http://www.zerohedge.com/fullrss2.xml/etf_headlines/etf_headlines/ETF-in-Focus-GXC-March-11-2013.html en Tech Stocks Extend Record Winning Streak As Dow Tops 20,700 http://www.zerohedge.com/news/2017-02-21/tech-stocks-extend-record-winning-streak-dow-tops-20700 <p>Overheard everywhere today...</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/8QfSzgV1q5g" width="560"></iframe></p> <p>&nbsp;</p> <p>Dow, S&amp;P, and Nasdaq all hit fresh record highs today</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD8.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD8_0.jpg" style="width: 600px; height: 321px;" /></a></p> <p><em>(as Reuters notes)</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The S&amp;P is trading at 17.8 times earnings estimates for the next 12 months, above the long-term average of 15 times, according to Thomson Reuters Datastream.</p> <p>&nbsp;</p> <p><strong>&quot;There is no doubt in anyone&#39;s mind that the market has become over-extended and is due for a pullback,&quot; </strong>said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.</p> <p>&nbsp;</p> <p><strong>&quot;That said, when you have this kind of momentum, it is very hard to sit on the sidelines.&quot;</strong></p> </blockquote> <p>This is the 14th straight day of gains for the S&amp;P 500 Tech sector... an all-time record...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD1.jpg"><img height="399" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>And is the most overbought in history...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD2_0.jpg" style="width: 600px; height: 299px;" /></a></p> <p>&nbsp;</p> <p><strong>50 days in a row without a 1% move.</strong></p> <p>Dow topped 20,700 and while VIX was crushed lower it ended the day higher with stocks - once again very unusual...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD11.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD11_0.jpg" style="width: 600px; height: 291px;" /></a></p> <p>&nbsp;</p> <p>VIX and Stocks are completely decoupled...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD12.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD12_0.jpg" style="width: 600px; height: 316px;" /></a></p> <p>&nbsp;</p> <p>Gold remains 2017&#39;s winner but the melt-up in stocks is catching up fast...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD9.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD9_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>Overnight weakness in Treasuries was well bid during the US day session...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD6.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD6_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>The Dollar Index roundtripped from overnight strength intraday...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD4_0.jpg" style="width: 600px; height: 310px;" /></a></p> <p>&nbsp;</p> <p>Led by Cable strength...(yest4erday the USd was deastock during the President&#39;s Day holiday)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD5_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>The Peso surged below 20/$...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD3_0.jpg" style="width: 600px; height: 343px;" /></a></p> <p>&nbsp;</p> <p>Copper and Crude are marginally higher from Friday&#39;s close, PMs flat...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD7.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD7_0.jpg" style="width: 600px; height: 306px;" /></a></p> <p>&nbsp;</p> <p>RBOB ended the day lower below $1.50 and crude rolled over but ended green...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD10.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_EOD10_0.jpg" style="width: 600px; height: 409px;" /></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="600" height="74" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170221_EOD.jpg?1487710208" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/tech-stocks-extend-record-winning-streak-dow-tops-20700#comments Business Copper Crude Mathematical finance NASDAQ Prudential Reuters S&P S&P 500 S&P 500 Index Technical analysis VIX Tue, 21 Feb 2017 21:02:26 +0000 Tyler Durden 588705 at http://www.zerohedge.com Icahn Takes Activist Stake In Bristol-Myers, Bets On $90 Billion Takeover http://www.zerohedge.com/news/2017-02-21/icahn-takes-activist-stake-bristol-myers-bets-90-billion-takeover <p>Bristol Myers stock jumped in afternoon trading <a href="https://www.wsj.com/articles/carl-icahn-takes-stake-in-bristol-myers-squibb-1487710151">after the WSJ reported </a>that activist investor and Trump advisor, Carl Icahn, has taken an undisclosed stake in Bristol-Myers Squibb. If confirmed, he would be the second big activist to pressure the company following its recent disappointment in its cancer-treatment efforts. Earlier in the day, the pharma giant announced it would add three directors to its board and buy back $2 billion in stock in a pact with another activist, Jana Partners LLC. </p> <p>The rationale for the "large stake" investment, according to the WSJ, is that the New York drug giant "has a good pipeline that would help make it an attractive takeover target, people familiar with the matter said. It isn’t clear how big the stake is."</p> <p>The drug company’s market value now stands at about $90 billion. </p> <p>The WSJ reminds us that Jana took a stake last year and began pushing for board changes after Bristol-Myers announced in January that a lung-cancer treatment wouldn’t get approval as fast as hoped, resulting in drop in company shares. That warning increased investor fears Bristol-Myers would lose out to rivals in a crucial treatment sphere and contributed to a roughly 30% decline in the stock since July. The shares had fallen by nearly 2% Tuesday afternoon to $53.55 following news of the settlement with Jana. </p> <p>As the WSJ concludes, "Icahn has a history of successfully pushing for deals among pharmaceutical companies, and his presence on Bristol-Myers’ shareholder register will likely add to recent speculation that a bidder could swoop in following the stock decline. Such a possibility has helped boost Bristol-Myers shares somewhat since January."</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="780" height="519" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/icahn%20teaser%202_0.jpg?1487710974" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/icahn-takes-activist-stake-bristol-myers-bets-90-billion-takeover#comments Activist shareholder Bristol-Myers Squibb Business Business Carl Icahn Carl Icahn Economy Finance ImClone Systems Jana Partners The Wall Street Journal Tue, 21 Feb 2017 21:01:08 +0000 Tyler Durden 588706 at http://www.zerohedge.com Biggest Gasoline Glut In 27 Years Could Crash Oil Markets http://www.zerohedge.com/news/2017-02-21/biggest-gasoline-glut-27-years-could-crash-oil-markets <p><a href="http://oilprice.com/Energy/Oil-Prices/Biggest-Gasoline-Glut-In-27-Year-Could-Crash-Oil-Markets.html"><em>Submitted by Nick Cunningham via OilPrice.com,</em></a></p> <p>Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. <strong>OPEC compliance is helping keep prices afloat, but rising U.S. oil production is acting as a counterweight.</strong></p> <p>A new problem that has suddenly emerged is the record levels of gasoline sitting in storage. The market has already had to digest the fact that <a href="http://oilprice.com/Energy/Energy-General/Record-High-Oil-Inventories-Crush-Hopes-For-70-Oil.html">U.S. crude oil stocks were rising</a>, and investors have done their best to <a href="http://oilprice.com/Energy/Energy-General/A-Bloodbath-Looms-Over-Oil-Markets.html">explain away the trend</a>. <strong>But now gasoline inventories are climbing to unexpected heights.</strong></p> <p>It would be one thing if crude stocks were rising, <strong>perhaps because refiners were going offline for maintenance. </strong>But if that were the case, then gasoline stocks would draw down on lower refining runs. But if both crude and refined product inventories are going up at the same time, <strong>then there should be some reasons for worry.</strong></p> <p>In fact, the glut of gasoline is now the <a href="https://www.wsj.com/articles/worst-gasoline-glut-in-27-years-could-be-oil-rallys-nemesis-1487327405">worst in 27 years</a>. At 259 million barrels, U.S. gasoline storage levels are now at their highest level since the EIA began tracking the data back in 1990.</p> <p><a class="lightbox" href="http://cdn.oilprice.com//images/tinymce/Nick2002A.gif"><img height="241" src="http://cdn.oilprice.com//images/tinymce/Nick2002A.gif" width="451" /></a></p> <p><em>(Click to enlarge)</em></p> <p><strong>Part of the reason for the glut, of course, are high levels of production. </strong>Although gasoline production ebbs and flows seasonally, U.S. production has been on an upward trend in recent years. Instead of bouncing around in a range of 8.5 to 9.5 million barrels per day before 2014, U.S. production since the collapse of oil prices has steadily climbed to a range of 9 to 10 mb/d.</p> <p><a class="lightbox" href="http://cdn.oilprice.com//images/tinymce/Nick2002B.jpg"><img height="266" src="http://cdn.oilprice.com//images/tinymce/Nick2002B.jpg" width="450" /></a></p> <p><em>(Click to enlarge)</em></p> <div class="solar_banner">But that increase came in order to satisfy rising demand (which, of course, was stoked by lower prices). More demand should have soaked up that excess supply. However, that is where the problem gets worse. Lately, U.S. demand has faltered.</div> <p><a class="lightbox" href="http://cdn.oilprice.com//images/tinymce/Nick2002C.jpg"><img height="273" src="http://cdn.oilprice.com//images/tinymce/Nick2002C.jpg" width="449" /></a></p> <p><em>(Click to enlarge)</em></p> <p><strong>U.S. gasoline demand plunged to just 8.2 million barrels per day in January, and sales were down 4 percent from a year earlier. It was also the lowest level in four years. Weak demand is raising some red flags for the market. </strong></p> <p>Demand is seasonal, with softer demand in winter months, but this winter&rsquo;s &lsquo;valley&rsquo; is lower than any other since 2012.</p> <p>The problem becomes particularly acute when you take into account the fact that refiners have actually cut back on gasoline production in recent weeks. Even with lower refining runs, gasoline storage levels continued to rise.</p> <p><strong>The data is worrying, especially since broader economic data does not point to deep problems with the U.S. economy.</strong> Some, including the EIA, speculate that higher prices are cutting into demand. That would be surprising given that prices at the pump are still a fraction of what they were a few years ago.</p> <p>The drop off in demand could be temporary, with consumption rebounding in a few months. Warmer temperatures tend to lead to more driving, and if demand rises it will halt the climb in gasoline inventories. But even a small hiatus in demand has led to a buildup in storage levels to such a degree that it will take time to bring down.<em> &ldquo;It kind of ruins your whole year potentially,&rdquo;</em> Sam Margolin, an analyst at Cowen, told the WSJ. &ldquo;<em>Demand growth appears to be the riskiest element of the oil equation in 2017, and the rally could pause until driving season.&rdquo;</em></p> <p>The glut of gasoline has led to tankers being <a href="http://oilprice.com/Energy/Energy-General/Gasoline-Glut-Could-Ruin-The-Oil-Price-Party.html">turned away</a> at New York Harbor in recent weeks, diverted to ports in the Caribbean. However, even that did not resolve the glut on the U.S. east coast. <em>&ldquo;Record-high inventories in the region are now pushing prices low enough to turn the typical trade flow on its head,&rdquo;</em> Bloomberg <a href="https://www.bloomberg.com/news/articles/2017-02-18/gasoline-glut-in-new-york-has-traders-sending-cargoes-abroad">reports</a>. The east coast typically imports a lot of crude oil and refined products. But refined products are instead heading in the other direction because of the buildup in supply.</p> <p><u><em><strong>If demand does not rebound, then gasoline inventories will rise further. At that point, refiners will be forced to cut back on production, which means a reduction of their purchases of crude oil. Less oil sales means higher crude oil inventories, pushing down prices. Ultimately, that could force drillers to reduce supply. In short, if U.S. demand &ndash; and by extension, global demand &ndash; does not come through for the oil market, then oil prices could decline this year.</strong></em></u></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="716" height="370" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170221_gas.jpg?1487698187" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/biggest-gasoline-glut-27-years-could-crash-oil-markets#comments 8.5% Business Caribbean Commodity markets Crude Crude Oil East Coast Economy Energy crisis Gasoline OPEC OPEC Organization of Petroleum-Exporting Countries Peak oil Petroleum Petroleum politics Price of oil Pricing U.S. East Coast World oil market chronology from Tue, 21 Feb 2017 20:53:00 +0000 Tyler Durden 588687 at http://www.zerohedge.com Active Shooter Reported At Ben Taub Hospital In Houston http://www.zerohedge.com/news/2017-02-21/active-shooter-reported-ben-taub-hospital-houston <p>The police in Houston, Texas have responded to reports of an active shooter at Ben Taub Hospital. The hospital has been placed on lockdown, and patients are being evacuated. </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Breaking News: Ben Taub Hospital in Houston is on lockdown after reports of a shooting. <a href="https://t.co/2Vb2IL19Gt">pic.twitter.com/2Vb2IL19Gt</a></p> <p>— Fox News (@FoxNews) <a href="https://twitter.com/FoxNews/status/834139930796322816">February 21, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>According to a tweet by the Houston Police Department, officers are searching the hospital, but have not found any victims so far.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Officers in the process of searching the hospital; no reports of injuries at this time <a href="https://twitter.com/hashtag/hounews?src=hash">#hounews</a></p> <p>— Houston Police (@houstonpolice) <a href="https://twitter.com/houstonpolice/status/834140936909230081">February 21, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Incredible police presence at the hospital where an active shooter was reported. <a href="https://twitter.com/HoustonChron">@HoustonChron</a> <a href="https://t.co/usen3FDQE2">pic.twitter.com/usen3FDQE2</a></p> <p>&mdash; John D. Harden (@Jdharden) <a href="https://twitter.com/Jdharden/status/834140010974760962">February 21, 2017</a></p></blockquote> <script async src="//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="995" height="520" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/houston%20lockdown.jpg?1487710033" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/active-shooter-reported-ben-taub-hospital-houston#comments Ben Taub Ben Taub Hospital Ben Taub Hospital Fox News Houston police Houston Police Department Houston Police Department Incredible police Lockdown Twitter Twitter Tue, 21 Feb 2017 20:48:33 +0000 Tyler Durden 588704 at http://www.zerohedge.com Mnuchin Tells IMF He Expects A "Frank And Candid" Exchange Rate Analysis http://www.zerohedge.com/news/2017-02-21/mnuchin-tells-imf-he-expects-frank-and-candid-exchange-rate-analysis <p>With the Trump administration having gone radio silent in recent weeks on the issue of currency manipulation and whether it sees the dollar, or other currencies, as under- or over-valued, there was a notable if vague update from U.S. Treasury Secretary Steven Mnuchin who spoke to the IMF's Managing Director Christine Lagarde on Tuesday and told her that he expects the IMF to provide "<strong>frank and candid"</strong> analysis of exchange rate policies. </p> <p>There was no elaboration of what the apriori US stance was coming into the conversation.</p> <p>The spokesperson said that in a phone call with Lagarde, Mnuchin also "noted the importance that the administration places on boosting economic growth and jobs in the United States, and looked forward to robust IMF economic policy advice on its member countries and tackling global imbalances."</p> <p>The <a href="https://www.treasury.gov/press-center/press-releases/Pages/sm0010.aspx#.WKya2APnnPg.twitter">readout from the a Treasury Spokesperson </a>of Secretary Mnuchin’s Call with International Monetary Fund Managing Director Christine Lagarde is below:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>WASHINGTON – U.S. Treasury Secretary Steven Mnuchin spoke by phone today with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). </p> <p>&nbsp;</p> <p>In his conversation with Madame Lagarde, Secretary Mnuchin welcomed the key role the IMF plays in promoting global economic growth and stability and in preventing and responding to economic crisis.&nbsp; He noted the importance the Administration places on boosting economic growth and jobs in the United States, and looked forward to robust IMF economic policy advice on its member countries and tackling global imbalances.&nbsp; Secretary Mnuchin also underscored his expectation that the IMF provide <strong>frank and candid analysis </strong>of the exchange rate policies of IMF member countries. </p> </blockquote> <p>Needless to say, a full transcript of the conversation would have been far more useful for all those wondering if the dollar is set to continue its recent growth spurt or if Mnuchin hinted that Trump would be happier with a lower dollar going forward. </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="780" height="379" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/mnuchin%20imf.jpg?1487709704" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/mnuchin-tells-imf-he-expects-frank-and-candid-exchange-rate-analysis#comments Business Christine Lagarde Economy French people International Monetary Fund International Monetary Fund International Monetary Fund Lagarde Mnuchin Politics Trump Administration U.S. Treasury United Nations Tue, 21 Feb 2017 20:41:46 +0000 Tyler Durden 588702 at http://www.zerohedge.com ISIS Suicide Bomber Identified As Former Guantanamo Detainee http://www.zerohedge.com/news/2017-02-21/isis-suicide-bomber-identified-former-guantanamo-detainee <p>A photograph released by ISIS of a <strong>suicide bomber in Mosul has been confirmed as British ex-Guantanamo detainee Jamal Al-Harith</strong>, who,<a href="http://www.zerohedge.com/news/2017-01-09/freed-guantanamo-jihadist-has-fled-syria-join-al-qaeda"> as we previously detailed,</a> fled to Syria after his release.</p> <p><a href="https://www.washingtonpost.com/news/checkpoint/wp/2017/01/03/trump-says-no-more-detainees-should-be-released-from-guantanamo-bay-prison/?utm_term=.8fd34fa9ed9e"><strong>U.S. officials have said that about 30 percent of released detainees are suspected to have returned to the battlefield, </strong></a>including at least 12 freed during the administration of President George W. Bush who went on to launch attacks that killed about a half-dozen Americans. The exact number remains classified.</p> <p>&nbsp;</p> <p>In<a href="http://www.zerohedge.com/news/2017-01-09/freed-guantanamo-jihadist-has-fled-syria-join-al-qaeda"> January we noted</a> <a href="https://www.washingtonpost.com/news/checkpoint/wp/2017/01/03/trump-says-no-more-detainees-should-be-released-from-guantanamo-bay-prison/?utm_term=.8fd34fa9ed9e"><strong> </strong></a>a jihadi from Britain who claims to be a former Guantanamo Bay detainee has fled to Syria where he is now fighting for Al Qaeda.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Al-Britani<strong> claims he &lsquo;spent years&rsquo; at Guantanamo Bay,</strong> where more than 700 of the world&rsquo;s most dangerous Islamic terrorists were imprisoned in the aftermath of 9/11.</p> <p>&nbsp;</p> <p>In an online magazine for fanatics, he writes:<span style="text-decoration: underline;"><em><strong> &lsquo;Sitting in the blessed land of al-Shaam [Greater Syria], reflecting on those weeks and days spent behind bars, I thank Allah for releasing me and providing me with the opportunity of carrying out jihad in his path again.&rsquo;</strong></em></span></p> <p>&nbsp;</p> <p>Al-Britani is the second British ex-Guantanamo detainee known to have fled to Syria to join jihadi groups. In October, it was reported that Muslim convert Jamal al-Harith, from Manchester, had fled to Syria to join Islamic State (IS).</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/03/20170109_gitmo.jpg"><img height="267" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/03/20170109_gitmo.jpg" width="292" /></a></p> <p>&nbsp;</p> <p>At the time, he was reportedly fighting near Aleppo.</p> <p>&nbsp;</p> <p><strong>Al-Britani, who claims to be in his 30s, says he was in Afghanistan when the US-led coalition invaded the country in 2001.</strong></p> <p>&nbsp;</p> <p>He claims that he was based in the Tora Bora mountains when US troops arrived hunting for then Al Qaeda chief Osama Bin Laden. Al-Britani and ten others were ordered to cross into Pakistan, where locals would help them travel to Lahore.</p> </blockquote> <p>And now, <a href="https://www.channel4.com/news/isis-suicide-bomber-is-former-guantanamo-detainee">as Channel4 reports</a>, a <strong>family member and another independent source have confirmed to Channel 4 News that the picture, released by Islamic State,&nbsp; is that of Jamal Al-Harith, born Ronald Fiddler, of Manchester.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_gitmo.jpg"><img height="302" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/02/19/20170221_gitmo_0.jpg" width="600" /></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>An Isis statement claimed a man they named as Abu Zakariya al-Britani carried out a suicide attack near the Iraqi city of Mosul, </strong>and released an image and video of him in what they described as an &ldquo;explosives-laden truck&rdquo;.</p> <p>&nbsp;</p> <p>Al-Harith&rsquo;s family say that while he had traveled to an Islamic State group-controlled area, he would not have carried out such an attack.</p> <p>&nbsp;</p> <p>His release from American detention was secured in 2004 by then-Home Secretary David Blunkett, who said at the time: <strong><em>&ldquo;I think you&rsquo;ll find that no one who has returned in the announcement today will actually pose a threat to the security of the British people.&rdquo;</em></strong></p> </blockquote> <p>Perhaps most stunning, after he was detained in Afghanistan on suspicion of being an al-Qaeda fighter, he maintained he had been on a religious holiday in Pakistan immediately before the invasion, and<strong> the UK Government paid him compensation for his time in detention, reported to be &pound;1 million.</strong></p> <p><a href="https://www.washingtonpost.com/news/checkpoint/wp/2017/01/03/trump-says-no-more-detainees-should-be-released-from-guantanamo-bay-prison/?utm_term=.8fd34fa9ed9e">As WaPo notes</a>, <strong>the Obama administration has repatriated or resettled 179 prisoners, cutting the population from 242 when Bush left office. </strong>At its peak, the detention center housed more than 700 prisoners.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">There should be no further releases from Gitmo. These are extremely dangerous people and should not be allowed back onto the battlefield.</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/816333480409833472">January 3, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></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="913" height="460" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170221_gitmo.jpg?1487702010" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/isis-suicide-bomber-identified-former-guantanamo-detainee#comments Abdullahi Sudi Arale Abuse Afghanistan al-Qaeda Guantanamo Bay detention camp Jamal Udeen Al-Harith Obama Administration Obama administration Penology Politics Presidency of George W. Bush Rendition: Guantanamo UK Government War Tue, 21 Feb 2017 20:20:00 +0000 Tyler Durden 588695 at http://www.zerohedge.com Homeland Security Staff "Locked Out" Of Computer Networks http://www.zerohedge.com/news/2017-02-21/homeland-security-staff-suddenly-locked-out-computer-networks <p>Questions are being raised about the possibility of a cyber-attack after <a href="http://www.reuters.com/article/us-usa-cyber-dhs-idUSKBN160240">Reuters reports</a> several sources confirm U.S.<strong> Department of Homeland Security employees in the Washington area were unable to access some agency computer networks</strong> this morning.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>It was not immediately clear how widespread the issue was or how significantly it affected daily functions at DHS,</strong> a large government agency whose responsibilities include immigration services, border security and cyber defense.</p> <p>&nbsp;</p> <p><strong>Employees began experiencing problems logging into networks at 5 a.m. ET on Tuesday due to a problem related to the personal identify verification (PIV) cards</strong> used by federal workers and contractors to access certain information systems, one source said. </p> <p>&nbsp;</p> <p><strong>At least four DHS buildings were affected</strong>, the source said, <span style="text-decoration: underline;"><strong>including locations used by U.S. Citizenship and Immigration Services.</strong></span></p> <p>&nbsp;</p> <p>Another source said <strong>the cards did not appear to be responsible. </strong>DHS did not immediately respond to requests for comment.</p> </blockquote> <p>As a reminder, President Donald Trump vowed to make cyber security a priority during his administration, stating at a White House event last month that, he would</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong><em>&nbsp; "...hold my Cabinet secretaries and agency heads accountable, totally accountable, for the cyber security of their organizations."</em></strong></p> </blockquote> <p>Furthermore, Trump had planned to sign a cyber security executive order last month but it was put on hold to allow more time for review.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="217" height="112" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170221_locked%20out.jpg?1487699128" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/homeland-security-staff-suddenly-locked-out-computer-networks#comments Computer security Cyber-attack Cybercrime Cyberwarfare Donald Trump Donald Trump Government National security Politics Reuters Security engineering Technology U.S. Department United States Department of Homeland Security White House White House Tue, 21 Feb 2017 20:15:30 +0000 Tyler Durden 588689 at http://www.zerohedge.com A History Of The US Stock Market From 1899 To 2017 In Three Charts http://www.zerohedge.com/news/2017-02-21/history-us-stock-market-1899-2017-three-charts <p>This year's edition of the <a href="http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=B8FDD84D-A4CD-D983-12840F52F61BA0B4">Credit Suisse Global Investment Returns Yearbook</a> is out, and as every other year, it remains full of curious and interesting trivia about the market's composition and return performance over the past year. </p> <p>While there are numerous fascinating observations - we encourage readers to peruse the full presentation at their leisure - below we present three charts highlighting the dramatic transformation of the US stock market starting in 1899 and continuing through today, showcasing its relative domination of all global equity markets, the relative sizes of world markets, and how significantly the equity composition has changed over the past 117 years.</p> <p>Some brief observations from Credit Suisse:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Early in the 20th century, the US equity market overtook the UK and has since then been the world’s dominant stock market, although at the end of the 1980s Japan was very briefly the world’s largest market. At its peak, at start-1990, Japan accounted for almost 45% of the world index, compared with around 30% for the USA. Subsequently, as the right panel of Chart 1 attests, Japan’s weighting fell to just 8.4%, reflecting its extremely poor stock market performance since then. Our 23 countries accounted for 98% of world equity market capitalization at the start of 1900, and today they still represent some 91% of the investable universe. </p> </blockquote> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/cs%20book%201_0.jpg" width="500" height="269" /></p> <p>&nbsp;</p> <p>Some thoughts on the market's "Great Transformation" from Credit Suisse:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>At the beginning of 1900 – the start date of our global returns database – virtually no one had driven a car, made a phone call, used an electric light, heard recorded music, or seen a movie; no one had flown in an aircraft, listened to the radio, watched TV, used a computer, sent an email, or used a smartphone. There were no x-rays, body scans, DNA tests, or transplants, and no one had taken an antibiotic; as a result, many would die young. </p> <p>&nbsp;</p> <p>Mankind has enjoyed a wave of transformative innovation dating from the Industrial Revolution, continuing through the Golden Age of Invention in the late 19th century, and extending into today’s information revolution. This has given rise to entire new industries: electricity and power generation, automobiles, aerospace, airlines, telecommunications, oil and gas, pharmaceuticals and biotechnology, computers, information technology, and media and entertainment. Meanwhile, makers of horse-drawn carriages and wagons, canal boats, steam locomotives, candles, and matches have seen their industries decline. There have been profound changes in what is produced, how it is made, and the way in which people live and work. </p> <p>&nbsp;</p> <p>These changes can be seen in the shifting composition of the firms listed on world stock markets. Chart 2 shows the industrial composition of listed companies in the USA and the UK. The upper two pie charts show the position at the beginning of 1900, while the lower two show the beginning of 2017. Markets at the start of the 20th century were dominated by railroads, which accounted for 63% of US stock market value and almost 50% of UK value. More than a century later, railroads declined almost to the point of stock market extinction, representing less than 1% of the US market and close to zero in the UK market. </p> <p>&nbsp;</p> <p><strong>Of the US firms listed in 1900, more than 80% of their value was in industries that are today small or extinct; the UK figure is 65%. </strong>Besides railroads, other industries that have declined precipitously are textiles, iron, coal, and steel. These industries still exist, but have moved to lower-cost locations in the emerging world. Yet similarities between 1900 and 2017 are also apparent. The banking and insurance industries continue to be important. Similarly, such industries as food, beverages (including alcohol), tobacco, and utilities were present in 1900 just as they are today. And, in the UK, quoted mining companies were important in 1900 just as they are in London today. </p> <p>&nbsp;</p> <p>But even industries that initially seem similar have often altered radically. For example, compare telegraphy in 1900 with smartphones in 2016. Both were high-tech at the time. Or contrast other transport in 1900 – shipping lines, trams, and docks – with their modern counterparts, airlines, buses, and trucking. Similarly, within industrials, the 1900 list of companies includes the world’s then-largest candle maker and the world’s largest manufacturer of matches.&nbsp; </p> <p>&nbsp;</p> <p>Another statistic that stands out from Chart 2 is the high proportion of today’s companies that come from industries that were small or non-existent in 1900, 62% by value for the USA and 47% for the UK. The largest industries in 2017 are technology (in the USA, but not the UK), oil and gas, banking, healthcare, the catch-all group of other industrials, mining (for the UK, but not the USA), telecommunications, insurance, and retail. Of these, oil and gas, technology, and healthcare (including pharmaceuticals and biotechnology) were almost totally absent in 1900. Telecoms and media, at least as we know them now, are also new industries.</p> <p>&nbsp;</p> <p>Our analysis relates only to exchange-listed businesses. Some industries existed throughout the period, but were not always listed. For example, there were many retailers in 1900, but apart from the major department stores, these were often small, local outlets rather than national and global retail chains like Walmart or Tesco. Similarly, in 1900, a higher proportion of manufacturing firms were family owned and unlisted. In the UK and other countries, nationalization has also caused entire industries – railroads, utilities, telecoms, steel, airlines, and airports – to be delisted, often to be re-privatized at a later date. We included listed railroads, for example, while omitting highways that remain largely state-owned. The evolving composition of the corporate sector highlights the importance of avoiding survivorship bias within a stock market index, as well as across indexes.</p> <p>&nbsp;</p> <p>In the 2015 Yearbook, we looked at long-run industry returns in the USA and UK since 1900, and asked whether investors should focus on new industries and shun the old, declining sectors. We showed that both new and old industries can reward as well as disappoint. It all depends on whether stock prices correctly embed expectations. For example, we noted above that, in stock market terms, railroads were the ultimate declining industry in the USA in the period since 1900. <strong>Yet, over the last 117 years, railroad stocks have beaten the US market, and outperformed both trucking stocks and airlines since these industries emerged in the 1920s and 1930s</strong>. Indeed, the research in the 2015 Yearbook indicated that, if anything, <strong>investors may have placed too high an initial value on new technologies, overvaluing the new, and undervaluing the old. We showed that an industry value rotation strategy helped lean against this tendency, and historically had generated superior returns.</strong></p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/cs%20chart%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/cs%20chart%202_0.jpg" width="500" height="339" /></a></p> <p>Finally, a self-explanatory chart of the evolution of equity markets, and how the US has dominated throughout the past 117 years:</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/02/08/cs%20book%200_0.jpg" width="500" height="335" /></p> <p><em>Full presentation below:<br /> </em><iframe src="https://www.scribd.com/embeds/339945774/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-QPtr8dQ4504dY5ajYpBo&amp;show_recommendations=true" width="100%" height="600" frameborder="0" scrolling="no"></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="1193" height="800" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/cs%20book%200.jpg?1487707349" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/history-us-stock-market-1899-2017-three-charts#comments Biotechnology Business Corporate finance Credit Suisse Economy Equity Markets Equity securities Finance Financial market Information Technology Investment Japan Mergers and acquisitions Money Nationalization smartphone smartphones Stock Stock market Tue, 21 Feb 2017 20:03:27 +0000 Tyler Durden 588701 at http://www.zerohedge.com Milo Yiannopoulos Resigns From Breitbart News http://www.zerohedge.com/news/2017-02-21/milo-yiannopoulos-resigns-breitbart-news <p>After earlier in the day, Breitbart Editor-in-Chief Alex Marlow said we can expect to learn later today whether the site will retain alt-right provocateur Milo Yiannopoulos after video surfaced of the writer justifying sex between adult men and minors, many expected that a resignation was inevitable.&nbsp; On Breitbart's radio show this morning, Marlow and Breitbart Washington editor Matt Boyle both described Yiannopoulos' comments as "not defensible."</p> <p>Fast forward a few hours when moments ago Milo's sudden fall from grace was complete, with his announcement that he is resigning from Breitbart News. </p> <p>His press release is below:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Milo Yiannopoulos Resigns From Breitbart News Network </strong></p> <p>&nbsp;</p> <p>New York, NY — February 21, 2017 — Today, Milo Yiannopoulos, Senior Editor at Breitbart News, announced his resignation from the company. </p> <p>&nbsp;</p> <p>"Breitbart News has stood by me when others caved. They have allowed me to carry conservative and libertarian ideas to communities that would otherwise never have heard them. They have been a significant factor in my success. I'm grateful for that freedom and for the friendships I forged there. </p> <p>&nbsp;</p> <p>I would be wrong to allow my poor choice of words to detract from my colleagues' important reporting, so today I am resigning from Breitbart, effective immediately. This decision is mine alone. </p> <p>&nbsp;</p> <p>When your friends have done right by you, you do right by them. For me, now, that means stepping aside so my colleagues at Breitbart can get back to the great work they do."</p> </blockquote> <p>Yiannopoulos will hold a snap press conference in New York City at 3 p.m. on Tuesday. </p> <p>As a reminder, video posted on Youtube in January 2016 reemerged over the weekend showing Yiannopoulos saying a relationship between an adult man and teenage boy can be beneficial. He also discussed his own sexual abuse as a teenager. The fallout from the video reverberated throughout the political world and social media over the holiday weekend and earned swift condemnation from both sides of aisle. </p> <p>(CPAC) on Monday rescinded his invitation to speak at the annual conservative conference. American Conservative Union chairman Matt Schlapp called his comments “disturbing.” Also Monday, Simon &amp; Schuster cancelled a deal to publish Yiannopoulos’s upcoming book, “Dangerous.” </p> <p>Yiannopoulos addressed the controversy in two Facebook posts on Monday. He denounced claims that he was advocating for pedophilia, while also expressing some regret for his past remarks. He also argued that the videos were “edited deceptively.” </p> <p>“I’m partly to blame. My own experiences as a victim led me to believe I could say anything I wanted to on this subject, no matter how outrageous,” he said.&nbsp; "But I understand that my usual blend of British sarcasm, provocation and gallows humor might have come across as flippancy, a lack of care for other victims or, worse, 'advocacy.' I deeply regret that.” </p> <p>Yiannopoulos also said he has “repeatedly expressed disgust” about pedophilia through his previous writing and noted that he has “outed” three child abusers. </p> <p>"I am a gay man, and a child abuse victim,” he wrote on Facebook. "I would like to restate my utter disgust at adults who sexually abuse minors. I am horrified by pedophilia and I have devoted large portions of my career as a journalist to exposing child abusers.” </p> <p>Ahead of Yiannopoulos’s resignation, Breitbart editor-in-chief Alex Marlow criticized the senior editor, calling his comments “not defensible.” </p> <p>Breitbart employees reportedly threatened an exodus of “at least a half dozen” employees if the publication didn’t fire Yiannopoulos. </p> <p>As <a href="http://thehill.com/homenews/media/320495-yiannopoulos-resigns-from-breitbart">The Hill notes</a>, Yiannopoulos has become a magnet for controversy in recent days. Earlier this month, he had a scheduled speech at the University of California, Berkeley which drew national attention after protests erupted opposing his appearance and later turned violent.</p> <p></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="640" height="360" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/milo%20teaser%202_0.jpg?1487706419" /> </div> </div> </div> http://www.zerohedge.com/news/2017-02-21/milo-yiannopoulos-resigns-breitbart-news#comments Alt-right American Conservative Union Andrew Breitbart Breitbart Breitbart News Conservatism in the United States Dangerous Draft:Kassy Dillon Gay men Giannopoulos Milo Yiannopoulos New York City News aggregators Politics of the United States Racism in the United States Right-wing politics SWIFT Tea Party movement University of California University of California, Berkeley Tue, 21 Feb 2017 19:48:04 +0000 Tyler Durden 588700 at http://www.zerohedge.com Alan Greenspan is Now a Gold Bug? Say What? http://www.zerohedge.com/news/2017-02-21/alan-greenspan-now-gold-bug-say-what <p style="margin-top: 0px; line-height: 1.4em; font-family: Roboto, sans-serif; font-size: 15px;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;">Interested in precious metals investing? Email us</span></em><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.15; font-family: inherit;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"> </span><span style="color: #000080;"><a href="mailto:sales@sprottmoney.com?subject=From%20Zero%20Hedge: Alan Greenspan Article"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; text-decoration: underline;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; overflow-wrap: break-word;">HERE</span></span></strong><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; text-decoration: underline;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; overflow-wrap: break-word;">&nbsp;</span></span></strong></a></span></em></p> <p><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: 1em; line-height: 1.3em; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;">&nbsp;</strong></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <h1><a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>Alan Greenspan is Now a Gold Bug? Say What?</strong></em></span></a></h1> <p><a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>Written by Nathan McDonald (CLICK HERE FOR ORIGINAL)</strong></em></span></a></p> <p>&nbsp;</p> <p><a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><img src="http://www.zerohedge.com/sites/default/files/images/user196978/imageroot/2017/02/21/greenspan.jpg" width="539" height="338" /></a></p> <p>&nbsp;</p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;">Is 2017 even real? What kind of weird, fantastical twilight zone have we entered into? The world has been turned upside down and I will continue to point out the bizarre and unusual things that continue to be said and acted upon as we go forward. If past results are any future indication, then things are going to get a whole lot weirder. </p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;"> </p><p> <a href="https://www.google.ca/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=23&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwipmZbxy6HSAhULsVQKHU_NCfcQmhMIlgEwFg&amp;url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FAlan_Greenspan&amp;usg=AFQjCNHPzB8OzMv9MN0AZddRxaW46kYxOg&amp;sig2=MTPXiKn1_AnVU6uYTB70Xw&amp;bvm=bv.147448319,d.amc">Alan Greenspan</a>, the "Maestro" of fiat money and one of the most prolific fiat money printers that the world has ever seen has entered into this bizarre alternative reality and is yes, now once again a gold bug! </p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;"> </p><p> To those of you who know your history, you will remember the following, written by Alan Greenspan in 1966: </p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;">&nbsp;</p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;"><em>"Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit."<br /> </em></p> <p style="margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in;"><em><br /></em></p> <p class="MsoNormal">This common sense statement, which was just a part of Alan Greenspan's larger work titled "<a href="http://www.constitution.org/mon/greenspan_gold.htm">Gold and Economic Freedom </a>", would be brought up over and over again during his tenure as the head of the Federal Reserve. </p> <p class="MsoNormal"> </p><p> It would be pointed to time and time again, to showcase just how far he had gotten away from common sense and to highlight that once upon a time, Alan Greenspan didn't just believe in money printing to infinity, he actually once believed in reality-based economics! </p> <p class="MsoNormal"> </p><p> It appears, that either he has once again found "religion", or he was just full of it during his time at the FED and was only pandering to Wall Street, attempting to appease them. He did this likely for his own profit, as he is once again returning to his past beliefs. </p> <p class="MsoNormal"> </p><p> In a <a href="http://www.kitco.com/news/2017-02-17/Gold-Standard-Needed-Now-More-Than-Ever-Alan-Greenspan-Comments.html">recent statement</a> he had to following to say:</p> <p class="MsoNormal"> <em><br /> “Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection.<br /> </em><em> Today, going back on to the gold standard would be perceived as an act of desperation. But if the gold standard were in place today, we would not have reached the situation in which we now find ourselves.”<br /> </em></p> <p class="MsoNormal"><em>&nbsp;</em></p> <p> This comes on the heels of a <a href="http://thedailycoin.org/2016/09/22/rock-star-amongst-the-gold-bug-community/">previous statement</a> he made in 2014, which was dismissed by many at the time, but now proves that he truly does believe in this ideology given his recent doubling down: </p> <p class="MsoNormal"> </p><p> <em>"Intrinsic currencies like gold and silver are acceptable without a third party guarantee. Gold serves a very important place in monetary reserves…<br /> </em></p> <p class="MsoNormal"><em>&nbsp;</em></p> <p> <em>Why did Central Banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that - why are they doing that? If you look at the data, with very few exceptions, all of the developed countries have gold reserves. Why?”<br /> </em></p> <p class="MsoNormal"><em>&nbsp;</em></p> <p> So there you have it. Alan Greenspan, one of the biggest money printers of all time, has grown a conscience. Sadly for him, it's a little too late for redemption. Perhaps he doesn't want to go down as one of the most sadistic money printers of all time. </p> <p class="MsoNormal"> </p><p> Perhaps he would now like to correct the error of his ways and return back to the sound common sense principles his young self once believed in. For that, we praise him, but this will never erase the reckless actions of his past, of which the true damage is yet to come. The greatest collapse of our modern times is on its way. </p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;">Questions or comments about this article? Leave your thoughts <a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><span style="text-decoration: underline;"><strong>HERE</strong></span></a>. </span></em></p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal">&nbsp;</p> <h1><a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>Alan Greenspan is Now a Gold Bug? Say What?</strong></em></span></a></h1> <p><a href="https://www.sprottmoney.com/Blog/alan-greenspan-is-now-a-gold-bug-say-what-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>Written by Nathan McDonald (CLICK HERE FOR ORIGINAL)</strong></em></span></a></p> http://www.zerohedge.com/news/2017-02-21/alan-greenspan-now-gold-bug-say-what#comments Alan Greenspan Alan Greenspan Business Central Banks Deficit Spending Economy Federal Reserve Federal Reserve System Freemen of the City of London Gold standard Monetary policy Money Precious Metals Reality US Federal Reserve Tue, 21 Feb 2017 19:38:21 +0000 Sprott Money 588699 at http://www.zerohedge.com