http://www.zerohedge.com/fullrss2.xml/news/bill-gross-why-we-are-witnessing-death-abundance-and-why-gold-becoming-default-store-value en First Images, Videos Show Extensive Damage To USS John McCain http://www.zerohedge.com/news/2017-08-21/photos-videos-damaged-uss-john-mccain-emerge <p>Photos and videos have emerged from the early Monday collision involving the guided-missile destroyer USS John McCain and an oil/chemical tanker called the Alnic MC. As <a href="http://www.zerohedge.com/news/2017-08-20/uss-john-mccain-collides-merchant-ship-near-straits-malacca">reported late on Sunday</a>, five sailors were injured in the collision, which occurred east of the Strait of Malacca, and a search is underway for 10 more who remain missing.</p> <p><a href="http://www.zerohedge.com/news/2017-08-20/uss-john-mccain-collides-merchant-ship-near-straits-malacca">The collision </a>is an unsettling repeat of the June collision between the USS Fitzgerald and container ship the ACX Crystal, t<strong>he worst naval accident in decades.</strong> Ultimately, the crash left seven sailors dead and resulted in career-ending penalties against the ship&rsquo;s captain and other top officials.</p> <p>The following YouTube videos show the gaping hole on the side of the ship where the collision occurred.</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/kn8T_9JkTp0" width="560"></iframe></p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/WUoWPpgexK4?rel=0" frameborder="0" allowfullscreen></iframe></p> <p>According to the 7th Fleet Commander, the collision was reported at 6:24 Japan Time. The crash occurred while the USS John McCain was on its way to a routine port call in Singapore. Photographic evidence confirms that the warship sustained damage to its port side aft. Search and rescue efforts are under way in coordination with local authorities, the Navy said, although there is still no word on any casualties. The ship arrived safely in Singapore according to the 7th Fleet, which has released more photos of the USS John McCain on its twitter feed:</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Additional photo content of <a href="https://twitter.com/hashtag/USSJohnSMcCain?src=hash">#USSJohnSMcCain</a> can be found on our DVIDShub page. <a href="https://t.co/6QKARrp0LN">https://t.co/6QKARrp0LN</a> <a href="https://t.co/TNyhz6B3QF">pic.twitter.com/TNyhz6B3QF</a></p> <p>&mdash; 7th Fleet (@US7thFleet) <a href="https://twitter.com/US7thFleet/status/899571048370364416">August 21, 2017</a></p></blockquote> <p><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/USSJohnSMcCain?src=hash">#USSJohnSMcCain</a> Update: The ship has arrived pier side at Changi Naval Base in Singapore. <a href="https://t.co/tjB783d8Yh">pic.twitter.com/tjB783d8Yh</a></p> <p>&mdash; 7th Fleet (@US7thFleet) <a href="https://twitter.com/US7thFleet/status/899541463045988353">August 21, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p><span id="cke_bm_308S" style="display: none;">&nbsp;</span>While investigations into the collision of the USS Fitzgerald appeared to quickly ascertain that personal error was responsible for the crash. However, before the final decision was released, early reports appeared to suggest that there might&rsquo;ve been something wrong with the Destroyer&rsquo;s navigation system. While naval accidents involving US service ships are extremely rare, there have now been two almost identical collisions in the span of a three months. In light of recent events, it is surprising that Russian hackers have not been blamed yet.&nbsp;<span id="cke_bm_308E" style="display: none;"> </span></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="716" height="393" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.08.18collision.JPG?1503312325" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-21/photos-videos-damaged-uss-john-mccain-emerge#comments Arleigh Burke-class destroyers Disaster Japan John McCain MV ACX Crystal Naval warfare navy Twitter Twitter USS Fitzgerald USS John S. McCain Watercraft Mon, 21 Aug 2017 11:34:34 +0000 Tyler Durden 602016 at http://www.zerohedge.com SocGen: "It's All About A Total Eclipse Of The Currency Sun Today..." http://www.zerohedge.com/news/2017-08-21/socgen-its-all-about-total-eclipse-currency-sun-today <p>According to SocGen's currency strategist Kit Juckes one main reason why Bitcoin and cryptos in general are doing so well today is because "<strong>it’s a feature of the low-inflation era that very few governments or central bankers want a strong currency</strong>." As has been extensively observed over the past decade, "strong currencies depress inflation, at least temporarily, and if their impact on competitiveness is exaggerated, it’s still enough to make them take the blame for jobs being lost to other cheaper-currency producers."</p> <p>As Juckes then poetically summarizes, "once upon a time all this was offset by a sense that a strong currency was a sign of national virility<strong>, but such superstition is passé. It’s all about a total eclipse of the sun, today.</strong>"</p> <p>Of course, the problem with no-one wanting a strong currency, "<strong>is that someone has to lose out. </strong>This year, the winner in the FX stakes, (or loser, in a topsy-turvy world where a strong currency is no kind of blessing) is <strong>the Mexican peso, </strong>reflecting two of the main underlying themes in markets: Trump deflation and the strong current of cash flowing towards emerging markets." Meanwhile, the strength of the Zloty and Koruna "<strong>reflects the fact that the real winners from the European economic recovery aren’t in the euro area but are countries held back by European policies.</strong> SEK and NOK both still look like winners."</p> <p>So with the general U.S. population fascinated with the first full solar eclipse in 99 years...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/full%20eclipse.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/full%20eclipse_0.png" width="500" height="366" /></a></p> <p>... on Friday central bankers will be doing their best to "eclipse" their own national currencies for just a little longer, even while pretending to all be suddenly <em>oh so very </em>hawkish. As Juckes summarizes technical positioning headed into this year's most important central banker forum, "this week kicks off a bit groundhog-day-ishly, ecliptic excitement and the prospect of Janet Yellen and Mario Draghi speaking at Jackson Hole notwithstanding." </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The euro is still hampered by an excess of long positions and has still moved far ahead of anything justified by interest rate adjustments. <strong>It needs a position clear-out and a jump on Bund yields to recharge its batteries and I can’t see either happening this week. </strong>CFTC data suggest the euro long has been marginally reduced, and the dollar short likewise, but not by enough to change anything. The yen short is being pruned back more vigorously, but while that opens the way for a weaker yen if bond yields start rising globally, I’m struggling to get excited about that, either. </p> <p>&nbsp;</p> <p>Wariness of a further euro clearout makes sterling an easier short than the euro in the short run. It was last week’s worst G10 currency but shorts in GBP/SEK and GBP/NOK still appeal, and short GBP/CAD or GBP/AUD is more attractive than short GBP/USD or EUR/USD.</p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/FX%20currency%201.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/FX%20currency%201_0.jpg" width="500" height="268" /></a></p> <p>Finally, here are SocGen's thoughts for "the wider dollar story": </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>[F]or EUR/USD, I found plotting relative yields against EUR/USD and DXY interesting. The DXY chart, against DXY-weighted 10year real yield differentials, is still correlating furiously and suggests for all the world that the dollar’s short-covering bounce is running out of steam. On a morning when US 10year yields are opening just under 2.2%, I can see that. Contrast it with the EUR/USD chart, and there I see no encouragement for a euro bull at all in the short term. <strong>That doesn’t stop me being a long-term euro bull but it does suggest that the wises path this week and next, may be to be long neither euro or dollar. Which is probably good news for EMFX in general, as well as for AUD CAD, NOK and SEK.</strong></p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/FX%20currency%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/FX%20currency%202_0.jpg" width="500" height="180" /></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="899" height="481" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/FX%20currency%201.jpg?1503314809" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-21/socgen-its-all-about-total-eclipse-currency-sun-today#comments Australian dollar Bitcoin Bond CAD Currency Currency pair Dollar Economy of the European Union Euro Foreign exchange market Janet Yellen Japanese yen Pound sterling recovery SocGen Yen Mon, 21 Aug 2017 11:28:57 +0000 Tyler Durden 602018 at http://www.zerohedge.com Eclipse Day Begins With S&P Futures Flat While Industrial Metals Soar http://www.zerohedge.com/news/2017-08-21/eclipse-day-begins-sp-futures-flat-while-industrial-metals-soar <p>As the US awaits its first full solar eclipse since 1918, S&amp;P500 futures, together with Asian and European stocks started off the week off fractionally in the red after the cash index fell to its lowest level in five weeks on Friday, with the "Bannon rally" fading on growing concerns about the US political situation, while tensions ratcheted up again as the US and South Korea began massive military drills and North Korea responded, threatening a “merciless strike” on the US. Markets are looking ahead to this week's Jackson Hole symposium where Mario Draghi may or may not pre-announce the start of ECB balance sheet tapering.</p> <p>With overnight markets doing little of note, a quick preview of today's main event: the full solar eclipse which is the first such event to cross the contiguous United States since 1918. <strong>Of the main financial centres there will be a partial eclipse in New York (c70%), Boston (c63%), Chicago (c86%) and LA (c61%). </strong>To celebrate, Royal Caribbean's week long "total-eclipse" cruise offers passengers get the best opportunity to see the event at sea, while Bonnie Tyler has been hired to perform her 1983 classic "Total Eclipse of the Heart" while the skies darken. </p> <p>Meanwhile, as the US waits to fade to darkness, world stocks struggled at a five and a half week low on Monday, though metals surged in Chinese trading with zinc at its highest in a decade, copper hitting a nearly three-year high and iron ore's gains in the last two sessions stretching to 5 percent.</p> <p>The dollar was little changed after rising from a four-month low against the yen Friday, as speculation the currency will get a boost from the Steve Bannon’s exit from the White House was offset by concern about the joint military drill in South Korea. The USD/JPY dipped in European trade, holding above a four- month low reached on Friday. Trading was muted and bids for the dollar were limited amid concerns about a new North Korean escalation/provocation/retaliation and as traders await the start of Jackson Hole, which begins Thursday.</p> <p><strong>“Arguably Bannon’s departure was more about egos than policy change, but markets seem to have opted for the hopeful narrative that it is a step away from protectionist trade policies</strong>,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “If so, this would reduce trade tensions and limit safe haven flows into the yen.”</p> <p>South Korea’s won led modest gains in Asian emerging-market currencies as the MSCI EM Asia Index of stocks resumed its advance. Government bonds were mixed after a rally in U.S. Treasury yields reversed. The Bloomberg Dollar Spot Index and the yen rose. Caution before the Jackson Hole symposium late in the week means that “gains in Asian emerging currencies may be opportunistic and shallow rather than driven by conviction,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. </p> <p>The Topix index slid 0.1% with volume was about 16 percent below the 30-day intraday average, while the Nikkei 225 lost 0.4% as banks and technology companies weighed on the gauges after yen’s three-day ascent against the dollar. Australia’s S&amp;P/ASX 200 Index dropped 0.4 percent, with BlueScope Steel Ltd. tumbling as much as 23 percent after the company reported disappointing earnings. Hong Kong’s Hang Seng Index added 0.4 percent and the Shanghai Composite Index was up 0.6 percent. The MSCI Asia Pacific Index slid 0.1 percent. </p> <p>European stocks fell for a third session, though M&amp;A activity helped shipping giant Maersk jump and the rally in metals sent Rio Tinto, BHP Billiton and Anglo American higher. The Stoxx Europe 600 Index fell 0.1 percent in early European trading. The MSCI All-Country World Index declined 0.1 percent to the lowest in almost five weeks on a closing basis. Germany’s DAX Index tumbled 0.4 percent. The U.K.’s FTSE 100 Index dipped 0.2 percent. The MSCI Emerging Market Index jumped 0.2 percent.&nbsp; Futures on the S&amp;P 500 Index decreased 0.1 percent to the lowest in more than five weeks.</p> <p>While global stocks started the week generally on the backfoot, the same can not be said for industrial metals with zinc surging to the highest level since October 2007 at $3,180.50 a tonne, "Dr. Copper" rallied to $6,593 a tonne, its highest since November 2014, and nickel, used in stainless steel, gained over 2 percent to a 2017 peak. </p> <p>Iron ore futures soared 6.6% before Dalian Commidity Exchange imposed a daily purchases and sales limit for Jan &amp; Feb delivery to 6000 lots.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/china%20dalian%20iron%20ore.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/china%20dalian%20iron%20ore_0.jpg" width="500" height="242" /></a></p> <p><strong>"I'm looking at the prospect for the global economy and looking at the price of metals and there seems to be a significant disconnect between the two</strong>," said CMC markets strategist Michael Hewson. "But it's certainly helping the mining sector, which has been beleaguered for quite some time."</p> <p>In addition to (geo)political tensions, and worries about the looming debt ceiling negotiation, Fed Chair Janet Yellen and ECB President Mario Draghi will be among the officials addressing this year’s annual conference hosted by the Kansas City Fed. The Jackson Hole summit comes as central banks in advanced economies grapple with ending years of unprecedented monetary easing, even as stubbornly tepid inflation clouds the outlook. </p> <p>“The key event this week is the Jackson Hole central bank policy forum which begins on Thursday,” Citigroup strategists including Peter Goves wrote in a note to clients. “<strong>The market spotlight will likely focus on Yellen, given the generally low U.S. inflation environment and the likelihood of Fed balance sheet reduction occurring relatively soon</strong>.” As the following Bloomberg chart shows, traders are starting to hedge for potential Jackson Hole-induced volatility with one-week EURUSD implied-realized vol premium rising rapidly.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/jackson%20hole%20premium.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/jackson%20hole%20premium.jpg" width="500" height="281" /></a></p> <p>Comments last week from Fed officials suggested the stock market's steady rise, still low long-term bond yields and a sagging dollar are strengthening the Fed's intent to raise interest rates again this year despite caution about weak inflation.</p> <p>"People focus on inflation but in the Fed's minutes policymakers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy," said Hiroko Iwaki, senior bond strategist at Mizuho Securities.</p> <p>Oil markets steadied after big gains on Friday, which were triggered by a drop in crude inventories. WTI traded at $48.46 per barrel, down 0.1 percent, while Brent futures were down 0.2 percent at $52.63 per barrel. </p> <p>In rates, the 10Y U.S. Treasuries yield stood at 2.19%, having slipped on Friday to 2.162% - its lowest since late June. German Bunds were steady at 0.4 percent. Greece's government bond yields dipped early after Fitch became the second ratings agency to upgrade it to "Single B" status, marking another milestone in the debt-laden state's slow journey away from default territory.</p> <p><strong>Market Snapshot</strong></p> <ul> <li>S&amp;P 500 futures up 0.1% to 2,427</li> <li>STOXX Europe 600 unchanged at 373.30</li> <li>MXAP down 0.1% to 159.04</li> <li>MXAPJ up 0.03% to 523.33</li> <li>Nikkei down 0.4% to 19,393.13</li> <li>Topix down 0.1% to 1,595.19</li> <li>Hang Seng Index up 0.4% to 27,154.68</li> <li>Shanghai Composite up 0.6% to 3,286.91</li> <li>Sensex down 0.6% to 31,351.93</li> <li>Australia S&amp;P/ASX 200 down 0.4% to 5,725.85</li> <li>Kospi down 0.1% to 2,355.00</li> <li>Brent futures down 0.2% to $52.62/bbl</li> <li>Gold spot up 0.3% to $1,288.47</li> <li>U.S. Dollar Index up 0.1% to 93.51</li> <li>German 10Y yield fell 1.2 bps to 0.402%</li> <li>Euro down 0.1% to $1.1746</li> <li>Italian 10Y yield rose 0.4 bps to 1.741%</li> <li>Spanish 10Y yield fell 3.0 bps to 1.531%</li> </ul> <p><strong>Top Overnight News</strong></p> <ul> <li>Donald Trump returns to the Oval Office in danger of becoming increasingly isolated from the Republican establishment he needs to enact his agenda and the grassroots activists inspired by just-departed chief strategist Stephen Bannon</li> <li>U.S. utility owner Sempra Energy has agreed to buy control of Texas power distributor Oncor Electric Delivery Co. for $9.45 billion, topping a bid by Warren Buffett’s Berkshire Hathaway Inc. just last month</li> <li>As the world’s top central bankers gather in Wyoming this week, their relief about a stronger global economy will be tempered by a growing unease that inflation remains inexplicably low</li> <li>ADP’s board voted unanimously not to nominate any of Pershing Square Capital Management’s three candidates for election to the board at ADP’s 2017 annual meeting of stockholders</li> <li>Goldman Sachs, seeking a rebound in its commodities business after a bout of losing trades dented earnings, has a plan built around hiring fresh stars and luring new clients</li> <li>Money managers pushed their net-bullish bets on gold to the highest since October, and investments through exchange-traded funds also jumped, as investors seek insurance amid concern political uncertainty will derail U.S. economic growth</li> <li>Financial regulators should increase coordination and step up punishment for violators to crack down on regulatory arbitrage, PBOC Vice Governor Yin Yong said at a forum on Saturday</li> <li>U.S. Trade Representative Robert Lighthizer officially starts a probe into China’s intellectual-property practices</li> <li>China’s not running a trade surplus with every nation; South Korea’s $72.2 billion excess with Asia’s largest economy tops a list of more than 40 nations that export more to the country than they import from it, followed by Switzerland and Australia, data compiled by Bloomberg show</li> <li>Total Chases Growth With $5 Billion Purchase of Maersk Oil</li> <li>Sempra Bests Berkshire With $9.45 Billion Offer for Oncor</li> <li>Unintended Consequences of MiFID: Job Losses, Trading Turmoil?</li> <li>Yellen, Draghi Head to Jackson Hole With Prices Missing Goal</li> <li>Ten Sailors Missing After U.S. Warship Crash Near Singapore</li> <li>Trump Struggles to Move Past Bannon, Starting With Afghanistan</li> <li>China Expresses ‘Strong Dissatisfaction’ With U.S. Trade Probe</li> <li>Britain and EU Clash Over Brexit Timetable for Trade Deal</li> </ul> <p><strong>Asian equity markets traded mostly lower </strong>with the Nikkei 225 down by 0.4% amid geopolitical tensions on the Korean peninsula. Tensions ratcheted up again as the US and South Korea were set to begin military drills. North Korea responded, threatening a "merciless strike" on the US. Nevertheless, the Kospi was relatively resilient, trading lower by just 0.14%. The ASX 200 (-0.37%) had conformed to the downbeat tone in Asia however had been driven by some major earnings throughout the majority of the session with Fortescue Metals rising over 6% after doubling their dividend. Chinese markets were higher, lifted by the telecoms sector after China Unicom confirmed a share placement to tech titans Alibaba, Tencent and Baidu. JGBs traded marginally higher after the break, after initially trading sideways for much of the morning. Some were pinning the late uptick to JPY 3.13fin of T-bill redemptions on Monday, one of only two lots of redemptions at all in August. BoJ Governor Kuroda said the Balls commitment to achieving the price goal as early as possible remains unchanged. </p> <p><em>Top Asian News</em></p> <ul> <li>Qatar Is Said to Tell Banks to Seek Overseas Funding Amid Spat</li> <li>Asian Central Banks Lean on Wide Mandates as Fed Eyes Tightening</li> <li>China Overseas Land in Talks on Potential M&amp;A Opportunities: CEO</li> <li>Hermina Hospital Is Said to Pick Arrangers for $200 Million IPO</li> <li>Missiles in Golf Course Hurt Lotte in China as It Plans Bonds</li> <li>Marchionne’s Fiat Review Spurs Great Wall Interest in Jeep Brand</li> <li>Iron Ore Will Hold in $70s, RBC Says in a Challenge to Bears</li> <li>Fortescue Finds It Hard to Escape Junk Ratings Despite Debt Cuts</li> </ul> <p><strong>European bourses trading with minor losses this morning </strong>with the Euro Stoxx 50 slipping 0.3%. All sectors trading in the red with financials the notable laggard this morning, BNP shares trading lower by 1.6% amid reports that Belgium could place more shares in the bank. Elsewhere, Fiat Chrysler shares are outperforming after Great Wall Motor announced that they are engaged with talks over a possible offer. Investors paying a close eye on Greek bonds this morning with yields initially edging lower after Fitch upgraded Greece to B- from CCC; outlook positive. DBRS confirmed Ireland at A (high), stable trend and confirmed Belgium at AA (high) , stable trend. German finance ministry says monthly data suggests further economic expansion; emissions scandal is a medium term risk to the economy. </p> <p><em>Top European News</em></p> <ul> <li>Rosneft, Trafigura Seal $12.9 Billion Deal for India’s Essar Oil</li> <li>Shell Is Said to Mull Buying Israel, Cyprus Gas for Egypt Plant</li> <li>Goldman Warns Euro Gains May Be Russian Bonds’ Achilles Heel</li> <li>Big Data Convert Channels Big Brother to Take Russia’s Pulse</li> <li>Bunds Underpinned as Risk Assets Suffer; Demand in UST Futures</li> <li>Global Ports Holding Plunges After 1H Loss on Turkish Ports</li> <li>Pound Vulnerable as U.K. Prepares to Provide Brexit Plan Details</li> </ul> <p><strong>In currencies, </strong>it has been a calm start to the week given the quiet newsflow thus far, the greenback up marginally by 0.1% to remain within close proximity to 93.50. USD also unfazed by North Korean anger at South Korean and US forces beginning military exercises. EUR slightly offered this morning ahead of the main risk event in which Draghi is set to speak at the Jackson Hole Symposium later this week, as such positioning for this could see EUR longs reduced. As a reminder, source reports last week indicated that Draghi was set to stick to his dovish stance, which could weigh on EUR/USD. Influence of today's option expiries could grow with 720m1n and 918mln set to roll off at 1.1700 and 1.1795-118.00. JPY firmer across the board with equities taking a slight dip this morning, USD/JPY now tripping below 109.00 to hover around intra-day lows. More US political concerns with regards Trump's administration could continue to send USD/JPY lower with a possible move towards the YTD low at 108.11.</p> <p><strong>In commodities, </strong>oil prices are slightly softer this morning, however do remain at elevated levels following a fall in the Baker Hughes rig count on Friday. Focus will shift towards the joint OPEC-Non-OPEC technical committee which is set to convene today. Libya's Sharara oil field (280K bpd) has been closed since Saturday because of a pipeline blockade, according to sources. Libya has declared a force majeure on loadings of Sharara crude from the Zawia terminal. Russian Energy Minister Novak said it is important that OPEC and non-OPEC members honor the oil production commitments they have made</p> <p><strong>US Event Calendar</strong></p> <ul> <li>8:30am: Chicago Fed Nat Activity Index, est. 0.1, prior 0.1</li> </ul> <p><strong>DB's Jim Reid concludes the overnight wrap</strong></p> <p>Good luck if you're in the US today as a rare chance to see a total eclipse beckons. Apparently this is the first such event to cross the contiguous United States since 1918. Of the main financial centres there will be a partial eclipse in New York (c70%), Boston (c63%), Chicago (c86%) and LA (c61%). If it wasn't for the fact that I'm on call to rush to the hospital at any point in the next week I'd be sorely tempted by the Royal Caribbean's week long "total-eclipse" cruise where passengers get the best opportunity to see the event at sea. The coup de grâce though is that Bonnie Tyler has been hired to perform her 1983 classic "Total Eclipse of the Heart" while the skies darken. What could be more perfect?</p> <p>In case my wife gives birth a few days early I googled what it means to be born under an eclipse and as usual the internet is a feast of information. Apparently Mr Trump was born under a South Node Lunar eclipse in Sagittarius. There was then a whole article about how this has impacted his personality and leadership skills. Anyway apparently babies born under solar eclipses are natural born leaders so if I get the call today I'll be earmarking them to be the first joint Prime Ministers of the UK in say 40 years time! Be warned! My wife is now under strict observations every two days with a view that the consultant might want to pull the trigger at any moment. We have a hard long stop of next Tuesday as the consultant thinks there are risks of going further than 36 weeks given all the variables and her interpretations of our regular check-ups. Fingers crossed it’s a safe and successful week. My wife and I are both bags of nerves!!</p> <p>There might be a few less nerves about the next few days in markets than many felt a few weeks ago. Back then, Thursday's commencement of the annual Jackson Hole Symposium seemed to be a natural place for Mr Draghi to signal that exit from QE was soon to be accelerated. However a combination of still soft global inflation data and the Euro's recent ascent has made it unlikely that the event will be a watershed moment. Expect him to be upbeat on the economy but the hawkish/dovishness indicator might be swayed one way or the other on how much attention the Euro gets in his remarks. Draghi is expected to speak in the afternoon on the 25th August, with remarks focusing on the themes of the conference. Before then, don't relax until the summit opens as Mr Draghi is warming up for the trip by speaking at the Lindau&nbsp; economics symposium in Germany on 23 August and as such he could front run himself! So two symposiums back to back! Impressive stuff.</p> <p>Our Fixed Income Strategists now actually think that the Fed could be more important at Jackson Hole. The running theme of this year’s symposium is “Fostering a Dynamic Global Economy” and the full line up of speakers and presentations will be released at 4PM EST on Thursday. It seems that Mrs Yellen will be speaking Friday morning at 10AM EST on financial stability. Our strategists noted that in the US there is a&nbsp; tension between softer inflation and easy financial conditions and given the topic of Yellen's speech is 'financial stability' she may lean towards prioritising one side or the other. Overall the market will probably be most sensitive as to whether a December hike is more or less likely after her comments. The imminent halting of reinvestment seems to be considered a fine deal.</p> <p>This morning in Asia, markets have broadly softened following leads from the US on Friday. Trading volumes are thin, with the Nikkei (-0.41%) and Kospi (-0.10%) slightly down, but Hang Seng (+0.52%) and the Chinese bourses were up c0.3% as we type. We have long planned joint South Korean-US military drills today but it's remarkable how quickly the North Korean situation has calmed down but also quite interesting that markets still closed notably lower last week. </p> <p>Indeed US equities were initially higher on Friday on reports that President Trump’s controversial Chief strategist, Steve Bannon had resigned, but ended the day slightly down, with the S&amp;P (-0.18%), the Dow (-0.35%) and the Nasdaq (-0.09%). Within the S&amp;P, the utilities and energy (+0.57%) sector posted modest gains, but was broadly offset by losses in real estate, telcos and discretionary consumers names. European markets were also lower, with the Stoxx 600 down 0.71% with all sectors in the red, led by the real estate (-1.25%) sector. Elsewhere, the Dax (-0.31%) and FTSE (-0.86%) declined modestly, but the Italian FTSE MIB bucked the trend, to be up +0.12%.</p> <p>Over in government bonds, yields were mixed but little changed. The UST 10y increased 1bp across the curve (2Y: +1bp; 10Y: +1bps), but core European bond yields fell 1bp at the longer end of the curve, with&nbsp; bunds (2Y: +0.3bp; 10Y: -1bps) and French OATs (2Y: -0.4bp; 10Y: -1bp), but Gilts (2Y: +1bp; 10Y: unch) were unchanged. Elsewhere, Italian BTPs (2Y: +1bp; 10Y: +1bp) were slightly higher in yields.</p> <p>Turning to currencies, the USD dollar index weakened 0.2%. The Euro gained 0.3% against both the USD and Sterling, while Sterling/USD was broadly flat. In commodities, WTI oil was up 3%, with the OPEC’s full technical committee scheduled to meet today to discuss compliance with production targets. Iron ore continued to increase, up 3.4% following signs of stronger steel demand from China. Elsewhere, precious metals were slightly down on Friday (Gold -0.3%; Silver -0.4%). This morning, other metals were modestly up (Copper +0.6%, Aluminium +1.1%) and Zinc was up 2.7% following reports that LME stock had fallen to the lowest level since 2008.</p> <p>Away from the markets, China’s State Council formalised its campaign against irrational acquisitions offshore last Friday, with new rules that will restrict domestic firms investing in offshore real estate, hotels, film, entertainment and sports clubs, while investments in gambling and pornography will be banned. Companies are encouraged to support domestic projects in the government’s “Belt and road” initiative. Elsewhere, Treasury secretary Steven Mnuchin has said he will stay in the Trump administration despite being urged to quit from a letter co-written by 300 of his fellow Yale graduates.</p> <p>We'll wrap up with other data releases from Friday. In the US, the University of Michigan’s consumer sentiment index was higher than expectations at 97.6 (vs. 94), the highest reading since January. The return in confidence should be supportive for consumer spending growth going forward. The Atlanta Fed’s GDPNow estimate of Q3 GDP growth currently stands at 3.8% saar, whilst the NY Fed’s estimate closed the week at a more restrained 2.1% saar. Sitting between those estimates but at the higher end, the St Louis Fed’s model has growth pegged at 3.5% saar. Elsewhere, Germany’s July PPI was higher than expected, at 0.2% mom (vs. 0% expected) and 2.3% yoy (vs. 2.2% expected) and Canada’s July inflation was in line at 0.0% mom and 1.2% yoy.</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="640" height="360" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Total-solar-eclipse-from--001.jpg?1503313037" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-21/eclipse-day-begins-sp-futures-flat-while-industrial-metals-soar#comments Across the Curve ASX 200 Atlanta Fed Australia B+ Baidu Belgium Berkshire Hathaway Bloomberg Dollar Spot Bond Business Business Central Banks Chicago Fed Chicago Fed Nat Activity China China’s State Council Chrysler Citigroup Consumer Sentiment Copper Crude DAX 30 Debt Ceiling default DJ Euro Stoxx 50 Dow 30 Economic growth Economy Equity Markets European Central Bank European Union Exchange-traded fund federal government Finance Fitch fixed Foreign exchange market FTSE 100 Futures contract Futures markets Gambling Germany Gilts Global Economy Greece Greece's government Hang Seng 40 Index Ireland Israel Janet Yellen Jim Reid Kansas City Fed Kospi Mario Draghi MSCI All-Country World MSCI Asia Pacific MSCI EM Asia MSCI Emerging Market NASDAQ NASDAQ 100 Nikkei Nikkei 225 North Korea NY Fed OPEC Organization of Petroleum-Exporting Countries People's Bank of China Pershing Square Precious Metals ratings Real estate S&P S&P 500 S&P/ASX 200 SSE 50 Stoxx 600 STOXX Europe 600 Switzerland the University of Michigan Topix Trump Administration Trump's administration U.S. Dollar Index U.S. Treasury Volatility White House White House Yale Yen Mon, 21 Aug 2017 10:52:03 +0000 Tyler Durden 602017 at http://www.zerohedge.com US Embassy In Russia Halts Issuance Of Non-Immigrant Visas, Moscow Vows "Retaliation In Kind" http://www.zerohedge.com/news/2017-08-21/us-embassy-russia-halts-issuance-non-immigrant-visas-moscow-vows-retaliation-kind <p>The latest escalation in the deteriorating diplomatic relations between the US and Russia <a href="http://www.reuters.com/article/us-usa-trump-russia-idUSKCN1B10V6">was unveiled this morning</a>, when the US embassy in Russia announced it was scaling back its visa services in Russia after Moscow ordered it to sharply cut its diplomatic staff in retaliation over new U.S. sanctions, and would suspend all non-immigrant visa operations in Russia starting August 23, although visa operations will be resumed on September 1, but only in the main embassy building in Moscow. </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/embassy%20moscow.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/embassy%20moscow_0.jpg" width="500" height="278" /></a></p> <p><em>US embassy in Moscow</em></p> <p>As disclosed in the <a href="https://ru.usembassy.gov/fact-sheet/">US embassy statement</a>, "as a result of the Russian government’s personnel cap imposed on the U.S. Mission, <strong>all nonimmigrant visa (NIV) operations across Russia will be suspended beginning August 23, 2017</strong>.&nbsp; Visa operations will resume on a greatly reduced scale.&nbsp; Beginning September 1, nonimmigrant visa interviews will be conducted only at the U.S. Embassy in Moscow.... As of 0900 Moscow time Monday, August 21, the U.S. Mission will begin canceling current nonimmigrant visa appointments countrywide. </p> <p>The greatly reduced US mission in Russia also said that "the U.S. Embassy in Moscow and three consulates will continue to provide emergency and routine services to American citizens, although hours may change."</p> <p>"Capacity for interviews in the future will be greatly reduced because we have had to greatly reduce our staffing levels to comply with the Russian government’s requirement," the embassy told applicants in a note on its web site. </p> <p>While previously Russian citizens could apply for tourist visas in local US consulates in St. Petersburg, Yekaterinburg and Vladivostok, today's announcement ends this practice, forcing applicants to go to the Russian capital: "NIV interviews at the U.S. Consulates in St. Petersburg, Yekaterinburg, and Vladivostok are suspended until further notice... The staffing changes will also affect the scheduling of some immigrant visa applicants.&nbsp; Affected applicants will be contacted if there is a change as to the time and date of their interview."</p> <p>The move, which will further sour already battered U.S.-Russia relations, means Russian citizens wanting to visit the United States for tourism will no longer be able to apply via U.S. consulates outside Moscow and will have to travel to the Russian capital instead. </p> <p>The action comes on the heels of Moscow’s order to cut the American diplomatic corps by 755 people and bring it to the numbers equivalent to Russian diplomatic staff in the US, which is 455 people. To meet the deadline of the Russia’s order, which expires on September 1, the US diplomatic mission has already begun “planning for departures and staff reductions.”</p> <p>The US embassy in Moscow also condemned Moscow’s decision on the diplomatic staff reduction, saying that it casts doubt on the will to improve the bilateral relations. “Russia’s decision to reduce the United States’ diplomatic presence here calls into question Russia’s seriousness about pursuing better relations,” the embassy statement said.</p> <p>Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, said earlier this month that the United States had issued around 150,000 visas to Russian citizens last year. The U.S. embassy signaled its new scaled back visa regime could be in place for some time. "We will operate at reduced capacity for as long as our staffing levels are reduced," it said. </p> <p>* * * </p> <p>Shortly after the announcement, A Russian senator quoted by RIA news agency said that Russia will respond in kind to U.S. visa changes: "New U.S. visa rules for Russians are a demarche", RIA Novosti reported, citing member of Federation Council Andrey Klimov. </p> <p>Separately, Russian Foreign Minister Sergei Lavrov said that the US decision to scale back visa services in Russia <strong>was an attempt to stir up ill-feeling among ordinary Russians against the authorities. </strong>Lavrov, speaking at a joint news conference in Moscow with Egyptian Foreign Minister Sameh Shoukry, said that "the American authors of these decisions have come up with another attempt to stir up discontent among Russian citizens about the actions of the Russian authorities. <strong>It's a well known logic ... and this it the logic of those who organize color revolutions</strong>," Lavrov told reporters.</p> <p>Lavrov, who said the decision suggested Washington didn't think its reduced diplomatic staff could adapt to new circumstances, said Russia would carefully study the U.S. decision and promised that Moscow would not take out its anger on ordinary U.S. citizens. </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/embassy%20moscow.jpg?1503310396" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-21/us-embassy-russia-halts-issuance-non-immigrant-visas-moscow-vows-retaliation-kind#comments Consul Consulate shopping Countrywide Cultural globalization Demography Embassy of the United States, Moscow Federation Council Foreign relations of the United States Government of Russia Human migration International relations RIA Russian Foreign Ministry Russian government Russia–United States relations Sergey Lavrov Travel visa U.S. embassy in Moscow U.S. mission US Embassy in Russia US mission in Russia Visa history of Russia Visa policy of the United States Mon, 21 Aug 2017 10:15:38 +0000 Tyler Durden 602015 at http://www.zerohedge.com How The Elites Are Divorcing From Reality: The Economist's "What If" http://www.zerohedge.com/news/2017-08-20/how-elites-are-divorcing-reality-economists-what-if <p><a href="https://gefira.org/en/2017/08/16/how-the-elites-are-divorcing-from-reality-the-economist-what-if/"><em>Via GEFIRA,</em></a></p> <p><strong>The Western globalist elites have not digested Trump&rsquo;s victory or Brexit yet. They are having a hard time dealing with their ideological failures, and when the reality dares not to comply with their day dreaming, they go online and create a parallel world, where their &ldquo;expert&rdquo; predictions always turn right and their failures cannot be questioned. </strong><em>&nbsp;</em></p> <p><em>The Economist</em>&lsquo;s portal named &ldquo;what if&rdquo;, a neo-liberal, wishful thinking echo chamber, is the point in case.</p> <p>Its latest piece<sup> </sup>attributes magical powers to the new hero of the elites, Emmanuel Macron, who soundly defeated &ldquo;evil&rdquo; Marine Le Pen in May. For <em>The Economist</em>, <strong>Macron is nothing short of Jesus</strong> as he was correspondingly depicted on the monthly&rsquo;s cover <strong>walking on water</strong>:<br /><img class="aligncenter size-full wp-image-20822" height="563" src="https://gefira.org/wp-content/uploads/2017/08/Macron-on-water.jpg" width="428" /></p> <p><strong>The hypothetical scenario of Macron&rsquo;s success is based on magical reforms that will somehow create enormous numbers of jobs after an initial friction and fix the out-of-control state budget. </strong>The text provides no answer how exactly all this is going to be done. The happy predictions do not stop there. Macron&rsquo;s miracle, would turn France into another Silicon Valley, a paradise for start-ups. Does it not make us think back to the internet bubble of the 90s? After &ldquo;making France great again&rdquo; and defeating Marion Maréchal-Le Pen, Marine&rsquo;s niece (who for the record has already retired from politics, but don&rsquo;t tell<em> The Economist</em>, it&rsquo;d break their narrative, they need an evil antagonist), Macron&rsquo;s magic would next make Europe great again. Academic papers on the &ldquo;French Renaissance&rdquo; are beginning to appear, says the article&rsquo;s author, an intellectual liberal himself and Macron&rsquo;s flunky. He speaks of &ldquo;EU-funded military operations in the Sahel&rdquo;, because clearly that&rsquo;s what Europe needs most. Why, destabilizing surrounding countries has worked very well so far, hasn&rsquo;t it? Islamic terrorism isn&rsquo;t even touched in the article, so we gather it will magically disappear as will the problems of the banlieu which do not deserve much mention either. Here, too, no solution is offered, just pure magic.</p> <p>Another article,&rdquo;<strong>If borders were open</strong>&ldquo;, tackles immigration.<sup class="footnote_plugin_tooltip_text" id="footnote_plugin_tooltip_2">2)</sup>According to the article, the world would suddenly become richer by 78$ trillion because &ldquo;Mexicans in the US could make 150% more, Nigerians 1000% more&rdquo;. Never mind the fact that basic economic logic says the infinite increase in labour supply sends wages crashing down to zero. It also claims that &ldquo;a Nigerian in the United States cannot be enslaved by the Islamists of Boko Haram&rdquo; because, clearly, mass migration to the West so far has not resulted in events related to Islamic terrorism nor separated communities. All our concerns about low wages and terrorism are are dismissed as &ldquo;little besides conjecture and [have] anecdotal evidence to support it&rdquo;. Reality is anecdotal evidence. The entire article is a massive exercise in intellectual dishonesty, ignoring or downplaying contrary evidence while highlighting potential and rather illusory benefits. Although it covers briefly the possibility that an ethnic group of a radically different culture could numerically overwhelm that of the host country and abolish democracy, no conclusion is drawn. And yet a &ldquo;what if&rdquo; scenario is important because a failure in creating a brave new world might result in an ethnic conflict the likes of which we are seeing in Syria now. But that&rsquo;s not a politically correct answer and thus must be ignored. What matters is the alleged 78$ trillion, which for the record would never happen if ethnic conflicts and societal collapses erupted. The first line of the article says: &ldquo;<strong>the potential gains are so vast that objectors could be bribed to let it happen</strong>&rdquo; and that answers the pertinent question, <strong>who would get those 78$ trillion? The elites</strong>, and next they will <strong>bribe academics and intellectuals</strong> to post articles like that one. Indeed <em>The Economist</em> is owned by the world&rsquo;s most elitist family, the Rothschilds. Very much like their puppet, Macron, who by the way worked for a Rothschild bank. Is this love a coincidence?</p> <p><u><strong>We surveyed <em>The Economist</em>&lsquo;s past articles. None of them actually predicted today&rsquo;s world even remotely accurately.</strong></u> For 2015 there was a <strong>Russia break-up potential scenario</strong> a fantasy that resembles those spun by the late ideologist Zbigniew Brzezinski in his book The Grand Chessboard: American Primacy and its Geostrategic Imperatives. Then there&rsquo;s &ldquo;The first 100 days&rdquo; of President Hillary Clinton.</p> <p>The prediction of Trump&rsquo;s victory is the only accurate thing in the article. The conclusions drawn are all false.<sup> </sup>The subtitle hints that <strong>Trump&rsquo;s inexperience would cause &ldquo;real-world crises&rdquo;</strong>. Once again, clearly, <strong>Hillary Clinton&rsquo;s &ldquo;we came, we saw, he died&rdquo; about Libya</strong> did not cause a civil war, a collapsed society and an immigration crisis in the Central Mediterranean, very much like <strong>Obama and Hollande&rsquo;s &ldquo;Assad must go&rdquo;</strong> approach towards Syria did. To say something like this would be dismissed as &ldquo;anecdotal evidence&rdquo;. There&rsquo;s a claim that his first international visit would be to Russia; it turned out it was to Poland.</p> <p>Hillary was supposedly toppled by &ldquo;Russian hackers&rdquo;, which only confirms that the fantasy was always present in the minds of her supporters. Too bad. The narrative has now shifted to &ldquo;Russian collusion&rdquo;. Russia would also be &ldquo;shooting Estonian helicopters&rdquo; because Russians are evil. The Russophobic narrative is <em>The Economist</em>&lsquo;s recurring leitmotif.</p> <p>The other claims include Mexico, which would be now a &ldquo;humanitarian&rdquo; superpower because it won&rsquo;t deport &ldquo;unaccompanied minors&rdquo;, also known as illegal immigrants to Central American countries, thus teaching Trump a lesson in morality. Oh no, wait, Mexico is actually considering building a wall along the border with Guatemala.<sup> </sup>What else did they predict?</p> <p>Trump won&rsquo;t pass his &ldquo;Muslim ban&rdquo;; the travel ban has actually been passed. There will be a trade war with China; there is none as yet. Deportations of illegal immigrants won&rsquo;t happen; arrests are actually up 40%.</p> <p>In short, none of <em>The Economist</em>&lsquo;s predictions have come true. <strong>It must be Russia&rsquo;s fault or anecdotal evidence.</strong></p> <p><u><em><strong>Liberal intellectuals are too busy living in a parallel world to notice their miscalculations. Are they then worth listening to?</strong></em></u></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="426" height="270" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170820_econ.jpg?1503279603" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-20/how-elites-are-divorcing-reality-economists-what-if#comments Central Mediterranean China Crime Definitions of terrorism Emmanuel Macron European Union France Government of Andorra Islamic terrorism Mexico Neoliberalism None Poland Politics Politics Reality Renaissance Terrorism The Economist Trade War Violence Mon, 21 Aug 2017 09:00:00 +0000 Tyler Durden 602014 at http://www.zerohedge.com Microchips Should Be Used As "Identification Tool", Says Doctor With 6 Implants http://www.zerohedge.com/news/2017-08-20/microchips-should-be-used-identification-tool-says-doctor-6-implants <p>As we&rsquo;ve reported, at least two companies, one in the US, and one in Sweden, have begun offering their employees optional microchip implants. In theory, the chips make life easier by allowing employees to effortlessly open locked doors and pay for lunch.</p> <p><strong>In the US, 41 employees at a small Wisconsin technology company <a href="http://&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/BMWmmq9cgrU&quot; frameborder=&quot;0&quot; allowfullscreen&gt;&lt;/iframe&gt;">voluntarily agreed</a> to be microchipped at a &ldquo;chip party&rdquo; thrown at the office.</strong> At Epicenter, the Swedish company, employees hold parties for newcomers who take the plunge and become a cyborg.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;The injections have become so popular that workers at Epicenter hold parties for those willing to get implanted.</p> <p>&nbsp;</p> <p>&ldquo;The biggest benefit I think is convenience,&rdquo; said Patrick Mesterton, co-founder and CEO of Epicenter. <strong>As a demonstration, he unlocks a door by merely waving near it. &ldquo;It basically replaces a lot of things you have, other communication devices, whether it be credit cards or keys.&rdquo;</strong></p> </blockquote> <p>Companies and hobbyists are increasingly experimenting with the benefits of biohacking. <strong>Aleksandr Volchek, a Siberian doctor and avowed microchipping enthusiast, has implanted six chips in himself that help him easily pay for things, while also unlocking doors at his home and office with a &ldquo;wave of his hand,&quot; </strong>according to <a href="https://www.rt.com/viral/400314-siberia-doctor-microchips-implanted/">Russia Today. </a></p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/BMWmmq9cgrU" width="560"></iframe></p> <p>The Novosibirsk-based obstetrician-gynecologist, who calls himself a crypto anarchist, said the chips work like &ldquo;magic,&rdquo; and described them as a &ldquo;time-saving convenience.&rdquo; &nbsp;</p> <p>The process of injecting the chip is mostly painless, Volcheck says. Furthermore, he can easily remove the chips whenever he&rsquo;d like. The chips themselves can be as small as 1.5 x 8mm.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;A syringe with a thick needle is needed to inject a microchip.</p> <p>&nbsp;</p> <p>The size of a standard chip is 2 &times; 12mm, and the smallest one is no more than 1.5 &times; 8mm, the doc says.&rdquo;</p> </blockquote> <p>Volcheck believes that someday people will have chips for a range of purposes from payments to medicine. Someday, implanted microchips will encode a person&rsquo;s medical records, while diabetics might receive chips that function like glucometers to help them monitor their condition, <strong>though research suggests this capability is still a few years away, Volcheck said.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/08/19/2017.08.18microchip.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/08/19/2017.08.18microchip_0.JPG" style="width: 500px; height: 283px;" /></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;I would like to have a chip for payments.&rdquo;</p> <p>&nbsp;</p> <p><strong>&ldquo;My dream as a crypto anarchist is to have an identification tool for encrypting an electronic signature, and of course for medical application.</strong> I also want an implanted glucometer that will resolve a ton of problems many are currently facing, but research is still underway.&rdquo;</p> </blockquote> <p>Spurred by the conveniences it offers, microchipping will likely become increasingly popular with hobbyists and companies. Over the next five-to-ten years, we expect that they will be used widely for both work-related and personal reasons.</p> <p>As more people become comfortable with being microchipped, it makes it easier for governments to adopt mandatory microchipping for identification purposes. <strong>What will you do when the day arrives? Will you go along with it, against your better judgment?</strong></p> <p>Looks like we&rsquo;ll all know soon enough.<br />&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="699" height="396" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.08.18microchip.JPG?1503259259" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-20/microchips-should-be-used-identification-tool-says-doctor-6-implants#comments Casino token Chip Entertainment Gambling Gaming Integrated circuit Medical Records Microchip implant Radio-frequency identification six chips Mon, 21 Aug 2017 08:15:00 +0000 Tyler Durden 602004 at http://www.zerohedge.com NASA Unveils Plan To Stop Yellowstone "Supervolcano" Eruption, There's Just One Catch http://www.zerohedge.com/news/2017-08-19/nasa-unveils-plan-stop-world-ending-supervolcano-eruptiontheres-just-one-catch <p>A NASA plan to stop the Yellowstone supervolcano from erupting, <strong><em>could actually cause it to blow... triggering a nuclear winter that would wipe out humanity.</em></strong></p> <p><strong><em><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170819_yellow1.jpg"><img height="319" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170819_yellow1.jpg" width="560" /></a></em></strong></p> <p><a href="http://www.zerohedge.com/news/2017-08-05/sudden-1400-quake-swarm-prompts-question-if-yellowstone-erupted-what-would-be-left">As we have detailed recently</a>, government officials have been closely monitoring the activity in the Yellowstone caldera.</p> <p>However, <a href="http://www.shtfplan.com/headline-news/nasas-risky-plan-to-save-us-from-yellowstone_08192017">as SHTFplan.com&#39;s Mac Slavo details</a>, <strong>scientists at NASA have now come up with an incredibly risky plan to save the United States from the super volcano</strong>.</p> <p class="mol-para-with-font"><a href="http://www.dailymail.co.uk/sciencetech/article-4803246/NASA-reveals-risky-plan-COOL-Yellowstone.html" target="_blank">A&nbsp;NASA&nbsp;scientist has spoken out</a> about the true<a href="http://www.shtfplan.com/headline-news/snyder-warns-a-full-blown-eruption-of-the-yellowstone-supervolcano-would-have-the-potential-of-being-an-extinction-level-event_06192017" target="_blank"> threat of super volcanoes</a> and the risky methods that could be used to prevent a devastating eruption.&nbsp;Lying beneath the tranquil and beautiful settings of<a href="http://www.shtfplan.com/headline-news/montana-earthquake-increased-super-volcano-eruption-concerns_07062017" target="_blank"> Yellowstone National Park </a>in the US lies an enormous magma chamber,<a href="https://www.yellowstonepark.com/things-to-do/yellowstone-supervolcano" target="_blank"> called a caldera.</a> It&rsquo;s responsible for the geysers and hot springs that define the area, but for scientists at NASA, it&rsquo;s also one of the<a href="http://www.shtfplan.com/headline-news/russian-analyst-calls-for-nuclear-attack-on-yellowstone-national-park_03312015" target="_blank"> greatest natural threats to human civilization</a> as we know it.</p> <p class="mol-para-with-font">Brian Wilcox, a former member of the<a href="https://www.nasa.gov/planetarydefense/overview/" target="_blank"> NASA Advisory Council on Planetary Defense</a>, shared a report on the natural hazard that hadn&rsquo;t been seen outside of the agency until now.&nbsp;Following&nbsp;<a href="http://www.bbc.com/future/story/20170724-would-a-supervolcano-eruption-wipe-us-out" target="_blank">an article published by BBC about super volcanoes last month</a>, a group of NASA researchers got in touch with the media to share a report previously unseen outside the space agency about the threat Yellowstone poses, and what they hypothesize could possibly be done about it.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font"><strong>&ldquo;I was a member of the NASA Advisory Council on Planetary Defense which studied ways for NASA to defend the planet from asteroids and comets,&rdquo; </strong>explains Brian Wilcox of <a href="https://www.jpl.nasa.gov/">Nasa&rsquo;s Jet Propulsion Laboratory (JPL) at the California Institute of Technology. </a><strong>&nbsp;</strong></p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font"><strong>&ldquo;I came to the conclusion during that study that the supervolcano threat is substantially greater than the asteroid or comet threat.&rdquo;</strong></p> </blockquote> <p class="mol-para-with-font">Yellowstone currently leaks about 60 to 70 percent of its heat into the atmosphere through&nbsp;stream water which seeps into the magma chamber through cracks, while the rest of the heat builds up as magma and dissolves into volatile gasses.&nbsp;The heat and pressure will reach the threshold, meaning an explosion is inevitable. When <a href="http://www.bbc.com/future/story/20170817-nasas-ambitious-plan-to-save-earth-from-a-supervolcano" target="_blank">NASA scientists considered the fact that a super volcano&rsquo;s eruption </a>would plunge the earth into a volcanic winter, destroying&nbsp;most sources of food, starvation would then become a real possibility. &nbsp;Food reserves would <a href="http://www.dailymail.co.uk/sciencetech/article-4803246/NASA-reveals-risky-plan-COOL-Yellowstone.html" target="_blank">only last about 74 days, according to the UN</a>, after an eruption of a super volcano, like that under Yellowstone. &nbsp;And they have devised a risky plan that could end up blowing up in their faces. &nbsp;Literally.</p> <p class="mol-para-with-font"><strong>Wilcox hypothesized that if enough heat was removed, and the temperature of the super volcano dropped, it would never erupt.</strong> But he wants to see a 35% decrease in temperature, and how to achieve that, is incredibly risky.&nbsp;One possibility is to simply increase the amount of water in the supervolcano. As it turns to steam. the water would release the heat into the atmosphere, making <a href="http://www.shtfplan.com/headline-news/research-team-slams-global-warming-data-in-new-report-not-a-valid-representation-of-reality-totally-inconsistent-with-credible-temperature-data_07142017" target="_blank">global warming alarmists</a> tremble.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font">&ldquo;Building a big aqueduct uphill into a mountainous region would be both costly and difficult, and people don&rsquo;t want their water spent that way,&rdquo; Wilcox says. &ldquo;People are desperate for water all over the world and so a major infrastructure project, where the only way the water is used is to cool down a supervolcano, would be very controversial.&rdquo;</p> </blockquote> <p class="mol-para-with-font"><span style="text-decoration: underline;"><strong>So, NASA came up with an alternative plan.</strong></span> They believe the most viable solution could be to<a href="http://www.bbc.com/future/story/20170817-nasas-ambitious-plan-to-save-earth-from-a-supervolcano" target="_blank"> drill up to 10km down into the super volcano and pump down water at high pressure. </a>The circulating water would return at a temperature of around 350C (662F), thus slowly day by day extracting heat from the volcano. And while such a project would come at an estimated cost of around $3.46 billion, it comes with an enticing catch which could convince politicians (taxpayers) to make the investment.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font">&ldquo;Yellowstone currently leaks around 6GW in heat,&rdquo; Wilcox says. &ldquo;Through drilling in this way, it could be used to create a geothermal plant, which generates electric power at extremely competitive prices of around $0.10/kWh. You would have to give the geothermal companies incentives to drill somewhat deeper and use hotter water than they usually would, but you would pay back your initial investment, and get electricity which can power the surrounding area for a period of potentially tens of thousands of years. And the long-term benefit is that you prevent a future supervolcano eruption which would devastate humanity.&rdquo;</p> </blockquote> <p class="mol-para-with-font">Of course,<a href="http://www.dailymail.co.uk/sciencetech/article-4803246/NASA-reveals-risky-plan-COOL-Yellowstone.html" target="_blank"> drilling into a super volcano comes with its own risks</a>, like the eruption that scientists are desperate to prevent. Triggering an eruption by drilling would be disastrous.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font"><em><span style="text-decoration: underline;"><strong>&ldquo;The most important thing with this is to do no harm,&rdquo; Wilcox says.</strong></span></em></p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font"><em><span style="text-decoration: underline;"><strong>&ldquo;If you drill into the top of the magma chamber and try and cool it from there, this would be very risky. This could make the cap over the magma chamber more brittle and prone to fracture. And you might trigger the release of harmful volatile gases in the magma at the top of the chamber which would otherwise not be released.&rdquo;</strong></span></em></p> </blockquote> <p class="mol-para-with-font"><strong>The cooling of Yellowstone in this manner would also take tens of thousands of years, but it is a plan that scientists at NASA are considering for every super volcano on earth.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;When people first considered the idea of defending the Earth from an asteroid impact, they reacted in a similar way to the supervolcano threat,&rdquo; Wilcox says.</p> <p>&nbsp;</p> <p>&ldquo;People thought, &lsquo;As puny as we are, how can humans possibly prevent an asteroid from hitting the Earth.&rsquo; Well, it turns out if you engineer something which pushes very slightly for a very long time, you can make the asteroid miss the Earth. So the problem turns out to be easier than people think. In both cases it requires the scientific community to invest brain power and you have to start early. <strong>But Yellowstone explodes roughly every 600,000 years, and it is about 600,000 years since it last exploded, which should cause us to sit up and take notice.</strong>&rdquo;</p> </blockquote> <p><u><strong>So what would happen?</strong></u></p> <p><iframe frameborder="0" height="315" src="http://players.brightcove.net/2540076170001/ByveBcs0_default/index.html?videoId=4689418265001#t=9s" 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="560" height="319" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170819_yellow1.jpg?1503166432" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-19/nasa-unveils-plan-stop-world-ending-supervolcano-eruptiontheres-just-one-catch#comments Caldera California Institute of Technology Climate forcing agents Doomsday scenarios Environment Geology Geothermal Global Warming Igneous rocks Magma NASA Advisory Council on Planetary Defense National Aeronautics and Space Administration Supervolcano United Nations Volcano Volcanology Yellowstone Caldera Yellowstone hotspot Yellowstone National Park Mon, 21 Aug 2017 07:50:00 +0000 Tyler Durden 601966 at http://www.zerohedge.com Is A Tolerant Culture Being Replaced By An Intolerant One? http://www.zerohedge.com/news/2017-08-20/tolerant-culture-being-replaced-intolerant-one <p><a href="https://www.gatestoneinstitute.org/10521/intolerant-culture"><em>Authored by Saher Fares via The Gatestone Institute,</em></a></p> <ul> <li>One need not go back centuries to the Muslim conquest of the Christian late classical world -- the medieval Barbary corsair raids, the Ottoman yoke in Central and Eastern Europe or the slave markets of Kaffa in Tatar Muslim Crimea -- to understand that this violence clearly predates the European colonial era, the creation of the modern state of Israel, or the issue of climate change.</li> <li>Countries such as China, Nigeria or Kenya that are <em>not</em> Western, <em>not</em> &quot;imperialist&quot;, <em>not</em> whatever the excuses that Islamists make, are still spectacularly attacked by similar stabbings. Month on month, there seems almost nowhere that Islamic terror did not strike.</li> <li>Volumes of revered Islamic texts establish in great detail the grounds of violence and oppression of non-believers and those deemed heretical. These supposed grounds -- made alive daily in madrassas and mosques across the world before being acted upon by religiously-trained terrorists -- are childishly dismissed by Western liberals as immaterial.</li> <li><strong>The first step towards a solution is to question the received knowledge tirelessly dished out by media pundits in the West. What is lacking is simply seeing a huge body of evidence of theological justification for Islamist terror.</strong></li> </ul> <p><strong>How thin can excuses wear every time an atrocity is committed in the name of Islam?</strong></p> <p>When 13 people were killed and scores more injured this week in a vehicle-ramming attack in Barcelona, Spain, and stabbing men shouting &quot;<a href="http://www.independent.co.uk/news/uk/london-terror-attack-london-bridge-borough-market-allah-eyewitness-a7771881.html" target="_blank">This is for Allah!&quot;</a> on London Bridge and in Borough Market in June,<strong><em> what the victims least cared about was the Western elite pontificating that the latest atrocity &quot;had nothing to do with Islam&quot;.</em></strong></p> <p>British Prime Minister Theresa May <a href="https://youtu.be/3Cv3c4vt03U" target="_blank">said</a>, <strong>&quot;It is time to say enough is enough&quot; and promised a review of her country&#39;s counter-terrorism strategy.</strong></p> <p>In the absence, however, of an honest and tempered look at the root causes of this terrorism, sacred or not, and a painful soul-searching by Muslims themselves of the grounds in their religion that give rise to such violence, it will never be &quot;enough&quot;.</p> <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin-bottom: 5px; max-width: 600px;"> <tbody> <tr> <td style="max-width: 600px; border: 1px solid black;"><img border="0" height="400" src="https://www.gatestoneinstitute.org/pics/2662.jpg" width="600" /><br /> <p style="font-size: 82%; margin: 4px 6px;">On June 4, British PM Theresa May said, &quot;It is time to say enough is enough&quot; and promised a review of her country&#39;s counter-terrorism strategy. In the absence, however, of an honest look at the root causes of this terrorism, and a painful soul-searching by Muslims of the grounds in their religion that give rise to such violence, it will never be &quot;enough&quot;. (Photo by Leon Neal/Getty Images)</p> </td> </tr> </tbody> </table> <p><strong>One need not go back centuries to the Muslim conquest of the Christian late classical world -- the medieval Barbary corsair raids, the Ottoman yoke in Central and Eastern Europe or the slave markets of Kaffa in Tatar Muslim Crimea -- to understand that this violence clearly predates the European colonial era, the creation of the modern state of Israel, or the issue of climate change.</strong></p> <p>Only a fortnight ago, <a href="http://www.foxnews.com/world/2017/05/27/coptic-christian-attack-10-29-dead-idd-as-children-heading-to-monastery-to-pray.html" target="_blank">29 Christian Copts were killed</a> for refusing to say, &quot;There is no god but Allah, and Muhammad is his prophet&quot; while on a trip to an Egyptian monastery on May 26. Separately, an unconfirmed number of Christians were killed and taken hostage by a mix of Saudi, Pakistani, Chechen, Moroccan and local jihadists in the <a href="http://dailym.ai/2s98QSg" target="_blank">southern Philippines</a> during the past few weeks. In addition, 90 people were killed in a <a href="http://www.cnn.com/2017/06/06/middleeast/afghanistan-kabul-bomb-death-toll/index.html" target="_blank">bombing in Kabul</a> on May 31, and 26 people were killed at an ice cream parlor in <a href="https://www.theguardian.com/world/2017/may/30/baghdad-ice-cream-shop-isis-car-bomb-attack" target="_blank">Baghdad</a> during Ramadan. None of these massacres had anything to do with &quot;Bush&#39;s war&quot; in Iraq or U.S. President Donald J. Trump&#39;s proposed &quot;Muslim ban&quot;.</p> <p>Countries such as China, Nigeria or Kenya that are <em>not</em> Western, <em>not</em> &quot;imperialist&quot;, <em>not</em> whatever the excuses that Islamists make, are still spectacularly attacked by similar stabbings. Month on month, there seems almost nowhere Islamic terror did not strike. In January 2014, there the kidnapping and forced conversion of Christian <a href="https://blogs.spectator.co.uk/2014/05/boko-haram-only-kidnapped-the-nigerian-girls-because-they-were-christian/" target="_blank">Chibok girls</a> by Boko Haram in Nigeria. In March 2014, there were <a href="http://www.bbc.co.uk/news/world-asia-china-26402367" target="_blank">stabbings</a> at China&#39;s Kunming Railway Station in by eight terrorists of the East Turkestan Islamic Movement -- male and female attackers pulled out long-bladed knives and stabbed and slashed passengers. In May 2014, there was the <a href="http://www.timesofisrael.com/topic/brussels-jewish-museum-attack/" target="_blank">shooting at the Jewish Museum in Brussels</a>. In June 2014, there was the murder of 48 people in <a href="http://www.nation.co.ke/news/mpeketoni-Lamu-gunfire-al-shabaab-terrorism/1056-2349860-10elxgcz/index.html" target="_blank">Mpeketoni</a> in Kenya, and the list goes on for just the first half of 2014 alone.</p> <p>The slaughter at <a href="http://www.telegraph.co.uk/news/2017/03/22/westminster-terror-attack-everything-know-far/" target="_blank">London&#39;s Parliament Square</a>; the <a href="http://www.telegraph.co.uk/news/2017/05/23/islamic-state-supporters-celebrate-manchester-attack-online/" target="_blank">Manchester</a> Arena; the <a href="http://www.mirror.co.uk/news/world-news/st-petersburg-metro-bombing-suspect-10192086" target="_blank">St. Petersburg</a> Metro; <a href="http://www.dailymail.co.uk/news/article-4532404/Attacks-nightclubs-bars-arenas-Ariana-Grande.html" target="_blank">Paris&#39;s</a> Bataclan Theater and sports stadium; the three bombings <a href="http://www.foxnews.com/world/2017/06/05/timeline-recent-terror-attacks-against-west.html" target="_blank">targeting travelers in Brussels</a>; last Christmas&#39;s <a href="https://www.theguardian.com/world/2017/jan/04/berlin-christmas-market-attack-tunisian-man-aged-26-detained" target="_blank">truck-ramming attack</a> on a packed festival market in Berlin, to name but a few of the further incidents -- all really had nothing to do with avenging the Congolese from the onerous legacy of King Leopold.</p> <p>Rather, volumes of revered Islamic texts establish in great detail the grounds of violence and oppression of non-believers and those deemed heretical. These supposed grounds -- made alive daily in madrassas and mosques across the world before being acted upon by religiously trained terrorists -- are childishly dismissed by Western liberals as immaterial.</p> <p><strong>Meanwhile, men, women and children are being offered as human sacrifices on the altar of political cynicism. Divine justice will doubtlessly judge not only the murderers and a creed that often seems bloodthirsty, but also those who insist, against all evidence, that this creed has nothing to do with those deaths.</strong></p> <p>The first step towards a solution is to question the received knowledge tirelessly dished out by media pundits in the West, and confirmed by too many supposed Muslim &quot;moderates&quot; both at home and abroad. What is lacking is simply seeing a huge body of evidence of theological justification for Islamist terror.</p> <p>Have the statements by politicians in the 1990s (for example, at the time of Sheikh <a href="http://www.foxnews.com/us/2017/02/18/sheikh-omar-abdel-rahman-mastermind-behind-1993-world-trade-center-attack-has-died.html" target="_blank">Omar Abdul-Rahman&#39;s plot</a> against the World Trade Center) changed from those uttered in the wake of 9/11, or again from those repeated after the <a href="https://www.washingtonpost.com/video/national/what-we-know-about-the-san-bernardino-shooting-suspects/2015/12/03/e70437a6-99d8-11e5-aca6-1ae3be6f06d2_video.html" target="_blank">San Bernardino attack</a> in 2015? Do politicians give their &quot;Islam is a religion of peace&quot; platitudes out of political expediency or even the slightest knowledge of the ideology of Islam? Do they know actually know more about Islam than many of Islam&#39;s learned <em>ulema</em> (scholars), including Ibn Taymiyyah, or the authentic <em>hadith</em> (actions and sayings of Muhammad)? One says:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;Allah&#39;s Apostle said, &#39;I have been sent with the shortest expressions bearing the widest meanings, and I have been made victorious with terror.&#39;&quot; (<a href="https://sunnah.com/bukhari/56/186" target="_blank">Sahih Al-Bukhari 122</a>)</p> </blockquote> <p>How does one read verses in the Quran such as:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;I will instil terror into the hearts of the Unbelievers. Smite ye above their necks and smite all their finger-tips off them. This is because they contended against Allah and His Messenger. If any contend against Allah and His Messenger, Allah is strict in punishment.&quot; (8:12-13)?</strong></p> </blockquote> <p>When it is said that Islam has nothing to do with verses such as these, is that meant to appease Muslims, comfort the victims of Islamic terror or support the comfort of the non-Muslim community? If it is the first, well, as history teaches, appeasement simply does not work. Besides, it would be an offensive to presume that Muslims, all Muslims, are to be held responsible for a creed that, in their own understanding of it, greatly varies from one individual to another. If the denial is intended to comfort victims, it does not. And as for the comfort of the non-Muslim community, what is being served up has to be based on what is visibly true. Should such arguments not <em>first</em> be pitched to try to convince those who are willing to kill and be killed in the name of Islam, rather than to those out to have a good time on a Saturday evening?</p> <p><strong>Will the time come when reformers in the Islamic world will have louder voices in scrutinizing Islam -- despite the obvious dangers to their lives -- than Western elites, who are merely afraid of being falsely accused of being &quot;Islamophobes&quot;? Why should it be &quot;Islamophobic&quot; to want to defend yourself?</strong></p> <p>For nearly two years, a prime-time TV program by a young Egyptian reformist, Islam el-Beheiry, has called for an overhaul of the millennium-old compilation of <em>hadiths</em>. <a href="https://www.youtube.com/watch?v=7I0PF5xgJFk" target="_blank">He argues</a> that much of it is incompatible with modernity and the best understanding of divinity and prophethood:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;Such tradition has very little good amid a multitude of evil, least of which is the insistence by all the Four Schools of Sunni Islam that Christians can be killed with impunity. A Muslim life is &#39;superior&#39; to that of a non-Muslim. Such is the <em>Ijmaa&#39;</em> (jurisprudence consensus).&quot;</p> </blockquote> <p>Beheiry was sentenced in May 2015 to five years in prison with hard labor for &quot;defamation of religion&quot; -- thanks to Egypt&#39;s blasphemy law. The sentence was reduced in December 2015 to one year. After serving most of his sentence, he was released on a presidential pardon.</p> <p>Still, this Ramadan 2017, Beheiry was back again on the screen with a program he calls &quot;The Map&quot;, in which he is trying to build a scientific way of judging what he thinks is divine and what is not in the mass of Islamic literature.</p> <p>Egyptian President Abdel-Fattah el-Sisi, an army general who in 2014 came to power following vast street protests against the short-lived rule of the Muslim Brotherhood, <a href="https://youtu.be/zu7bJFx9QxE" target="_blank">said</a> it was no longer feasible that the Muslim World would set itself &quot;in enmity against the whole world&quot;.</p> <p><u><strong>Now, in Europe, some rightly ask: If one in a thousand is a bad apple, why should we judge all the apples. One also needs to ask: If one in a thousand apple blows up in my yard, how many more violent incidents will Europe get after bringing in a cartload of millions more? Or, what if the problem is not really with the fruit, but with the tree itself?</strong></u></p> <p><em><strong>Why is a desire to preserve one&#39;s own culture deemed racist? I do not believe that I am better because I am or am not a Muslim. Is it &quot;xenophobic&quot; to ask such questions when the violence keeps edging closer and closer to home? Why should it be &quot;Islamophobic&quot; to want to defend yourself?</strong></em></p> <p>I do not fear Muslims, but I fear that a tolerant culture is being replaced by an intolerant, misogynistic, anti-Semitic and supremacist one -- espoused, even semi-consciously, by much of the Islamic world today. It is a world that is being assured by its scholars that such intolerant, misogynistic, anti-Semitic and supremacist manifestations are, in all ages, in the best spirit of Islam.</p> <p><em><strong>Is it &quot;Islamophobic&quot; to be angry at such atrocities committed every day, or to be angry at politicians who lie about what Islam is and is not, and merely call their challengers names while failing to do anything to stop the atrocities?</strong></em></p> <p><em>Should European courts and parliaments criminalize free speech that criticizes this understanding of Islam among the bulk of Islamic jurists, when those jurists stand at the head of an assembly-line of suicide bombers targeting Western nationals?</em></p> <p><em>Should those who ask questions about Islamic terror be ostracized by the mainstream media and academia, while those institutions themselves give no answers to the jihadist problem of &quot;holy hate&quot; in our midst?</em></p> <p><strong><em>I do not wish the world to turn against Muslims. I only wish the sages would stop and think if all this really has &quot;nothing to do with Islam.&quot; Can we not say, &quot;stop justifying murderers in the name of your religion&quot;?</em></strong></p> <p><em>Can we not simply say that such creeds will not be allowed here in the West, will not be whitewashed, glossed over, or explained away by Westerners through a mixture of cultural cringe and a misguided sense of guilt? Can we not reject jihad, accept apostasy, and be able freely to ask questions in our public spaces, on our television shows, in our schools and on our streets?</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="217" height="131" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170820_tolernat.jpg?1503279311" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-20/tolerant-culture-being-replaced-intolerant-one#comments Apple Central Europe China Criticism of Islam East Turkestan Islamic Movement Eastern Europe Eastern Europe Gatestone Institute Iraq Islam Islam and politics Islamic terrorism Islamism Israel Jihad Manchester Arena Muslim Brotherhood None Religion Religion Religion of peace Religious controversies Religious terrorism southern Philippines Wahhabism World Trade Mon, 21 Aug 2017 07:30:00 +0000 Tyler Durden 602013 at http://www.zerohedge.com Tesla Is The World's 4th Largest Automaker (Despite Only Selling 76,000 Cars In 2016) http://www.zerohedge.com/news/2017-08-20/tesla-worlds-4th-largest-automaker-despite-only-selling-76000-cars-2016 <p><strong>It&rsquo;s been another breakout year for Tesla. </strong>Over the course of 2017, <strong>the company&rsquo;s market capitalization has soared beyond those of major manufacturers like Ford, GM, BMW, Honda, and Nissan.</strong> This thrust can be partly attributed to the company&rsquo;s Model S, which reigns supreme as the top-selling plug-in electric car worldwide in 2015 and 2016.</p> <p>But, <a href="http://www.visualcapitalist.com/tesla-worlds-4th-largest-auto-maker/">as Visual Capitalist&#39;s Jeff Desjardins notes, </a>more importantly for Tesla, this massive momentum is based on the company&rsquo;s much-anticipated future performance. Investors and analysts eagerly anticipate progress as the company ramps up production of the more affordable Model 3, and many also strongly believe that Elon Musk brings an &ldquo;X Factor&rdquo; that could translate into future returns.</p> <p>In today&rsquo;s charts, <strong>we look at Tesla&rsquo;s ascent in valuation to become the #4 ranked automaker globally, and also the #1 maker in America.</strong> We also show why the value assigned to Tesla&rsquo;s astonishing valuation may be premature, at least based on conventional metrics.</p> <p style="clear: both;"><a href="http://www.visualcapitalist.com/tesla-worlds-4th-largest-auto-maker/"><img src="http://2oqz471sa19h3vbwa53m33yj.wpengine.netdna-cdn.com/wp-content/uploads/2017/08/worlds-largest-automakers-by-value.jpg" style="border-width: 0px; border-style: solid; height: 449px; width: 601px;" /></a></p> <div><em>Courtesy of: <a href="http://www.visualcapitalist.com">Visual Capitalist</a></em></div> <p>&nbsp;</p> <h2><u>TESLA&rsquo;S RAPID ASCENT</u></h2> <p>In the opening months of 2013, Tesla was just starting to plan deliveries for its Model S. At the time, the company was worth a mere $3.9 billion &ndash; just 7% of the value of Ford.</p> <p>Since then, Tesla&rsquo;s value has skyrocketed to make it the most valued auto company in North America:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla1_0.jpg" style="width: 600px; height: 371px;" /></a></p> <p><strong>Despite only producing 76,230 vehicles in 2016, Tesla is now the biggest of the &ldquo;Big 3&rdquo; &ndash; and this puts a lot of pressure on the company to live up to the vast expectations held by investors and media.</strong></p> <h2><u>THE SPECULATOR&rsquo;S GAMBIT</u></h2> <p>With so much hype and value assigned to expectations of future performance, Tesla and its enthusiastic investors are in a potentially tough spot.</p> <p><strong>Even though it is the most valued car company in the United States, Tesla is much less impressive by more conventional metrics:</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla2_0.jpg" style="width: 600px; height: 297px;" /></a></p> <p><strong>The company has just a fraction of the employees, vehicle deliveries, and revenue of its competitors. Tesla also treads a similar path to Amazon, in that it will likely take a while for the company to ever post a profit.</strong></p> <p>Here&rsquo;s another look, this time showing Tesla&rsquo;s metrics as a percentage of GM&rsquo;s:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_tsdla3.jpg" style="width: 599px; height: 184px;" /></a></p> <p><em><u><strong>Tesla is producing less than 1% as many cars as GM, but is worth more in market value.</strong></u></em></p> <p>That&rsquo;s not to say that Tesla will not ultimately live up to expectations &ndash; but it does put into perspective the risk of banking on these future returns.</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="1055" height="584" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170820_tsdla.jpg?1503255496" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-20/tesla-worlds-4th-largest-automaker-despite-only-selling-76000-cars-2016#comments Business Business Electric car Elon Musk Ford Nationality Nikola Tesla Plug-in electric vehicle Tesla Model S Tesla, Inc. Transport Valuation Wireless energy transfer Mon, 21 Aug 2017 06:45:00 +0000 Tyler Durden 601999 at http://www.zerohedge.com US Policy Paradox: How To Lose Friends And Influence Nothing http://www.zerohedge.com/news/2017-08-20/us-policy-paradox-how-lose-friends-and-influence-nothing <p><em><a href="http://www.atimes.com/us-policy-paradox-lose-friends-influence-nothing/">Authored by Adam Garrie via The Asia Times,</a></em></p> <p>When Paul Robeson belted out the lyric “I’m tired of living, and scared of dying,” he stumbled on to a <strong>paradox of emotional dissonance that could easily define the geo-strategic cognitive dissonance that the US exhibits when dealing with its fellow superpowers Russia and China.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_policy.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170820_policy.jpg" width="600" height="328" /></a></p> <p><strong>Time and again the United States has shown that it does not want war with either of those countries,&nbsp;and these feelings are of course mutual. However, the US has a strange penchant for conducting provocative measures that&nbsp;inexorably harm relations with both Russia and China in mind-blowingly close proximity in time to moves suggesting rapprochement or, at minimum, de-escalation of tensions.</strong></p> <div> <div>The most recent example is the Pentagon signing an agreement to open lines of direct communication with the commanders of the People’s Liberation Army to avoid “miscalculations” in areas ranging from the Korean Peninsula to the South and East China Seas.</div> </div> <p>In a rational environment, this would be seen as a US climb-down over actions China finds unacceptable in Korea and in its maritime waters. But in the current environment, while the US has signed an agreement that&nbsp;would ideally reduce tensions between the Chinese and US armed forces, the US president has also authorized his government to open an investigation into Chinese trade practices. While the proximate issue is US intellectual-property rights in China, the phrase “anti-Chinese sanctions” is on the tip of everyone’s lips.</p> <p><strong>Far from being out of character, the dichotomy of cooperating with China and engaging in a would-be pre-emptive trade war that the Chinese Ministry of Commerce has warned could be deeply dangerous is actually par for the course under the Trump administration.</strong></p> <p>On&nbsp;July 7, Donald Trump and Vladimir Putin met for the first time. The most meaningful outcome of the meeting was the agreement jointly to police a ceasefire and accompanying de-escalation zone in southwestern Syria, along with Jordan.</p> <p>Less than a month later, Trump signed a sanctions bill against Russia that&nbsp;Moscow remains furious about. Détente 2.0 officially lasted from July 7 to August 3, 2017.</p> <p>In respect of Iran, the Trump administration has quietly but officially stated that Tehran has not violated a single clause of the 2015 nuclear deal, but US officials continue to sanction Iran and continue to speak of Iran as though it has violated every agreement ever signed in history.</p> <p><strong>This has the aggregate effect of making the United States appear tired of warring but scared of cooperating.</strong></p> <p>In reality, neither Russia, China nor Iran wants war with the United States. One could also add North Korea, Mexico, Syria, Venezuela, Zimbabwe or just about every other country on the planet to that list.</p> <p>Therefore, while moves to de-escalate military tensions are positive developments no matter where they happen,<strong> the mixed signals the US is sending will only serve as a demonstration that the US is not serious about proper de-escalation and cooperation and therefore it is only natural for the wider world to assume the worst about the United States, which far too often translates into “the tense status quo hasn’t changed”.</strong></p> <p><em><span style="text-decoration: underline;"><strong>What’s more is that while pundits argue over whether this is part of a larger American geo-strategic plan to sow confusion or is simply an inexperienced Trump administration that cannot decide if it is coming or going, the wider world is more concerned with the effect than the cause. &nbsp;</strong></span></em></p> <p>In this sense, the US is less like the longing voice of “Old Man River” than it is like the author of a future worst-seller, “How to Lose Friends and Influence Nothing”.</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="615" height="336" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170820_policy.jpg?1503256256" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-20/us-policy-paradox-how-lose-friends-and-influence-nothing#comments Adam China Chinese Ministry of Commerce Cognitive Dissonance Donald Trump Donald Trump East China Foreign policy of the Donald Trump administration Iran Liberation Army Mexico North Korea Pentagon Politics Politics Presidency of Donald Trump Reality South China southwestern Syria Trade War Trump Administration United States Vladimir Putin Vladimir Putin Mon, 21 Aug 2017 06:00:00 +0000 Tyler Durden 602001 at http://www.zerohedge.com