http://www.zerohedge.com/fullrss2.xml/The%252520World%252527s%252520Greatest%252520Money%252520Trick%25252C%252520Gold%252520Myths%252520Exposed%25252C%252520Part%252520I%252520 en "Did Mike Pence Buy A Diet Dr.Pepper For A Woman That Was Not His Wife?" http://www.zerohedge.com/news/2017-11-17/did-mike-pence-buy-diet-drpepper-woman-was-not-his-wife <p><a href="http://kunstler.com/clusterfuck-nation/another-one-bites-dust/"><em>Authored by James Howard Kunstler via Kunstler.com,</em></a></p> <p>If only abortion were retroactive, we could suitably deal with monsters like Senator Al Franken (D &ndash; MN), who apparently <strong>ventured to apply a breast adjustment to a female colleague asleep on the military airplane</strong> winging them home from USO duty in Afghanistan. This was back in the day when Senator Franken was a professional entertainer, a clown to be precise, but his career shift to politics has rendered all his prior clowning anathema.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_franken.jpg"><img height="381" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_franken_0.jpg" width="600" /></a></p> <p><em><strong>Will he slink out of the senate in disgrace with (ahem) his tail between his legs? Or will he bunker in and wait until the mega-storm of sexual accusation roars on to strand some bigger, flashier fish on the shoals of ignominy?</strong></em></p> <p><em>Perhaps we&rsquo;ll soon learn that Warren Buffet repeatedly shagged his notoriously over-taxed secretary in the Berkshire Hathaway janitor&rsquo;s closet. </em></p> <p><em>Or that Mike Pence once bought a diet Dr. Pepper for a woman who was not his wife!</em></p> <p><span style="text-decoration: underline;"><em><strong>Seems to me this storm could roar and roil on until ninety-plus percent of the men in America are exposed as sex monsters and expelled from every workplace in the land. And then America can feel good about itself again. At least until the bond market blows up, or Kim Jung Fatboy sends a rocket over Rancho Cuckamonga.</strong></em></span></p> <p>But in the meantime, this scourging of male wickedness raises some interesting questions about human dynamics vis-a-vis workplace dynamics.</p> <p><strong>I (for one, apparently) find it amusing that people are shocked to learn that sexual favors are swapped for career advancement in show business, where sheer narcissism buys more than Bitcoin. </strong>The remedy, I suppose, will be to put an end to show business - except its doing a pretty good job of accomplishing that itself, especially the art-form formerly known as <em>the movies</em>. But what about the gazillion other less-glamorous business activities out there: the actuarial suites, the dental offices, the WalMart middle management departments?</p> <p><strong>I would begin with the recognition that human sexuality is a pretty potent and mischievous component of basic biology.</strong> In, say, the much maligned &ldquo;cis&rdquo; world of gender relations, people in the workplace surely feel a fairly constant cognitive tug of awareness that they are in the presence of the opposite sex. If nothing else, there is the pheromone thing: the involuntary wafting about of hormonal chemicals that signal sexual possibility, though not necessarily opportunity. It may be considered primitive and inconvenient, but it&rsquo;s there anyway.</p> <p>That being so, one obvious question is: <strong><em>what happened to manners, the once-conventional device for managing impulse control. </em></strong></p> <p><strong><u>Narcissism </u>does explain a lot, </strong>since that mental state prompts the treatment of other people as mere objects of utility rather than persons on a transect of mutual respect. But<em><strong> in the new sexual harassment workplace regime, a mere polite inquiry of romantic interest might provoke punishment,</strong></em> so that even an unmarried true gentleman asking a female co-worker out for a drink after work might be construed as a firing offense.</p> <p><u><em><strong>Offendedness has gone viral in America these days.</strong></em></u></p> <p>The rewards are a pretty sure thing for the offendee, ranging from simple brownie points to the offendedness powerball lottery of a $32 million payoff for getting seriously roughed up by a wealthy mug such as Bill O&rsquo;Reilly. My guess is that the suppression of even gentlemanly approaches to women only pushes things to that darker and harsher edge of the gradient of male behavior, where the latent chimpanzee lurks.</p> <p><strong>It&rsquo;s inconceivable to me that we are going to eliminate sexual mischief on-the-job as long as men and women are mixed together in work that can be done by anybody.</strong> The situation would be less toxic if genuine misbehavior was reported to bosses or to the police directly, instead of waiting twenty years to call up MSNBC, and if asking for a date, or proffering a compliment, were not treated as vile and inexcusable.</p> <p>Of course, once all the predators are cleaned out of the corporate C-suites, we&rsquo;ll still be stuck with a spectacularly trashy contemporary culture, saturated with inducements for all kinds of theoretically decent people to behave badly. <strong><em>Mainly what&rsquo;s being accomplished in the current hysteria is reinforcement of the idea that the weaker sex is just that, but with a raging denial that they require some kind of protection.</em></strong></p> <p>* * *</p> <p>This seemed particularly timely...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Ohio gubernatorial candidate: &quot;I was sexually intimate with approximately 50 very attractive females&quot; <a href="https://t.co/BpdhZTqYTN">https://t.co/BpdhZTqYTN</a> <a href="https://t.co/qVY3zOdXmB">pic.twitter.com/qVY3zOdXmB</a></p> <p>&mdash; Washington Examiner (@dcexaminer) <a href="https://twitter.com/dcexaminer/status/931588021530570753?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="462" height="339" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_men.jpg?1510941002" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/did-mike-pence-buy-diet-drpepper-woman-was-not-his-wife#comments Afghanistan Al Franken Behavior Berkshire Hathaway Bitcoin Bond Feminism Harassment Human behavior Human sexuality KIM MSNBC Narcissism Ohio Psychopathy Senate Sex Sex crimes Sexual harassment Sexual reproduction Twitter Twitter Workplace Workplace bullying Fri, 17 Nov 2017 19:07:45 +0000 Tyler Durden 607479 at http://www.zerohedge.com Wall Street Traders Used Chat Rooms To Rig Treasury Auctions, Federal Lawsuit Alleges http://www.zerohedge.com/news/2017-11-17/wall-street-traders-used-chat-rooms-rig-treasury-auctions-federal-lawsuit-alleges <p>Over the past several months, as we followed <a href="http://www.zerohedge.com/news/2017-10-23/ex-hsbc-currency-trader-convicted-fraud-massive-front-running-scandal">HSBC's currency scandal</a> involving trader Mark Johnson who netted his firm $8 million in illicit profits by front-running a $3.5 billion client order, we frequently noted that Johnson was nothing more than a convenient scapegoat for a global financial industry that is rife with similar front-running scams that go unnoticed.</p> <p>That said, to our complete 'shock' the <a href="https://nypost.com/2017/11/16/wall-st-bankers-secretly-used-chat-rooms-to-rig-treasury-bond-trades-suit/">NY Post</a> today highlights another front-running scam allegedly perpetrated by Wall Street's finest at the expense of their clients.&nbsp; According to new documents published in a class action lawsuit filed by a number pension funds and wealthy individual investors, <strong>some of Wall Street's largest primary dealers in the U.S. Treasury market habitually, and illegally, shared client orders via online chat rooms to order to game Treasury auctions. </strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Wall Street banks secretly shared client information in online chat rooms in order to rig auctions for the $14 trillion US Treasurys market,</strong> according to an explosive lawsuit filed in Manhattan federal court on Wednesday.</p> <p>&nbsp;</p> <p>The move wrongly fattened the banks’ profits and picked profits from clients, the suit claims.</p> <p>&nbsp;</p> <p><strong>The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015</strong> — and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action.</p> <p>&nbsp;</p> <p>That bank is now cooperating with the plaintiffs in the massive civil action, and is providing an in-depth look into how Wall Street allegedly conspired to rig Treasury bond trades.</p> </blockquote> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/11/17/2017.11.17%20-%20Wall%20Street_0.JPG" alt="Wall Street" width="600" height="350" /></p> <p>As our readers are undoubtedly aware, typically, the Treasury holds an auction, then banks submit their bids for US debt based on how much they think those bonds are worth. The Treasury then doles out the bonds proportionately to the bidders at the same price. The bank that asked for the best price gets the most bonds.</p> <p>Traders at the Wall Street banks shared the prices that their clients had sought to buy the bonds, giving each of the banks in the alleged cartel a clearer picture of what they thought the market was, and a better chance at getting a bigger share of the bonds to sell, according to the complaint.</p> <p>So, which banks would participate in such a scheme?&nbsp; Surely none of the marquee names on wall street, right?</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The amended suit tightens its focus on a select number of banks, naming <strong><span style="text-decoration: underline;">Goldman Sachs, Morgan Stanley, the Royal Bank of Scotland, BNP Paribas, and UBS,</span> among others, as the firms behind the rigging, which they allege occurred from Jan. 1, 2007, to mid-2015.</strong></p> <p>&nbsp;</p> <p>The funds continue to allege the banks mined their own customers’ bids for Treasury bonds to get a bigger share of the auction, and sell the bonds for more profit.</p> <p>&nbsp;</p> <p>Probes on the auction practices are being conducted by the Justice Department, the Securities and Exchange Commission and other federal, state and overseas regulators, sources said. No regulator has accused any bank of wrongdoing.</p> </blockquote> <p>Of course, we're sure this is all just another big misunderstanding by a DOJ that is just trying to "<a href="http://www.zerohedge.com/news/2016-08-29/new-dnc-chair-says-outrage-over-clinton-foundation-pay-play-attempt-criminalize-norm">criminalize behavior that is normal.</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="901" height="525" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.11.17%20-%20Wall%20Street.JPG?1510929805" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/wall-street-traders-used-chat-rooms-rig-treasury-auctions-federal-lawsuit-alleges#comments Banks Bond Bond Business Department of Justice DOJ Finance Financial services goldman sachs Goldman Sachs Goldman Sachs Morgan Stanley Morgan Stanley None Primary dealers Royal Bank of Scotland Securities and Exchange Commission Securities and Exchange Commission Subprime mortgage crisis U.S. Treasury UBS Fri, 17 Nov 2017 18:50:05 +0000 Tyler Durden 607463 at http://www.zerohedge.com The Demise Of Dissent: Why The Web Is Becoming Homogenized http://www.zerohedge.com/news/2017-11-17/demise-dissent-why-web-becoming-homogenized <p><a href="http://charleshughsmith.blogspot.com/2017/11/the-demise-of-dissent-why-web-is.html"><em>Authored by Charles Hugh Smith via OfTwoMinds blog,</em></a></p> <p><em>In other words, we&#39;ll be left with officially generated and sanctioned fake news and &quot;approved&quot; dissent. </em></p> <p><strong>We&#39;ve all heard that the problem with the web is <em>fake news</em>,</strong> i.e. unsubstantiated or erroneous content that&#39;s designed to mislead or sow confusion.</p> <p><strong>The problem isn&#39;t just <em>fake news</em>--it&#39;s the homogenization of the web</strong>, that is, the elimination or marginalization of independent voices of skepticism and dissent.</p> <p><strong>There are four drivers of this homogenization:</strong></p> <p>1. The suppression of dissent under the guise of <em>ridding the web of propaganda and fake news</em>--in other words, dissent is labeled <em>fake news</em> as a cover for silencing critics and skeptics.</p> <p>2. The sharp decline of advertising revenues flowing to web publishers, both major outlets and small independent publishers like Of Two Minds.</p> <p>3. The majority of advert revenues now flow into the coffers of the quasi-monopolies Facebook and Google.</p> <p>4. Publishers are increasingly dependent on these quasi-monopolies for readers and visibility: any publisher who runs afoul of Facebook and Google and is sent to Digital Siberia effectively vanishes.</p> <p><strong>The reason why publishers&#39; advert incomes are plummeting are four-fold:</strong></p> <p>1. Most of the advert revenues in the digital market are being skimmed by Facebook and Google, as the chart below illustrates.</p> <p>2. Ad blockers have become ubiquitous.</p> <p>3. Few people click on the display ads that are the standard in desktop web publishing; in other words, these ads simply don&#39;t work very well, and much of the revenue being generated is click-fraud, i.e. bots not real people clicking on adverts because they&#39;re interested in the product/service. As a result, advertisers are pulling away from these type of ads as they search for advert models that aren&#39;t so vulnerable to click-fraud.</p> <p>4. The web is increasingly shifting to mobile, which has fewer advert spots due to the small size of the display. In addition, major third-party advert services such as Google Adsense place restrictions on the number and size of ads being displayed on publishers&#39; sites.</p> <p><strong>The systemic erosion of advert revenues for everyone other than FB and Google is evident everywhere:</strong> for example, <a href="https://www.wsj.com/articles/buzzfeed-set-to-miss-revenue-target-signaling-turbulence-in-media-1510861771" target="resource"> BuzzFeed Set to Miss Revenue Target, Signaling Turbulence in Media</a> <em> Prospects for a 2018 initial public offering by the high-profile publisher now appear remote. </em></p> <p><em>Digital publisher BuzzFeed is on track to miss its revenue target this year by a significant amount, the latest sign that troubles in the online-ad business are making it tough for new-media upstarts to live up to lofty expectations.</em></p> <p><strong>As a result of these two dynamics--the censorship of dissenting views under the excuse of limiting fake news, and the erosion of advert income--independent publishers are losing ground.</strong> While those posting on Facebook and other social media sites have little expectation of monetizing their content, many web publishers made enough income off adverts or affiliated income (from YouTube channels, for example) to justify the enormous time and effort they expended keeping their channel/site going.</p> <p><strong>As advert income has dwindled, there are only two other revenue models available to publishers: a subscription service or Patreon, i.e. the direct financial support of users/readers/viewers.</strong> Major publishers are struggling to build a subscription base large enough to fund their operations, a task made more difficult by the expectation that all content is free or should be free.</p> <p>Patreon has been a boon for thousands of independent writers, journalists, cartoonists, filmmakers and other creators of content. The Patreon model (as I understand it, and yes I have a Patreon campaign) is not based on content that&#39;s behind a paywall available to subscribers only, but on providing incentives in the form of content or other rewards to those who choose to contribute.</p> <p><strong>The Patreon model only works if enough users/readers/viewers step up to support content creators they value.</strong> I think the success of Patreon suggests that many people are willing to support the content creators they value. But like all voluntary revenue models, there&#39;s the <em>free-rider issue</em>: people who may have the income to pay a bit for content choose not to, and in essence free-ride on those few who do contribute/pay for content.</p> <p>Some people have advanced the model of <em>micropayments</em> as the solution to the problem of compensating content creators fairly. While this model has some obvious benefits--pennies charged for access to content might add up to a living for content creators if their audience was large enough--it would still be a voluntary system, and thus it would have the same free-rider issue as every other voluntary payment-for-content idea.</p> <p>Posting &quot;free&quot; content on social media ends up driving advert revenues to the social media and search monopolies, leaving nothing for the content creators. There is only so much serious content that can be created for free.</p> <p>If what we&#39;re left with is &quot;free&quot; content (i.e. the creator gets no income for creating and posting content), Facebook, Google and click-bait link farms of sensationalist headlines, we&#39;ll end up with a thoroughly homogenized web of &quot;approved content&quot; underwritten by lobbyists, the entertainment industry and elitist foundations/think tanks, and little in the way of real dissent or diversity of independent analysis.</p> <p><strong>In other words, we&#39;ll be left with <em>officially generated and sanctioned fake news</em> and &quot;approved&quot; dissent:</strong> unemployment is at record lows, inflation is near zero, the &quot;recovery&quot; is alive and well, Russia is the enemy and any suggestion to the contrary is propaganda that must be eradicated as fake news, etc.</p> <p><strong>Simply put, the web is becoming Orwellian.</strong> There&#39;s plenty of approved &quot;diversity of opinion,&quot; but dissent is being sidelined to the fringes as a risk to the perfection of managed content.</p> <p><img align="middle" border="0" class="wide" src="http://www.oftwominds.com/photos2017/digital-FB-GOO.jpg" /></p> <p>*&nbsp; *&nbsp; *</p> <p><em>If you found value in this content, please join me in seeking solutions by <a href="https://www.patreon.com/charleshughsmith" target="resource">becoming a $1/month patron of my work via patreon.com</a>. Check out both of my new books, <a href="https://www.amazon.com/gp/product/B01MSP2SXM/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B01MSP2SXM&amp;linkCode=as2&amp;tag=charleshughsm-20&amp;linkId=e45dbb20ba66e69c33a3a26772391278" target="resource">Inequality and the Collapse of Privilege</a> ($3.95 Kindle, $8.95 print) and <a href="http://www.amazon.com/gp/product/B01ELXQZGE/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B01ELXQZGE&amp;linkCode=as2&amp;tag=charleshughsm-20&amp;linkId=33DAOPEVGBNGBS37" target="resource">Why Our Status Quo Failed and Is Beyond Reform</a> ($3.95 Kindle, $8.95 print, $5.95 <a href="https://www.amazon.com/gp/product/B01M7YCLI2/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B01M7YCLI2&amp;linkCode=as2&amp;tag=charleshughsm-20&amp;linkId=60a5ab448cf91113c0df9df97732358e" target="_blank"> audiobook</a>) For more, please visit the <a href="http://www.oftwominds.com/essentials.html" target="resource">OTM essentials website</a>.</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="251" height="164" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_web.jpg?1510940692" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/demise-dissent-why-web-becoming-homogenized#comments AdSense Alphabet Inc. Computing Digital media E-commerce Entertainment ETC Fake news Google Google headlines New media Online advertising Patreon recovery Social media Technology Unemployment web publishing World Wide Web Fri, 17 Nov 2017 18:36:03 +0000 Tyler Durden 607476 at http://www.zerohedge.com Female Intern Sues "Offensive And Degrading" French Bank For "Flagrant Misogyny" http://www.zerohedge.com/news/2017-11-17/female-intern-sues-offensive-and-degrading-french-bank-flagrant-misogyny <p>Seemingly echoing Casbalanca&#39;s <em>&quot;I am shocked there is gambling going on here,&quot; </em>young female intern Nadia Moukaideche was <strong>&#39;shocked&#39; enough to seek counseling after discovering &quot;disgusting, childish, misogynist&quot; behavior at French investment bank Credit Agricole</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_cred1.jpg"><img height="344" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_cred1.jpg" width="344" /></a></p> <p>Moukaideche, who was born in 1991, had <strong>worked at two investment banks in <u>Paris</u>, where she said she had no problems</strong> with any colleagues, but as Bloomberg reports, she found <strong>the male-dominated working atmosphere at the French bank&#39;s <u>London </u>office was so &quot;offensive and degrading&quot; that it drove her to seek counseling </strong>over the &quot;misogynist&quot; behavior of colleagues, according to her employment tribunal claim (in which she is suing the bank for sexual discrimination).</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The intern said<strong> her manager encouraged &ldquo;a variety of disgusting and childish behaviors such as animal noises, burps, passing of wind and ball games,&rdquo; </strong>according to her witness statement for the tribunal.</p> <p>&nbsp;</p> <p><strong>The misogyny of her boss,&nbsp;Hemal Mistry, &ldquo;was flagrant&rdquo; </strong>as he fostered behavior that &ldquo;somehow became normal,&rdquo; she said.</p> <p>&nbsp;</p> <p>Colleagues had<strong> &ldquo;open conversations about drugs and prostitutes&rdquo; </strong>and they &ldquo;were sometimes showing each other pictures of it amongst other pornographic images right at the desk.&rdquo;</p> <p>&nbsp;</p> <p><em><strong>&ldquo;The environment is simply unbearable for any woman,&rdquo;&nbsp;</strong></em>Moukaideche said.</p> </blockquote> <p>Moukaideche said she became stressed by harassment and was forced to take time off work and seek professional help. She turned to the bank&rsquo;s human-resources team, and said they handled the process poorly and <strong><em>&quot;insinuated that maybe I could not distinguish simple jokes from offensive misogynistic talks.&quot;</em></strong></p> <p>Interestingly,&nbsp;the bank&rsquo;s HR head in London said in a witness statement that &quot;such behavior is not tolerated by the bank,&quot; but added that:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;since Nadia bought her claim I have seen <strong>emails that she sent to friends in other departments,&quot; that would have constituted gross misconduct...</strong></p> <p>&nbsp;</p> <p><strong>The messages &quot;make it very hard to believe that Nadia was genuinely offended </strong>by the inappropriate behavior that was identified.&quot;</p> </blockquote> <p>Mistry, the bank&rsquo;s credit middle-office global office co-ordinator, said<strong> the trading floor was a loud place to work but &quot;everyone in the workplace is an adult </strong>and if there is something that someone is taking offense to there are plenty of channels you can go through.&quot;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;Jokes were made about women but they didn&rsquo;t objectify women, we also joked about sport,&quot;</strong> he said in court.</p> </blockquote> <p>Finally, we note that <a href="https://fr.linkedin.com/in/nadia-moukaideche-9079a24a">Moukaideche is now working as a project manager at Natixis in Paris</a>... but <strong>did spend over 2 years &#39;suffering&#39; through the London office of Credit Agricole&#39;s &quot;animal noises&quot;</strong>...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_cred2.jpg"><img height="997" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_cred2_0.jpg" width="600" /></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="342" height="224" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_cred.jpg?1510933076" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/female-intern-sues-offensive-and-degrading-french-bank-flagrant-misogyny#comments Gambling Fri, 17 Nov 2017 18:22:42 +0000 Tyler Durden 607473 at http://www.zerohedge.com Gold Up Most In 3 Months, Spikes Above Key Technical Level http://www.zerohedge.com/news/2017-11-17/gold-most-3-months-spikes-above-key-technical-level <p>Gold continues to shine in the post-Saudi-coup world....</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold3_0.jpg" style="width: 600px; height: 392px;" /></a></p> <p>&nbsp;</p> <p>And the precious metal just <strong>broke above its 50-day moving average, after bouncing off its 200-day on Tuesday</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold1.jpg"><img height="392" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>This is gold&#39;s best day in 3 months...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold2.jpg"><img height="363" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold2_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Gold is gaining as the dollar index slumps to near 1-month lows...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold4_0.jpg" style="width: 600px; height: 314px;" /></a></p> <p>&nbsp;</p> <p>Of course, it&#39;s USDJPY that really matters (and it just broke below 112.00)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_gold5_0.jpg" style="width: 600px; height: 392px;" /></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="2426" height="1584" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_gold1.jpg?1510942029" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/gold-most-3-months-spikes-above-key-technical-level#comments Atomic physics Australian dollar Currency Foreign exchange market Gold Matter Middle East Politics Precious metals Radio in the United Kingdom Saudi Arabia Slump United States dollar Fri, 17 Nov 2017 18:08:50 +0000 Tyler Durden 607478 at http://www.zerohedge.com Another Step Forward For Sound Money: Location Picked For Texas Gold Depository http://www.zerohedge.com/news/2017-11-17/another-step-forward-sound-money-location-picked-texas-gold-depository <p><a href="https://schiffgold.com/key-gold-news/another-step-forward-sound-money-location-picked-texas-gold-depository/?utm_source=SchiffGold+News+%26+Promotions&amp;utm_campaign=629de98b56-PSGN_17_11_17&amp;utm_medium=email&amp;utm_term=0_0d6db532dd-629de98b56-192514465"><em>Via SchiffGold.com,</em></a></p> <p>The <a href="https://schiffgold.com/key-gold-news/texas-gold-depository-could-challenge-federal-power/">Texas Bullion Depository</a> took a step closer becoming operational earlier this month when <strong>officials announced the location of the new facility</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_soundmoney.jpg"><img height="273" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_soundmoney.jpg" width="546" /></a></p> <p><strong>The creation of a state bullion depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Federal Reserve&rsquo;s monopoly on money.</strong></p> <p>Gov. Greg Abbot&nbsp;signed legislation&nbsp;creating the state gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to store gold and other precious metals, <strong>the law also creates a mechanism to facilitate the everyday use of <a href="https://schiffgold.com/buy/gold/">gold</a> and <a href="https://schiffgold.com/buy/silver/">silver</a> in business transactions.</strong> In short, a person will&nbsp;be able to&nbsp;deposit gold or silver in the depository and pay other people through electronic means or checks &ndash; in sound money.</p> <p>Earlier this summer, Texas Comptroller Glenn Hegar&nbsp;<a href="https://schiffgold.com/key-gold-news/texas-picks-company-run-state-bullion-depository/">announced <strong>Austin-based&nbsp;Lone Star Tangible Assets will build and operate the Texas Bullion Depository</strong></a>. On Nov. 3, the company announced it will construct the facility<strong> in&nbsp;the city of Leander, located about 30 miles northwest of Austin.</strong> According to&nbsp;<a href="https://communityimpact.com/austin/leander-cedar-park/city-county/2017/11/02/breaking-texas-gold-depository-will-headquartered-leander/" rel="noopener" target="_blank">the&nbsp;<em>Community Impact Newspaper</em></a>, the Leander City Council has approved an economic development agreement with Lone Star. Construction of the depository is expected to begin in early 2018. Lone Star officials say it will take about a year to complete construction of the&nbsp;60,000-square-foot secure facility located on a 10-acre campus.</p> <p>The depository will operate out of Lone Star&rsquo;s existing facilities during construction. It will provide services nationwide beginning in early 2018, with international services to be offered in the future phases, according to&nbsp;<em>Community Impact</em>.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;This state-of-the-art facility will provide tremendous benefits to the citizens of Leander and will give Texans a secure facility right here in the Lone Star State where their gold and precious metals will be kept safe and close at hand,&rdquo; </strong></em>Hegar said in the press release.</p> </blockquote> <p>The Texas Bullion Depository has already established an online presence. You can visit the depository&nbsp;website&nbsp;<a href="https://texasbulliondepository.gov/information-for-depository-agents/" rel="noopener" target="_blank">HERE</a>.</p> <p>According to&nbsp;<a href="http://www.star-telegram.com/news/politics-government/state-politics/article92664182.html" rel="noopener" target="_blank">an article in the&nbsp;<em>Star-Telegram</em></a>, state officials want a facility &lsquo;with an e-commerce component that also provides for secure physical storage for Bullion.&rsquo; Officials say plans for a depository should include online services that would let customers accept, transfer and withdraw bullion deposits and related fees.</p> <p>By making gold and silver available for regular, daily transactions by the general public, the new law&nbsp;has the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in&nbsp;<a href="https://mises.org/blog/ending-federal-reserve-bottom" rel="noopener" target="_blank">a paper for the Mises Institute</a>&nbsp;that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government&rsquo;s monopoly on money.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a &lsquo;reverse Gresham&rsquo;s Law&rsquo; effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).</p> <p>&nbsp;</p> <p><strong>&ldquo;As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state&rsquo;s treasury, an influx of banking business from outside of the state &ndash; as people in other states carry out their desire to bank with sound money &ndash; and an eventual outcry against the use of Federal Reserve notes for any transactions.&rdquo;</strong></p> </blockquote> <p>University of Houston political science professor&nbsp;Brandon Rottinghaus called the development of a state gold depository a step toward independence.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;This is another in a long line of ways to make Texas more self-reliant and less tethered to the federal government. The financial impact is small but the political impact is telling, Many conservatives are interested in returning to the gold standard and circumvent the Federal reserve in whatever small way they can.&rdquo;</strong></p> </blockquote> <p>The Texas gold depository will create a mechanism to challenge the federal government&rsquo;s monopoly on money and provides a blueprint for other states to follow. If the majority of states controlled their own supply of gold, it could conceivably make the Federal Reserve completely irrelevant.</p> <p>The depository is part of <a href="https://schiffgold.com/key-gold-news/status-report-states-take-feds-money-monopoly/">a broader movement at the state level</a> to facilitate sound money, and potentially undermine the Fed&rsquo;s money monopoly. A number of states have repealed taxes on the sale of gold and silver over the last two years, and that trend is expected to continue. A legislator in Alabama has <a href="https://schiffgold.com/key-gold-news/alabama-bill-exempt-gold-silver-bullion-sales-tax-help-encourage-use-money/">already filed a bill</a> to repeal the sales and use tax on gold, silver, platinum, and palladium bullion and coins in that state.&nbsp;<strong>As&nbsp;<a href="http://blog.tenthamendmentcenter.com/2017/03/ron-paul-testimony-in-support-of-arizona-sound-money-bill-hb2014/" rel="noopener" target="_blank">Ron Paul has said</a>, &ldquo;We ought not to tax money &ndash; and that&rsquo;s a good idea. It makes no sense to tax money.&rdquo;</strong></p> <p><em><a href="http://blog.tenthamendmentcenter.com/2017/11/big-step-forward-for-sound-money-location-for-texas-bullion-depository-now-official/" rel="noopener" target="_blank">Reporting from the Tenth Amendment Center</a> contributed to this report. </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="546" height="273" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_soundmoney.jpg?1510932653" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/another-step-forward-sound-money-location-picked-texas-gold-depository#comments Bullion Business Currency Economy federal government Federal Reserve Federal Reserve System Gold Gold standard Leander City Council Lone Star Lone Star Tangible Matter Mises Institute Mises Institute Monetary policy Newspaper Precious Metals Precious metals Ron Paul Tenth Amendment Center Texas Bullion Depository United States Bullion Depository United States dollar University of Houston US Federal Reserve Fri, 17 Nov 2017 17:56:44 +0000 Tyler Durden 607465 at http://www.zerohedge.com Muddy Waters Proved Right As Huishan Dairy Prepares For Liquidation http://www.zerohedge.com/news/2017-11-17/muddy-waters-proved-right-huishan-dairy-prepares-liquidation <p>On March 2017, we discussed the sudden 90% drop in the share price of China&rsquo;s largest dairy farm operator, the Hong Kong-listed China Huishan Dairy Holdings. The collapse occurred the day after its creditors convened an emergency meeting to discuss the company&rsquo;s cash shortage and was three months after Muddy Waters&rsquo; Carson Block questioned its profitability and said the company was &ldquo;worth close to zero.&rdquo; After the collapse in the share price we joked that &ldquo;it suddenly almost is.&rdquo; <strong>Now we have confirmation that Block was correct, as Huishan is entering provisional liquidation, citing liabilities of $1.6 billion.</strong> From Bloomberg.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>China Huishan Dairy Holdings Co., the Hong Kong-listed company targeted by short sellers including Muddy Waters Capital LLC, is preparing for provisional liquidation in a move that could protect its assets as it negotiates with creditors. The firm had told its Cayman legal advisers to make the preparations, it said in a Hong Kong stock exchange filing Thursday.</p> <p>&nbsp;</p> <p>Huishan&rsquo;s board earlier found that the net liabilities of its units in China &ldquo;could have been&rdquo; 10.5 billion yuan ($1.58 billion) as of March 31, the company said. <strong>A provisional liquidation generally is used to safeguard a company&rsquo;s assets before a court rules what action to take.</strong></p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/04/Huishan.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/04/Huishan_0.png" style="width: 500px; height: 281px;" /></a></p> <p>In the Muddy Waters report, Block alleged that Huishan mislead investors by overstating its sales, making an undisclosed transfer of a subsidiary to a company controlled by Chairman Yang Kai and lying about its self-sufficiency in alfalfa. Following its publication, Huishan accused his firm of making allegations which were &ldquo;groundless, malicious and false&rdquo;. Apparently not, however. Speaking to Bloomberg, Block, who exited its short position, said.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;The most interesting part is the statement by the directors that net liabilities of the company could be 10.5 billion yuan and I compare that to the last published financials from September 2016 and the company was showing net assets of 12.9 billion yuan,&quot; he said. &ldquo;That&rsquo;s a clear affirmation that Huishan was a fraud.&quot;</strong></p> </blockquote> <p>In the filing with the Hong Kong Stock Exchange, Huishan stated that it will &ldquo;take into account, as far as possible, options available to the company to preserve the assets of the group.&rdquo; Chinese law will apply to the liquidation as Bloomberg explains.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>With the majority of its assets held through units in China, any debt restructuring will be subject to Chinese law, Huishan Dairy said.The provisional liquidation could lead to liquidation potentially, or some form of restructuring, according to Keith Pogson, a managing partner at Ernst &amp; Young in Hong Kong. The group&rsquo;s estimated total indebtedness was about 26.7 billion yuan as of March 31, including about 18.7 billion yuan of bank loans and 4.25 billion yuan of non-bank loans, it said in June. A liquidation would still need approval by shareholders or creditors, according to Shen Meng, Beijing-based director of the boutique investment fund Chanson &amp; Co. Huishan&rsquo;s move may be aimed at forcing creditors to accept its restructuring plan, which would result in only some repayment of debt, he said.</p> <p>&nbsp;</p> <p><strong>&ldquo;Huishan published this stock exchange statement in order to apply pressure on creditors to come to its terms,&quot; Shen said. &ldquo;It is likely that unhappy creditors will now take action, perhaps through legal routes, to protect their interests.&rdquo;</strong></p> </blockquote> <p>What&rsquo;s noteworthy in respect of the Huishan filing is how quickly it followed a statement the company made to the HKSE on 1 November 2017 when it said that it was on track to post positive cash flow from its core operations by the end of March 2018. Furthermore, it said that more than half of its mainland creditors, representing more than two thirds of the debt associated with Huishan and Yang group companies, were backing a debt restructuring plan.</p> <p>Accounting irregularities aside, Huishan&rsquo;s performance also suffered, to some extent, from the downturn in the global market for dairy products, as Bloomberg notes.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>China&rsquo;s dairy industry, which imports about a fifth of its milk supply, is recovering from a worldwide raw milk price slump that&rsquo;s weighed on the profits of producers including China Modern Dairy Holdings Ltd. that&rsquo;s controlled by China Mengniu Dairy Co. But Huishan&rsquo;s troubles are largely due to its own capital entanglements and not to wider market trends, said Guangdong Dairy Association Director Wang Dingmian. The company&rsquo;s milk supply largely goes to manufacturing dairy products under its own brand, according to Wang. Huishan&rsquo;s existing farms are operating normally, he said.</p> <p>&nbsp;</p> <p><strong>&ldquo;It is a very small supplier in the overall market and its troubles will not affect the supply of milk in China,&rdquo; he said. China&rsquo;s dairy farming landscape is dominated by smaller-scale farmers, which means that Huishan was one of the bigger industrial farms while still accounting for only a small portion of nationwide milk supply.</strong></p> </blockquote> <p>So, hat-tip to Carson Block and food for thought from Charles Macgregor, as Bloomberg relays.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Huishan&rsquo;s troubles should be a cautionary example for investors, said Charles Macgregor, head of emerging markets research at Lucror Analytics.</p> <p>&nbsp;</p> <p><strong>&ldquo;There is very likely more Huishans out there, this type of behavior is hardly isolated to a few bad apples.&rdquo;</strong></p> </blockquote> <p>This is China&hellip;damn right.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="233" height="146" alt="" src="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/muddywaters.jpg?1510918410" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/muddy-waters-proved-right-huishan-dairy-prepares-liquidation#comments Bankruptcy Business China Creditors Dairy Farm International Holdings Debt restructuring Economy Finance Guangdong Dairy Association Hong Kong Huishan National Forest Park Insolvency Jardine Matheson Group Liquidation Mengniu Dairy Money Yuan Fri, 17 Nov 2017 17:42:06 +0000 Tyler Durden 607444 at http://www.zerohedge.com Manhattan Retail: The New Rust Belt http://www.zerohedge.com/news/2017-11-17/manhattan-retail-new-rust-belt <p><a href="https://macromon.wordpress.com/2017/11/16/manhattan-retail-the-new-rust-belt/"><em>Via Global Macro Monitor,</em></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>Bleecker Street,</strong> said Faith Hope Consolo, the chairwoman of the retail group for the real estate firm Douglas Elliman, <strong>&ldquo;had a real European panache. People associated it with something special, something different.&rdquo; </strong>Ms. Consolo, who has negotiated several deals on the street, added:<strong> &ldquo;We had visitors from all over that said, &lsquo;We&rsquo;ve got to get to Bleecker Street.&rsquo; It became a must-see, a must-go.&rdquo;</strong></em></p> <p>&nbsp;</p> <p><em>Early on, Ms. Consolo said, rents on the street were around $75 per square foot. By the mid-to-late 2000s, they had risen to $300. <strong>Those rates were unaffordable for many shop owners</strong> like Mr. Nusraty, who was forced out in 2008 when, he said, his lease was up and his monthly <span style="color: #ff0000;">rent skyrocketed to $45,000, from $7,000.</span>&nbsp;</em></p> <p>&nbsp;</p> <p><em><strong>&ndash; <a rel="noopener" target="_blank">NY Times</a></strong></em></p> </blockquote> <p>Retail is not just being Amazoned in Manhattan,<strong> retailers are being priced out of business by&nbsp;exorbitant rents. </strong></p> <p>Note to commercial landlords:&nbsp; Lower your rents!&nbsp; But,&nbsp; God forbid, that would be deflationary!</p> <h3>Empty Retail Storefronts &ndash; Midtown &amp; Upper Manhattan</h3> <p><img alt="EmptyStores_MidMan" class="alignnone size-full wp-image-50377" src="https://macromon.files.wordpress.com/2017/11/emptystores_midman.png?w=640" style="height: 606px; width: 600px;" /></p> <h3>Empty Retail Storefronts &ndash; Lower Manhattan</h3> <p><img alt="EmptyStores_Lower Man" class="alignnone size-full wp-image-50378" src="https://macromon.files.wordpress.com/2017/11/emptystores_lower-man.png?w=640" style="height: 601px; width: 600px;" /></p> <p><em><strong>Source:</strong>&nbsp; <a href="https://twitter.com/DonutShorts" rel="noopener" target="_blank">Donut Shorts</a></em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>One response to the neoclassical argument is that, in fact, prices are not perfectly flexible (they exhibit &ldquo;stickiness&rdquo;). For this reason, the economy is not self-correcting, at least not in the short run. <strong>Wages and prices may be &ldquo;too high&rdquo; (and, therefore, result in suppliers offering larger quantities for sale than demanders are able and willing to buy), but not come down quickly and eliminate the market surplus. </strong>This view has been widely attributed to John Maynard Keynes, and is, in fact, a key argument in what is known as &ldquo;New Keynesian&rdquo; economic theory. </em></p> <p><em><strong>&ndash;&nbsp;</strong></em><em> <a href="http://www.dollarsandsense.org/archives/2009/0809reusskeynespartIII.html" rel="noopener" target="_blank">Dollars &amp; Sense</a></em></p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_retail.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_retail.jpg" style="width: 600px; height: 358px;" /></a></p> <p><em><strong>During its incarnation as a fashion theme park, Bleecker Street hosted no fewer than six Marc Jacobs boutiques on a four-block stretch,</strong> including a women&rsquo;s store, a men&rsquo;s store and a Little Marc for high-end children&rsquo;s clothing. Ralph Lauren operated three stores in this leafy, charming area, and Coach had stores at 370 and 372-374 Bleecker. Joining those brands, at various points, were Comptoir des Cotonniers (345 Bleecker Street), Brooks Brothers Black Fleece (351), MM6 by Maison Margiela (363), Juicy Couture (368), Mulberry (387) and Lulu Guinness (394).</em></p> <p><strong><em>Today, every one of those clothing and accessories shops is closed.</em></strong></p> <p><em>Mr. Sietsema, the senior critic at Eater NY, has watched with mild schadenfreude but greater alarm as his neighborhood has undergone yet another transformation from a famed retail corridor whose commercial rents and exclusivity rivaled Rodeo Drive in Beverly Hills, Calif., to a street that <span style="color: #ff0000;">&ldquo;looks like a Rust Belt city,&rdquo;</span> with all these empty storefronts, as a friend of Mr. Sietsema&rsquo;s put it to him recently.</em></p> <p><em><strong>In the heart of the former shoppers&rsquo; paradise &mdash; the five-block stretch running from Christopher Street to Bank Street &mdash; more than a dozen retail spaces sit empty. </strong>Where textured-leather totes and cashmere scarves once beckoned to passers-by, the windows are now covered with brown construction paper, with &ldquo;For Lease&rdquo; signs and directives to &ldquo;Please visit us at our other locations.&rdquo;<br /><strong>&ndash; <a href="https://www.nytimes.com/2017/05/31/fashion/bleecker-street-shopping-empty-storefronts.html" rel="noopener" target="_blank">NY Times</a></strong></em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="613" height="366" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_retail.jpg?1510927344" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/manhattan-retail-new-rust-belt#comments Bank Street Bleecker Bleecker Street East Village, Manhattan Greenwich Village John Maynard Keynes Manhattan Maynard Keynes New York City Subway stations Real estate Sixth Avenue SoHo, Manhattan West Village Fri, 17 Nov 2017 17:25:17 +0000 Tyler Durden 607457 at http://www.zerohedge.com Bitcoin Nears $8000 After SegWit2x Fork http://www.zerohedge.com/news/2017-11-17/bitcoin-nears-8000-after-segwit2x-fork <p>Despite <strong>miner support dropping to a mere 7% the SegWit2x fork is being attempted</strong> and for now there is no major impact aside to note that Bitcoin is rising on the day - <strong>testing $8000 for the first time</strong>.</p> <p>Bitcoin is now up 45% from its lows last weekend...hitting $7997 this morning...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_BTC.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_BTC_0.jpg" style="width: 600px; height: 436px;" /></a></p> <p>As <a href="https://twitter.com/CremeDeLaCrypto">Spencer Bogart (@CremeDeLaCrypto) notes</a>, <strong>today&#39;s Bitcoin rally looks like a rotation out of other crypto-assets and into Bitcoin to make sure they receive coins on both sides of the Segwit2x fork,</strong> which has seen a small resurgence of interest. Most detrimental to BCH.</p> <p>It&#39;s been quite a ride...</p> <ul> <li>$0&nbsp;&nbsp; - $1000: 1789 days</li> <li>$1000- $2000: 1271 days</li> <li>$2000- $3000: 23 days</li> <li>$3000- $4000: 62 days</li> <li>$4000- $5000: 61 days</li> <li>$5000- $6000: 8 days</li> <li>$6000- $7000: 13 days</li> <li>$7000- $8000: 14 days</li> </ul> <p><a href="https://twitter.com/jackfru1t"><em>Source: JackFru1t</em></a></p> <p><a href="https://cryptovest.com/news/segwit2x-what-happened-on-fork-day/"><em>As Cryptovest reports</em></a>, <strong>the relative date of the SegWit2X hard fork came on November 17, at 2:50 GMT+2 time.&nbsp;</strong></p> <p>Block 494,784 and the next block was mined by AntPool, a miner that did not signal support for SegWit2x. No peculiarities were seen in the <a href="https://coin.dance/blocks" rel="noopener" target="_blank">new blocks</a>.</p> <p><img alt="" src="https://cryptovest.com/laravel-filemanager/photos_fileupload/7/seg.png" style="width: 598px; height: 100px;" /></p> <p>After the block was passed, there were no immediate news on performing a fork from any known entity. <strong>But a few hours before the block, some expected the event would go through and a minority chain would appear, supported by a fraction of miners</strong>.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Segwit2x?src=hash&amp;ref_src=twsrc%5Etfw">#Segwit2x</a> is happening and that is the truth. Fork at Block number 494784. Stop telling yourselves that is not happening. <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> <a href="https://twitter.com/hashtag/bitcoin2x?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin2x</a> <a href="https://twitter.com/hashtag/b2x?src=hash&amp;ref_src=twsrc%5Etfw">#b2x</a> <a href="https://twitter.com/hashtag/bt2?src=hash&amp;ref_src=twsrc%5Etfw">#bt2</a> <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$btc</a></p> <p>&mdash; Crypto Examiner (@CryptoExaminer) <a href="https://twitter.com/CryptoExaminer/status/931409644735438849?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p><strong>At least 48 hours may be needed to see if mining is happening and at what hashing power and speeds. </strong></p> <p>According to CoinDance, the new chain could not survive:&nbsp;</p> <p>At the same time, an entity called <a href="https://bitcoin2x.org/">Bitcoin2X</a> may be the force behind the new chain. Yet it is unknown if actual blocks would manage to appear.&nbsp;</p> <p><img alt="" src="https://cryptovest.com/laravel-filemanager/photos_fileupload/7/image2.png" style="width: 603px; height: 68px;" /></p> <p><strong>At the very least, the hard fork day may have frozen some resources on Coinbase, GDAX or other exchanges around the time of the potential network split, to avoid problems with moving the coins in conditions with unknown replay protection.</strong></p> <p>*&nbsp; *&nbsp; *</p> <p>Specifically, with regard the SegWit2x fork, <a href="https://blog.coinbase.com/bitcoin-segwit2x-update-b69a1c1e5ece">Coinbase issued a statement </a>clarifying some of the details:</p> <p><strong>There have been a number of developments with Bitcoin Segwit2x</strong> since our&nbsp;<a href="https://blog.coinbase.com/clarification-on-the-upcoming-segwit2x-fork-d3c0f545c3e0" target="_blank">last update</a>.</p> <p><strong>Coinbase is actively monitoring this situation and will make every attempt to allow customers to benefit from this fork if it results in a safe and functioning network</strong>. No action is required and all funds stored on Coinbase remain safe.</p> <p>Last week, the Segwit2x development team announced they would no longer continue with the project.</p> <p><em><strong>In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.</strong></em></p> <p id="c6b5">We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.</p> <p>To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><u><strong>Scenario 1: network is&nbsp;unusable</strong></u></p> <p>If support for the fork remains at current levels, or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets.<strong>&nbsp;Currently we believe this is the most likely scenario. </strong>If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.</p> <p>&nbsp;</p> <p><u><strong>Scenario 2: network is&nbsp;usable</strong></u></p> <p>If transactions are being confirmed at a reasonable speed, and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.</p> </blockquote> <p>We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. We have invested significant resources to make sure we can prepare for each scenario, and if there is a stable and functioning network we will give customers access to Bitcoin2x funds.</p> <p>We continue to work on Bitcoin Cash and are on track for January 1, 2018.</p> <p>*&nbsp; *&nbsp; *</p> <p>Finally, Jeroen Blokland provides an excellent chart summarizing reality for &#39;Bitcoin&#39; as it forks...</p> <p>&nbsp;</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/SegWit2x?src=hash&amp;ref_src=twsrc%5Etfw">#SegWit2x</a> is &#39;live&#39;! The total price of &#39;all&#39; of <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> in one chart! <a href="https://t.co/AdFsDL4GF6">pic.twitter.com/AdFsDL4GF6</a></p> <p>&mdash; jeroen blokland (@jsblokland) <a href="https://twitter.com/jsblokland/status/931547068799340544?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>So the full value of the original Bitcoin is approaching $9,500.</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="283" height="152" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_BTC1.jpg?1510937986" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/bitcoin-nears-8000-after-segwit2x-fork#comments Alternative currencies Bitcoin Bitcoin Bitcoin Cash Bitcoin scalability problem Coinbase Cryptocurrencies Cryptography Currency Foreign exchange market Money SegWit SegWit2x Fri, 17 Nov 2017 17:10:28 +0000 Tyler Durden 607472 at http://www.zerohedge.com Argentine Navy Loses Contact With Submarine http://www.zerohedge.com/news/2017-11-17/argentine-navy-loses-contact-submarine <div> <p>The<strong> Argentine Navy has launched a search mission</strong> for the diesel-electric submarine ARA San Juan (S-42) after <strong>losing <a href="https://www.theguardian.com/world/2017/nov/17/argentinas-navy-searches-for-missing-submarine-with-at-least-40-on-board">contract</a> with it on Wednesday.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_sub1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/13/20171117_sub1_0.jpg" style="width: 600px; height: 283px;" /></a></p> <p><strong>The 66-meter TR-1700 submarine has been in service since 1986 and carries a crew of about 40-44.</strong> Reports from the military indicate the vessel disappeared in the waters of Madryn, northern Patagonia, Argentina about 400km (250 miles) off the coast.</p> <p><strong>The last registered position of the vessel was on November 15 at 07:30 </strong>in latitude 46 &deg; 44 &lsquo;south and longitude 59 &deg; 54 West, at the height of Puerto Madryn.</p> <p><strong>This is the <a href="http://thedefensepost.com/2017/11/17/missing-argentine-submarine-ara-san-juan/">internal</a> radiogram about the disappearance of the ship:</strong></p> <p><a href="https://stockboardasset.com/wp-content/uploads/2017/11/whatsapp_image_2017-11-17_at_08.42.48.jpg"><img src="https://stockboardasset.com/wp-content/uploads/2017/11/whatsapp_image_2017-11-17_at_08.42.48.jpg" style="width: 600px; height: 337px;" /></a></p> <p><a href="https://www.urgente24.com/271065-familiares-desesperados-mientras-hay-silencio-oficial-por-el-ara-san-juan">Urgent 24</a>, a local media outlet in Argentina reports military officials have not spotted the vessel on radar nor with any of the search vessels.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>In a press conference, the spokesman of the Navy, Enrique Balbi , cleared doubts and rumors that transcended in the last hours: <strong>&ldquo;Still we have not been able to have visual contact or radar with the submarine.</strong></p> <p>&nbsp;</p> <p>&ldquo;It has been 48 hours since it disappeared. It is following an internationally approved plan, which after a time of not having contact. <strong>The bad weather conditions and the night they did not let us do an optimal search.&quot;</strong></p> <p>&nbsp;</p> <p>Balbi stressed: &ldquo;<strong>Officially, we have no news of the fire or electrical problems or sinister in the area of ??batteries.</strong> It can also be a matter of equipment or antennas. I want to bring tranquility to family. Today with the clarity of the day we are going to power (improve the search) &ldquo;.</p> </blockquote> </div> <p>ARA San Juan (S-42) (undated) at the Naval Base in Ushiaia Pier</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="es">Este es el ARA San Juan, el submarino perdido. Algunas fotos que saqué hace unos días cuando estaba, por maniobras, en el muelle de la Base Naval de Ushuaia <a href="https://t.co/mOV2yZ1Cqk">pic.twitter.com/mOV2yZ1Cqk</a></p> <p>&mdash; Nico Tamborindegui (@tambonic) <a href="https://twitter.com/tambonic/status/931490544173404160?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>ARA San Juan (S-42) diagram of the vessel</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="es">Recién me desayuno con esto &iquest;alguien sabe algo? INMENSO OPERATIVO PARA DAR CON LOS 37 TRIPULANTES DEL SUBMARINO ARA SAN JUAN DESAPARECIDO ESTA NOCHE <a href="https://t.co/JPfq6geVf7">pic.twitter.com/JPfq6geVf7</a></p> <p>&mdash; ALICIA (@AliciaVery) <a href="https://twitter.com/AliciaVery/status/931357852089896960?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>Official version of the Navy: &ldquo;The submarine ARA San Juan has not yet been found&rdquo;</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="es">? Versión oficial de la Armada: &quot;Aún no se ha encontrado el submarino ARA San Juan&quot; <a href="https://t.co/ERZafwu4gA">https://t.co/ERZafwu4gA</a> <a href="https://t.co/mQPANJOFKg">pic.twitter.com/mQPANJOFKg</a></p> <p>&mdash; MDZ online (@mdzonline) <a href="https://twitter.com/mdzonline/status/931490098738356224?ref_src=twsrc%5Etfw">November 17, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>*&nbsp; *&nbsp; *</p> <p>Developing...</p> <p>&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="743" height="351" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171117_sub1.jpg?1510937428" /> </div> </div> </div> http://www.zerohedge.com/news/2017-11-17/argentine-navy-loses-contact-submarine#comments ARA San Juan Argentine Navy navy northern Patagonia Shipbuilding TR-1700-class submarine Twitter Twitter Watercraft Fri, 17 Nov 2017 16:56:10 +0000 Tyler Durden 607471 at http://www.zerohedge.com