http://www.zerohedge.com/fullrss2.xml/component/option%2Ccom_docman/Itemid%2C200023/gid%2C397/BoomBustBlog/BoomBustBlog/BoomBustBlog/BoomBustBlog/2009/2009/07/2009/2009/2009/07/2009/07/2009/2009/07/2009/2009/07/2009/2009/07/2009/2009/07/2009/2009/2009/07/2009/07/news/iran-releases-video-captured-us-drone en Von Greyerz: "We Are Now In The Frightening Endgame" http://www.zerohedge.com/news/2017-07-24/von-greyerz-we-are-now-frightening-endgame <p><em><a href="http://kingworldnews.com/greyerz-we-are-now-in-the-frightening-endgame/">Via King World News,</a></em></p> <p><em>Today the man who has become legendary for his predictions on QE, historic moves in currencies, warned&nbsp;King World News that we are now in the frightening&nbsp;endgame.</em></p> <h3><u>Fear And Propaganda</u></h3> <p>Egon von Greyerz:&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;Stock investors are rejoicing about stock markets making new highs in many countries, totally oblivious of the risks or the reasons.&nbsp; It seems that this is an unstoppable rally in a &ldquo;new normal&rdquo; market paradigm. No major increase is expected in the inflation rate or the historically low interest rates. The present rally has lasted 8 years since the 2009 low. There is virtually no fear in the stock market so investors see no reason why this favorable climate would not continue for another 8 years at least.</em></strong></p> </blockquote> <p>Yes, of course it could. All that is needed is that governments worldwide print another $20-50 trillion at least and that global debt goes up by another $200-500 trillion&hellip;Egon von Greyerz continues:&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;<strong>The gullibility of people today is exacerbated by the power of the internet and social media. </strong>Anything we read is accepted as fact or the truth, while a major part of it is just fake news. This is of course nothing new as it has been used by governments for centuries. Goebbels, the Nazi Propaganda Minister, who was an expert at manipulating the German people, said: &ldquo;If you tell a big lie often enough and keep repeating it, people will eventually believe it.&rdquo;</p> </blockquote> <p>The power of the internet and other media has facilitated spreading news and propaganda to billions of people and very few can distinguish if they hear or read &ldquo;real&rdquo; news or &ldquo;fake&rdquo; news.</p> <p><img alt="kwn-greyerz-i-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-I-7232017.jpg" style="width: 599px; height: 341px;" /></p> <p><strong>Anyone in government is incapable of telling the truth.</strong> Automatically when someone assumes an elected position their&nbsp;Pinocchio nose grows extremely long since their&nbsp;entire purpose is then to be all things to all people&nbsp;in order to be re-elected. This is why virtually no elected official has a backbone nor any morals or principles. Because if they had, telling the truth would make them unelectable.</p> <h3><u>My Life As A London Banker (1960s-1970s)</u></h3> <p>During my early professional years as a banker at the end of the 1960s and early 1970s, I spent some time with a prominent UK Merchant Bank. This is what the old-style Investment Banks used to be called before the Americans came to dominate the sector. The senior bankers used to arrive at work around 10am and then go to lunch at 1pm. The lunch would consist of at least one gin and tonic to start with and then a good three course meal with a bottle of wine or two. Afterwards some Port with cheese and maybe a beer or two at the pub to finish off. Then back to the office at around 3pm for 4-5 hours of work. And this is how the City of London would operate when it was the financial centre of the world.&nbsp;</p> <p>Any transaction was based on a handshake and a brief contract. Lawyers played a very small role in this process. Deals were based on trust and personal relationships. Banks displayed total loyalty to their staff and employees did not fear for their jobs. Major deals were concluded with a minimum of legal interference and compliance hardly existed. And still there was very little deception or fraud.</p> <h3><u>Contrast That To&nbsp;Today&hellip;</u></h3> <p><strong>Today the financial world in London and major parts of the world is dominated by the US investment banks, the US legal system and the US government. Trust and loyalty is gone. Handshakes are worth nothing. Lawyers dominate everything and contracts are now running to hundreds of pages. Staff fear for their jobs since the banks have no loyalty to them. The only thing that counts is short term performance. This makes staff totally disloyal as they know they can be fired on a whim.&nbsp;</strong></p> <p>Investment bankers are now Masters of the Universe and as the former Goldman Sachs CEO said, &ldquo;Doing God&rsquo;s work.. Well, one thing is certain, there is certainly no humility in the financial world today or as Michael Lewis said in his book &ldquo;Liar&rsquo;s Poker,&rdquo; major parts of US investment banks are dominated by &ldquo;Big swinging di&ndash;s&rdquo;. (ALTERNATIVE: traders with very big egos.)</p> <p><img alt="kwn-greyerz-ii-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-II-7232017.jpg" style="width: 601px; height: 346px;" /></p> <p><strong>The system we now have is based on Fake News, Fake Money with no morals, no principles and no moral or ethical values. </strong>In spite of, or more correctly because of, all the lawyers, government legislation, compliance and regulations, the financial system is today functioning much worse than ever with more fraud, more government intervention and more manipulation of markets. Also, clients today are secondary. Instead, it is all about lining the pockets of the bankers with their multi-billion dollar deals and multi-million dollar bonuses and options. As we experienced in 2006-9, profits are for the bankers and losses for governments and customers. During that time of the Great Financial Crisis, many Investment Bankers received the same bonuses during the crisis years as before, in spite of the fact that most of them would have gone under without the government support they benefitted from to the extent of $25 trillion. &nbsp;</p> <p><img alt="king-world-news-greyerz-we-are-now-in-the-final-endgame" src="http://kingworldnews.com/wp-content/uploads/2017/07/King-World-News-Greyerz-We-Are-Now-In-The-Final-Endgame.jpg" style="width: 600px; height: 371px;" /></p> <h3><u>We Are Now&nbsp;In&nbsp;The Frightening&nbsp;Endgame</u></h3> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>All of this is proof of the fact that we are at the end of a major financial era that&nbsp;started either with the Renaissance, which came after the Dark Ages, or since the end of the South Sea Bubble in the mid 1700s. I doubt that the cycle is of a smaller degree, like 100 years since the creation of the Federal Reserve in 1913. Only future historians will tell us the magnitude of the current cycle.&nbsp;</strong></em></p> </blockquote> <p><strong>What is certain is that we are now in the final stages of a major era. It has been clear to me for quite some time that this will end badly. </strong>The inevitable implosion of the asset and debt bubbles that the world is now experiencing is guaranteed. But governments and central banks have for some time been able to fool most of the people by telling them that the emperor is wearing a suit of gold when&nbsp;he is actually naked.&nbsp;</p> <p><u><strong>We have bubbles in every aspect of society.</strong></u> Stocks are at ridiculous valuations. The Schiller PE is at 30, which is where it was in 1929. Still, it is below the 2000 level which tells us that it could extend for a bit longer.</p> <p><img alt="kwn-greyerz-iii-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-III-7232017.jpg" style="width: 599px; height: 310px;" /></p> <p>On many other measures like valuation to GDP or sales revenue, markets are past or near the all-time highs. The graph below shows the margin debt on the New York Stock Exchange which is substantially above the 2000 and 2007 levels.</p> <p><img alt="kwn-greyerz-iv-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-IV-7232017.jpg" style="width: 599px; height: 479px;" /></p> <p><strong>Not just stocks but virtually all assets are at record levels, whether we talk about the biggest bubble in the world, which is bonds, or property values, which are inflated by interest rates manipulated down to the lowest levels in history.</strong></p> <p>I have in many previous interviews and articles stressed the problem of both US and global debts which have grown exponentially in the last half a century. These high debts have inflated asset prices, benefitting a small minority and at the same time impoverishing ordinary people.&nbsp;</p> <p>Just look at the real earnings of a US worker. As the chart below shows, they peaked in 1973 and since then, the perceived improvement of Americans has been achieved with the aid of debt.</p> <p><img alt="kwn-greyerz-v-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-V-7232017.jpg" style="width: 601px; height: 479px;" /></p> <p>The chart below shows that the gap been wages and the standard of living has been filled by an increase in consumer credit. <strong>The sad thing is that most Americans or ordinary people in the industrial world do not realize that they are now enslaved by debt which they can never repay.</strong></p> <h3><img alt="kwn-greyerz-vi-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-VI-7232017.jpg" style="width: 600px; height: 348px;" /></h3> <p>Sadly, a big number of people in the world will be unemployed within the next few years. At that point, governments will be insolvent and print money which will be worthless. There will be no social security and no pension system. The health care system will also fail in many countries with disastrous consequences.&nbsp;</p> <p>With most individuals totally unaware of what will hit them in the next few years, they continue to accumulate debt while&nbsp;a small minority continue to speculate to accumulate wealth.</p> <h3><u>The Biggest Wealth Destruction In History</u></h3> <p><strong>These speculators don&rsquo;t realize that most of the wealth they have today is due credit expansion combined with governments printing money.</strong> Any future increase in asset prices will merely be due to the music playing faster and louder and will have nothing to do with real economic growth. Very few people realize that soon the music will stop, and at that point, all the assets inflated by debt will implode. This will lead to the biggest wealth destruction in history. But as always happens at the end of a major cycle, it only turns when the maximum number of investors has been sucked in. This is why we could easily see even higher stock prices before it all collapses.&nbsp;</p> <p><strong>Just look at the Nasdaq in 1999-2000. From January 1999 to March 2000 the Nasdaq went up 2 &frac12; times. In the final stages of that euphoria, more and more investors were sucked in. The same could very well happen again.</strong></p> <p><img alt="kwn-greyerz-vii-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-VII-7232017.jpg" style="width: 601px; height: 291px;" /></p> <p>The nearer a peak the market is, the bigger the number of participants. Markets have a horrible tendency to punish as many as possible.&nbsp;</p> <p>Instead of riding the final rally and then lose 80%, as Nasdaq investors did after the March 2000 peak, <strong>now is the time to exit the market and protect your profits.</strong> Just look at what happened to the Nasdaq in relation to gold since the Nasdaq 2000 peak. As the chart below shows, the Nasdaq has lost 71% against gold since the 2000 peak.</p> <p><img alt="kwn-greyerz-viii-7232017" src="http://kingworldnews.com/wp-content/uploads/2017/07/KWN-Greyerz-VIII-7232017.jpg" style="width: 600px; height: 289px;" /></p> <h3><u>Don&rsquo;t Try To Time The Markets</u></h3> <p>No one can pick the top, and when a market is heavily overbought, this is not necessary either. I am taking the Nasdaq as the extreme example here, but all stock markets are overbought globally. It makes no sense to pick the final rise, if it happens. <strong>Now is the time to take protective measures and be concerned about the &ldquo;Return OF your money rather than the return ON your money.&rdquo; </strong>The perfect wealth preservation asset is of course real assets and especially physical gold and silver, stored safely outside the financial system.&nbsp; For anyone who still wants to speculate in the final stages of a secular bull market, options are the only sensible method&nbsp;&ndash; with options losses are limited to the premium paid, which is the only acceptable risk in a bubble market.&nbsp;</p> <p><em><strong>In the next 3-5 years most asset classes, be it stocks, bonds, property, or just currencies, are likely to lose 75% to 99% against gold and silver. Certainly not a risk worth taking.&rdquo;</strong></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="717" height="379" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170724_greyerz.jpg?1500912025" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/von-greyerz-we-are-now-frightening-endgame#comments Business Central Banks Consumer Credit Debt levels and flows Economic bubbles Economy Fail Federal Reserve Finance Financial crises Global Systemically Important Banks goldman sachs Goldman Sachs Great Recession Investment banking Michael Lewis Money NASDAQ NASDAQ 100 Nasdaq 2000 New Normal New York Stock Exchange Renaissance Subprime mortgage crisis Systemic risk UBS US Federal Reserve US government Mon, 24 Jul 2017 18:20:00 +0000 Tyler Durden 600365 at http://www.zerohedge.com Fat Chance http://www.zerohedge.com/news/2017-07-24/fat-chance <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><em><strong><a href="http://slopeofhope.com/" target="_blank">From the Slope of Hope:</a> </strong></em>A couple of days ago, I stopped at the supercharger on the Google campus, and I walked over to&nbsp;<a href="http://www.zareensrestaurant.com/" target="_blank" style="color: #21759b; outline: none;">Zareen's</a>, a popular place for Indian/Pakistani food to get a couple of mango lassis and samosas.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">While waiting there, I noticed an unusually fat Indian kid. I would guess him to be about 15-16 years old, and well north of 200 pounds. I noticed him not just because of his size, but also because he was in a dress shirt, slacks, tie, and had a name tag dangling from a lanyard. Nearby was his also-very-fat father, who was dressed more casually. I noticed on the name tag was printed&nbsp;<a href="http://campbizsmart.org/" target="_blank" style="color: #21759b; outline: none;">Camp BizSmart</a>.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">I had never heard of it in my life, but I instantly surmised it was&nbsp;<strong>some kind of summer camp for striving, aspirant parents to send their offspring</strong>&nbsp;in the hopes that they would be the next&nbsp;Sundar Pichai (if they were Indian), Jack Ma (if they were Chinese), or Mark Zuckerberg (if they were white). It just broke my heart to see this. I really did.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2015/01/23/102363801-462007540.530x298.jpg?v=1422028541" width="530" height="298" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone" /></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">I've got a couple of extreme biases which inform my opinion on this matter. First of all, I think&nbsp;<strong>it's important for a person to recognize how much of their life is at the mercy of chance</strong>. Where on the planet you are born. What gender you are. The time period you were born into. The nature of your parents. The nature of the education available to you. Your family's financial condition. Everything.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Change Bill Gates' birth year by one, and you get a very different result. Have someone else adopt Steve Jobs when he was a baby, and there would never be an Apple. Have Mark Zuckerberg's parents insist that he stay at Harvard to complete his education, and you don't get a Facebook.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">And this isn't just about the Silicon Valley. Go back to the John Adams series I was talking about earlier this month - - there's a scene (based on actual events) in which John Adams and his son were crossing the Atlantic, and their ship was attacked by the British. They could have just as easily been killed or captured (instead of surviving, as they did). Just think if their boat was sunk - - there were&nbsp;<strong>TWO future U.S. Presidents on board</strong>. Don't you think that might have altered U.S. history a little, based on one meaningless skirmish?</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">So a lot of life......90%.......95%..........maybe 99%.....is just pure chance and luck.&nbsp;<strong>We like to deceive ourselves into thinking we are the masters of our destiny</strong>, but that's deluded madness. We have some measure of control (10%.........5%............1%?) but it's definitely in the minority.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">What troubled me about this "BizSmart" camp is, frankly, how&nbsp;<strong>exploitative</strong>&nbsp;it must be to the ambitions of parents with respect to their children. I would say the most 'smart" thing about BizSmart is the tuition bucks the firm is able to suck out of these poor parents:</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><a href="http://slopeofhope.com/wp-content/uploads/2017/07/0724-tuition.png" style="color: #21759b; outline: none;" rel="attachment wp-att-67843"><img src="http://slopeofhope.com/wp-content/uploads/2017/07/0724-tuition.png" alt="0724-tuition" width="540" height="262" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone size-full wp-image-67843" /></a></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">But you went to a real summer camp before, right? I sure did. Do you remember it? Think back - - - canoes. Campfires. S'mores. Leather crafts that are fun to make, even though they'll never get used. Woodworking. Hiking. Swimming. Free time. Exploring the woods. Camping under the stars. Being a kid and having fun with other kids.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><img src="https://files.adirondackcamp.com/photos/uploads/2467/full/boys-girls-summer-camp.jpg" width="720" height="360" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone" /></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Check out&nbsp;<em>BizSmart</em>:</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><img src="http://campbizsmart.org/wp-content/uploads/2013/03/2011-winning-team-at-Microsoft-Biz-Plan-Competitionv.1.jpg" width="679" height="533" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone" /></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><strong>These poor kids</strong>. Poor. Fucking. Kids. Their parents have gussied them up in these miniature adult get-ups and foisted stuff like this on them:</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><a href="http://slopeofhope.com/wp-content/uploads/2017/07/0724-home.png" style="color: #21759b; outline: none;" rel="attachment wp-att-67844"><img src="http://slopeofhope.com/wp-content/uploads/2017/07/0724-home.png" alt="0724-home" width="946" height="484" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone size-full wp-image-67844" /></a></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">"<em>Curious how your son or daughter can prepare to compete and succeed in the global economy?</em>" Err, no, not really, asswipe.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">Listen, if the majority of true entrepreneurs had emerged, decade after decade, from one of these goddamned camps, I could understand the appeal.<strong>&nbsp;But the Silicon Valley is just like Hollywood, New York, or any other place</strong>&nbsp;that's crammed with&nbsp;<strong>millions</strong>&nbsp;of ambitious people that are dying for a chance at the&nbsp;<strong>fifty</strong>&nbsp;golden opportunities that are actually there: 99.99% of people are going to be disappointed, and it ain't gonna be because they didn't go to a certain camp.</p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;"><img src="http://cdn.images.express.co.uk/img/dynamic/36/590x/ticket-615762.jpg" width="590" height="350" style="height: auto; max-width: 100%; border-radius: 3px; box-shadow: rgba(0, 0, 0, 0.2) 0px 1px 4px;" class="alignnone" /></p> <p style="line-height: 1.71429; margin-top: 0px; margin-bottom: 1.71429rem; color: #444444; font-family: &quot;Open Sans&quot;, Helvetica, Arial, sans-serif; font-size: 14px;">So as far as the morbidly obese kid who prompted this post, I only say this:&nbsp;<strong>his summer would be infinitely better spent swimming, riding a bicycle, or hanging out with friends</strong>. He'd get some exercise, some time in the outdoors, and who knows - - maybe acquire a few good memories of a summer spent as a child before he spends the next forty years dressed up like one of the poor youngsters picture above. Thinking back to a moonless night gently gliding along a lake in a canoe beats the holy hell out of learning how to write a business plan. Jesus.</p> http://www.zerohedge.com/news/2017-07-24/fat-chance#comments Apple Draft:Noah Cronbaugh Fiction Film Global Economy Google Harvard It Mark Zuckerberg Nerd culture Slope of Hope Speculative fiction Steve Jobs Mon, 24 Jul 2017 18:14:56 +0000 Tim Knight from Slope of Hope 600378 at http://www.zerohedge.com Child Abuse: The Difference Between Gender Identity and Sex Change in Children http://www.zerohedge.com/news/2017-07-24/child-abuse-difference-between-gender-identity-and-sex-change-children <p><a href="http://www.thedailybell.com/news-analysis/child-abuse-the-difference-between-gender-identity-and-sex-change-in-children/">Via The Daily Bell</a></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Adults should be able to identify as any gender they want. Modern science means they can even change their physical characteristics and take hormones, which will mimic the opposite sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">I may not understand it, but it doesn’t affect me, so I should have no say in how another adult lives his, her, or its life.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Bathroom policies should be decided by business owners. If a public school has a bathroom policy you don’t like, pull your kids out.&nbsp;<a href="http://www.thedailybell.com/news-analysis/how-government-literally-makes-people-go-insane/" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">Public school is a terrible thing for children anyway</a>.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But there is a dangerous cultural meme that kids can choose to change their sex. Children should not be indoctrinated into believing they should get a sex change before they hit puberty.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">If your little boy acts like a little girl, please continue to love and support him. Let him identify as whatever gender he wants, but do not plant the idea in his mind that he can become the opposite sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Once you are an adult who can understand consequences, go right ahead and play Mr. Potato Head with your body parts.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But children are being brainwashed into thinking it is normal to get a sex change. Children have rights and deserve some degree of autonomy. The parents’ job is to protect their children and do what is in the child’s best interest.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">A four-year-old doesn’t know what transgender is. A four-year-old can cross-dress, act feminine or masculine, and even express the desire to be the opposite sex. But parents should not take this as a sign that their child is transgender.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">I remember dressing up as a girl when I was about four years old, (probably with the help of my sisters who applied the eye shadow and nail polish). Did that mean I was transgender? No, it meant I was a little kid playing.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">(I also identified as a cat for some time, and believe it or not my parents did not get me species reassignment surgery.)</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But what if my parents had been brainwashed by the media? Would they have discussed in depth transgender issues with four-year-old me? Would they have told me it was okay to choose my sex?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">As a four-year-old, maybe I would have flipped a coin and decided, “Hey, yeah, now that you mention it, I do like wearing dresses! Sign me up for hormone therapy, and make an appointment for a sex change.”</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">As crazy as this sounds, some parents are reacting in this way.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Because of the increase in media exposure, and indoctrination at schools, kids are becoming confused. In Great Britain, there has been a&nbsp;<a href="http://www.dailymail.co.uk/health/article-4681262/Gender-identity-clinic-children-admissions-quadruple.html" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">marked increase in kids seeking help with their gender identity</a>.</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><p class="mol-para-with-font" style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">A total of 165 children aged ten and under were referred to the clinic last year, compared with 36 in the year of 2012 to 2013.</p> <p class="mol-para-with-font" style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">And last year 2,016 young people aged between three and 18 attended gender identity clinics, while just 314 did from 2012 to 2013.</p> </blockquote> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><a href="http://www.acpeds.org/the-college-speaks/position-statements/gender-ideology-harms-children" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">Statistics suggest</a>&nbsp;“as many as 98% of gender confused boys and 88% of gender confused girls eventually accept their biological sex after naturally passing through puberty.”</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">So when kids are referred to clinics, if they were simply counseled through a tough time, that would be a good thing. But the clinics take it much further.</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><p class="mol-para-with-font" style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">Those referred under a psycho-social assessment for six months by a clinician, which is followed by an action plan involving counselling and, sometimes, a physical intervention.</p> <p class="mol-para-with-font" style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">Children who have began puberty can be prescribed a course of hormone blockers to suppress the changes associated with adult development.</p> <p class="mol-para-with-font" style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">And those aged 16 and over can be given cross-sex hormones, giving them the physical characteristics of the opposite sex.</p> </blockquote> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; text-align: center;"><span style="box-sizing: border-box; font-weight: bold;">Is it Child Abuse?</span></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Let’s quickly run through the difference between gender and sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Sex is a biological trait. There is male and female, and some rare medically identifiable physical disorders.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Gender is a social construction which generally corresponds to a particular sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">There are some kids who really do identify as the opposite gender, and will act accordingly. They should be loved and accepted, but they should not be given hormones and surgery. Since gender is basically made up anyway, they can act like the opposite gender without having to pretend they are the opposite sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Before some reasonable age at which a human is capable of making permanently life changing decisions, it is child abuse to give them sex change drugs and surgery.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">It is not child abuse, in my opinion, to allow a child to act like whatever gender they want. Allowing a boy to wear a dress if he chooses is not child abuse. Allowing a boy to get sex reassignment surgery is child abuse.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">You cannot even legally get a tattoo in the U.S.A. before age 18. The government says you are not responsible enough to drink alcohol until you are 21. But the media tells us that 10-year-olds can make a permanent, life changing decision. A&nbsp;<em style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;">four-year-old</em>&nbsp;in Australia was&nbsp;<a href="http://www.wnd.com/2016/09/child-4-worlds-youngest-ever-sex-change-patient/" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">given sex reassignment surgery</a>!</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;"><a href="http://www.acpeds.org/the-college-speaks/position-statements/gender-ideology-harms-children" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">The American College of Pediatricians</a>&nbsp;urges healthcare professionals, educators and legislators to reject all policies that condition children to accept as normal a life of chemical and surgical impersonation of the opposite sex. Facts – not ideology – determine reality.</p> <p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">1.&nbsp;<span style="box-sizing: border-box; font-weight: bold;">Human sexuality is an objective biological binary trait: “XY” and “XX” are genetic markers of male and female, respectively&nbsp;– not genetic markers of a disorder.</span></p> </blockquote> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Maybe someday science will actually be able to transform a man into a woman, but right now it cannot. You can use hormones so that the body mimics the opposite sex. You can get surgery so that your body looks like that of the opposite sex.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But if you are born a male, you cannot get pregnant no matter how much treatment you receive. If you were born with two X chromosomes, you are and will remain biologically a woman.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Parents who play into the media’s lies about gender and sex identity are setting their children up for a life of depression and anxiety.</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;"><span style="box-sizing: border-box; font-weight: bold;">Rates of suicide are nearly twenty times greater among adults who use cross-sex hormones and undergo sex reassignment surgery…</span></p> <p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">Endorsing gender discordance as normal via public education and legal policies will confuse children and parents, leading more children to present to “gender clinics” where they will be given puberty-blocking drugs. This, in turn, virtually ensures they will “choose” a lifetime of carcinogenic and otherwise toxic cross-sex hormones, and likely consider unnecessary surgical mutilation of their healthy body parts as young adults.</p> </blockquote> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; text-align: center;"><span style="box-sizing: border-box; font-weight: bold;">The Tangled Web of Leftism</span></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">What happened to the mantra that you are perfect just the way you are?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">We live in a society that tells unhealthy obese people that they shouldn’t be “body shamed” into losing weight.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">But if you don’t feel comfortable with your natural biological sex, that is something worth changing?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Teach kids to act how they honestly want to act. If that means a boy wears a dress and a girl cuts her hair short, so be it! You can choose a “gender” without trying to change your sex.</p> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; font-size: 17.5px; border-left: 5px solid #eeeeee; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;"><p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;"><span style="box-sizing: border-box; font-weight: bold;">No one is born with a gender. Everyone is born with a biological sex. Gender (an awareness and sense of oneself as male or female) is a sociological and psychological concept; not an objective biological one.&nbsp;</span>No one is born with an awareness of themselves as male or female; this awareness develops over time and, like all developmental processes, may be derailed by a child’s subjective perceptions, relationships, and adverse experiences from infancy forward.</p> </blockquote> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">What does it even mean for a boy to “feel like a girl” anyway? This is a huge contradiction of the left. Gender is a social construct, but somehow you can feel like the “opposite”? Since gender is a social construct, who is to say what qualities correspond to which sex?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">The extreme leftists have gotten their message mixed up. They say correctly that you can choose a gender, but then advocate “choosing” a biological sex to correspond. This, of course, is impossible. You can only mimic the opposite sex, not actually become it.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px; color: #303030; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif;">Kids need love, support, and a guiding positive influence who is open-minded enough to discuss complex issues. They do not need drugs, hormones, and surgery based on their gender identity.</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="495" height="346" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230058/imageroot/pcboy.jpg?1500920014" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/child-abuse-difference-between-gender-identity-and-sex-change-children#comments Australia Biology Gender Gender dysphoria in children Gender identity Gender studies Identity Reality Self Sex Sex and gender distinction Sex assignment Sexual orientation Social Issues the American College Transgender Mon, 24 Jul 2017 18:13:53 +0000 TDB 600377 at http://www.zerohedge.com The ECB's Impact On The Bond Market In One Chart http://www.zerohedge.com/news/2017-07-24/ecbs-impact-bond-market-one-chart <p>Earlier today, the ECB updated the list of corporate bonds it bought in the latest week. While no individual bond purchase amounts were given, the ECB has bought into 980 issuances with a total of €683bn in amount outstanding (from 245 issuing entities). For the week ending 21st Jul, bond purchases stood at €0.7bn across sectors, <strong>bringing total Corporate Sector Purchase Program holdings to €101.1 Billion, </strong>an increase of €720MM in the past week. The complete list of ISINs can be found <a href="https://neo.ubs.com/shared/d17JwEGdhBSsIH6">here courtesy of UBS</a>. According to Dealogic, for week ending 21st Jul, €8.8bn was issued in EUR IG space, of which €3.2bn was CSPP eligible. In the month of Jun, the central bank purchased €7bn of corporate bonds, versus €7.6bn in May. 85.6% of the €96.6bn total CSPP holdings were purchased on the secondary market. </p> <p>Looking only at the CSPP, As Bloomberg adds, the ECB purchased at least 1 new corporate bond under its CSPP program during the week ended July 21. The number of securities currently held is 978; the ECB holds EU101.06BN of EU682.55bBN outstanding. Utilities remain the largest industry group with 258 securities. Additionally, the ECB bought a bond issued by Lietuvos Energija, its first Lithuanian bond.&nbsp; Of note, 144 (~14.7%) of the 978 securities are negative yielding.</p> <p>All of the above is the same dry, weekly update we disclose weekly. However, for the simplest visual summary of just how the ECB's corporate bond purchases - now that the central bank owns 14.8% of all eligible European corporate bonds - have "impacted" the market since the corporate bond buying program was announced in March of 2016, here is just one chart from JPM: </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/ECB%20spreads_1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/ECB%20spreads_1_0.jpg" width="500" height="348" /></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="762" height="531" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/ECB%20spreads.jpg?1500919395" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/ecbs-impact-bond-market-one-chart#comments Bond Bond Business Eurozone Mon, 24 Jul 2017 18:05:53 +0000 Tyler Durden 600376 at http://www.zerohedge.com House Democrat To Introduce Bill Preventing Trump Form Pardoning Himself http://www.zerohedge.com/news/2017-07-24/house-democrat-introduce-bill-preventing-trump-form-pardoning-himself <p>Having <a href="http://www.zerohedge.com/news/2017-05-17/congressman-call-trump-impeachment-today">tried and failed to introduce his &quot;impeach Trump&quot; bill</a>, Rep. Al Green won&#39;t give up that easy as <a href="http://thehill.com/homenews/house/343455-house-dem-seeks-to-prevent-trump-from-being-able-to-pardon-himself">The Hill reports</a> he <strong>plans to introduce a bill that would prevent presidents from being able to pardon themselves</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/16/20170724_green.jpg"><img height="304" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/16/20170724_green.jpg" width="591" /></a></p> <p>Green&#39;s bill follows increasing reports from the &#39;fake news media&#39; that Trump is considering using his power to pardon on himself or other members of his administration for any offenses related to the Russia probe, though Trump attorney Jay Sekulow has insisted that officials are not even discussing Trump&rsquo;s ability to issue pardons.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;We&rsquo;re not researching the issue because the issue of pardons is not on the table. There&rsquo;s nothing to pardon from,&rdquo; </strong></em>Sekulow said Sunday.</p> </blockquote> <p>Nevertheless, Rep. Green said he believes that giving the president the <strong>power to self-pardon would make the leader &ldquo;above the law,&rdquo; making the United States, he believes, &ldquo;a country of laws for all but the president.&rdquo; </strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;To allow such would not only place the President above the law, it would make the President his own final judge, jury, and prosecutor,&rdquo; Green said in a statement.<strong> &ldquo;The President would in fact become the law.&rdquo;</strong></p> <p>&nbsp;</p> <p>Green said he plans to introduce the bill because of &ldquo;love for my country,&rdquo; adding that the phrase &ldquo;no one is above the law&rdquo; is &ldquo;the heart of American Jurisprudence,&rdquo; according to his statement.</p> </blockquote> <p>Before we get to this bill thought, the question is - <span style="text-decoration: underline;"><strong>Can he pardon himself?</strong></span> <a href="http://thehill.com/blogs/pundits-blog/the-judiciary/343269-trump-clemency-and-the-self-pardon-possibility">(via The Hill)</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>Most tantalizing, could Trump pardon himself? </strong></em>Few presidents have actually considered a self-pardon, and none has actually tried. If Trump is the first to go through with it, he should know that legal scholars are divided on the question.</p> <p>&nbsp;</p> <p><strong>On one hand, it is clear that the sparse constitutional language on clemency says nothing about a self-pardon, and the courts have never directly confronted the question.</strong> To legal scholars Robert Nida and Rebecca L. Spiro, writing in 1999, the president should be able to self-pardon, largely because the Constitution does not say he is forbidden from doing so.</p> <p>&nbsp;</p> <p><strong>On the other hand, law professor Brian C. Kalt argued in 1996 that a self-pardon is not allowed by the Constitution.</strong> He writes, &ldquo;a presidential self-pardon &hellip; would only be plunder to take home after a career-ending disgrace ...&rdquo; and that the president&rsquo;s self-pardon would continue to benefit him even after leaving office, and even if he is impeached. Moreover, a self-pardon would be inconsistent with our separation of powers system.</p> <p>&nbsp;</p> <p><strong>Both sides offer compelling arguments. However, I lean in the direction of Nida and Spiro. The courts have usually given the president a lot of leeway on clemency questions.</strong> It&rsquo;s likely that a self-pardon would end up in front of the Supreme Court. From there, they could find a self-pardon appropriate or not. In fact, it&rsquo;s entirely possible that they could rule that a self-pardon is permissible, and point out that the remedy for abuse of clemency is what the framers of the Constitution intended for any abuse of power: impeachment.</p> </blockquote> <p><u><strong>Full Statement from Rep. Green:</strong></u></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;At the heart of American Jurisprudence is the fundamental premise that &ldquo;No one is above the law.&rdquo; This includes the President of the United States of America.</strong></p> <p>&nbsp;</p> <p>&ldquo;The presidential power to pardon is the power to forgive for the smallest federal offense to the most egregious federal crime. If this is true, no President should be empowered to self-pardon (forgive himself or herself).</p> <p>&nbsp;</p> <p>&ldquo;To allow presidential self-pardons would allow a President guilty of the federal crime of treason against the United States of America to forgive/pardon himself. To allow such would not only place the President above the law, it would make the President his own final judge, jury, and prosecutor. The President would in fact become the law. The United States of America would become a country of laws for all but the President.</p> <p>&nbsp;</p> <p><strong>&ldquo;To permit the President to self-pardon would place the President above the law and beyond justice. Love for my country compels me to file legislation to prevent the President from being above the law and beyond justice.&rdquo;</strong></p> </blockquote> <p>Of course this will go nowehere but will allow Green a few more minutes in front of the cameras. We do find it ironic how focused the congressman is on this topic when his party just announced a need to refocus away from Trump, away from Russia, and on what policies can do to actually help Americans?</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="591" height="304" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170724_green.jpg?1500917774" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/house-democrat-introduce-bill-preventing-trump-form-pardoning-himself#comments Burdick v. United States Clemency Crime Criminal law Donald Trump Law Law Lewis Libby clemency controversy None Pardon Penology Politics President of the United States Supreme Court Mon, 24 Jul 2017 17:42:59 +0000 Tyler Durden 600374 at http://www.zerohedge.com US Spy Plane Forced To Take "Evasive Action" After Chinese Interceptor Flies Within 90 Meters http://www.zerohedge.com/news/2017-07-24/us-spy-plane-forced-take-evasive-action-after-chinese-interceptor-flies-within-90-me <p>Two Chinese J-10 fighter jets intercepted a U.S. Navy surveillance plane flying over international waters in the East China Sea on Sunday, with one jet coming within 300 feet (91 meters) of the American aircraft, U.S. <a href="http://www.reuters.com/article/us-usa-china-military-idUSKBN1A91QE?il=0">officials told Reuters</a>. </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/5976042dfc7e9333028b4567_0.jpg" width="500" height="278" /></p> <p>The officials said that one of the Chinese J-10 aircraft came so close to the U.S. EP-3 plane, which is a modified version of the P-3 Orion spy plane, it caused the American aircraft to change direction. <strong>One of the Chinese interceptors flew under the EP-3 and appeared less than a 100 meters in front of the US spy plane, causing the crew “to take evasive action to avoid collision,” </strong>according to one official. Reuters adds that the Chinese jet was armed and that the interception happened 80 nautical miles (148 km) from the Chinese city of Qingdao.</p> <p>After the "dangerous" intercept, the Pentagon said that the latest encounter between the aircraft was unsafe, but added that the vast majority of interactions were safe. </p> <p>Previously China has warned the US about flying too close to its coastline and remains deeply suspicious of any U.S. military activity over contested territorial waters. </p> <p>This was the third time in recent months that Chinese interceptors have warned off US spy planes flying off the coast of China. In <a href="http://www.zerohedge.com/news/2017-05-26/two-chinese-fighter-jets-attempted-intercept-us-surveillance-plane">Two months ago, </a>as the US Navy sailed near disputed islands in the South China Sea, two Chinese Su-30 jets buzzed a P-3 Orion 150 miles southeast of Hong Kong in what US officials called an “unsafe intercept.” A week earlier, Chinese jets intercepted a US Air Force WC-135 Constant Phoenix “nuclear sniffer” plane over the East China Sea.</p> <p>In April 2001, an EP-3E ARIES II collided with a Chinese J-8 fighter and had to make an emergency landing on Hainan Island. The crash killed the Chinese pilot. While the crew was repatriated in 11 days after Washington apologized for the incident, the plane remained in Chinese possession until July, when it was shipped back to the US in pieces. Reuters adds that that encounter soured U.S.-Chinese relations in the early days of President George W. Bush's first term on office. </p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&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="860" height="494" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/china%20intercept.jpg?1500916892" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/us-spy-plane-forced-take-evasive-action-after-chinese-interceptor-flies-within-90-me#comments Aircraft Aviation China Disaster East China Fighter aircraft Hong Kong Interceptor aircraft Lockheed EP-3 Lockheed P-3 Orion Pentagon Reuters Signals intelligence South China SPY United States Navy Mon, 24 Jul 2017 17:23:28 +0000 Tyler Durden 600373 at http://www.zerohedge.com Jared Kushner Makes Post-Hearing Statement: Live Feed http://www.zerohedge.com/news/2017-07-24/jared-kushner-makes-post-hearing-statement-live-feed <p>Following his<a href="The gullibility of people today is exacerbated by the power of the internet and social media. "> lengthy prepared remarks</a> and closed-door hearings this morning, Presidential-son-in-law Jared Kushner is about to make a statement (<strong><em>presumably to front-run the leaks which will inevitably flow from the hearing</em></strong>).</p> <p>Kushner reiterated that he did not collude with Russia, and added that President Trump won the election because he ran a &quot;smarter campaign.&quot;</p> <p>&quot;Since the first questions were raised in March, I have been consistent in saying that I was eager to share any information I have with the investigating bodies and I have done so today,&quot; Kushner said in a statement following his meeting Monday with the Senate Intelligence Committee.</p> <p>&quot;The records and documents I have voluntarily provided will show that all of my actions are proper and occurred in the normal course of events of a very unique campaign,&quot; he continued. &quot;Let me be very clear, I did not collude with Russia, nor do I know of anyone else in the campaign who did so.&quot;</p> <p>Kushner, the president&#39;s son-in-law, added that he had no improper contacts with Moscow and said he has not relied on Russian funds for his businesses. He also said he has been &quot;fully transparent.&quot;</p> <p>&quot;Donald Trump had a better message and ran a smarter campaign and that is why he won,&quot; Kushner said adding that &quot;suggesting otherwise ridicules those who voted for him.&quot;</p> <p>Kushner called it an honor to work with Trump and his administration.<br />&nbsp;</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/kushner%20testimony_0.jpg" style="width: 561px; height: 305px;" /></p> <p>Live Feed:</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/oACRaMqtM24" width="560"></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="659" height="373" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170724_kush.jpg?1500912424" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/jared-kushner-makes-post-hearing-statement-live-feed#comments American people of German descent Business Donald Trump Donald Trump Economy of the United States Finance Human Interest Jared Kushner Kushner Links between Trump associates and Russian officials Politics Politics of the United States Russian interference in the 2016 United States elections Senate Intelligence Committee Trump campaign–Russian meeting Trump family Mon, 24 Jul 2017 17:13:00 +0000 Tyler Durden 600371 at http://www.zerohedge.com Democrats Desperately Attempt To Regain Relevance With Midwest Voters Via New Populist Agenda http://www.zerohedge.com/news/2017-07-24/democrats-desperately-attempt-regain-relevance-midwest-voters-new-populist-agenda <p>Yesterday <a href="http://www.zerohedge.com/news/2017-07-23/schumer-comes-clean-democrats-not-russia-are-blame-hillarys-loss">we pointed out</a> that, in a somewhat shockingly frank interview with on ABC's "This Week", Senate Majority Leader Chuck <strong>Schumer said that Democrats, not Russia, were to blame for Hillary Clinton’s loss to President Trump</strong>.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"<strong>When you lose to somebody who has 40 percent popularity, you don’t blame other things - [James] Comey, Russia - you blame yourself.</strong>"</p> <p>&nbsp;</p> <p>"So what did we do wrong? <strong>People didn’t know what we stood for, just that we were against Trump. And still believe that</strong>."</p> </blockquote> <p><iframe src="https://www.youtube.com/embed/duE27dO0G9E" width="600" height="337" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>Of course, over the past 12 months, Democrats have tried every strategy possible win elections aside from actually putting forth an agenda of ideas that resonate with voters.&nbsp; At first there was the blame game in which Democrats pretended they didn't have a philosophical disconnect from voters but rather were simply robbed of the White House by Russian hacking operations.</p> <p>Then, when that strategy failed to inspire voters, Democrats simply threw an obscene amount of money at special election candidates like John Ossoff. Unfortunately, it wasn't enough as Ossoff still lost...resulting in a <strong>devastating waste of $176 per vote, or roughly 7.6x more than what Karen Handel spent to actually win.</strong>&nbsp; Oops.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/06/21/2017.06.21%20-%20Dollar%20Per%20Vote%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/06/21/2017.06.21%20-%20Dollar%20Per%20Vote%202_0.jpg" alt="GA" width="600" height="117" /></a></p> <p>&nbsp;</p> <p>So what do you do when your party is in complete disarray and not even the mainstream media's 24/7, wall-to-wall bashing of your political opposition is sufficient for you to start winning elections?&nbsp; <strong>Well, you roll out a whole new snazzy slogan and send Chuck Schumer and Nancy Pelosi to Berryville, Virginia to deliver an inspiring speech.</strong></p> <p>According to the <a href="http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2017-07-24-US--Democrats-Message/id-574c58d40d4649a58db6ad0d064af77d">Associated Press</a>, the 'new' Democrat agenda will be focused on introducing all new strategies focused on "raising wages, lowering costs for families, and giving working Americans better skills for the 21st century economy."&nbsp; <strong>Unfortunately, while they boast a new way forward, the 'new' Democrat agenda looks a lot like the old one and seemingly focuses on increasing taxes, entitlements and other forms of government dependence while attacking and demonizing all wealthy individuals and corporations.&nbsp; </strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The full title of the agenda is <strong>"A Better Deal: Better Jobs, Better Wages, Better Future."</strong></p> <p>&nbsp;</p> <p>"The Democratic Party's mission is to help build an America in which working people know that somebody has their back," say documents accompanying the roll-out.</p> <p>&nbsp;</p> <p>There are three overarching goals:<strong> raising wages, lowering costs for families, and giving working Americans better skills for the 21st century economy.</strong></p> <p>&nbsp;</p> <p>Detailed planks will be rolled out over time. On Monday, three are being unveiled:</p> <p>&nbsp;</p> <p><strong>—Lowering prescription drug prices.</strong> Suggestions include a new agency that could investigate drug manufacturer price hikes, and they would allow Medicare to negotiate directly for the best drug prices.</p> <p>&nbsp;</p> <p><strong>—Cracking down on corporate monopolies.</strong> Democrats would enact new standards to limit large mergers, and create a new consumer competition advocate.</p> <p>&nbsp;</p> <p><strong>—Creating millions more jobs. </strong>The agenda includes proposals for expanding apprenticeships and providing a tax credit to employers to train and hire new workers.</p> </blockquote> <p>Chuck Schumer even posted an op-ed in the <a href="https://www.nytimes.com/2017/07/24/opinion/chuck-schumer-employment-democrats.html?action=click&amp;pgtype=Homepage&amp;clickSource=story-heading&amp;module=opinion-c-col-left-region&amp;region=opinion-c-col-left-region&amp;WT.nav=opinion-c-col-left-region&amp;_r=0">New York Times</a> this morning specifically stating that "our better deal is not about expanding the government, or moving our party in one direction or another along the political spectrum."&nbsp; <strong>Ironically, in the very next sentence, he goes on to detail how his 'jobs plan' is dependent upon massively 'expanding the government' and veering way left on the political spectrum with policies like a federal $15 minimum wage.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>We’ve already proposed creating jobs with a $1 trillion infrastructure plan; increasing workers’ incomes by lifting the minimum wage to $15; and lowering household costs by providing paid family and sick leave.</p> </blockquote> <p>And here's more of the same ole attacks from Chuck...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Right now, there is nothing to stop<strong> vulture capitalists</strong> from egregiously raising the price of lifesaving drugs without justification. We’re going to fight for rules to stop prescription drug price gouging and demand that drug companies justify price increases to the public. And we’re going to push for empowering Medicare to negotiate lower drug prices for older Americans.</p> <p>&nbsp;</p> <p>Right now our <strong>antitrust laws are designed to allow huge corporations to merge, padding the pockets of investors but sending costs skyrocketing for everything from cable bills and airline tickets to food and health care.</strong> We are going to fight to allow regulators to break up big companies if they’re hurting consumers and to make it harder for companies to merge if it reduces competition.</p> <p>&nbsp;</p> <p>Right now millions of unemployed or underemployed people, particularly those without a college degree, could be brought back into the labor force or retrained to secure full-time, higher-paying work. We propose giving employers, particularly small businesses, a large tax credit to train workers for unfilled jobs. This will have particular resonance in smaller cities and rural areas, which have experienced an exodus of young people who aren’t trained for the jobs in those areas.</p> </blockquote> <p>Conclusion: Democrats still have no idea why they lost in 2016.&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="679" height="389" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.07.24%20-%20Chuck%20and%20Nancy.JPG?1500901280" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/democrats-desperately-attempt-regain-relevance-midwest-voters-new-populist-agenda#comments Medicare Nancy Pelosi New York Times Politics White House Mon, 24 Jul 2017 17:08:27 +0000 Tyler Durden 600351 at http://www.zerohedge.com Why A Dollar Rebound May Be Imminent Even As Crash Insurance Costs Hit Nosebleed Levels http://www.zerohedge.com/news/2017-07-24/dollar-crash-insurance-hits-nosebleed-levels-rebound-appears-imminent <p>Is the bottom in for the dollar yet? </p> <p>After hitting a 14 month low, the Bloomberg Dollar Index saw a modest gain of 0.1% as markets awaited this week’s FOMC meeting and kept a wary eye on Capitol Hill hearings which involve close members of the Trump administration. Quoted by Bloomberg, traders described flows as modest amid the <a href="http://www.zerohedge.com/news/2017-07-24/apprehension-main-events-torrid-week-include-fed-gdp-earnings-and-lots-white-house-r">elevated event risk we laid out earlier this morning</a>. Besides another potential surprise from the suddenly dovish Fed, traders were keeping a weary eye on Capitol Hill hearings Monday and Wednesday that include Jared Kushner, Donald Jr and Paul Manafort, and what these could mean for Trump's fiscal agenda. At the same time, the Fed is expected to keep rates and policies on hold, though it may elaborate on balance-sheet reduction or the timing of any future rate increases.</p> <p>To be sure, negative sentiment against the dollar has been pervasive, and as we noted yesterday when looking at the latest CFTC Commitment of Traders update, net specs are now the most short they have been the USD doing back to 2013.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/20170724_USD.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/20170724_USD_0.jpg" width="500" height="256" /></a></p> <p>Worried that the decline in the USD may continue, Bloomberg writes this morning that FX traders are <strong>now paying the most in since October 2009 for options to protect against an extreme decline in the dollar against the euro over a six-month period: </strong>the 10-delta risk reversal, an indication of trader bias in the options market, reflects expectations that any move in the euro would be dramatic.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/20170724_USDRR.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/20170724_USDRR_0.jpg" width="500" height="262" /></a></p> <p>Additionally, traders are also piling into options contracts in anticipation of big moves in the euro-dollar exchange rate, eyeing the critical resistance level, the $1.1714 high from August 2015. According to Bloomberg calculations, <strong>traders bought more than $6 billion in options to sell dollars and buy euros on July 20 and 21, </strong>and an additional $3 billion to sell the greenback against the yen, according to DTCC data. </p> <p>However, a more nuanced look at who is trading the dollar, suggests that the plunge may be ending. </p> <p>Citi's FX quant desk writes that as real money became strong net sellers of USD, <strong>hedge funds became aggressive net buyers for the first time in months </strong>"a sharp increase in conviction over previous weeks." Looking at the 1-month cumulative investor flow, shown on the right hand side, this divergence became clear in the ladder half of last week, following the EURUSD reaction to the ECB meeting.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/Citi%20USD.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/07/20/Citi%20USD_0.jpg" width="500" height="246" /></a></p> <p>Some more context: <strong>USD is currently the second largest short position among real money investors in G10 overall, with both 1-week and 4-week net flow decidedly negative. </strong>So far in July, <strong>real money clients have been net sellers on 80% of days, a continuation of the long-term bearish run for the greenback. </strong></p> <p>On the other side of the real money, <strong>hedge funds were net buyers of USD last week, </strong>mostly due to a large amount of buying in response to USD depreciation in the immediate aftermath of the ECB meeting last week. Hedge fund flow on the day of the meeting was sharply against the EURUSD move, with hedge funds strong buyers of USD and sellers of EUR on the day.&nbsp; Looking at current 4w aggregated flow, leveraged investors are likely long USD and short EUR, a sharp contrast from the significantly short real money positioning.&nbsp; </p> <p>According to Citi, "<strong>this divergence between leveraged and real money flow opens up the possibility that real money will follow, and we could see USD appreciation in the coming weeks.</strong>"</p> <p>* * * </p> <p>Finally, here is Bloomberg commentator Marc Cudmore, predicting that a Dollar bounce is imminent.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>It’s the question on every trader’s lips because the answer influences the price of almost all other financial assets: When is the dollar bouncing</strong>? I see it making a short-term base this week. </p> <p>Financial assets rarely sustain a straight line move even when it appears fundamentally justified. And dollar depreciation is certainly logical.</p> <p>&nbsp;</p> <p>However, the last leg down has mainly been driven by the latest political turmoil and that’s a problem for bears. <strong>Apart from the macro consequences of Trump’s fiscal program being priced out (which already happened months ago), the direct impact of U.S. politics on markets this year has only ever been fleeting</strong>. So the latest ructions change little apart from negative headlines.</p> <p>&nbsp;</p> <p>Euro strength has facilitated the broader dollar depreciation trade but that theme is also looking vulnerable in the short-term. Consensus has suddenly turned bullish on the euro at a time when the ECB just sounded unexpectedly dovish and EUR/USD is facing multi-year resistance at $1.1714.</p> <p>&nbsp;</p> <p>For the Bloomberg Dollar Spot Index, both daily and weekly RSIs are looking stretched on the downside as we enter a week with an obvious potential catalyst in the FOMC meeting. Profit-taking will surely be too tempting especially as we get deeper into summer holiday territory.</p> <p>&nbsp;</p> <p>A bounce of a couple of percent won’t derail the long-term macro downtrend that started in January. The U.S. still has a current-account deficit combined with a large debt pile that’s backed by negative real yields. And the currency remains expensive based on PPP metrics.</p> <p>&nbsp;</p> <p>But those are long-term structural issues. <strong>For the next couple of weeks, the vulnerable side will be for dollar strength.</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="512" height="268" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/20170724_USDRR.jpg?1500914797" /> </div> </div> </div> http://www.zerohedge.com/news/2017-07-24/dollar-crash-insurance-hits-nosebleed-levels-rebound-appears-imminent#comments Bloomberg Dollar Bloomberg Dollar Spot Business Commitment of Traders Currency Economy Economy of the European Union Euro European Central Bank Eurozone Exchange rate Finance Financial markets Foreign exchange market headlines Hedge Short Trump Administration United States dollar US Federal Reserve Yen Mon, 24 Jul 2017 16:51:24 +0000 Tyler Durden 600368 at http://www.zerohedge.com THe ReTuRN OF THe PiNK PaNTHeR... http://www.zerohedge.com/news/2017-07-24/return-pink-panther <p><a href="https://www.flickr.com/photos/expd/35965586152/in/dateposted-public/" title="THE RETURN OF THE PINK PANTHER"><img src="https://farm5.staticflickr.com/4301/35965586152_8337ff7b54_b.jpg" alt="THE RETURN OF THE PINK PANTHER" width="1024" height="806" /></a></p> <script src="//embedr.flickr.com/assets/client-code.js"></script> http://www.zerohedge.com/news/2017-07-24/return-pink-panther#comments Baseball Hall of Fame balloting Education Politics Mon, 24 Jul 2017 16:36:42 +0000 williambanzai7 600367 at http://www.zerohedge.com