http://www.zerohedge.com/fullrss2.xml/news/before en China's "Answer To LendingClub" Plunges Most On Record After Regulator Imposes Peer-To-Peer Caps http://www.zerohedge.com/news/2016-08-24/chinas-answer-lendingclub-plunges-most-record-after-regulator-imposes-peer-peer-caps <p>Over the years, China has valiantly struggled to convince the international public it will end its debt addiction any minute now, with the Politburo vowing year after year that it would if not delever in the immediate future, then surely limit the issuance of household loans. So far, every such attempt has been a failure, for one simple reason: as goes China's debt, so goes the most important asset in China's economy, its housing stock.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/china%20debt%20vs%20house%20prices.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/china%20debt%20vs%20house%20prices_0.jpg" width="500" height="524" /></a></p> <p>So while there are ample reasons to be skeptical, overnight China's Banking Regulatory Commission unveiled its latest attempt to halt the country's relentless debt load when it imposed limits on lending by peer-to-peer platforms to individuals and companies in an effort to curb risks in one part of the loosely-regulated shadow-banking sector. An individual can borrow as much as 1 million yuan ($150,000) from P2P sites, including a maximum of 200,000 yuan from any one site, the CBRC said in Beijing on Wednesday. Corporate borrowers are capped at five times those levels.</p> <p>The regulator added, in what we doubt was an attempt to reassure industry watchers, that China had found problems in 1,778 online lending platforms, accounting for 43.1% of total.</p> <p>China’s authorities are rightfully concerned about defaults and fraud among the nation’s 2,349 online lenders. In December, the country’s biggest Ponzi scheme was exposed after Ezubo, which until then had been China's largest P2P lender, defrauded more than 900,000 people out of the equivalent of $7.6 billion and promptly folded (the response was hardly enthusiastic, <a href="http://www.zerohedge.com/news/2016-02-01/caught-tape-chinese-investors-find-out-they-got-fleeced-7-billion-ponzi-scheme">as we revealed in a clip from February</a>.)</p> <p> <iframe src="https://www.youtube.com/embed/JPruo_sfT-w" width="500" height="375" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>The measures will probably leave about 200-300 P2P platforms by this time next year, said James Zheng, chief financial officer of Lufax, the top lending platform in China. "That's okay because they're cracking down on all the bad guys," he said at a conference in Hong Kong. "What doesn't kill will make you stronger. That's the case for us." Good luck.</p> <p>Under the new rules, P2P lenders are barred from taking public deposits or selling wealth-management products and must appoint qualified banks as custodians and improve information disclosure.&nbsp; </p> <p>“The P2P business is not very strictly regulated yet, but you can see the regulator is taking a step forward,” said Xu Hongwei, chief executive officer of Shanghai-based Yingcan Group, which tracks the industry. Products offered by P2P platforms in China can include anything from loans for weddings, guaranteed against the cash gifts that couples expect to receive, to high-yield lending for risky property or mining projects.</p> <p>As <a href="http://www.bloomberg.com/news/articles/2016-08-24/china-imposes-caps-on-p2p-lending-to-curb-shadow-banking-risk">Bloomberg notes</a>, China’s P2P industry brokered 982 billion yuan of loans in 2015, almost quadruple the amount in 2014 and an approximately 10-fold increase from 2013, according to Yingcan. P2P firms attracted more than 3.4 million investors and 1.15 million borrowers in July, with loans extended at an average interest rate of 10.3 percent, according to Yingcan. Still, despite its torrid growth, P2P lending is still a tiny fraction of the overall loan market, and certainly of the broadest Total Social Financing universe, which infamously saw $1 trillion dollar in aggregate new loans created in the first quarter of 2016, providing a global credit impulse, which has since faded. </p> <p>In any case, it appears that in this particular case, China is eager to halt this problem before it becomes too big. In April, China’s cabinet launched a campaign to clean up illicit activities in Internet finance, focusing on areas such as third-party payments, peer-to-peer lending, crowdfunding and online insurance. It suspended the registration of all new companies with finance-related names.</p> <p>And we have our doubts that this latest "debt cap" will last, because earlier today, Peer 2 Peer lender Yirendai, the company which Bloomberg has dubbed "China's answer to LendingClub" plunged 22%, the most on record since its December 2015 IPO, on massive volume, following yesterday's imposed P2P limits. For a sense of scale, YRD created some $680 million in loans in Q2, up 118% Y/Y, with net revenue more than doubling to $110 million, or 140% Y/Y.&nbsp; </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/yirendai.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/yirendai_0.jpg" width="500" height="333" /></a></p> <p>Needless to say, the company acts, and is priced like, a growth stock. The problem, as the chart below shows, is that the growth suddenly stopped. </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/20160824_yirendai_0.jpg" width="500" height="252" /></p> <p>Furthermore, if the company is indeed China's answer to the recently devastated LendingClub, this is just the beginning, as the bubble has now popped with a little help from the government.</p> <p>So will the CBRC relent, and lift the caps? It depends on just one thing, the only thing that the politburo is more worried about than asset bubbles - social unrest. </p> <p>If enough people protest, get angry or downright violent as a result of the collapse in P2P stocks, and eventually, the entire industry, or simply are unable to obtain loans elsewhere should the industry falter, then Beijing will promptly undo what it has done. Until then, however, keep an eye on risk levels in China, where suddenly the most permissive marginal source of lending - and this risk asset upside -&nbsp; was just advised ordered to go into a state of near hibernation. </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="749" height="499" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/yirendai.jpg?1472090342" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/chinas-answer-lendingclub-plunges-most-record-after-regulator-imposes-peer-peer-caps#comments China Hong Kong Yuan Thu, 25 Aug 2016 02:28:08 +0000 Tyler Durden 570542 at http://www.zerohedge.com Most Millennials Have Less Than $1,000 In Savings, Live Paycheck-to-Paycheck http://www.zerohedge.com/news/2016-08-24/most-millennials-have-less-1000-savings-live-paycheck-paycheck <p><strong>The majority of millennials are living paycheck to paycheck.</strong></p> <p>A recent survey of millennials by&nbsp;<a href="http://howmuch.net/articles/how-much-millennials-have-saved-up">HowMuch.net</a>&nbsp;found that <strong>51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.</strong></p> <p>As Visual Capitalist&#39;s Jeff Desjardins notes, this echoes previous data we&rsquo;ve seen &ndash; not just on millennials, but Americans in general. For example, we know that&nbsp;<strong><a href="http://www.visualcapitalist.com/14-percent-americans-negative-wealth/">14% of Americans have &ldquo;negative&rdquo; wealth</a>. </strong>We also know that&nbsp;<a href="http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07">62% of Americans</a>&nbsp;don&rsquo;t have emergency savings that could cover a $1,000 hospital visit or a $500 car repair.</p> <p>Taking that into consideration, let&rsquo;s dive deeper into this more recent millennial data...</p> <div style="clear:both"><a href="http://www.visualcapitalist.com/chart-most-millennials-less-1000-savings/"><img src="http://2oqz471sa19h3vbwa53m33yj.wpengine.netdna-cdn.com/wp-content/uploads/2016/08/chart-millennials-saving.jpg" style="border-width: 0px; border-style: solid; height: 1093px; width: 600px;" /></a></div> <div><em>Courtesy of: <a href="http://www.visualcapitalist.com">Visual Capitalist</a></em></div> <p>&nbsp;</p> <h2><u>YOUNGER VS. OLDER MILLENNIALS</u></h2> <p>The broad survey data can be further divided into &ldquo;younger&rdquo; and &ldquo;older&rdquo; millennial segments: those aged 18-24, vs. those between 25-34.</p> <p>Based on the survey question, an intuitive expectation would be that <strong>younger millennials are much more likely to have less than $1,000 in savings.</strong> After all, many of the people in this group would still be in school, and many are struggling with<a href="http://www.visualcapitalist.com/student-loan-delinquencies-sky-high/">student debt</a>.</p> <p>However, the difference is far less than one may expect. While it is true that <strong>57.6% of the younger demographic has less than $1,000 in savings, </strong>the older group is not much better off with almost half (47.1%) of them being in the same boat. This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.</p> <h2><u>MALE VS. FEMALE MILLENNIALS</u></h2> <p>There is also a significant divide between male and female millennials here, with<strong> 56.7% of females having less than $1,000 in savings.</strong> Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.</p> <p>Lastly, males are also more likely to have a substantial amount stored away in their bank account. According to the survey, <strong>21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="600" height="80" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_mill.jpg?1472086943" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/most-millennials-have-less-1000-savings-live-paycheck-paycheck#comments Thu, 25 Aug 2016 02:00:00 +0000 Tyler Durden 570538 at http://www.zerohedge.com University of Chicago Tells Millennials to Suck It Up, "We Do Not Condone 'Safe Spaces'" http://www.zerohedge.com/news/2016-08-24/university-chicago-tells-millennials-look-elsewhere-if-they-need-safe-space <p>In a refreshing and stark contrast to other universities that have seemingly tripped over themselves to accommodate every silly request from America&#39;s pampered Millennials in their never ending quest for &quot;safe spaces,&quot; <strong>the University of Chicago has sent the incoming class of 2020 a letter making very clear that they will find no &quot;safe spaces&quot; in their intellectual journey at Chicago.&nbsp; </strong>The full letter is presented below but here are a couple of the best comments for your reading pleasure: &nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>You will find that we expect members of our community to be engaged in rigorous debate, discussion, and even disagreement.&nbsp; <strong>At times this may challenge you and even cause discomfort</strong>.</p> <p>&nbsp;</p> <p>Our commitment to academic freedom means that <strong>we do not support so-called &ldquo;trigger warnings,&rdquo; we do not cancel invited speakers because their topics might prove controversial, and we do not condone the creation of intellectual &ldquo;safe spaces&rdquo; where individuals can retreat from ideas and perspectives at odds with their own. </strong></p> </blockquote> <p><strong>Just when we thought all hope had been lost, </strong>an establishment of higher learning finally steps up to interject some rational thoughts into the public discourse surrounding freedom of expression.</p> <p>&nbsp;</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">.<a href="https://twitter.com/UChicago">@UChicago</a> does not:</p> <p>???? &quot;support so-called &#39;trigger warnings&#39;&quot;<br />???? &quot;cancel invited speakers&quot;<br />???? condone &quot;safe spaces&quot; <a href="https://t.co/DH7IVfYZ4U">pic.twitter.com/DH7IVfYZ4U</a></p> <p>&mdash; Justice Don Willett (@JusticeWillett) <a href="https://twitter.com/JusticeWillett/status/768606152548462592">August 25, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>&nbsp;</p> <p>The letter also directs students to a note it had previously written on freedom of expression...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_safe.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_safe_0.jpg" style="width: 600px; height: 831px;" /></a></p> <p>The <strong>full letter can be reviewed in its entirety at the end of this post,</strong> but below are a couple of the gems that we particularly liked:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;<strong>Education should not be intended to make people comfortable, it is meant to make them think.</strong> Universities should be expected to provide the conditions within which hard thought, and therefore strong disagreement, independent judgment, and the questioning of stubborn assumptions, can flourish in an environment of the greatest freedom.&rdquo;</p> <p>&nbsp;</p> <p>Of course, the ideas of different members of the University community will often and quite naturally conflict. <strong>But it is not the proper role of the University to attempt to shield individuals from ideas and opinions they find unwelcome, disagreeable, or even deeply offensive.</strong></p> <p>&nbsp;</p> <p>In a word, the University&rsquo;s fundamental commitment is to the principle that <strong>debate or deliberation may not be suppressed because the ideas put forth are thought by some or even by most members of the University community to be offensive, unwise, immoral, or wrong-headed.</strong></p> </blockquote> <p>For Millennials getting ready start at University of Chicago might we suggest some reading material (<a href="http://www.zerohedge.com/news/2016-03-10/7-harsh-realities-life-millennials-need-understand">here</a>) that we shared a few months back that might help you cope in the absence of &quot;safe spaces&quot; at your new home...</p> <p><img alt="Safe Space" height="437" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/Safe%20Space%203_0.jpg" width="600" /></p> <p>No matter where you go in life, someone will be there to offend you. Maybe it&rsquo;s a joke you overheard on vacation, a spat at the office, or a difference of opinion with someone in line at the grocery store. Inevitably, someone will offend you and your values. If you cannot handle that without losing control of your emotions and reverting back to your &ldquo;safe space&rdquo; away from the harmful words of others, then you&rsquo;re best to just stay put at home. <em><strong>Remember, though: if people in the outside world scare you, people on the internet will downright terrify you. It&rsquo;s probably best to just accept these harsh realities of life and go out into the world prepared to confront them wherever they may be waiting.</strong></em></p> <p style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; display: block;">&nbsp;</p> <p><iframe frameborder="0" height="600" scrolling="no" src="https://www.scribd.com/embeds/322108559/content?start_page=1&amp;view_mode=scroll&amp;show_recommendations=true" width="100%"></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="1024" height="678" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Safe%20Space2.jpg?1472087117" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/university-chicago-tells-millennials-look-elsewhere-if-they-need-safe-space#comments Twitter Twitter Thu, 25 Aug 2016 01:30:00 +0000 Tyler Durden 570536 at http://www.zerohedge.com Demographic HomeMageddon Underway... Will Last Until At Least 2035 http://www.zerohedge.com/news/2016-08-24/demographic-homemageddon-underway-will-last-until-least-2035 <p><em><a href="http://econimica.blogspot.com/2016/08/demographic-homemageddon-underwaywill.html">Submitted by Chris Hamilton via Econimica blog,</a></em></p> <p><strong>91% of all US home buying is done by those aged 20-69yrs/old, according to NAR data.&nbsp;</strong> In 2015, Millennials (20-35yrs/old)&nbsp;made up&nbsp;35% of home purchases, Gen X (36-50yr/olds)&nbsp;bought 26%, Boomers (51-70yr/olds)&nbsp;31%, and the Silent Generation (70+yrs/old)&nbsp;9%.&nbsp;&nbsp;I&#39;m no great fan of the NAR, but this makes basic sense as most homebuyers need an income to be homebuyers and most 70+yr/olds are retired and have the lowest average incomes of all the above groups.</p> <p><u><strong>Here&#39;s the very big problem for residential real estate... </strong></u>the chart below shows that over 70% of all the population growth among potential home buyers (20+yrs/old)&nbsp;from 2017--&gt;2030&nbsp;will be&nbsp;among the 70+yr/olds (chart shows average annual growth for the two groups from 2000--&gt;2016 (left)&nbsp;and 2017--&gt;2030 (right)).&nbsp; This is simply unprecedented in US history.</p> <p>&nbsp;</p> <p><img height="385" 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" width="640" /></p> <p>&nbsp;</p> <div> <p>To put it in a broader context, the chart below shows annual growth in the 20-69yr/old population&nbsp;(red line)&nbsp;vs. annual growth&nbsp;in the&nbsp;70+yr/old population (blue line)&nbsp;since 1980.&nbsp;<strong> That unprecedented,&nbsp;impending crossover in the lines means everything for real estate and the economy in general.</strong></p> <p><img height="363" src="data:image/png;base64,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" width="640" /></p> </div> <p>&nbsp;</p> <p>The&nbsp;impending nosedive in the growth&nbsp;of potential buyers vs. surge in&nbsp;elderly (those more likely to downsize or out-right&nbsp;sell than buy)&nbsp;should be quite disconcerting considering:</p> <ul> <li> <p>Home prices are at or near &#39;07/&#39;08 bubble&nbsp;peaks meaning any&nbsp;new investments require far more cash down to achieve a positive cash flow</p> </li> <li> <p>Mortgage rates can effectively go no lower and a marginal increase is&nbsp;probable&nbsp;(unless the Fed reinitiates QE and implements NIRP)</p> </li> <li> <p>Present lending standards are far more stringent than during the &#39;07/&#39;08 fog-a-mirror NINJA free for all</p> </li> <li> <p>The dollar is likely to continue appreciating making foreign buying continually more expensive...and less likely&nbsp;(unless the Fed reinitiates QE and implements NIRP)</p> </li> <li> <p>Rents and rent to income ratios are off the charts to new records well above &#39;08...maintaining the pace of rent&nbsp;appreciation is highly unlikely and rent declines may be the more probable course.</p> </li> </ul> <p>Plus, add in the pace of new housing creation continues ramping up (still only half way to &#39;08 levels but still far more than can ultimately be absorbed with the changing dynamics).&nbsp;<em><u><strong> With so few new buyers, a growing&nbsp;quantity of new homes,&nbsp;and so many likely sellers...a&nbsp;very simple question must be asked, who will buy all those houses and at what price?</strong></u></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="646" height="370" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_home.jpg?1472041397" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/demographic-homemageddon-underway-will-last-until-least-2035#comments Real estate Thu, 25 Aug 2016 01:27:06 +0000 Tyler Durden 570474 at http://www.zerohedge.com 5 Factors That Could Turn America Into Another Collapsed Empire http://www.zerohedge.com/news/2016-08-24/5-factors-could-turn-america-another-collapsed-empire <p><a href="http://www.marketwatch.com/story/5-factors-that-could-turn-america-into-another-collapsed-empire-2016-06-06/print"><em>Authored by Todd Buchholz, originally posted op-ed at MarketWatch.com,</em></a></p> <p><u><strong>Nations are just as likely to unravel after periods of prosperity as afte periods of depression</strong></u></p> <p><em>Have you ever met an Ottoman? Or a Habsburg? Neither have I.</em></p> <p><em>Like a chopped-up Magritte painting, all that is left of the Habsburgs is a homburg hat. Yet in the 1800s, the Ottoman and Habsburg Empires controlled a huge chunk of the modern world. One in 10 Americans can trace his or her heritage to Habsburg lands, which spanned most of middle Europe from Poland down to Dracula&rsquo;s castle in Transylvania.</em></p> <p>Many people have written about poor countries that have fallen apart. <strong>But rich nations fall apart, too. In fact, nations are just as likely to unravel after periods of prosperity as after periods of depression. </strong>The 2016 presidential campaign appears so bitter precisely because so many Americans worry that the &ldquo;other&rdquo; party&rsquo;s candidate will annihilate the nation.</p> <p><strong>I have found five forces that undermine nations after they achieve economic success - and they are biting down on the U.S. today.</strong> We have little time to spare to renew the nation. Whichever candidate wins in November better come up with tough and effective solutions.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><h3><u>Falling birthrates</u></h3> <p>As countries grow rich, people have fewer babies. (The average American women now gives birth to just 1.89 children.) To keep up their lofty standard of living, citizens need new workers to serve them, whether as neurosurgeons in hospitals or as manicurists. This requires immigrants. But immigrants can splinter the dominant culture.<strong> So countries face either declining relative wealth or a fraying cultural fabric. Great empires of the past, from the Roman to the Venetian to the British, have faced this challenge &mdash; and failed to surmount it.</strong></p> <p>&nbsp;</p> <h3><u>Globalized trade</u></h3> <p>Nations cannot grow and stay rich without trading. Countries that fold themselves into a self-contained bubble grow fetid, like a badly aerated terrarium. Or a dank prison, which pretty much describes North Korea. South Koreans, who believe in trade, are 17 times richer, live 10 years longer, and stand several inches taller than their neighbors. South Korea produces super-sharp Samsung flat screens, fine Hyundai cars and charismatic K-pop singers.</p> <p>&nbsp;</p> <p>But there&rsquo;s a downside to trade. It shakes the customs and character of the nation. <strong>Donald Trump has skillfully tapped into this anxiety and is right to ask whether trade deals like the Trans-Pacific Partnership are vigorously negotiated to boost the incomes of typical Americans, or simply to boost the ego of the president.</strong></p> <p>&nbsp;</p> <h3><u>Rising debt loads</u></h3> <p>As countries grow richer, they build bigger bureaucracies and inflate their debts. Here&rsquo;s a puzzle I call &ldquo;The Paradox of Theft:&rdquo; As a family grows wealthier, it is less likely to fall into deep debt, default and bankruptcy. But the opposite is true of individual countries &mdash; wealthier nations may pile up proportionately more debt than poorer nations.</p> <p>&nbsp;</p> <p>Amid the Great Recession of 2010, developing countries like Mexico and Russia had smaller debt burdens than Japan, the U.S. and the eurozone. <strong>Why do we borrow more? Because we can! And because today&rsquo;s politicians aren&#39;t held responsible for the debts they leave for our children and grandchildren.</strong></p> <p>&nbsp;</p> <h3><u>Eroding work ethic</u></h3> <p>When a rich nation shatters, people don&rsquo;t go hungry. They just stop waking up early. The proportion of adults who want to work has been sliding over the last 17 years. In West Virginia, only half of working-age adults have a job. Between 2000 and 2013, disability claims across the country surged 43%. Even though jobs have grown less dangerous, the chances of a judge approving a disability claim has jumped 50% since 1980.</p> <p>&nbsp;</p> <p>We are seeing a structural shift: Millions have decided they just don&rsquo;t care much for the idea of showing up for work in the morning and staying on the job until the end of the day.</p> <p>&nbsp;</p> <p><strong>To prod the unemployed back to work, I propose they receive a signing bonus if they accept a new job before their unemployment compensation payments run out.</strong></p> <p>&nbsp;</p> <h3><u>The challenge of patriotism in a multicultural country</u></h3> <p>Unless rich nations discover and embrace their national characters, they won&#39;t survive. In many schools, the Pledge of Allegiance and &ldquo;My Country &rsquo;Tis of Thee&rdquo; have been pushed aside in favor of self-esteem chants. Characters like Columbus, the Pilgrims and George Washington have been disdained as pillagers, rather than as symbols of exploration, religious freedom and courage.</p> <p>&nbsp;</p> <p><strong>To help ensure that all learn America&rsquo;s story and values, all immigrants and any U.S. student applying for a federal loan be required to get their passports stamped at no fewer than five historical monuments or museums around the country.</strong></p> </blockquote> <h2><u>Is it too late?</u></h2> <p>Should the U.S. and European nations simply hold a &ldquo;going out of business sale&rdquo; while the wealthiest individuals sneak off to private islands or to New Zealand?<strong> The odds are against us, as the Spartans, Romans, Ottomans, and Habsburgs would attest &mdash; if they were still around.</strong></p> <p>But as Bill Murray said in Stripes:<em> &ldquo;We&rsquo;re not Watusi. We&rsquo;re not Spartans. We&rsquo;re Americans, with a capital &lsquo;A&rdquo;&hellip;that means that our forefathers were kicked out of every decent country in the world. We are the wretched refuse. We&rsquo;re the underdog. We&rsquo;re the mutts.&rdquo;</em></p> <p><strong>And we can win again.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="477" height="261" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_collapse.jpg?1472083553" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/5-factors-could-turn-america-another-collapsed-empire#comments default Donald Trump Eurozone Japan Mexico New Zealand North Korea Poland Recession Unemployment Thu, 25 Aug 2016 01:00:00 +0000 Tyler Durden 570533 at http://www.zerohedge.com France To Deploy 3,000 Troops To Schools: "The Threat Is Real" Education Minister Says http://www.zerohedge.com/news/2016-08-24/france-deploy-3000-troops-schools-threat-real-education-minister-says <p>Two weeks ago we reported that as part of its proactive effort to tackle future terrorist attacks, the <a href="http://www.zerohedge.com/news/2016-08-11/french-schools-will-teach-14-year-olds-how-survive-terrorist-attacks">French government announced </a>that starting in September, French 14-year-olds would receive lessons how to survive a terrorist attack on their schools, following a spate of Islamist killings in recent months.&nbsp; It appears that was not enough, because earlier today the France interior minister Bernard Cazeneuve announced France would deploy about 3,000 reserve troops, train school authorities and ramp up school anti-terror drills in case of attacks, its education and security ministers announced on Wednesday, a week before the start of a new academic year.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/french%20army.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/french%20army_0.jpg" width="500" height="278" /></a></p> <p>"<strong>The threat is high, it is real</strong>," Education Minister Najat Vallaud-Belkacem, said during a joint news conference in Paris alongside Cazeneuve. "This is not about ceding to panic or paranoia," she added <a href="http://www.reuters.com/article/us-europe-attacks-france-education-idUSKCN10Z1RU">quoted by Reuters</a>.</p> <p>About 12 million students are expected to head back to school across France from on Sept. 1. All students aged 13-14 will be adding basic life-saving measures to their portfolio of skills, in case they need to provide assistance to classmates in a worse-case scenario. Right now, only 30% of students are trained, the Education Minister said in a Wednesday press conference, according to AP.</p> <p>Around 500 school administrators will be trained every year at the national gendarme training center to manage crisis centers and act as liaisons with security officials, while some 1.2 million students in the fourth year of secondary school are expected to be trained in first aid. In addition to training students and staff stepping up to the plate, security forces have been ordered to be particularly vigilant around schools, and some 3,000 gendarme reservists will be deployed to provide reinforcement for local authorities, including police, Reuters reported.</p> <p>"Throughout the year, particular attention will be put around schools. Active surveillance around schools, high-schools and universities will be reinforced by roving patrols," Cazeneuve said. RT adds that the government has decided to provide 50 million euros ($56.2 million) to local councils to help them pay for security equipment such as video door phones and new alarm systems.</p> <p>As <a href="http://www.zerohedge.com/news/2016-08-11/french-schools-will-teach-14-year-olds-how-survive-terrorist-attacks">previously reported</a>, anti-terror drills in schools will also be increased to three per academic year, up from the current requirement of two drills per year. During those drills, students will be taught how to hide or escape. At least one drill will include a mock assailant entering the premises. Children aged two to six should not be told of any attacks or dangers during the drills, but will be taught to hide and keep quiet through games. </p> <p>The French announcement comes at the same time as <a href="http://www.zerohedge.com/news/2016-08-24/germany-debates-putting-troops-streets-protect-against-terrorism">Germany is deciding </a>whether to put "troops on the streets" to protect the population from terrorism. While a formal decision has yet to be announced, Europe's distinct creep toward increasing militarization of society continues. </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/french%20army.jpg?1472083986" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/france-deploy-3000-troops-schools-threat-real-education-minister-says#comments Councils France Germany Reuters Thu, 25 Aug 2016 00:28:44 +0000 Tyler Durden 570534 at http://www.zerohedge.com Largest Saudi Bank Crashes To Record Low http://www.zerohedge.com/news/2016-08-24/largest-saudi-bank-crashes-record-low <p>Despite the exuberant rebound in the price of oil -<em> and the hope that this means something other than an over-financialized commodity being short-squeezed by rumors</em> - all is not well across the oil producers of the world. Having noted the <a href="http://www.zerohedge.com/news/2016-08-23/investors-panic-buy-saudi-default-protection-ahead-big-debt-deal">record surge in default protection for Saudi Arabia</a> (ahead of its looming debt deal)...</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160822_saudi.jpg"><img height="304" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160822_saudi_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>We note that<strong> National Commercial Bank&#39;s stock price has collapsed to record lows.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_NCB.jpg"><img height="314" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_NCB_0.jpg" width="600" /></a></p> <p><em>h/t @pierpont_morgan</em></p> <p><strong>This is Saudi Arabia&#39;s largest bank, and is often used as a proxy for the royal family&#39;s wealth</strong>.</p> <p>Interestingly,just as we were surprised to see Saudi CDS &quot;stabilizing&quot; amid record demand for protection, <em><strong>NCB CDS has tightened dramatically in the last few weeks - as the stock has crashed...</strong></em></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_NCB1.jpg"><img height="314" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_NCB1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>If we were the tin-foil-hat-wearing types, we might suggest that <strong>every effort is being made to put lipstick on Saudi&#39;s credit pig before the looming debt deal is done.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="966" height="506" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_NCB.jpg?1472045984" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/largest-saudi-bank-crashes-record-low#comments CDS default Saudi Arabia Thu, 25 Aug 2016 00:00:00 +0000 Tyler Durden 570493 at http://www.zerohedge.com State University Now Offers 'Stop White People' Training http://www.zerohedge.com/news/2016-08-24/state-university-now-offers-stop-white-people-training <p><a href="http://www.dailywire.com/news/8590/state-university-now-offers-stop-white-people-pardes-seleh"><em>Submitted by Pardes Seleh via The Daily Wire,</em></a></p> <p dir="ltr"><span id="docs-internal-guid-4d775730-b88b-f0ca-26f2-260f47f7e4c2">he State University of New York (SUNY) at Binghamton is now <strong>offering a course called &ldquo;#StopWhitePeople2K16&rdquo; as part of routine training for residential assistants.</strong></span></p> <p dir="ltr"><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_stopwhite.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_stopwhite.jpg" style="width: 599px; height: 340px;" /></a></p> <p dir="ltr"><span>The university&rsquo;s residential assistant training schedule lists &ldquo;#StopWhitePeople2016&rdquo; on its roster, with the <strong>mission of giving RA&rsquo;s an &ldquo;overview of disabilities in Higher Education.&rdquo;</strong></span></p> <p dir="ltr"><span>The presenters of the course, </span><a href="https://www.facebook.com/ciaranslattery?fref=ts">Ciaran Slattery</a>, <a href="https://www.linkedin.com/in/nicholaspulakos">Nicholas Pulakos</a>, and <a href="https://www.facebook.com/urenna.nwogwugwu?fref=ts">Urenna Nwogwugwu</a>, are all RAs at the state-funded college, which<strong> <a href="https://twitter.com/binghamtonu?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">describes</a>&nbsp;itself as New York&rsquo;s highest-ranking public college.</strong> They state their purpose is to &ldquo;help others take the next step in understanding diversity, privilege, and the society we function within,&rdquo; presumably the &ldquo;white&rdquo; society they plan to &quot;stop&quot; at the event.</p> <p dir="ltr"><span id="docs-internal-guid-4d775730-b88b-f0ca-26f2-260f47f7e4c2">The three RAs claim they will<strong> give &ldquo;#StopWhitePeople2K16&rdquo; course attendees the &ldquo;tools&rdquo; to respond to &ldquo;uneducated people&rdquo; with &ldquo;&lsquo;good&rsquo; arguments.&rdquo; </strong>You know, the people who preach mutual respect, equality under God, and constitutional freedoms. Those people. </span></p> <p dir="ltr"><span id="docs-internal-guid-4d775730-b88b-f0ca-26f2-260f47f7e4c2">They also state they will <strong>help other RAs at the state-funded college &ldquo;hopefully expand upon what they may already know&rdquo;:</strong> that white people are cancer, of course?</span></p> <p><iframe allowtransparency="true" frameborder="0" height="520" scrolling="no" src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Fbinghamtonreview%2Fposts%2F10153709279817793&amp;width=500" style="border:none;overflow:hidden" width="500"></iframe></p> <p dir="ltr">College RAs hold important roles in college residential and dormitory life, serving as mentors, counselors, and peers to the student residents they oversee.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p dir="ltr"><strong><em>&ldquo;These people should be sensitive to the issues of their residents, and to be prejudiced against someone on the basis of his or her skin color would seem, just like the hashtag itself, petty,&rdquo;</em></strong> student Howard Hecht noted.</p> </blockquote> <p dir="ltr"><span><a href="http://www.binghamtonreview.com/2016/08/stopwhitepeople2k16-is-an-official-part-of-residential-assistant-training/">Binghamton Review, </a>the university&rsquo;s conservative student paper, publicized the course schedule, noting <strong>the university &ldquo;seems to endorse it as a proper part of a RA training.&rdquo; </strong>It was added:</span></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p dir="ltr"><strong><em><span>At a public, state funded university, to potentially see racism endorsed is a frightening prospect for the future of higher education.</span></em></strong></p> </blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="544" height="301" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_stopwhite1.jpg?1472071423" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/state-university-now-offers-stop-white-people-training#comments Wed, 24 Aug 2016 23:30:00 +0000 Tyler Durden 570521 at http://www.zerohedge.com Pentagon Admits "Lapses In Accountability" Led To Loss Of Hundreds Of Thousands Of US Guns In Afghanistan And Iraq http://www.zerohedge.com/news/2016-08-24/study-finds-us-military-lost-hundreds-thousands-small-arms-iraq-and-afghanistan <p>Back in April 2016, the <a href="http://www.nytimes.com/2016/04/07/world/middleeast/facebook-weapons-syria-libya-iraq.html">New York Times</a> published an article highlighting a number of Facebook pages in the Middle East being used to sell U.S. military equipment.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>A terrorist hoping to buy an antiaircraft weapon in recent years needed to look no further than Facebook, which has been hosting <strong>sprawling online arms bazaars, offering weapons ranging from handguns and grenades to heavy machine guns and guided missiles.</strong></p> <p>&nbsp;</p> <p>The Facebook posts suggest evidence of large-scale efforts to sell military weapons coveted by terrorists and militants. <strong>The weapons include many distributed by the United States to security forces and their proxies in the Middle East</strong>. These online bazaars, which violate Facebook&rsquo;s recent ban on the private sales of weapons, <strong>have been appearing in regions where the Islamic State has its strongest presence</strong>.</p> </blockquote> <p>Many of the Facebook pages have subsequently been shut down, as selling stolen U.S. military equipment to terrorist organizations technically violates Facebook&#39;s user policies.&nbsp; But the remnants remain...like the Facebook post below showing a row of kids shooting increasingly lower caliber weapons culminating with a young man shooting a sling-shot...adorable! &nbsp; &nbsp;</p> <p><img alt="FB Guns" height="400" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/FB%20Guns%202_0.jpg" width="600" /></p> <p>&nbsp;</p> <p>At the same time the New York Times was reporting on the Facebook sales of U.S. military weapons, a lobbying group in London known as <strong>Action on Armed Violence (AOAV), was scouring through Department of Defense records to ascertain exactly how many weapons had been given to Iraqi and Afghani troops by the U.S. military.</strong>&nbsp; With a string of Freedom of Information Act requests that began last year, researchers at AOAV pooled 14 years&rsquo; worth of Pentagon contract information related to rifles, pistols, machine guns and their associated attachments and ammunition, both for American troops and for their partners and proxies.</p> <p>Turns out, about <strong>1.5mm weapons of various types, costing a total of $2.2BN, were supplied to Iraqi and Afghani troops by the U.S. military in the aftermath of 9/11.</strong>&nbsp; The full results of the AOAV study can be found <a href="https://aoav.org.uk/2016/us-department-of-defence-spend-on-guns-and-ammunition-in-the-war-on-terror-revealed/">here</a>.&nbsp; In summary, below is a list of what the AOAV found to be shipped to Iraqi and Afghani soldiers:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><ul> <li>692,439 were listed as assault rifles &ndash; not including AK47s (491,474 for Iraq, 200,965 for Afghanistan)</li> <li>285,981 were listed as AK47s (95,981 for Afghanistan and 190,000 for Iraq)</li> <li>266,272 were listed as pistols (176,983 for Iraq, 89,289 for Afghanistan)</li> <li>111,844 were listed as machine guns (54,099 for Iraq, 57,745 for Afghanistan)</li> <li>13,604 were listed as shotguns (346 for Iraq, 13,258 for Afghanistan)</li> <li>11,475 were listed as sniper rifles (2,248 for Iraq, 9,227 for Afghanistan)</li> <li>For Afghanistan there were also 36,575 unspecified rifles listed and 288 unspecified non-standard small arms listed; for Iraq there were 34,432 unspecified rifles listed.</li> </ul> </blockquote> <p>After presenting their findings, the AOAV offered the DoD the opportunity to respond with its own data.&nbsp; After 5 months, the <strong>DoD finally responded with the two charts below that only account for 48% of the guns the AOAV was able to track down just by looking through &quot;open source government reports.&quot;</strong></p> <p><img alt="Afghanisatn" height="507" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/Afghanistan_0.JPG" width="600" /></p> <p><img alt="Iraq" height="445" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/Iraw_0.JPG" width="600" /></p> <p>&nbsp;</p> <p><strong>This is a stunning admission by the DoD of the lack of accountability in tracking assets that could ultimately be used by terrorists to fight our own troops.</strong>&nbsp; As the <a href="http://www.nytimes.com/2016/08/23/magazine/how-many-guns-did-the-us-lose-track-of-in-iraq-and-afghanistan-hundreds-of-thousands.html?mtrref=t.co">NYT </a>pointed out in a article today, many of these arms fell into the hands of honorable Iraqi and Afghani allies, but many did not.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Many of the recipients of these weapons became brave and important battlefield allies. <strong>But many more did not.</strong> Taken together, the <strong>weapons were part of a vast and sometimes minimally supervised flow of arms from a superpower to armies and militias often compromised by poor training, desertion, corruption and patterns of human rights abuses.</strong> Knowing what we know about many of these forces, it would have been remarkable for them to retain custody of many of their weapons. It is not surprising that they did not.</p> <p>&nbsp;</p> <p><strong>As an illustration of how haphazard the supervision of this arms distribution often was</strong>, last week, five months after being asked by The New York Times for its own tally of small arms issued to partner forces in Afghanistan and Iraq, the<strong> Pentagon said it has records for fewer than half the number of firearms in the researchers&rsquo; count &mdash; about 700,000 in all.</strong> This is an amount, Overton noted, that &ldquo;only accounts for 48 percent of the total small arms supplied by the U.S. government that can be found in open-source government reports.&rdquo;</p> <p>&nbsp;</p> <p>This gap between the tallies, the Pentagon said, is partly because at first the United States military was trying to stand up to two governments that were busily fighting wars. <strong>&ldquo;Speed was essential in getting those nations&rsquo; security forces armed, equipped and trained to meet these extreme challenges,&rdquo; Mark Wright, a Pentagon spokesman, wrote in an email. &ldquo;As a result, lapses in accountability of some of the weapons transferred occurred.&rdquo;</strong> Wright also said that the Pentagon&rsquo;s current practices have improved, and that to ensure &ldquo;that equipment is only used for authorized purposes,&rdquo; its representatives &ldquo;inventory each weapon as it arrives in country and record the distribution of the weapon to the foreign partner nation.&rdquo;</p> </blockquote> <p>While we may never know the exact number of weapons supplied to Iraqi and Afghani soldiers one thing is quite clear, a lot of those weapons have &quot;vanished&quot;.&nbsp; Per the <a href="http://www.nytimes.com/2016/08/23/magazine/how-many-guns-did-the-us-lose-track-of-in-iraq-and-afghanistan-hundreds-of-thousands.html?mtrref=t.co">NYT</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>One point is inarguable: Many of these weapons did not remain long in government possession after arriving in their respective countries. In one of many examples, a <strong>2007 Government Accountability Office report found that 110,000 Kalashnikov assault rifles and 80,000 pistols bought by the United States for Iraq&rsquo;s security forces could not be accounted for</strong>.</p> <p>&nbsp;</p> <p>These spectacular losses were on top of the more gradual drain that many veterans of the wars watched firsthand &mdash; including such scams as <strong>Afghan National Army recruits showing up for training and disappearing after rifles were issued. They were leaving, soldiers suspected, to sell their weapons. </strong></p> </blockquote> <p>Given the number of Facebook &quot;online weapon bazaars&quot; that had to be taken down earlier this year, we&#39;re pretty sure we know where the missing weapons went.&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="3101" height="2067" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/ISIS_1.jpg?1472052677" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/study-finds-us-military-lost-hundreds-thousands-small-arms-iraq-and-afghanistan#comments Afghanistan Corruption Freedom of Information Act Iraq Kalashnikov Middle East New York Times Wed, 24 Aug 2016 23:00:00 +0000 Tyler Durden 570484 at http://www.zerohedge.com Nigel Farage Cheers "Anti-Establishment" Victory At Trump Rally - Live Feed http://www.zerohedge.com/news/2016-08-24/nigel-farage-cheers-anti-establishment-victory-trump-rally-live-feed <p><strong>(In)famous British politician Nigel Farage will address a Trump rally</strong> in Mississippi tonight, telling &quot;the story of the Brexit campaign,&quot; explaining to the audience <strong><em>&quot;how the anti-establishment can beat the establishment.&quot;</em></strong> While Farage is not expected to directly endorse Trump, <a href="http://news.sky.com/story/nigel-farage-and-donald-trump-to-appear-on-stage-together-10550059">Sky reports </a>that the Brexiteer railed against the political classes on local Mississippi radio today, and <strong>compared Mr Trump&#39;s popularity with the &quot;silent majority&quot; of the British people who voted for Brexit</strong>.</p> <p><a href="http://www.reuters.com/article/us-usa-election-farage-idUSKCN10Z2I9?il=0">As Reuters notes,</a> once dismissed by then-prime minister David Cameron as the leader of a party mostly consisting of <strong>&quot;fruitcakes, loonies and closet racists&quot;, </strong>Farage had his revenge when the June 23 Brexit referendum went his way, forcing Cameron to resign.&nbsp; <a href="http://news.sky.com/story/nigel-farage-and-donald-trump-to-appear-on-stage-together-10550059">And now, as Sky notes, </a>Farage exclaims that just as Brexiteers mobilized a &quot;people&#39;s army&quot;, so too can Mr Trump in the United States.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Mr Farage told the show: <em><strong>&quot;I&#39;m telling a story about Brexit, and it&#39;s a story that if the grassroots Republicans pick up, and if they understand that what they&#39;ve got to do is not just sit in their armchairs, they&#39;ve got to get out, put their walking boots on, deliver leaflets, go out and meet these people in the communities.</strong></em></p> <p>&nbsp;</p> <p><em><span style="text-decoration: underline;"><strong>&quot;In a sense what I&#39;m saying is that we mobilized a people&#39;s army in the United Kingdom that went out and spoke to everybody and got them down the polls, the same thing can happen here.&quot;</strong></span></em></p> <p>&nbsp;</p> <p>Mr Farage<strong> accused President Barack Obama of having &quot;talked down to the British people&quot;</strong> by telling them how to vote in the referendum.</p> </blockquote> <p>Live Feed...<br /><iframe frameborder="0" height="315" src="https://www.youtube.com/embed/iASsropUCtM" width="560"></iframe></p> <p>Trump&#39;s new campaign manager, Kellyanne Conway, on Monday told the U.K.&#39;s Channel 4 that <strong>polling for the Brexit, which showed a majority in favor of staying in the EU, is analogous to recent polls that show Trump losing to Clinton.</strong> <a href="http://thehill.com/blogs/ballot-box/presidential-races/292486-uks-nigel-farage-says-hell-speak-at-wednesday-trump-rally">As The Hill reports,</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Everyone &quot;looking at this calmly and objectively&quot; thinks something similar to the Brexit could happen in the U.S.,</strong> she said.</p> <p>&nbsp;</p> <p><strong>&quot;I think if the elites &mdash; what I call the wrist-flickers &mdash; are just dismissing that.</strong> &#39;Oh Donald Trump can never be president, oh, Brexit is so &mdash; <strong>it&rsquo;s just for these unwashed rubes, these hillbillies with no teeth and long hair.&#39; I mean that&rsquo;s just unfair,&rdquo;</strong> Conway added.</p> </blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="262" height="133" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_farage.jpg?1472065580" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/nigel-farage-cheers-anti-establishment-victory-trump-rally-live-feed#comments Barack Obama Donald Trump Reuters United Kingdom Wed, 24 Aug 2016 22:45:00 +0000 Tyler Durden 570511 at http://www.zerohedge.com