http://www.zerohedge.com/fullrss2.xml/news/bill-gross-why-we-are-witnessing-death-abundance-and-why-gold-becoming-default-store-value en Will Trump Release The Missing JFK Files? http://www.zerohedge.com/news/2017-04-28/will-trump-release-missing-jfk-files <p><a href="http://www.politico.com/magazine/story/2017/04/27/will-trump-release-the-missing-jfk-files-215079"><em>Authored by Philip Shenon via Politico.com,</em></a></p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_jfk.jpg"><img height="325" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_jfk_0.jpg" width="600" /></a></em></p> <p><em><strong>The nation&rsquo;s conspiracy-theorist-in-chief is facing a momentous decision. Will President Donald Trump allow the public to see a trove of thousands of long-secret government files about the event that, more than any other in modern American history, has fueled conspiracy theories &ndash; the 1963 assassination of President John F. Kennedy?</strong></em></p> <p>The answer must come within months. And, according to a new timeline offered by the National Archives, it <strong>could come within weeks.</strong></p> <p>Under the deadline set by a 1992 law, <strong>Trump has six months left to decide whether he will block the release of an estimated 3,600 files related to the assassination that are still under seal at the Archives</strong>. From what is known of the JFK documents, most come from the CIA and FBI, and a number may help resolve lingering questions about whether those agencies missed evidence of a conspiracy in Kennedy&rsquo;s death. As with every earlier release of JFK assassination documents in the 53 years since shots rang out in Dealey Plaza in Dallas, it is virtually certain that some of the files will be seized on to support popular conspiracy theories about Kennedy&rsquo;s murder; other documents are likely to undermine them.</p> <p>There is no little irony in the fact that decision will be left to Trump, long a promoter of so many baseless conspiracy theories about everything from his predecessor&rsquo;s birthplace to the notion that the father of one of his campaign-trail rivals was in league with JFK assassin Lee Harvey Oswald.</p> <p>For the first time, the Trump White House is acknowledging that it is focused on the issue, even if it offers no hint about what the President will do. A White House official, speaking on condition of anonymity, told <em>Politico</em> last week that the Trump administration &ldquo;is familiar with the requirements&rdquo; of the 1992 law and that White House is working with the National Archives &ldquo;to enable a smooth process in anticipation of the October deadline.&rdquo;</p> <p><strong>Under the 1992 JFK Assassination Records Collection Act, the library of documents about Kennedy&rsquo;s death must be made public in full by the deadline of this October 26, the law&rsquo;s 25th anniversary, unless Trump decides otherwise. It is his decision alone.</strong></p> <p>The prospect of the release of the last of the government&rsquo;s long-secret JFK assassination files has long tantalized historians and other scholars, to say nothing of the nation&rsquo;s armies of conspiracy theorists, since no one can claim to know exactly what is in there.</p> <p>Martha W. Murphy, the Archives official who oversees the records, said in an interview last month that a team of researchers with high-level security clearances is at work to prepare the JFK files for release and hopes to begin unsealing them in batches much earlier than October &ndash; possibly as early as summer.</p> <p><strong>Beyond releasing the 3,600 never-before-seen JFK files, the Archives is reviewing another 35,000 assassination-related documents, previously released in part, so they can be unsealed in full. </strong>Short of an order from the president, Murphy said, the Archives is committed to making everything public this year: &ldquo;There&rsquo;s very little decision-making for us.&rdquo;</p> <p>Many of the documents are known to come from the files of CIA officials who monitored a mysterious trip that Oswald paid to Mexico City several weeks before the assassination &ndash; a trip that brought Kennedy&rsquo;s future killer under intense surveillance by the spy agency as he paid visits to both the Soviet and Cuban embassies there. The CIA said it monitored all visitors to the embassies and opened surveillance of Oswald as soon as he was detected inside the Soviet compound for the first time.</p> <p><strong>Other documents are known to identify, by name, American and foreign spies and law-enforcement sources who had previously been granted anonymity for information about Oswald and the assassination. </strong>At least 400 pages of the files involve E. Howard Hunt, the former CIA operative turned Watergate conspirator who claimed on his deathbed that he had advance knowledge of Kennedy&rsquo;s murder.</p> <p>The documents were gathered together by a temporary federal agency, the Assassination Records Review Board, that was established under the 1992 law. In an interview last month, its former chairman, Judge John R. Tunheim of the Federal District Court in Minnesota, said he &ldquo;wouldn&rsquo;t be surprised if there&rsquo;s something important&rdquo; in the documents, especially given how much of the history of the Kennedy assassination has had to be rewritten in recent decades.</p> <p><strong>He said he knew of &ldquo;no bombshells&rdquo; in the files when the board agreed to keep them secret two decades ago, but names, places and events described in the documents could have significance now,</strong> given what has been learned about the assassination since the board went out of business. &ldquo;Today, with a broader understanding of history, certain things may be far more relevant,&rdquo; he said.</p> <p>Murphy, the Archives official, said she, too, knew of no shocking information in the documents &ndash; but she said her researchers were not in a position to judge their significance. &ldquo;As you can imagine, we&rsquo;re not reading them for that, so we&rsquo;re probably not the best people to tell you,&rdquo; she said. &ldquo;I will say this: This collection is really interesting as a snapshot of the Cold War.&rdquo;</p> <p>The Review Board, created by Congress to show transparency in response to the public furor created by Oliver Stone&rsquo;s conspiracy-minded 1991 film &ldquo;JFK,&rdquo; did force the release of a massive library of other long-secret documents from the CIA, FBI, Secret Service and other federal agencies, as well as from congressional investigations of the assassination.</p> <p>Many showed how much evidence was withheld from the Warren Commission, the independent panel led by Chief Justice Earl Warren that investigated the assassination and concluded in 1964 that there was no evidence of a conspiracy in Kennedy&rsquo;s death.</p> <p><strong>The documents showed that both the CIA and FBI had much more extensive information about Oswald&mdash;and the danger he posed to JFK&mdash;before the assassination than the agencies admitted to Warren&rsquo;s investigation. The evidence appeared to have been withheld from the commission out of fear that it would expose how the CIA and FBI had bungled the opportunity to stop Oswald.</strong></p> <p>Under the 1992 law, agencies may make a final appeal to try to stop the unsealing of specific documents on national security grounds. But the law grants only one person the power to actually block the release: the president. The law allows Trump to keep a document secret beyond the 25-year deadline if he certifies to the National Archives that secrecy was &ldquo;made necessary by an identifiable harm to military defense, intelligence operations, law enforcement or conduct of foreign relations&rdquo; and that &ldquo;the identifiable harm is of such gravity that it outweighs the public interest in disclosure.&rdquo;</p> <p><strong>Both the CIA and FBI acknowledged in written statements last month that they are reviewing the documents scheduled for release; neither agency would say if it planned to appeal to the White House to block the unsealing of any of the records.</strong> &ldquo;CIA continues to review the remaining CIA documents in the collection to determine the appropriate next steps with respect to any previously-unreleased CIA information,&rdquo; said agency spokesperson Heather Fritz Horniak. The FBI said it had a team of 21 researchers assigned to the document review.</p> <p>According to a skeletal index of the documents prepared by the Archives, some of the files appear to involve, at least indirectly, a set of conspiracy theories that Trump himself promoted during the 2016 campaign &ndash; about possible ties between Cuban exile groups in the United States and Oswald. On the campaign trail, Trump repeatedly promoted an article published last April in the <em>National Enquirer</em> that suggested a connection between Oswald and the Cuban-born father of Senator Ted Cruz of Texas, one of Trump&rsquo;s rivals for the Republican nomination. The article was based entirely on a 1963 photograph that showed Oswald, a self-proclaimed Marxist and champion of Fidel Castro&rsquo;s Communist revolution in Cuba, handing out pro-Castro leaflets in New Orleans with a man who, the tabloid suggested, was Cruz&rsquo;s father, Rafael.</p> <p><strong>The Cruz family denied that the senator&rsquo;s family was the man depicted in the photo and that Rafael Cruz had any connection to Oswald; there is no other evidence of any connection.</strong></p> <p>The National Archives index shows that the documents to be released this year include a 86-page file on a prominent CIA-backed anti-Castro exile group that Oswald appears to have tried to infiltrate in New Orleans, his hometown, in order to gather information that might be of use to the Castro government.</p> <p>Judge Tunheim said that Oswald&rsquo;s trip to Mexico City in September and October 1963 figures directly or indirectly in many of the documents that remain under seal, including the internal files of CIA operatives who worked at the American embassy there.</p> <p><strong>Historians agree that the trip, which Oswald apparently undertook in hopes of obtaining a visa to defect to Castro&rsquo;s Cuba, much as he had once tried to defect to the Soviet Union, has never been fully investigated.</strong></p> <p>&ldquo;I still think there are loose threads in Mexico City that no one has ever explored,&rdquo; Tunheim said. &ldquo;It was a bizarre chapter &ndash; there&rsquo;s no question about it.&rdquo; Previously declassified CIA and FBI documents suggest that Oswald openly boasted to Cuban officials there about his intention to kill Kennedy and that he had a brief affair with a Mexican woman who worked in Cuba&rsquo;s consulate. <strong>The American ambassador to Mexico at the time of the assassination said later that he believed the woman had probably been working for the CIA.</strong></p> <p>Tunheim said the Review Board agreed to keep the Mexico-related documents secret in the 1990s at the request of the State Department, the CIA and other agencies that warned that their release could do damage to relations with the Mexico government, which worked closely with the CIA and FBI during the Cold War.<strong><em> &ldquo;Mexico City was where everybody spied on everybody else,&rdquo; the judge said.</em></strong></p> <p>But given the chill in relations between the United States and Mexico following Trump&rsquo;s election and early moves by his administration to build its long-promised wall along the Mexican border, a similar plea to keep the documents secret may not go very far with the new president. Said Tunheim: <em><strong>&ldquo;I guess we don&rsquo;t have much of a relationship with the Mexican government to protect anymore.&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="1160" height="629" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170428_jfk.jpg?1493411340" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/will-trump-release-missing-jfk-files#comments American embassy American studies Assassination of John F. Kennedy Assassination Records Review Board Castro government Central Intelligence Agency Central Intelligence Agency Congress Cuba’s consulate Department of State Donald Trump Donald Trump E. Howard Hunt FBI Federal Bureau of Investigation Federal Bureau of Investigation Federal District Court JFK John F. Kennedy Lee Harvey Oswald Mexican government Mexico Mexico government National Archives national security New Orleans Nomination Politics Review Board Secret Service SPY Transparency Trump Administration United States United States intelligence agencies Warren Commission Warren Commission White House White House Sat, 29 Apr 2017 01:25:00 +0000 Tyler Durden 594758 at http://www.zerohedge.com UC Davis Rolls Out "Morning After Pill" Vending Machines - "It Encourages Responsibility" http://www.zerohedge.com/news/2017-04-28/uc-davis-rolls-out-morning-after-pill-vending-machines-it-encourages-responsibility <p>The University of California at Davis has a revolutionary solution for all their binge-drinking students who find it difficult to control their primal urges after a night of frat-hopping...<strong>the 'Plan B' vending machine.</strong>&nbsp; For $30 a box students can now flush that pesky, potentially-fertilized egg without the hassle of having to walk all the way to a pharmacy.&nbsp; </p> <p>Of course, the female students on campus seem to love the idea, saying...<strong>"It's <em>like </em>useful"</strong>....yeah, totally, and stuff.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"It's easier to take a Plan B than have to tell your parents that you're pregnant."</strong></p> <p>&nbsp;</p> <p><strong>"It's like useful....so that you don't have to go to a pharmacy..."</strong></p> </blockquote> <p>Meanwhile, one parent actually told CBS Sacramento that the vending machine "encourages responsibility."</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"It encourages responsiblity.</strong>&nbsp; I mean if you mess up then you mess up.&nbsp; <strong>It's better than waiting to see if you get pregnant and have an abortion."</strong></p> </blockquote> <p>We suspect many other parents might have a slightly different definition of "responsibility"...but what do we know?<strong><br /></strong></p> <p><iframe src="https://www.youtube.com/embed/m9Eb0Jj-xxk?ecver=2" width="600" height="337" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>But the machine isn't just for emergencies...it also offers condoms for those who prefer to plan ahead.</p> <p>The vending machine was the brain child of UC Davis student, Parteek Singh, who said he came up with the idea after his "friends" had a close encounter one Friday night when the local pharmacy ran out of Plan B pills.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"There was an incident where my friends went to the one pharmacy that was open 24/7 in town on a Friday night.&nbsp; And they were all out of emergency contraceptive."</strong></p> <p>&nbsp;</p> <p><strong>“I want to see this on every college campus."</strong></p> </blockquote> <p>What more is there to say really?<strong><br /></strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="609" height="370" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Plan%20b.JPG?1493385699" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/uc-davis-rolls-out-morning-after-pill-vending-machines-it-encourages-responsibility#comments Ancient Greek technology B+ Confectionery Education Pharmacy Retailing University of California University of California Vending machine Sat, 29 Apr 2017 01:00:00 +0000 Tyler Durden 594690 at http://www.zerohedge.com The Rise Of The Generals http://www.zerohedge.com/news/2017-04-28/rise-generals <p><a href="http://buchanan.org/blog/the-rise-of-the-generals-126882"><em>Authored by Patrick Buchanan via Buchanan.org,</em></a></p> <p><em><strong>Has President Donald Trump outsourced foreign policy to the generals?</strong></em></p> <p>So it would seem. Candidate Trump held out his hand to Vladimir Putin. He rejected further U.S. intervention in Syria other than to smash ISIS.</p> <p>He spoke of getting out and staying out of the misbegotten Middle East wars into which Presidents Bush II and Obama had plunged the country.</p> <p><strong>President Trump&rsquo;s seeming renunciation of an anti-interventionist foreign policy is the great surprise of the first 100 days, and the most ominous. </strong>For any new war could vitiate the Trump mandate and consume his presidency.</p> <p>Trump no longer calls NATO &ldquo;obsolete,&rdquo; but moves U.S. troops toward Russia in the Baltic and eastern Balkans. Rex Tillerson, holder of Russia&rsquo;s Order of Friendship, now warns that the U.S. will not lift sanctions on Russia until she gets out of Ukraine.</p> <p>If Tillerson is not bluffing, that would rule out any rapprochement in the Trump presidency. For neither Putin, nor any successor, could surrender Crimea and survive.</p> <p><u><em><strong>What happened to the Trump of 2016?</strong></em></u></p> <p><em><strong>When did Kiev&rsquo;s claim to Crimea become more crucial to us than a cooperative relationship with a nuclear-armed Russia? </strong></em>In 1991, Bush I and Secretary of State James Baker thought the very idea of Ukraine&rsquo;s independence was the product of a &ldquo;suicidal nationalism.&rdquo;</p> <p><em><strong>Where do we think this demonization of Putin and ostracism of Russia is going to lead?</strong></em></p> <p>To get Xi Jinping to help with our Pyongyang problem, Trump has dropped all talk of befriending Taiwan, backed off Tillerson&rsquo;s warning to Beijing to vacate its fortified reefs in the South China Sea, and held out promises of major concessions to Beijing in future trade deals.</p> <p><em>&ldquo;I like (Xi Jinping) and I believe he likes me a lot,&rdquo; Trump said this week. One recalls FDR admonishing Churchill, &ldquo;I think I can personally handle Stalin better than &hellip; your Foreign Office &hellip; Stalin hates the guts of all your people. He thinks he likes me better.&rdquo;</em></p> <p>FDR did not live to see what a fool Stalin had made of him.</p> <p>Among the achievements celebrated in Trump&rsquo;s first 100 days are the 59 cruise missiles launched at the Syrian airfield from which the gas attack on civilians allegedly came, and the dropping of the 22,000-pound MOAB bomb in Afghanistan.</p> <p><strong>But what did these bombings accomplish?</strong></p> <p>The War Party seems again ascendant. John McCain and Lindsey Graham are happy campers. In Afghanistan, the U.S. commander is calling for thousands more U.S. troops to assist the 8,500 still there, to stabilize an Afghan regime and army that is steadily losing ground to the Taliban.</p> <p><strong>Iran is back on the front burner. </strong>While Tillerson concedes that Tehran is in compliance with the 2015 nuclear deal, Trump says it is violating &ldquo;the spirit of the agreement.&rdquo;</p> <p>How so? Says Tillerson, Iran is &ldquo;destabilizing&rdquo; the region, and threatening U.S. interests in Syria, Yemen, Iraq and Lebanon.</p> <p>But Iran is an ally of Syria and was invited in to help the U.N.-recognized government put down an insurrection that contains elements of al-Qaida and ISIS. It is we, the Turks, Saudis and Gulf Arabs who have been backing the rebels seeking to overthrow the regime.</p> <p>In Yemen, Houthi rebels overthrew and expelled a Saudi satrap. The bombing, blockading and intervention with troops is being done by Saudi and Sunni Arabs, assisted by the U.S. Navy and Air Force.</p> <p><strong>It is we and the Saudis who are talking of closing the Yemeni port of Hodeida, which could bring on widespread starvation.</strong></p> <p>It was not Iran, but the U.S. that invaded Iraq, overthrew the Baghdad regime and occupied the country. It was not Iran that overthrew Col. Gadhafi and created the current disaster in Libya.</p> <p>Monday, the USS Mahan fired a flare to warn off an Iranian patrol boat, 1,000 meters away. Supposedly, this was a provocation. But Iranian foreign minister Javad Zarif had a point when he tweeted:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;Breaking: Our Navy operates in &mdash; yes, correct &mdash; the Persian Gulf, not the Gulf of Mexico. Question is what US Navy doing 7,500 miles from home.&rdquo;</em></strong></p> </blockquote> <p><u><strong>Who is behind the seeming conversion of Trump to hawk?</strong></u></p> <p>The generals, Bibi Netanyahu and the neocons, Congressional hawks with Cold War mindsets, the Saudi royal family and the Gulf Arabs &mdash; they are winning the battle for the president&rsquo;s mind.</p> <p><em><strong>And their agenda for America?</strong></em></p> <p>We are to recognize that our true enemy in the Mideast is not al-Qaida or ISIS, but Shiite Iran and Hezbollah, Assad&rsquo;s Syria and his patron, Putin. And until Hezbollah is eviscerated, Assad is gone, and Iran is smashed the way we did Afghanistan, Iraq, and Yemen, the flowering of Middle East democracy that we all seek cannot truly begin.</p> <p><em>But before President Trump proceeds along the path laid out for him by his generals, brave and patriotic men that they are, he should discover if any of them opposed any of the idiotic wars of the last 15 years, beginning with that greatest of strategic blunders &mdash; George Bush&rsquo;s invasion of Iraq.</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="593" height="284" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170428_generals.jpg?1493382873" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/rise-generals#comments Afghanistan Air Force al-Qaeda China Donald Trump Donald Trump eastern Balkans Foreign Office Foreign policy of Donald Trump Foreign policy of the Donald Trump administration Gulf of Mexico Hezbollah Hizballah Iran Iraq ISIS Islam Islamic State of Iraq and the Levant John McCain Mexico Middle East Middle East Nationalism navy Neocons North Atlantic Treaty Organization Persian Gulf Politics Politics Rex Tillerson Rex Tillerson South China Taliban Ukraine United Nations United States United States Navy Vladimir Putin Vladimir Putin War Sat, 29 Apr 2017 00:35:00 +0000 Tyler Durden 594677 at http://www.zerohedge.com ISIS Apologized To Israel For Attacking IDF Soldiers http://www.zerohedge.com/news/2017-04-28/isis-apologized-israel-attacking-idf-soldiers <p>In a curious incident that is certain to provoke questions about the proximity, not to mention fund flow, between Israel and ISIS the former Israeli Defense Minister, cited by the <a href="http://www.timesofisrael.com/ex-defense-minister-says-is-apologized-to-israel-for-november-clash/">Times of Israel</a>, said that&nbsp; Islamic State terrorists have on at least one occasion “apologized” to Israel for mistakenly attacking IDF soldiers in the occupied Golan Heights. The disclosure may also provide some insight into why after reportedly attacking virtually every religion and ethnicity in the region, there have been virtually no documented attacks by the Islamic State on Israel or its citizens. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/58feba66c46188ed7f8b4603.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/58feba66c46188ed7f8b4603_0.jpg" width="500" height="278" /></a></p> <p>Discussing the wider Israeli policy of “neutrality” in Syria, former defense minister Moshe Ya’alon accidentally admitted that Israel has an open communications channel with an Islamic State cell which operates in Gollan Heights. <strong></strong></p> <p><strong>“There was one case recently where Daesh opened fire and apologized,</strong>” Ya’alon said on Saturday, <a href="http://www.timesofisrael.com/ex-defense-minister-says-is-apologized-to-israel-for-november-clash/">quoted by the Times of Israel</a>.</p> <p>Asked to expand on his controversial statement, Ya’alon’s office refused to elaborate. The IDF also declined to comment. Under Israeli law, any communication with terrorists is considered illegal, unless of course the Israel state covertly does not consider ISIS terrorists.</p> <p>Ya’alon served as Israel's Defense Minister from 2013 until his resignation in May 2016, and his comments were reportedly referring to the first direct incident involving clashes between Israel and Islamic State terrorists. In that incident which took place last November, the Shuhada al-Yarmouk cell, which has pledged allegiance to ISIS, exchanged fire with Israeli forces after the IDF's Golani Brigade crossed the security fence with Syria to conduct an “ambush operation.”</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/yaalon.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/yaalon_0.jpg" width="500" height="281" /></a><br /><em>Former Israeli defense minister Moshe 'Bogie' Ya'alon speaks at the Hebrew University</em></p> <p>While the official Israeli position is pursuing neutrality in the Syrian conflict, Tel Aviv has on several occasions engaged Syrian military targets in Syria - <a href="http://www.zerohedge.com/news/2017-04-26/massive-explosion-reported-near-damascus-international-airport-syria">most recently on Wednesday </a>- usually under the pretext of preventing the alleged transfer of weapons to Hezbollah, considered a terrorist group by Israel. Last month, Tel Aviv confirmed conducting airstrikes on several targets in Syria, after Damascus activated its air defense system against the IDF jets.</p> <p>While Prime Minister Benjamin Netanyahu has justified the repeated incursions, explaining that IDF planes targeted a Hezbollah weapons convoy, Damascus has said that the Israeli strikes only benefit the Islamic State and other terrorist groups. Earlier this month the Syrian President Bashar Assad once again blamed Israel of helping militants terrorizing his country.</p> <p>"You can assume that these terrorists are fighting for Israel. If they aren't part of the regular Israeli army, they're fighting for Israel. Israel has common goals with Turkey, the United States, France, Britain, Saudi Arabia, Qatar and other countries,” <a href="http://www.ynetnews.com/articles/0,7340,L-4946010,00.html">Ynet </a>quoted Assad as as saying.</p> <p>“Israel is working on helping these terrorists wherever the Syrian army is advancing. It attacks in one form or another to provide them with assistance, and to stop the Syrian army’s momentum in the face of the terrorists,” the Syrian leader added.</p> <p>In light of Ya'alon's comments, Assad may have been right. </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="900" height="500" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/58feba66c46188ed7f8b4603.jpg?1493420613" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/isis-apologized-israel-attacking-idf-soldiers#comments Anti-Western sentiment Antisemitism in the Arab world Bashar al-Assad France Golan Heights Hebrew University Hezbollah Hizballah IDF IDF's Golani Brigade International relations Islamic terrorism in Lebanon Israel Israel Israel Defense Forces Israeli Army Lebanese nationalism March 8 Alliance Military Moshe Ya'alon Politics Saudi Arabia Syrian army Turkey War Sat, 29 Apr 2017 00:08:16 +0000 Tyler Durden 594767 at http://www.zerohedge.com Is The Blockchain About To Disrupt This $7 Trillion Industry? http://www.zerohedge.com/news/2017-04-28/blockchain-about-disrupt-7-trillion-industry <p><a href="http://www.internationalman.com/articles/the-blockchain-is-about-to-disrupt-this-7-trillion-industry"><em>Authored by Teeka Tiwari via InternationalMan.com,</em></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_block.jpg"><em><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_block.jpg" style="width: 583px; height: 320px;" /></em></a></p> <p>Recently, I wrote about&nbsp;<a href="http://www.internationalman.com/articles/this-one-trade-changed-400-years-of-history-in-just-four-hours" target="_blank">a small $100,000 trade</a>&nbsp;of cheese and butter.</p> <p>Why?</p> <p><strong>This one trade changed 400 years of history in just four hours.</strong></p> <p>How so? Normally, it would take 10 days to handle the paperwork. But this trade concluded in less than four hours.</p> <p>The solution: a blockchain platform that streamlined the entire process.</p> <p><strong>While the trade was small, it was big for the $7 trillion trade finance industry.</strong></p> <p>What exactly is trade finance?</p> <p>It&rsquo;s when two companies in different countries want to buy and sell from each other. They use a bank to guarantee the transaction&hellip;</p> <p>For more than 400 years, trade finance hasn&rsquo;t changed much. It requires a mountain of paperwork. And all the parties involved spend a lot of time proving that they truly own what they say they own.</p> <p><em><strong>But that&rsquo;s all about to change.</strong></em></p> <p>Today, we show you how the blockchain is changing the inefficient trade finance industry. And we&rsquo;ll show you how to profit as well.</p> <h3><u><strong>How the Blockchain Is Disrupting Trade Finance</strong></u></h3> <p><strong>The trend in blockchain and trade finance is accelerating.</strong></p> <p>In February 2017, a cargo shipment containing $25 million worth of African crude steamed its way to China.</p> <p>The merchants involved sold the oil three times during the trip. Banks, agents, inspectors, and a commodity trading firm were all involved.</p> <p>The traditional analogue solution involved hundreds of documents. <strong>And it took at least three hours to complete each trade.</strong></p> <p><strong>But on this trip, each trade took less than 25 minutes.</strong></p> <p>The name of the project that made a 25-minute trade possible is Easy Trading Connect. It&rsquo;s a partnership between Société Générale and ING.</p> <p>And it works by moving the transactions to a private version of the Ethereum blockchain.</p> <p><strong>This particular transaction involved ING, Société Générale, and commodity trading house Mercuria.</strong></p> <p><img src="https://d24g2nq85gnwal.cloudfront.net/images/ing-transaction.jpg" style="width: 100%; max-width: 550px; height: auto;" /></p> <p>Saving time wasn&rsquo;t the only benefit of the trade.</p> <p>ING reported that trader efficiency improved by 33%. And Marco Dunand, CEO of Mercuria, stated the blockchain reduced costs by 30%.</p> <p>The blockchain is a savior for this manually intensive, paperwork-heavy process.</p> <p>Physical documents have always been a problem. It opens up transactions to human error, fraud, and delays.</p> <p><strong>With the blockchain, all documents get digitized. That makes documents safer to move around. And it solves a lot of paperwork problems.</strong></p> <p>For example, Mercuria sold the oil heading to China three times before it arrived. Because of the blockchain, Mercuria, ING, and Société Générale all had access to real-time data. No one had to go searching for the original source documents.</p> <p>Further, they were able to &ldquo;auto-check&rdquo; documents on a computer rather than doing it manually. That makes for a smooth process.</p> <p><strong>There&rsquo;s a huge incentive to move to the blockchain. Santander estimates the blockchain will cut trade finance costs up to $20 billion.</strong></p> <h3><u><strong>What to Do Next</strong></u></h3> <p><strong>Easy Trading Connect proves the blockchain works to conduct business.</strong></p> <p>And the benefit of the blockchain in trade finance is obvious.</p> <p><strong>This is just getting started</strong>. Venture capital firms and financial institutions are pouring millions of investment dollars into the blockchain.</p> <p>Right now, over 50 major financial institutions have in-house blockchain projects or relationships with blockchain startups.</p> <p><em><strong>Do you want exposure to the burgeoning blockchain bull market? The simplest way would be to buy a small amount of bitcoin.</strong></em></p> <p>Many new blockchain applications base their network on the bitcoin blockchain. And you need bitcoin to buy most other coins.</p> <p><em><u><strong>Doug Casey: </strong></u>As you probably know, I&#39;ve been involved in the investment world going back to the &#39;70s.</em></p> <p><em>I&#39;ve been pitched by &quot;experts&quot; on all kinds of investments. But for the most part, I&#39;ve stuck to what I know best &ndash; investing in precious metals and real estate when I see a bubble forming, and getting out before it pops.</em></p> <p><em>So you may be surprised to hear that I&#39;ve recently become interested in a new asset class: cryptocurrencies.</em></p> <p><em>I&#39;m talking about Bitcoin and its offshoots.</em></p> <p><em>At a recent investor&#39;s conference in Miami, I heard a presentation about this little-known market from a former hedge fund manager named Teeka Tiwari.</em></p> <p><em>Teeka is extremely well-connected in this market, traveling all over the world meeting with experts.</em></p> <p><em>He explained that over the past year, this market has taken off. Dozens of &quot;cryptos&quot; have shot up 1,000%, 5,000%... even 10,000% or more.</em></p> <p><em>This got my attention.</em></p> <p><em>I know a bull market when I see one... It seems to me that a marvelous bubble is building up in this area. And it&#39;s one that I would like to take advantage of.</em></p> <p>*&nbsp; *&nbsp; *</p> <p><em>Tonight at 8 p.m., Teeka Tiwari will host a free cryptocurrency question-and-answer session. <a href="https://research.palmbeachgroup.com/666678" target="_blank">You can submit your questions and watch the Q&amp;A session by clicking here</a>. But you must act soon&hellip; Anyone who joins his service by midnight will receive $100 in bitcoin.</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="583" height="320" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170428_block.jpg?1493410999" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/blockchain-about-disrupt-7-trillion-industry#comments Alternative currencies Bitcoin Bitcoin Blockchains Business China Computing Cross-platform software Crude Cryptocurrencies Ethereum Finance Finance Industry Money Precious Metals Real estate Fri, 28 Apr 2017 23:45:00 +0000 Tyler Durden 594750 at http://www.zerohedge.com Meet The Machine-Gun Wielding Robots And 'HyperSubs' Of Modern Warfare http://www.zerohedge.com/news/2017-04-28/meet-machine-gun-wielding-robots-modern-warfare <p>When the U.S. Marines and Allied forces stormed the beaches of Normandy in June 1944 over 200,000 Allied forces lost their lives in a matter of weeks. Now, courtesy of some futuristic military technology, "storming a beach" can be done from a completely remote location with some machine-gun wielding robots and not a single human casualty.&nbsp; </p> <p>Per a recent <a href="http://www.foxnews.com/tech/2017/04/27/us-marines-could-deploy-robots-and-hypersubs-to-storm-future-beaches.html">Fox News</a> note, in addition to miniature robot tanks, the <strong>Navy and Marine Corps have been quietly testing about 50 new fascinating technologies at Camp Pendleton, at the Ship-to-Shore Maneuver Exploration and Experimentation Advanced Naval Technology Exercise 2017, in California.</strong>&nbsp; Among other things, new gadgets include speedboats that instantly transform into small stealthy submarines that can dive beneath the surface to avoid detection.</p> <p>First up, meet the <strong>Multi-Utility Tactical Transport (MUTT) unit designed by General Dynamics.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The <strong>ATV-sized robots are mounted with machine guns that can charge up a beach and drive themselves</strong>, while helping dismount small units.</p> <p>&nbsp;</p> <p>Surf, sand and steep inclines are not going to stop the water-friendly MUTTs. The vehicles drive on tracks, or wheels, and there are two wheeled variants: 8x8 and 6x6.</p> <p>&nbsp;</p> <p><strong>The robot can be mounted with a range of different weapons, including machine guns.</strong></p> <p>&nbsp;</p> <p>The Browning M2 .50 caliber machine gun that weighs about 84 pounds is one option. Others include the belt-fed fully automatic FN Hershel 240B medium machine gun and the classic SAW (Squad Automatic Weapon M249).</p> <p>&nbsp;</p> <p>Beyond machine guns, <strong>they’ve also been successfully kitted out with options like 60mm mortars</strong>.</p> </blockquote> <script src="//video.foxnews.com/v/embed.js?id=5412140735001&amp;w=600&amp;h=337" type="text/javascript"></script><p><noscript>Watch the latest video at <a href="//video.foxnews.com">video.foxnews.com</a></noscript></p> <p>&nbsp;</p> <p>And here's another look:</p> <p><iframe src="https://www.youtube.com/embed/JlbA7utgo4w?ecver=2" width="600" height="337" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>Next up, and something that looks as if were lifted straight out of a Batman flic, is the 'HyperSub', designed by Reynolds Marion, which can serve as a speedboat operating on the surface of the water or quickly dive beneath the water to avoid detection.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Aside from the hybrid speedboat-submarine being worthy of a Hollywood summer blockbuster, it could potentially be used for tasks like scouting and surveillance. It could travel rapidly ahead of the fleet speeding along the surface.</p> <p>&nbsp;</p> <p>Marion calls the hybrid Fathom, a “HyperSub.” A specific model was created and brought to this exercise with details rather hush hush. But in general, the HyperSub can deploy from a beach or a dock and with its two 480-hp Yanmar 6LY3-ETP diesel engines reach cruising speeds of 38 mph.</p> <p>&nbsp;</p> <p>To evade enemy detection, it could dive beneath the surface.<strong> Able to recharge dive air and batteries, the vehicle can dive repeatedly. It is designed to provide protection from pressure changes.</strong></p> <p>&nbsp;</p> <p><strong>The HyperSub has more than 30,000 pounds of lift on demand</strong>. When the “coast is clear,” the Fathom can surface again and zip along the shore conducting surveillance.</p> </blockquote> <p><iframe src="https://www.youtube.com/embed/61IF-vcD-qo?ecver=2" width="600" height="337" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>Of course, these are just the toys the U.S. military is willing to show us...</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="559" height="300" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.04.28%20-%20War.JPG?1493395227" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/meet-machine-gun-wielding-robots-modern-warfare#comments Fox News futuristic military technology Hospitality M2 M2 Browning Medium machine gun Military robots Military technology navy Robot Submarine Technology United States Marine Corps US Federal Reserve US military Fri, 28 Apr 2017 23:20:00 +0000 Tyler Durden 594715 at http://www.zerohedge.com The Real Barack Obama Is Finally Exposed To Everyone http://www.zerohedge.com/news/2017-04-28/real-barack-obama-finally-exposed-everyone <p><a href="https://libertyblitzkrieg.com/2017/04/28/the-real-barack-obama-is-finally-exposed-to-everyone/"><em>Authored by Mike Krieger via Liberty Blitzkrieg blog,</em></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_obama.jpg"><em><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_obama_0.jpg" style="width: 560px; height: 293px;" /></em></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>There is no reason for the Democratic Party to exist.</strong></em><br />&ndash; Jimmy Dore</p> </blockquote> <p>I&rsquo;ve been surprised by the number of people who lived in total denial about who Barack Obama actually&nbsp;was throughout&nbsp;his entire administration, suddenly pointing out the ethical and demoralizing implications of his recent decision to accept $400,000 for a speech to Wall Street firm Cantor Fitzgerald.</p> <p>For myself and countless others, the writing was on the wall from virtually day one when he appointed Wall Street sycophants Timothy Geithner and Larry Summers to senior positions within his administration. Then came the policies, which were even more generous to Wall Street than any cynic could imagine. I posted countless pieces on Obama&rsquo;s cronyism throughout his Presidency, constantly referring to him as an oligarch-coddling fraud, which his record unquestionably&nbsp;confirms.</p> <p>It wasn&rsquo;t just Wall Street either. Although his protection and empowerment of that industry was particularly shameless, he coddled and elevated corporatism and cronyism generally throughout his eight years. As I observed&nbsp;in the 2015 post,&nbsp;<strong><a href="https://libertyblitzkrieg.com/2015/07/06/cronyism-pays-eric-too-big-to-jail-holder-triumphantly-returns-to-his-corporate-law-firm-job/" rel="bookmark noopener noreferrer" target="_blank" title="Permanent Link to Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job">Cronyism Pays &ndash; Eric &ldquo;Too Big to Jail&rdquo; Holder Triumphantly Returns to His Prior Corporate Law Firm Job</a></strong>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>Trying to determine Barack Obama&rsquo;s most&nbsp;corrupt, crony appointee presents&nbsp;a virtually impossible task. Every single person he&rsquo;s appointed to a position of power over the course of his unfathomably shady, violent and unconstitutional presidency, has been little more than a gatekeeper for&nbsp;powerful vested interests. Obama&rsquo;s job was to talk like a marxist, but act like a robber baron. In this regard, his reign has been an unprecedented success.</em></strong></p> </blockquote> <p>So why am I writing about Barack Obama? He&rsquo;s no longer President, and we once again face many of the exact same issues under President Trump. I&rsquo;m addressing it because I think the fact so many people are finally having this conversation is a very good thing. We can&rsquo;t have an honest dialogue&nbsp;about such an existential issue without admitting to ourselves the sad truth about who Barack Obama is.</p> <p>While&nbsp;I certainly understand it would&rsquo;ve been far more beneficial had many of these people faced reality years ago, we don&rsquo;t get to decide when people come around to admitting to themselves the truth about a person they worshipped (as my screaming into the wilderness for eight years can attest).</p> <p><strong>Denial is an extremely powerful thing, and tens of millions of Democrats were completely bamboozled by Obama due to their personal obsession&nbsp;with the man. This is precisely why cult of personality worship is so dangerous and counterproductive when it comes to politics. </strong>We need to grow up as a culture and start supporting policies over people, logic over emotion. If you become attached to a politician or a political party like a sports team, that individual or institution can very easily manipulate and betray you. We see this over and over again, and until we move to a higher level of understanding about the world around us, we will continue to be victimized by disingenuous, opportunistic shysters.</p> <p>Today&rsquo;s post will highlight two excellent exposes of the real Barack Obama by two individuals who were not fooled by Obama&rsquo;s soaring rhetoric and false promises, Matt Stoller and Jimmy Dore.</p> <p>Let&rsquo;s start with excerpts from Matt&rsquo;s recent <em>Medium</em> piece,&nbsp;<a href="https://medium.com/@matthewstoller/obama-the-hamiltonian-2a301d5c19ee" rel="noopener noreferrer" target="_blank">Obama the Hamiltonian</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="graf graf--p graf-after--p" id="c0f1"><em>Obama, like Bush, is a Hamiltonian. He believed that those at the top of large concentrated financial institutions are experts, with top-tier credentials, and, therefore, rightful rulers. As Mr. Obama put it, Jamie Dimon, the chief executive of JP Morgan Chase, and Lloyd Blankfein, the chief executive of Goldman Sachs, were just &ldquo;smart businessmen.&rdquo;</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>Behind this is a deep moral debate that goes back hundreds of years, to the days of Hamilton and Nicholas Biddle. Since the Boston Tea Party revolt against the British East Indies Company&rsquo;s attempted monopolization of the tea trade in 1773, Americans understood local commercial institutions as enabling key decisions to be made closer to the people who bore the costs of those decisions. Advocates of centralization, like Hamilton, believed that this was an unstable and weak model for how to craft a nation-state, and that a quasi-aristocratic class should rule.</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>The policy path of the Obama administration, like the Bush and Clinton administrations before it, and in some ways like Hamilton&rsquo;s Treasury Department, was largely construed around aiding the big, and hurting the small. Local banks lost out during the crisis, as did community-oriented banks. Black-owned banks, for example, were ten times less likely to receive bailout money than non-black-owned banks. This hit at the individual level as well. People in foreclosure were treated with one set of rules, while large Wall Street firms with significant debt were treated with another.</em></p> </blockquote> <p class="graf graf--p graf-after--p">As all of you must know by now, my personal convictions and philosophical leanings call for the exact opposite approach.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="graf graf--p graf-after--p" id="a433"><em>This Hamiltonian process of concentrating power was most obvious in the banking sector, but it is also part of an overall trend towards the monopolization of our commercial society and increasing control over our lives, our liberties, and our democracy by private financiers. Some within the Obama administration noticed problems towards the end of the administration. His administration challenged the Comcast-Time Warner merger and issued an executive order on monopoly. Antitrust chief Renata Hesse made a speech explicitly rejecting the modern pro-concentration treatment of antitrust. But this was far too little, loo late.</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>The open markets in which entrepreneurs thrive, in which workers have bargaining power, in which business is conducted honestly and effectively for the benefit of society, was fundamentally weakened during the eight years of the Obama administration, just as they had been during the Bush administration before it. The result is a bipartisan corrosive cynicism towards democracy,</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>Americans have been saying no to this for ten years. In 2006 and 2008, Americans threw the governing Republican Party out of power. In 2010 and 2014, they did the same to the Democrats, installing Obama in power. Then, in 2016, Donald J. Trump beat both 16 Republican candidates, and then Hillary Clinton. It&rsquo;s hard to see these electoral tremors as anything other than a rejection of the moral framework of both party establishments.</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>For virtually his whole Presidency, President Obama operated according to a Hamiltonian worldview in which social justice and concentrated capital went hand-in-hand, where technocracy was seen as superior to democracy. It is that same moral vision that animated Obama in accepting nearly half a million dollars in speaking fee money. Obama was the damn President?&mdash;?he&rsquo;s a smart guy, and yeah, this is who he should be spending time with and naturally this transfer of wealth is a just reward for him to live the lifestyle to which the virtuous class is entitled.</em></p> <p class="graf graf--p graf-after--p">&nbsp;</p> <p class="graf graf--p graf-after--p"><em>Obama&rsquo;s good society was one in which a few actors in this class organize our culture using their power over our lives and liberties, because their virtue has enabled them to have the capital or credentials to do so. It&rsquo;s why his <a class="markup--anchor markup--p-anchor" href="https://www.bloomberg.com/features/2016-obama-anti-business-president/" rel="nofollow noopener noreferrer" target="_blank">policy agenda</a> on the challenges of today&rsquo;s political economy was education, early childhood education, and a higher minimum wage, rather than any means to liberate us from the concentrated financiers that organize our markets and our communities. They are doing this for our own good, for one day, maybe not you or me, but perhaps our children might be able to scratch and claw into this rarefied class. If, of course, they have the virtue and intelligence to do so.</em></p> <p class="graf graf--p graf-after--p graf--trailing" id="2207"><em>Many people believe in this system. Many don&rsquo;t. But now we can actually have the argument in an honest way.</em></p> </blockquote> <p class="graf graf--p graf-after--p graf--trailing">The entire post is excellent and you should read it in full and share. He makes the very critical&nbsp;point that we as a people cannot move forward until we admit to ourselves what&nbsp;this country has actually become. <strong>Perhaps&nbsp;a&nbsp;shattering of the Obama illusion for the millions&nbsp;of those who were until recently somehow still clinging&nbsp;on to the dishonest&nbsp;&ldquo;hope and change&rdquo; rhetoric can serve as a starting point for some real change.</strong></p> <p class="graf graf--p graf-after--p graf--trailing">Finally, I want to share Jimmy Dore&rsquo;s latest rant on the topic. Readers&nbsp;know how much I love his show based me consistently highlighting it on these pages, but this might be his best one yet.</p> <p class="graf graf--p graf-after--p graf--trailing"><em>Before you take a watch, I want to note that this week has been a little slow on the Liberty Blitzkrieg donation front, so if you enjoy my work and have the means to contribute, please consider doing so. Ad revenue from the likes of Google has completely plummeted this year, and no longer represents a remotely reasonable&nbsp;source of revenue. I will have to depend on readers much&nbsp;more going forward.</em></p> <p><em>Here&rsquo;s how to:&nbsp;<a href="https://libertyblitzkrieg.com/support-liberty-blitzkrieg/" rel="noopener noreferrer" target="_blank">Support Liberty Blitzkrieg</a></em></p> <p><iframe frameborder="0" height="315" src="https://www.youtube.com/embed/3yJO5xCEDmk" 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="768" height="402" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170428_obama.jpg?1493410587" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/real-barack-obama-finally-exposed-everyone#comments Barack Obama Barack Obama Barack Obama presidential campaign Boston Tea Party Bush Administration Cronyism Democratic Party Department of the Treasury Foreign policy of the Barack Obama administration goldman sachs Goldman Sachs Google Illinois International reactions to the United States presidential election Jamie Dimon Larry Summers Lloyd Blankfein Nicholas Biddle Obama Administration Obama administration Politics Politics of the United States President Obama Progressivism in the United States Reality Republican Party Timothy Geithner Treasury Department United States Fri, 28 Apr 2017 22:55:00 +0000 Tyler Durden 594749 at http://www.zerohedge.com Bank of England Gold Vaults Bled 1500 Tonnes of Gold over 2013-2016 New Data Shows http://www.zerohedge.com/news/2017-04-28/bank-england-gold-vaults-bled-1500-tonnes-gold-over-2013-2016-new-data-shows <p><em><strong>Submitted by Ronan Manly, <a href="http://www.bullionstar.com">BullionStar.com</a></strong></em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">An article in February on BullionStar&rsquo;s website titled &ldquo;<a href="https://www.bullionstar.com/blogs/ronan-manly/chink-light-londons-gold-vault-holdings/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">A Chink of Light into London&rsquo;s Gold Vaults?</a>&rdquo; discussed an upcoming development in the London Gold Market, namely that both the Bank of England (BoE) and the commercial gold vault providers in London planned to begin publishing regular data on the quantity of physical gold actually stored in their gold vaults.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Critically, this physical gold stored at both the Bank of England vaults and the commercial London vaults underpins the gargantuan trading volumes of the London Gold Market and&nbsp;the same market&rsquo;s &lsquo;liquidity&rsquo;. Therefore, a new vault holdings dataset would be a very useful reference point for relating to London&rsquo;s &lsquo;gold&rsquo; trading volumes as well as relating to data such as the level and direction of the gold price, the volume of gold held in gold-backed Exchange Traded Funds (ETFs), UK gold import and export statistics, and Swiss and Hong Kong gold imports and exports.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The impending publication of this new gold vault data was initially signalled by two sources. Firstly, in early February, the Financial Times (FT) wrote a story claiming that the London Bullion Market Association (LBMA) planned to begin publishing 3 month lagged physical gold storage data for the entire London gold vaulting network, that would, according to the FT:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;show<span style="box-sizing: border-box; text-decoration-line: underline;">&nbsp;gold bars</span>&nbsp;held by&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">the BoE</span>, the&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">gold clearing banks</span>, and those&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">[vaults] operated by the security companies</span>&nbsp;such as Brink&rsquo;s, which are also members of the LBMA.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The &ldquo;gold clearing banks&rdquo; are the bullion bank members of London Precious Metals Clearing Limited (LPMCL), namely, HSBC, JP Morgan, ICBC Standard Bank, Bank of Nova Scotia &ndash; Scotia Mocatta, and UBS. HSBC and JP Morgan operate precious metals vaults in London. See profile of&nbsp;<a href="https://www.bullionstar.com/gold-university/jp-morgan-gold-vault-london" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">JP Morgan&rsquo;s London vault</a>&nbsp;and a&nbsp;<a href="https://www.bullionstar.com/gold-university/hsbc-gold-vault-london" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">discussion of the HSBC vault</a>&nbsp;. ICBC Standard Bank also maintains a vault in London which is operated on its behalf by Brinks.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">There are 4 security companies with their own vaults in London, namely,&nbsp;<a href="https://www.bullionstar.com/blogs/ronan-manly/gold-vaults-london-malca-amit/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">Malca Amit</a>, Loomis, Brinks and&nbsp;<a href="https://www.bullionstar.com/gold-university/g4s-london-gold-vault" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">G4S</a>. Therefore, including the Bank of England, there are<a href="http://www.lbma.org.uk/assets/market/gdl/Custodians_London.pdf" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">&nbsp;8 custodians with gold vaults in London</a>&nbsp;that comprise the LBMA gold vaulting network.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The second publication to address the new gold vault data was the World Gold Council. On 16 February, addressing just the Bank of England vaults, the World Gold Council wrote in its Gold Investor publication that:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;The Bank of England is, for the first time, publishing monthly data revealing the amount of gold it holds on behalf of other central banks.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;The data reveals the total weight of gold held within the Bank of England&rsquo;s vaults and includes five years of historical data.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">While I had been told by a media source that the London vault data would be released in the first quarter of 2017, at the time of writing, there is still no sign of any LBMA vault holdings data covering the commercial vault operators in London. However, the Bank of England has now gone ahead and independently released its own numbers covering gold held in&nbsp;<a href="https://www.bullionstar.com/gold-university/bank-england-gold-vaults" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">the Bank of England gold vaults</a>. These gold vaults, of which there are between 8 &ndash; 10 (the number fluctuates), are located on the 2 basement levels of the Bank of England headquarters in the City of London.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">In an updated web page on the Bank of England&rsquo;s website simply titled&nbsp;<a href="http://www.bankofengland.co.uk/what/Pages/gold.aspx" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">&lsquo;Gold&rsquo;</a>, the Bank of England has now added a section titled &lsquo;<em style="box-sizing: border-box;">Bank of England Gold Holdings</em>&rsquo; and has uploaded an&nbsp;<a href="http://www.bankofengland.co.uk/about/Documents/golddata.xlsx" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">Excel spreadsheet</a>&nbsp;which contains end-of-month gold holdings data covering every month for a 6-year + period up to the end of January 2017, i.e. every month from January 2011 to December 2016 i.e. 72 months. Note that as of 28 April, this dataset has also been updated to include month-end January 2017 data, so is now a dataset of 73 months.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user227218/imageroot/2017/04/25/BoE%20vault.png" style="width: 600px; height: 359px;" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><strong style="box-sizing: border-box; color: rgb(34, 14, 16); font-style: italic;">Bank of England &lsquo;show vault&rsquo;</strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">According to the Bank of England, the data in the spreadsheet shows:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;the weight of gold held in custody on the last business day of each month. We publish the data with a minimum&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">three-month lag</span>.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">Values are given in thousands of fine troy ounces. Fine troy ounces denote only the pure gold content of a bar.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">We only accept bars which comply with London Bullion Market Association (LBMA) London Good Delivery (LGD) standards. LGD bars must meet a certain minimum fineness and weight. A typical gold bar weighs around 400 oz.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">Historic data on our gold custody holdings can be found in our Annual Report.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Prior to this spreadsheet becoming available, the Bank of England only ever divulged gold vault quantity data once a year within its Annual Report, for year-end reporting date end of February.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">You will appreciate that the new spreadsheet, having data for every month of the year, and for 72 months of data retrospectively, conveys a lot more information than having just one snapshot number per year in an annual report. Therefore, the Bank of England has gone some way towards improving transparency in this area.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Before looking at the new data and what it reveals, it&rsquo;s important to know what this data relates to. The Bank of England provides gold custody (storage) services to both central banks and a number of large commercial banks. Large commercial banks which trade gold are commonly known as bullion banks, and are mostly the high-profile and well-known investment banks.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">On its gold web page, the Bank highlights this fact &ndash; that it provides gold custody service to both central banks and commercial banks:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 60px;"><em style="box-sizing: border-box;">&ldquo;We provide safe custody for the United Kingdom&rsquo;s gold reserves, and&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">for other central banks</span>. This&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">supports financial stability by providing central banks with access to the liquidity of the London gold market</span>.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 60px;"><em style="box-sizing: border-box;">We also&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">provide gold accounts to certain commercial firms</span>&nbsp;that facilitate access for central banks to the London gold market.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">In the London Gold Market, the word &ldquo;liquidity&rdquo; is a euphemism for gold loans, gold swaps, and gold trading including gold sales. This reference to central banks accessing the London Gold Market as being in some way supportive of &lsquo;<em style="box-sizing: border-box;">financial stability</em>&rsquo; is also an eye-opener, since reading between the lines, the Bank of England is conceding that by accessing the London Gold Market&rsquo;s &ldquo;liquidity&rdquo; via bullion banks, these central bank clients are either contributing to direct stabilisation of the gold price in some shape or form, or else are using their gold operations to raise foreign currencies for exchange rate intervention and/or system liquidity. But both routes are aiming at the same outcome. i.e. stability of the financial system.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">At the end of the day, the gold price has always been a barometer that central banks strive to keep a lid on and which they aim&nbsp;to stabilise or smoothen the gyrations of, given that the alternative &ndash; a freely formed and unmanipulated gold price &ndash; would thwart their coordination of fiat currency exchange rates, interest rates and inflation targets.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Interestingly, in addition to the new spreadsheet of gold holdings data, the Bank of England gold web page now includes a link to a new 1 page &lsquo;Gold Policy&rsquo; pdf document, which, looking at the pdf document&rsquo;s properties, was only created on 30 January 2017. This document therefore also looks like it was written in conjunction with the new gold vault data rollout.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The notion of central banks accessing the liquidity of the London Gold Market via bullion banks is further developed in this Gold Policy document also. The document is quite short and merely states the following:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;GOLD ACCOUNTS AT THE BANK OF ENGLAND</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">1. The Bank primarily offers gold accounts to central bank customers. This is to support&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">financial stability</span>&nbsp;by providing central banks with secure custody for their gold reserves and access to the&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">liquidity</span>&nbsp;of the London gold market (particularly given the Bank&rsquo;s location).</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">2. To facilitate, either directly or indirectly, access for central banks to the liquidity of the London gold market, the Bank will also consider providing gold accounts to certain&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">commercial firms</span>. In deciding whether to provide an account, the Bank will be guided by the following criteria.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 60px;"><em style="box-sizing: border-box;">a. The firm&rsquo;s day to day activities must support the liquidity of the London gold market.</em><br style="box-sizing: border-box;" /><em style="box-sizing: border-box;">b. Specifically, the Bank may have regard to a number of factors including but not limited to: evidence of active or prospective trading with a central bank customer; or whether the firm has committed to honour buy and sell prices.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">3. Access to a gold account remains at the sole discretion of the Bank.</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">4. The Bank will review this policy periodically.&rdquo;</em></p> <h3 style="box-sizing: border-box; clear: both; font-family: Helvetica, sans-serif; line-height: 1.3; font-size: 18px; margin-top: 22px; margin-bottom: 22px; color: rgb(48, 48, 48);">The Vault Data</h3> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Nick Laird has now produced a series of impressive charts of this new Bank of England data on his website&nbsp;<a href="http://www.goldchartsrus.com/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">GoldChartsRUS</a>. Plotting the series of 72 months of gold holdings&nbsp;data over January 2011 to December 2016 yields the below chart.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user227218/imageroot/2017/04/25/BOEGoldReserves01t.png" style="width: 650px; height: 459px;" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><strong style="box-sizing: border-box; color: rgb(34, 14, 16); font-style: italic;">Bank of England custodial gold holdings: January 2011 &ndash; December 2016. Source&nbsp;<a href="http://www.goldchartsrus.com/" style="box-sizing: border-box; color: rgb(234, 150, 41); text-decoration-line: underline; outline: 0px;">www.GoldChartsRUS.com</a></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">On average, the Bank&rsquo;s vaults held 5457 tonnes of gold over this 6 year period. The minimum amount of gold held was 4693 tonnes at the end of March 2016, while the maximum quantity of gold held was 6250 tonnes at the end of February 2013.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The overall trend in the chart is downward with a huge&nbsp;outflow of gold bars from the bank&rsquo;s vaults from&nbsp;the end of February 2013 to the end of March 2016.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">As of January 2011, the BoE held just over&nbsp;5500 tonnes of gold bars in its vaults. Gold holdings rose until the end of August 2011 and peaked at nearly 5900 tonnes before falling to 5600 tonnes at year-end 2011. Overall in 2011, the holdings fluctuated in a 400 tonne range, trending up during the first 8 months, and down during the latter 4 months.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">This downtrend only lasted until January 2012, at which point BoE&nbsp;gold holdings totalled about 5450 tonnes. For the remainder of 2012, BoE gold under custody rose sharply, reaching 6200 tonnes by the end of 2012, a level near the ultimate peak in this 6 year chart. The year 2012 was therefore a year of accumulation of gold bars at the Bank during which 750 tonnes&nbsp;were added.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The overall maximum peak was actually 6250 tonnes at the end of February 2013, after which a sustained downtrend evolved through the remainder of 2013. By December 2013, gold under custody at the Bank of England had fallen to 5670 tonnes, creating an overall outflow of 580 tonnes of gold bars during 2013.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The outflow of gold continued during 2014 with another 470 tonnes flowing out of the Bank, leading to&nbsp;end of year 2014 gold holdings of&nbsp;just 5200 tonnes. The outflow also continued all through 2015 with only 4780 tonnes of gold in custody at the end of December 2015. The Bank therefore lost another 440 tonnes &nbsp;of gold bars in 2015.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Overall, that makes an outflow of 1490 tonnes of gold from the Bank&rsquo;s vaults over the 3 years from 2013 to 2015 inclusive. This downtrend lingered&nbsp;for 3 more months, with another 80 tonnes lost,&nbsp;which brought the end of March 2016 and end of April 2016 figures to&nbsp;a level of about 4700 tonnes, which is the overall trough on the chart. It also means that there was a net outflow of 1570 tonnes of gold bars from the Bank&rsquo;s vaults from the end of February 2013 to the end of March / April 2016.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">A new uptrend / inflow trend began at the end of April 2016 and continued to the end of November 2016, where gold custody holdings peaked again at about 5123 tonnes before levelling off at the end of&nbsp;December 2016 at 5102 tonnes. Therefore, from the end of April 2016 to the end of December 2016, the Bank of England vaults added 400 tonnes of gold bars.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The gold holdings of the vast majority of central banks&nbsp;have remained stagnant over the 2011 &ndash; 2016 period, the exceptions being the central banks of China and Russia. But Russia buys domestically mined gold and stores it in vaults in Moscow and St Petersburg, so this would not affect gold holdings at the Bank of England. China&rsquo;s central bank, the People&rsquo;s Bank of China (PBoC), is known to buy its gold on the international market, including the London Gold Market. It then monetizes this gold (classifies it as monetary gold), and airlifts it back to China. But these Chinese purchases don&rsquo;t show up in UK gold exports because monetary gold is exempt from trade statistics reporting. However, if China was surreptitiously buying gold from other central banks with gold accounts at the Bank of England or buying gold from bullion banks with gold accounts at the BoE, then some of the gold outflows from the BoE could be PBoC gold purchases. But without central bank specific data, its difficult to know.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">But what is probably true is that the fluctuations in the quantity of gold stored in the Bank of England vaults are more do to with the gold holdings of bullion banks and less to do with the gold holdings of central banks, for the simple reason that central bank gold holdings are relatively static, or the least the central banks claim that their gold holdings are static. This does not take into account the gold lending market which the central banks and bullion banks go to great lengths to keep secret.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user227218/imageroot/2017/04/25/BOEGoldReserves05t.png" style="width: 650px; height: 470px;" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><strong style="box-sizing: border-box; color: rgb(34, 14, 16); font-style: italic;">Bank of England custodial gold holdings and US Dollar Gold Price: January 2011 &ndash; December 2016. Source&nbsp;<a href="http://www.goldchartsrus.com/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">www.GoldChartsRUS.com</a></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">There is also a noticeable positive correlation between the movement of the US Dollar gold price and the inflows/outflows of gold to and from the Bank of England vaults, as the above chart demonstrates.</p> <h3 style="box-sizing: border-box; clear: both; font-family: Helvetica, sans-serif; line-height: 1.3; font-size: 18px; margin-top: 22px; margin-bottom: 22px; color: rgb(48, 48, 48);">Bullion Bank gold accounts at the BoE</h3> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">One basic piece of information that the Bank of England&rsquo;s new vault storage data lacks is an indication of how many central banks and how many commercial banks are represented in the data.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">In its first&nbsp;<a href="http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q202.pdf" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">quarterly report from Q1 2014</a>,<a href="http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q202.pdf" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">&nbsp;</a>the Bank of England&nbsp;states that 72 central banks operate gold accounts at the bank of England, a figure which includes a few official sector organisations such as the International Monetary Fund (IMF), European Central Bank (ECB), and Bank for International Settlements (BIS). This number would not have changed much in the meantime, so we can assume that the gold holdings of about 72 central banks are represented in the new data. But the number of commercial banks holding gold accounts at the Bank of England is less clear-cut.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The 5 gold clearing banks of the LPMCL all hold gold accounts at the Bank of England. Why? Because it says so&nbsp;on the&nbsp;<a href="http://lpmcl.com/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">LPMCL website</a>:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;Each member of LPMCL has vaulting facilities under its control for the storage of gold and/or silver,&nbsp;<strong style="box-sizing: border-box;">plus in the case of gold bullion, account facilities at the Bank of England</strong>, which have contributed to the development of bullion clearing in London.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The LPMCL also states that its clearing statistics include:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><strong style="box-sizing: border-box;"><em style="box-sizing: border-box;">&ldquo;Transfers over LPMCL Clearing Members&rsquo; accounts at the Bank of England.&rdquo;</em></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Additionally, the LPMCL website states that their</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;clearing and vaulting services help facilitate physical precious metal movement logistics, location swaps, quality swaps and<span style="box-sizing: border-box; text-decoration-line: underline;">&nbsp;liquidity management</span>.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">See BullionStar article &ldquo;<a href="https://www.bullionstar.com/blogs/ronan-manly/spotlight-lpmcl-london-precious-metals-clearing-limited/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">Spotlight on LPMCL: London Precious Metals Clearing Limited</a>&rdquo; for a full profile of LPMCL.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The Bank of England&rsquo;s reference in its new &lsquo;Gold Policy&rsquo; document to commercial banks needing to be &ldquo;<em style="box-sizing: border-box;">committed to honour buy and sell prices&rdquo;&nbsp;</em>is a reference to market makers<em style="box-sizing: border-box;">&nbsp;</em>and&nbsp;would cover all 13 LBMA market makers in gold, which are the 5 LPMCL members and also BNP Paribas, Citibank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale, Standard Chartered Bank, Toronto-Dominion Bank. But there are also gold trading banks that make a market in gold which are not officially LBMA market makers, such as Commerzbank in Luxembourg which claims to be one of the biggest bullion banks in the world.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">So I would say that lots of other bullion banks (of which there about 40 in total) have gold accounts at the Bank of England in addition to the 13 official LBMA market makers.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">More fundamentally, any bullion bank that is engaged in gold lending with central banks (the central banks being the lenders and the bullion banks being the borrowers) would need a gold account at the Bank of England. I counted 28 bullion banks that have been involved with borrowing the gold of just one central bank, the central bank of Bolivia (Banco Central de Bolivia &ndash; BCB) between 1998 and 2016. Some of these banks have since merged or exited precious metals trading, but still, it gives an estimate of the number of bullion banks that have been involved in the gold lending market. The Banco Central de Bolivia&rsquo;s gold lending activities will be covered in some forthcoming blog posts.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Bullion banks that are Authorised Participants (APs) for gold-backed ETFs&nbsp;such as the SPDR Gold Trust (GLD) or iShares Gold Trust (IAU) may also have gold accounts at the Bank of England. I say may have, because in practice the APs leave it up to the custodians such as HSBC and JP Morgan to allocate or deallocate the actual physical gold flowing in and out of the ETFs, but HSBC on occasion uses the Bank of England as a sub-custodian for GLD gold (see &ldquo;<a href="https://www.bullionstar.com/blogs/ronan-manly/spdr-gold-trust-gold-bars-bank-england/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">SPDR Gold Trust gold bars at the Bank of England vaults</a>&rdquo; for details), so if some of the APs want to keep their own stash of allocated physical gold in relation to ETF trading, it would make sense for them to have a gold account at the Bank of England.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">As to how much gold the GLD stores at the Bank of England and how regularly this occurs is still opaque&nbsp;because the SEC does not require the GLD filings to be very granular, however there is a very close correlation between inflows and outflows from GLD and the inflows and outflows from the Bank of England vaults, as the following chart clearly illustrates.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user227218/imageroot/2017/04/25/BOEGoldReserves04t.png" style="width: 650px; height: 459px;" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><strong style="box-sizing: border-box; color: rgb(34, 14, 16); font-style: italic;">Gold held in the SPDR Gold Trust (GLD) and custody gold held at the Bank of England: January 2011 &ndash; December 2016. Source:<a href="http://www.goldchartsrus.com/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">www.GoldChartsRUS.com</a></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">As gold was extracted from the GLD beginning in late 2012, a few months later the Bank of England gold holdings began to shrink also. This trend continues all the way through 2013, 2014 and 2015. Then as the amount of gold began to increase in the GLD at the end of 2015, the gold holdings at the Bank of England began to increase also. Could this be bullion banks extracting gold from the GLD, then holding this gold at the Bank of England and then subsequently exporting it out of the UK?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Some of it could, but UK gold net exports figures suggest that gold was withdrawn from both the Bank of England vaults and from the ETF gold stored at&nbsp;commercial gold vaults (run by HSBC and JP Morgan), after which it was exported.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user227218/imageroot/2017/04/25/BOEGoldReserves07t.png" style="width: 650px; height: 574px;" /></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;"><strong style="box-sizing: border-box; color: rgb(34, 14, 16); font-style: italic;">Custody gold held at the Bank of England and UK gold imports and exports: January 2011 &ndash; December 2016. Source:<a href="http://www.goldchartsrus.com/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">www.GoldChartsRUS.com</a></strong></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">Looking at the above chart which plots&nbsp;Bank of England gold holdings and UK gold imports and exports (and net exports) is revealing. As Nick Laird points out in this chart, over the 2013 to 2015 period during which the Bank of England gold holdings fell by 1500 tonnes, there were UK net gold export flows of&nbsp;2500 tonnes, i.e. 2500 tonnes of gold flowed out of London gold vaults, so an additional 1000 tonnes had to come from somewhere apart from the Bank of England vaults.</p> <h3 style="box-sizing: border-box; clear: both; font-family: Helvetica, sans-serif; line-height: 1.3; font-size: 18px; margin-top: 22px; margin-bottom: 22px; color: rgb(48, 48, 48);">Spot Checks</h3> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The new monthly vault holdings data from the Bank of England can now also be compared to the amount of gold reported by the Bank of England in its annual reports. The figures the Bank reports in the annual report are as of the end of February. These figures are only reported in Pounds Sterling, not quantities, so they need to be either converted to USD and divided by the USD LBMA Gold Price on the last day of February, or else just divided by the GBP LBMA Gold Price on that day.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">In September 2015, I wrote the article &ldquo;<a href="https://www.bullionstar.com/blogs/ronan-manly/how-many-good-delivery-gold-bars-are-in-all-the-london-vaults-including-the-bank-of-england-vaults/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">How many Good Delivery gold bars are in all the London Vaults?&hellip;.including the Bank of England vaults</a>&rdquo;. This was followed by an October 2016 update titled &ldquo;<a href="https://www.bullionstar.com/blogs/ronan-manly/tracking-gold-held-london-update-etf-boe-holdings/" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">Tracking the gold held in London: An update on ETF and BoE holdings</a>&rdquo;. Both of these articles aimed to calculate how much gold was actually stored in the entire London gold vaulting network by looking at how much gold was held in custody&nbsp;in the Bank of England vaults and how much gold was held by ETFs in London.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">For end of February 2015, the calculated total for gold held at the Bank of England (based on the annual report) came out at 5,134 tonnes. Now the Bank of England data says 5126 tonnes which is very close to the calculation. &nbsp;For February 2016, the calculation came out at 4725 tonnes. &nbsp;The new Bank of England data now says&nbsp; 4730 tonnes, so that&rsquo;s pretty close also.</p> <h3 style="box-sizing: border-box; clear: both; font-family: Helvetica, sans-serif; line-height: 1.3; font-size: 18px; margin-top: 22px; margin-bottom: 22px; color: rgb(48, 48, 48);">Conclusion</h3> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">This new Bank of England data is welcome and the Bank of England has taken a step towards greater transparency. However, it would be more useful if the Bank published a breakdown of how much of this gold is held by central banks and how much is held by bullion banks, along with the number of central banks and number of bullion banks that the data represents. Two distinct sets of data would be ideal, one for central bank custody holdings and the other for bullion bank custody holdings. The Bank most likely would never publish two sets of data as it would show bullion bank gold storage activity for the whole world to see.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">While the Bank of England has now followed through with its promise to publish its gold vault holdings, the LBMA has still not published gold vault data for the commercial gold vault providers, i.e. its members HSBC, JP Morgan, ICBC Standard Bank, Brinks, Malca Amit, Loomis and G4S. Where is this data, why is there a delay, and why has it not yet been published?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">As a reminder, the Financial Times article in early February said that the LBMA would publish gold vault holdings data that would:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;show<span style="box-sizing: border-box; text-decoration-line: underline;">&nbsp;gold bars</span>&nbsp;held by&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">the BoE</span>, the&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">gold clearing banks</span>, and those&nbsp;<span style="box-sizing: border-box; text-decoration-line: underline;">[vaults] operated by the security companies</span>&nbsp;such as Brink&rsquo;s&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The Financial Times article also said that:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;">&ldquo;<em style="box-sizing: border-box;">HSBC and JPMorgan, London&rsquo;s biggest bullion banks, are backing the initiatives by the LBMA to improve transparency.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">With the gold holdings data on the other London vaults still not published, it begs the question, has there been a change of mind by HSBC and JP Morgan, two of the LBMA&rsquo;s largest and most powerful members?</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">The&nbsp;<a href="http://www.lbma.org.uk/vaulting" style="box-sizing: border-box; color: rgb(170, 99, 39); text-decoration-line: underline;">vaulting page of the LBMA&rsquo;s website</a>&nbsp;could also do with an update since currently it erroneously says:</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;"><em style="box-sizing: border-box;">&ldquo;Reputedly [the Bank of England vaults are] the second largest vault in the world with approximately&nbsp;<strong style="box-sizing: border-box;"><span style="box-sizing: border-box; text-decoration-line: underline;">500,000 gold bars held in safe custody</span></strong>&nbsp;on behalf of its customers, including LBMA members, central banks, international financial institutions and Her Majesty&rsquo;s Treasury.&rdquo;</em></p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">A holding of 500,000 Good Delivery gold bars is equal to 6250 tonnes. However, according to the Bank of England&rsquo;s own figure for month end January 2017, the Bank of England only holds 5085 tonnes of gold in custody (~ 406,800 Good Delivery gold bars). Therefore, the LBMA is overstating the Bank of England&rsquo;s holdings by 1165 tonnes, unless, and it&rsquo;s highly unlikely, that the BoE vaults have seen huge gold bar inflows in the last 3 months.</p> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 24px; color: rgb(48, 48, 48); font-family: Arial, sans-serif; font-size: 12px;">This article first appeared on the <a href="http://www.bullionstar.com">BullionStar.com website</a> as <span style="font-size:12px;">&quot;<span style="font-family: Arial, Helvetica, sans-serif; font-weight: bold;"><a href="https://www.bullionstar.com/blogs/ronan-manly/bank-england-publishes-new-data-gold-vault-holdings/">Bank of England releases new data on its gold vault holdings</a>&quot;.</span></span></p> http://www.zerohedge.com/news/2017-04-28/bank-england-gold-vaults-bled-1500-tonnes-gold-over-2013-2016-new-data-shows#comments B+ Banco Central de Bolivia Bank of England Bank of England BIS BOE Bullion Business central bank of Bolivia Central Banks China Citibank Economy of London European Central Bank European Central Bank Exchange-traded fund Finance Gold Gold as an investment goldman sachs Goldman Sachs Hong Kong International Monetary Fund International Monetary Fund Investment London bullion market London Bullion Market Association LPMCL Merrill Merrill Lynch Money Morgan Stanley pdf People's Bank of China Precious Metals Precious metals Security Standard Chartered Transparency U.S. Securities and Exchange Commission United Kingdom Vault World Gold Council World Gold Council Fri, 28 Apr 2017 22:43:28 +0000 BullionStar 594766 at http://www.zerohedge.com These Are The 10 Worst (And Best) Jobs In America http://www.zerohedge.com/news/2017-04-28/these-are-10-worst-and-best-jobs-america <p>The latest annual survey of the best and worst jobs in the country has again found that being a newspaper reporter (blogger may or may not fall under the umbrella) is the worst career one can be pursue.</p> <p>Careercast.com <a href="http://www.careercast.com/jobs-rated/2017-jobs-rated-report">has released its annual job rankings</a>, where they rank 200 jobs from best to worst. At the very bottom, the survey put the annual median salary of a print reporter at $37,820, barely changed <a href="http://www.zerohedge.com/news/2016-04-15/these-are-10-worst-and-best-jobs-america">from one year ago</a>. Not surprisingly for an industry in its twilight days, it is the fourth year in a row that a newspaper reporter ranked as the worst job. Being a broadcaster didn't fare much better, coming in second worst on the list and earning just $1,000 more.</p> <p>According to the survey, the worst jobs of 2017 - which pay as low as $22,040, have high levels of stress and have poor hiring outlooks - are some of the cornerstones of our society, and great careers for those with the personality types able to face stress (and sometimes danger) head-on. The two lowest-ranking jobs of 2017 have recently taken center stage in American culture in a way not seen in many years. The value of trained, professional Newspaper Reporters and Broadcasters has taken on heightened importance recently as well as increased scrutiny. Journalists covering politics in particular, have been under extreme pressure, in many cases pressured by their bosses to "creatively" reflect reality with a given ideological spin, while accusing their opponents of being "fake news." Predictably, the two professions rank among the 13 worst for job outlook, with negative growth forecasted through 2024.</p> <p>"The news business has changed drastically over the years, and not in a good way,” former Broadcaster Ann Baldwin, president of Baldwin Media PR in New Britain, Connecticut recently told Fox5NY. “When people ask me if I miss it, I tell them ‘I feel as if I jumped off of a sinking ship.’”</p> <p>The report notes that one factor that has many media jobs among the worst is the decline of advertising revenue. And, a drop in advertising sales translates to a decline in positions for advertising sales people. The Bureau of Labor Statistics (BLS) projects a 3% decline for Ad Sales Reps. The annual median pay, averaging less than $50,000 a year, trends to the lower end of the Jobs Rated report. Combined with high stress, for the second year in a row, Advertising Salesperson made the list of 10 worst jobs, landing at No. 194 of the 200 careers ranked in the report. </p> <p>Rounding off the 10 worst jobs are taxi driver ranked 10th, retail salesperson at No. 9, followed by firefighter, ad salesperson and disc jockey. Number five on the list is pest control worker. Enlisted military personnel came in at No. 4, followed by logger.</p> <p>* * * </p> <p>As for the best job, this year that honor went to statistician, with an average salary of $80,110, replacing last year's winner, data scientist (which this year pays $111,267 on average). </p> <p>According <a href="http://www.careercast.com/jobs-rated/best-jobs-2017">to the survey</a>, "as the world becomes more quantitative and data-focused, mathematics takes center stage, with Statistician topping the best jobs of 2017. Applying the Jobs Rated criteria – evaluating income, growth outlook, stress and environmental factors – this hot field ranked No. 1."</p> <p>In a "big data" world, one major factor in the profession’s top billing is that employment is expected to jump by 34% in the coming seven years. The extraordinarily high hiring outlook is the result of increased demand in fields that might not otherwise seem like areas for Statisticians.</p> <p>In total, four of the top 10 best jobs of 2017 are built on math. Operations Research Analyst ranks No. 3 and Mathematician ranks No. 7. Operations Research Analysts can be found in virtually every industry, from manufacturing to finance and throughout the spectrum of government agencies. They use optimization, data mining, statistical analysis and mathematical modeling to develop solutions that help businesses and organizations operate more efficiently.&nbsp; </p> <p>Healthcare and computer jobs also dominate the best jobs of 2017. At No. 4, Information Security Analyst is the highest rated technology field of the 2017 Jobs Rated report, but it’s not alone in the Top 10. Software Engineer has been a mainstay on the annual best jobs rankings, and maintains a place at No. 8. Small wonder with a $100,690 annual median salary and growth outlook of 17%. </p> <p>It was not immediately clear where the most rapidly growing job category in the "new normal" American recovery, those of waiters and bartenders, fell within this list.</p> <p>Below is an infographic summary of the trend observed within the best and worst jobs:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/hiring%20infographic.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/hiring%20infographic_0.jpg" width="500" height="208" /></a></p> <p>And here is the detailed breakdown of the 10 best and 10 worst jobs in the U.S. right now.</p> <p><em>First, the top <a href="http://www.careercast.com/jobs-rated/best-jobs-2017">10 best jobs according </a>to the Careercast rankings:</em></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Statistician&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%201_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Medical%20Services%20Manager&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%202_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Operations%20Research%20Analyst&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%203_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Information%20Security%20Analyst&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%204_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Data%20Scientist&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%205_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=University%20Professor&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%206_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Mathematician&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%207_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Software%20Engineer&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%208_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Occupational%20Therapist&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%209_0.jpg" width="500" height="187" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Speech%20Pathologist&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/stat%20top%2010_0.jpg" width="500" height="187" /></a></p> <p><em>And below are <a href="http://www.careercast.com/jobs-rated/worst-jobs-2017">the top 10 worst jobs</a>. We'll begin with the worst according to Careercast, which happens to be a newspaper reporter. As noted above, blogger - especially, and ironically, one chronicling the failure of a broken socio-economic system - may or may not fall into this umbrella definition. </em></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Newspaper%20Reporter&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%201_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Broadcaster&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%202_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Logger&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%203_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Enlisted%20Military%20Personnel&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%204_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Pest%20Control%20Worker&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%205_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Disc%20Jockey&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/jo%20worst%206_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Advertising%20Sales%20Person&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%207_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Firefighter&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%208_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Retail%20Salesperson&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%209_0.jpg" width="500" height="189" /></a></p> <p><a href="http://www.careercast.com/jobs/search/index?kwsPrimary=Taxi%20Driver&amp;postMe=Y"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/04/19/job%20worst%2010_0.jpg" width="500" height="189" /></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="833" height="477" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/reporter%20hot.jpg?1493416601" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/these-are-10-worst-and-best-jobs-america#comments BLS Bureau of Labor Statistics Bureau of Labor Statistics data mining Human resource management Labor New Normal Newspaper Reality recovery Fri, 28 Apr 2017 22:28:24 +0000 Tyler Durden 594765 at http://www.zerohedge.com Has The Globalist Establishment Defeated The Populist-Nationalist Revolt? http://www.zerohedge.com/news/2017-04-28/has-globalist-establishment-defeated-populist-nationalist-revolt <p><a href="http://www.strategic-culture.org/news/2017/04/27/has-globalist-establishment-defeated-populist-nationalist-revolt.html">Authored by James George Jatras via The Strategic Culture Foundation,</a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_globalist.jpg"><img height="345" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/04/27/20170428_globalist_0.jpg" width="600" /></a></p> <p><strong>Last year, when the people of the United Kingdom voted in favor of leaving the European Union, the Establishment in Europe and the United States was stunned. </strong>All the polls had predicted a win for the Remain camp. Everyone who counted, including Hillary Clinton and Barack Obama, made it clear that staying within the increasingly dysfunctional EU was the only acceptable option.</p> <p><strong>The friendly advice of global elites, from all the smart, beautiful, and rich people on both sides of the Pond, was rejected by the people of Britain</strong> &ndash; or by the people of England and Wales, anyway. What was considered unlikely or even impossible nonetheless happened. Britain, it seemed, was not dead yet.</p> <p>Next came the United States. All the experts said Hillary Clinton&rsquo;s victory was a foregone conclusion. The only serious questions were how large her win would be, whether other Republicans running for Congress and state offices could escape the vortex of Donald Trump&rsquo;s debacle of historical proportions, whom would she select for her Cabinet, and when would World War III start. (Indeed, some seriously suggested that Trump had run solely to help ensure Hillary&rsquo;s path to the White House, as the only Republican who could manage to lose to such a flawed Democratic standard-bearer.) But working-class voters in America&rsquo;s Rust Belt &ndash; Pennsylvania, Ohio, Wisconsin, Michigan &ndash; flipped the Establishment a rude gesture and elected Trump. America, it seemed, was not dead yet.</p> <p><strong>On both sides of the Atlantic the revolt had been unleashed! </strong>Ordinary citizens demanding to claw back power from the Davos class were on the march! <strong>What began in 2016 would surely continue in 2017.</strong></p> <p><u><strong>Except it didn&rsquo;t.</strong></u></p> <p>Actually, the counterattack of the Establishment began already in 2016. <strong>In Austria, </strong>Norbert Hofer of the Freedom Party of Austria (FPÖ), who earlier in the year had initially squeaked out a narrow win, which was then reversed by questionable absentee ballots, only then to be nullified by a court challenge, lost to an establishment candidate in a December re-run. The loss came after a predictable campaign of vilification of the FPÖ and Hofer as (choose your favorite) racist, anti-Semitic, Islamophobic, fascist, Nazi, and so forth.</p> <p><u><strong>The first test of what some have called the &laquo;Trump effect&raquo; had failed.</strong></u></p> <p>Next came<strong> the Netherlands.</strong> The&nbsp;March 15&nbsp;vote saw the defeat of the Party for Freedom of Geert Wilders, who promised to hold a Brexit-style referendum to take the Netherlands out of the EU &ndash; &laquo;Nexit.&raquo; Focused heavily on to the harmful impact of Islamic immigration and Muslims&rsquo; refusal to integrate into Dutch society and accept Dutch social standards, Wilders made an even more attractive target than Hofer for those whose concept of Europe includes abolishing its traditional identity. Even though polls showed most Dutch voters favoring a referendum, the result was another defeat for the &laquo;far-Right.&raquo; (Why is there never a &laquo;far-Left&raquo;?)</p> <p><strong>Now we come to France. </strong>Three-quarters of French citizens cast their ballots in the first round for candidates who to one extent or another wanted to renegotiate or end France&rsquo;s relationship with the EU (&laquo;Frexit&raquo;), and maybe NATO too, and to restore ties with Russia. The only top contender who did not make such an offer, Emmanuel Macron &ndash; an Establishment candidate fraudulently branded an &laquo;outsider&raquo; by the servile media &ndash; is heavily favored to win over (you guessed it) &laquo;racist&raquo; &laquo;far-Right&raquo; &laquo;fascist&raquo; &laquo;Islamophobic&raquo; &laquo;xenophobic&raquo; Marine Le Pen of the National Front. Some media are already warning in grim terms about Russian intrigues to secure her victory, preemptively discrediting her if she does somehow manage to win, or at least to sow &laquo;doubt/discord/confusion&raquo;.</p> <p><strong>Which brings us back the United States again.</strong> Trump won, but he is far from fully in control of the apparatus of the US government. Congressional inquiries into Russian influence in the election and on his team now suggest that General Michael Flynn, Trump&rsquo;s first National Security Adviser, could face criminal charges. Federal judges brazenly disregard the laws and the Constitution to strike down Trump&rsquo;s efforts to police America&rsquo;s borders and deport illegal aliens.</p> <p>Taking what may seem now to him the <strong>path of least resistance,</strong> Trump and his appointees have instituted a national security policy that hardly differs from Obama&rsquo;s or what Hillary&rsquo;s would have been if she had won:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>- Vilify Russia, maintain sanctions, and keep expanding NATO (welcome Montenegro!), which turns out not to be &laquo;obsolete&raquo; after all;</p> <p>&nbsp;</p> <p>- Bomb Syria and demand &laquo;regime change&raquo; in Damascus;</p> <p>&nbsp;</p> <p>-&nbsp;Expand military operations in Afghanistan, including dropping the &laquo;Mother Of All Bombs&raquo;;</p> <p>&nbsp;</p> <p>- Threaten North Korea and Iran with military action; and</p> <p>&nbsp;</p> <p>-&nbsp;Press China on Korea and the South China Sea, while offering concessions on trade &ndash; a complete reversal of what should have been Trump&rsquo;s deal.</p> </blockquote> <p><strong>Part of this reflects bad personnel selections.</strong> Part of it may be a calculation born of necessity &ndash; one step forward, two steps back. (After all, Steve Bannon has called himself a Leninist.) The pinprick strike on Syria indicates it may have been mainly for show.</p> <p>But most of all we see how weak Trump&rsquo;s position is, election or no election. <strong>The Establishment may not have been able to stop him at the ballot box, partly because of how horrible the competing candidate and her campaign were. But they still may get the last laugh.</strong></p> <p>If indeed Le Pen is defeated, it may show that the corrupt, plutocratic, anti-Christian, anti-national pseudo-elites have found the formula to ensure their perpetuation in power, for a while anyway. <u><strong>That, however, will do nothing to address the political, economic, demographic, and above all spiritual crises that characterize their misrule.</strong></u> It means only that they have beat back orderly and peaceful attempts by decent citizens to change course before it&rsquo;s too late.<strong> If that turns out to be the case, it will only mean that the collapse, when it comes, will be all the more terrible.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="623" height="358" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170428_globalist.jpg?1493400470" /> </div> </div> </div> http://www.zerohedge.com/news/2017-04-28/has-globalist-establishment-defeated-populist-nationalist-revolt#comments Afghanistan American people of German descent Barack Obama China Congress Davos Donald Trump Donald Trump Donald Trump presidential campaign Europe European Union European Union France Freedom Party of Austria Freedom Party of Austria Frexit Geert Wilders International reactions to the United States presidential election Iran Michigan National Front national security Netherlands Norbert Hofer North Atlantic Treaty Organization North Korea Ohio Party for Freedom Party for Freedom Politics Politics Politics of Europe South China Strategic Culture Foundation United Kingdom US government White House White House Fri, 28 Apr 2017 22:05:00 +0000 Tyler Durden 594737 at http://www.zerohedge.com