3Tr5qS5i-qkK3dGZ4qDQpcwg_JuTBa9NlcA_vo96i45D3-KPXhsHxujFh7m4XExNZG7Z14F27J4ZE256cnZ90-N0rMd4pXvATzxS69vXUk5bLRc56g81Thb7XuhmYdUrdhvPv&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Re: BuzzFeed and DNC connection.</strong><br /><a href=";h=dAQE8GQgPAQH2MGSfb-8VdIyzVJHngcJFI4I423f5aQIYCA&amp;enc=AZOE9uTBmkJL_mnrC5SN4i_G_ccqBDgjoww8hkXIYtljftpdt5nnszlB1OcQVXwEcuj2tt9uUI0Jku5Zy-JcNWWeBfj6w84VfNFUe1rD2teuP-444ZpGOXU-gS6KSLq_5uWNUsxxRCpicFEi-7U7z_VC8qUVN23DzbghmSjLuD6-auMv027NW2auq3QDYpuOkqqOx2UV1vF1R8ZWuIutq5Yl&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Draft linking news articles about trump to use as negative press.</strong><br /><a href=";h=yAQHOKlCoAQE7RpmKiJmcbh-IZmm3FmWbQz4Eqax5x76APg&amp;enc=AZN4N6TOiNHeroe3bBVycG3Cgumvra7MTd0LxxFYujCLIUpXWWKSb-PBv8nVjY2xfZA4SquuU84HWPE3BkIO6tCNlpoP4HRrWpeWRLT7koTAkKp_Pf5WFxrkXan7irvzSyrwZBzuepjaOMbAVrMp7wy7Zty8mLIyT3hhGuTgWAXq_x2Vj89MblGgvkKi-SVj2OhxdtmAdT6jYm_Ym0yxMOB2&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Fwd: State Dinner Countdown.</strong><br /><a href=";h=rAQHmlYsSAQF-ORlkcP0iKAoIf0Y5tDO3IVT99RcnDYchcw&amp;enc=AZNG-L0KG-YlWQzUPJcd4Mc_Vk92dcsUchzz8tysbH6HN4wX94fwBrCUuS7l-B-GuVxGfGfToUNa-SItTwZRBwJC0y9N07Iz0UakjE1WVJrKy8Nh0Guv8_pDG-KUuGE5wp0s0ejBhWUqqyLf5NFqgNGvik_gD84iC7okWj7LmkThy6XacrPQjKatUZp7R2LusuIshPYC5WB6k6lkDzrU3BRq&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Some chick is angry she hasn&rsquo;t been given more stuff from the Obama administration&hellip;might be interesting to follow up.<br />Re: State Dinner Countdown.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>Tim O&rsquo;Brien: Trump&rsquo;s Fixation on Inflating his Net Worth is a Cause for Concern.</strong><br /><a href=";h=nAQFmx9Q2AQHLreXg0bzZHwhGfxga-XtnyY6yPgV45UBZ4A&amp;enc=AZMxZotr77rPBHPaVmgXmVdZ26jQYItsOhrV4vcgMcsPsPzzdUEhwa532E9Rq01PpYLvvrHFcvx4eZVkrXRgd5q6BytiVBoXLr-X1wjY5ThVMW_69kicM_sPRFYEHVzGWrt72hRECbI_lAaorLFr2B0XCG_xH2cVIKA_FnlrG9hkQPF9uEn45f466iV1tx7sPOO9OgZaykcVpINa_GyrWEFm&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>RE: May Fundraising Numbers.</strong><br /><a href=";h=PAQEUpUPIAQGjfc7EHkvWQHGLPOqmuTQOiE7ADBSLDO-QXw&amp;enc=AZOSBJbQ0X05Dpat07melqXqjmtcBy3d7ym7T77qcwXJfUmtMsMxnrXx2VXTkvzOYfuQ_RmVb7IM9XTCtX4Pwz9eEket5HV4TzGFtRocsaM0rShnlF635bq2GWzAnJqTleL-LYcA19NrZq7yl3Y7LDWHSwsT4374ML-L7xdk6v5EBPQUu8uvNlM1XoB3mvN0fOFPtp-VJLnMtO-Bfs4hjuu2&amp;s=1" rel="nofollow" target="_blank"></a><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>Hillary for America Raised $26.4 Million in April, Began May with More than $30 Million Cash on Hand.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>Re: For approval: Trump supporter graphics.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>Press talking points, states Hillary is their candidate</strong>, dated May 5, 2016. More of a smoking gun than the ambiguous talk in the emails themselves.<br /><a href=";h=MAQFIQlLeAQFlHgwxsTkEjvjOLMxK8ATMk1X_10KNjc_NNQ&amp;enc=AZMBwPsvm8DBhnp1g3RIgmxhpDYvnipIBIuqSd1kdF146aTAc4lLuux3Ap2A2lkuzLjarApxahKYS0t9op_KdWb2-qP6ecnAnxKbrm99WyhiuOy_XdterSL7UGddkLiwxHX4ZBolw_fgfe4MtGX5MacP4TboWdG4ZIh0gMktvIVqskBVBOgioXKI6TU8rwSKXH5gL30VRUKADKbew81TV6nI&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Consultant calling megyn kelly a bimbo. Has PDF attached that says the same.</strong><br /><a href="" rel="nofollow" target="_blank"></a><br /><strong>DNC trying to get away with violating the Hatch Act.</strong><br /><a href=";h=5AQEW9LVBAQFqR4KIke2G5bI6ZMfb8Krs9cmfmEduXTB3BQ&amp;enc=AZOvg-MGYQms41tb4z6eMEMiNsnFqj6oysRD_z3pvEh13q3WtSIrLXFq-XJ0q75GSWVEeCPuOQJ1ELxPtaBY3SeFL8jOOL6UF5cOGoO930dFy90HFvQNKuHxnTZAvovqWJel7lBfrAmkKlAYoYkZXHuv9NReJKGvDlYHZI5XLYH5Ru4fEFboaK_iCv4mx-6Hpc1JU99dI0kLBkEfTwzZp7Oe&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>Democrats using interns to organize fake &ldquo;protests.&rdquo;</strong><br /><a href=";h=zAQFP9jo1AQGRyxmmyjWM-_ikwwQaPwuvHp5-S9NnpR7Bng&amp;enc=AZPpnpiIChi6wneLs0QbLwUCWw88fHEuGMhlR-eBD4CyEerV9dVybMXaM7ertsf3EXf-wWkeVR5RQtaZUZxRkL01HBgvis9Ktg01XnMQv0j48J2SvkOT9OyizZ6XcCCga-Vi2v7H0g5N1UecqpLWpZa_LKTBxnRGKzQP8ECQIcWmbm1eArScjG2jD0UMOsH3RCkNQ7Y8vNF4csuDOzLKxbkT&amp;s=1" rel="nofollow" target="_blank"></a><br /><strong>RE: Action on DNC tomorrow (Immigration Raids).</strong><br /><a href=";h=zAQFP9jo1AQGhZu5mIduqXQuLJo97CW_SmGjanZLqoKJq2g&amp;enc=AZOx5_GeKGyW_wcWpkL0OojVMg9rw2A1Rz93OqEE4MFv1XaWPiTr1V4tfp73eT2rzPkNvfWAZOKKsM4lCJhKSDVHQGOPyzYzKKbK5y5-4zd5JuM4U7vZ8KIvunXZ4b6qGPgt4UbnDW6LRYtbAGrihRSvgQoBVitfEK45U-NVL5z-7m7sjPLF8JgPNmdbSVYze54EUQA1oH8p338UY06_DqR1&amp;s=1" rel="nofollow" target="_blank"></a><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="329" height="144" alt="" src="" /> </div> </div> </div> Bernie Sanders Donald Trump MSNBC NBC Obama Administration Reuters Vladimir Putin Mon, 25 Jul 2016 20:52:31 +0000 Tyler Durden 567159 at Clinton Cash: "Devastating" Documentary Reveals How Clintons Went From "Dead Broke" To Mega Wealthy <p>Clinton Cash, a feature documentary based on the Peter Schweizer book, has been posted to YouTube for all to view free just in time for the DNC. &nbsp;<strong>Clinton Cash investigates how Bill and Hillary Clinton went from being “dead broke” after leaving the White House to amassing a net worth of over $150 million, with over $2 billion in donations to their foundation. &nbsp;</strong>This wealth was accumulated during Mrs. Clinton’s tenure as Secretary of State through lucrative speaking fees and contracts paid for by foreign companies and Clinton Foundation donors.</p> <p><span style="font-size: 13.008px; line-height: 1.538em;">The New York Times hailed the book as “The most anticipated and feared book of a presidential cycle" while <a href="">MSNBC</a> described the documentary as devastating for the Hillary campaign. &nbsp;</span></p> <p>The Clinton camp has, of course, dismissed the documentary as a right-wing smear campaign filled with unsubstantiated conspiracy theories. &nbsp;That said, <strong>perhaps the most shocking aspect of the release is that many of the biggest bombshells revealed in the documentary have been vetted and confirmed by various mainstream media outlets. &nbsp;</strong>More recently, some information uncovered in the Panama Papers has echoed some of Schweitzer’s allegations in the movie and book. &nbsp;</p> <p><strong><span style="font-size: 13.008px; line-height: 1.538em;">Just to highlight a few of the scandals detailed in the documentary:</span></strong></p> <ul> <li><strong style="font-size: 13.008px; line-height: 1.538em;">Russian Purchase of US Uranium Assets in Return for $145mm in Contributions to the Clinton Foundation</strong><span style="font-size: 13.008px; line-height: 1.538em;"> - Bill and Hillary Clinton assisted a Canadian financier, Frank Giustra, and his company, Uranium One, in the acquisition of uranium mining concessions in Kazakhstan and the United States. &nbsp;Subsequently, the Russian government sought to purchase Uranium One but required approval from the Obama administration given the strategic importance of the uranium assets. &nbsp;<strong>In the run-up to the approval of the deal by the State Department, nine shareholders of Uranium One just happened to make $145mm in donations to the Clinton Foundation. &nbsp;Moreover, the <a href="">New Yorker</a> confirmed that Bill Clinton received $500,000 in speaking fees from a Russian investment bank, with ties to the Kremlin, around the same time. </strong>&nbsp;Needless to say, the State Department approved the deal giving Russia ownership of 20% of U.S. uranium assets &nbsp;</span></li> </ul> <ul> <li><strong style="font-size: 13.008px; line-height: 1.538em;">Lucrative Haiti Gold Mining Permit Awarded to Hillary's Brother</strong><span style="font-size: 13.008px; line-height: 1.538em;"> - The <a href="">Washington Post</a> confirmed claims that <strong>Hillary's brother, Tony Rodham, sat on the board of a mining company that just happened to score a lucrative gold mining permit in Haiti, one of only two permits to be awarded in 50 years,</strong> while then Secretary of State Hillary Clinton funneled billions of taxpayer dollars to the island in the wake of the devastating earthquake of 2010</span></li> <li><strong style="font-size: 13.008px; line-height: 1.538em;">Keystone Pipeline</strong><span style="font-size: 13.008px; line-height: 1.538em;"><strong>&nbsp;Support in Return for $2mm in Speaking Fees </strong>- After not being engaged to speak by TD Bank during his first 8 years out of the White House, <strong>Bill Clinton began a string of speeches for the bank starting just 4 days after Hillary was nominated as secretary of state resulting in over $2mm in speaking fees.</strong> &nbsp;As it turns out, TD Bank happened to be the single largest shareholder in the Keystone XL pipeline which needed State Department approval. &nbsp;Wouldn't you know it, Hillary Clinton decided to support the pipeline — a heresy to environmentalists — and delayed the Obama administration’s rejection of it</span></li> </ul> <p>While these accusations, many of which have been substantiated by multiple sources, would be devastating to mere mortal presidential candidates, we're certain these are just a few more negative data points that will not stick to the teflon-coated Clinton couple.</p> <p>&nbsp;</p> <p><iframe src="" width="640" height="360" frameborder="0"></iframe></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="632" height="482" alt="" src="" /> </div> </div> </div> Kazakhstan MSNBC New York Times Obama Administration Uranium White House Mon, 25 Jul 2016 20:50:00 +0000 Tyler Durden 567105 at Stocks Slide To Worst Day In A Month After Crude Carnage, Kuroda Chaos <p>Overheard in Philadelphia and on every mainstream business media outlet today...</p> <p><iframe frameborder="0" height="315" src="" width="560"></iframe></p> <p>&nbsp;</p> <p>Stocks did not go up today...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 438px;" /></a></p> <p>&nbsp;</p> <p>Worst day in a month for The Dow...</p> <p><a href=""><img height="422" src="" width="600" /></a></p> <p>&nbsp;</p> <p>The bounce off the Brexit lows appears to have stalled - can The fed save us?!!</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 444px;" /></a></p> <p>&nbsp;</p> <p>As AAPL leaked lower on downgrades...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 420px;" /></a></p> <p>&nbsp;</p> <p>Oil weighed on stocks...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>As did USDJPY (despite an idiotic bounce on spurious Nikkei headlines)...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 357px;" /></a></p> <p>&nbsp;</p> <p>But VIX was smashed to a 12 handle at 330pmET to generate some momentum into the close...</p> <p><a href=""><img alt="" src="" /></a></p> <p>&nbsp;</p> <p>Note that S&amp;P Futs were twice ramped to VWAP...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 322px;" /></a></p> <p>&nbsp;</p> <p>The USD Index slipped very modestly lower today (despite a big tumble in the Loonie) as JPY strengthened notably...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 318px;" /></a></p> <p>&nbsp;</p> <p>USDJPY slid notably lower (despite the Nikkei bounce)...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 314px;" /></a></p> <p>&nbsp;</p> <p>A relatively ugly 2Y auction (ahead of this week&#39;s FOMC) sparked underperformance at the short-end with the long-end practically unch - very small range today...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 319px;" /></a></p> <p>&nbsp;</p> <p>Commodities were a mess with crude tumbling, copper and silver getting smashed (the latter bouncing back) and Gold quietly rolling along...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 318px;" /></a></p> <p>&nbsp;</p> <p>Pushing crude to 3-month lows...and unchanged on the year...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 318px;" /></a></p> <p>&nbsp;</p> <p>And Silver roundtripped before drifting lower after Europe&#39;s close...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 362px;" /></a></p> <p>&nbsp;</p> <p><em>Charts: Bloomberg</em></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="600" height="90" alt="" src="" /> </div> </div> </div> Copper Crude headlines Nikkei Mon, 25 Jul 2016 20:44:20 +0000 Tyler Durden 567152 at