http://www.zerohedge.com/fullrss2.xml/news/italy-miss-gdp-forecast-sees-sub-1-gdp-growth/%2A%7CUNSUB%7C%2A en EU Could Scrap "Divisive & Ineffective" Refugee Quota Scheme http://www.zerohedge.com/news/2017-12-12/eu-could-scrap-divisive-ineffective-refugee-quota-scheme <p><a href="https://www.theguardian.com/world/2017/dec/11/eu-may-scrap-refugee-quota-scheme-donald-tusk"><em>The Guardian reports</em></a> that <strong>EU could scrap a divisive scheme that compels member states to accept quotas of refugees,</strong> one of the bloc&rsquo;s most senior leaders will say this week.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171212_eu.jpg"><img height="303" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171212_eu.jpg" width="553" /></a></p> <p>The president of the European council, <strong>Donald Tusk, will tell EU leaders at a summit on Thursday that mandatory quotas have been divisive and ineffective, </strong>in a clear sign that he is ready to abandon the policy that has created bitter splits across the continent.</p> <p><a href="https://www.theguardian.com/world/2017/dec/11/eu-may-scrap-refugee-quota-scheme-donald-tusk">Jennifer Rankin reports</a> that Tusk will set a six-month deadline for EU leaders to reach unanimous agreement on reforms to the European asylum system, but will propose alternatives if there is no consensus.&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;If there is no solution... including on the issue of mandatory quotas, the president of the European council will present a way forward,&rdquo;</strong> states a draft letter from Tusk to national capitals, seen by the Guardian.</p> </blockquote> <p>In effect this means scrapping mandatory quotas, because Hungary, Poland and Czech Republic are fiercely opposed to the idea of dispersing refugees around the bloc based on a formula drawn up in Brussels. Tusk is likely to face opposition, however, from other EU bodies, including the European commission.</p> <p><strong>EU leaders introduced&nbsp;<a href="https://www.theguardian.com/world/2015/sep/22/eu-governments-divisive-quotas-deal-share-120000-refugees">compulsory quotas in 2015 at the height of the migration crisis</a>, as thousands of people arrived daily on Europe&rsquo;s shores, many of whom were refugees from Syria, Iraq and Eritrea.</strong></p> <p>Hungary, Slovakia, Romania and the Czech Republic voted against the move, but the policy was forced through by a majority vote.</p> <p>Hungary and Poland have defied the rest of the EU by not taking a single refugee under the scheme, which aimed to relocate about 120,000 refugees, mainly Syrians. The Czech republic has taken in only 12.</p> <p><strong>All three countries were&nbsp;<a href="https://www.theguardian.com/world/2017/dec/07/eu-hungary-court-crackdown-george-soros">referred to the European court of justice</a>&nbsp;last week for failing to implement the policy, the usual procedure for flouting EU rules.</strong></p> <p>Despite the backlash against the emergency scheme, the European commission proposed making quotas a permanent feature of EU law in 2016. Under its proposal, countries that refuse to take part in a &ldquo;corrective allocation mechanism&rdquo; to take the pressure off member states bearing the brunt&nbsp;<a href="https://www.theguardian.com/world/2016/may/03/eu-refugee-crisis-closed-door-countries-pay-solidarity-contributions">would have to pay a &ldquo;solidarity contribution&rdquo;</a>&nbsp;of &euro;250,000 (&pound;220,000) per asylum seeker.</p> <p><strong>The idea has been stalled for months, as home affairs ministers who make the law have been unable to agree on it. </strong></p> <p>Tusk will call on EU governments to take charge, rather than leaving Brussels to set the pace in managing refugee policy.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Only member states are able to tackle the migration crisis effectively,&rdquo; Tusk&rsquo;s letter says. &ldquo;The EU&rsquo;s role is to offer its full support in all possible ways to help member states handle the migration crisis. But the EU has neither the capacity nor legal possibilities to replace member states.&rdquo;</p> </blockquote> <p><strong>Any move to drop the plan is likely to upset Italy and Greece, countries that have urged the rest of the EU to help them cope with large numbers of refugees and migrants in recent years. Germany and Sweden, backed by the European commission, are also likely to contest any plan deemed to reduce the help offered by other member states.</strong></p> <p>One EU diplomat said some member states were surprised by Tusk&rsquo;s letter &ldquo;because it doesn&rsquo;t seem to be in sync&rdquo; with work undertaken by home affairs ministers working on the file.</p> <p>We suspect we know one other &#39;European&#39; that will not be pleased... <em><span style="text-decoration: underline;"><strong>George Soros.</strong></span></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="553" height="303" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_eu.jpg?1513137619" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/eu-could-scrap-divisive-ineffective-refugee-quota-scheme#comments Confederations Czech Donald Tusk Europe European Commission European Council European court European migrant crisis European Union European Union George Soros Germany Greece Hungary Iraq Italy Poland Politics President of the European Council Refugees of the Syrian Civil War Romania Slovakia Social Issues World history Wed, 13 Dec 2017 08:30:00 +0000 Tyler Durden 609041 at http://www.zerohedge.com Vroom! Ferrari Plans To Double Production Shifts - On Track To Smash Earnings, Production Targets http://www.zerohedge.com/news/2017-12-12/vroom-ferrari-plans-double-production-shifts-track-smash-earnings-and-production-tar <p>On 2 November 2017, Ferrari NV, which was spun-off from Fiat Chryslerr, announced a 23% rise in adjusted EBITDA to 778 million euros (629 million euros) for the first nine months of 2017. The company increased its EBITDA target for the full year to 1 billion euros versus the previous estimate of more than 950 million. As <a href="https://www.bloomberg.com/news/articles/2017-12-12/ferrari-said-to-set-production-boost-as-supercar-demand-jumps">Bloomberg</a> notes.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The manufacturer raised its 2017 profit target last month as rollouts of limited-edition supercars, including the FXX K Evo racing model, help it achieve a long-held profit goal two years early.</p> </blockquote> <p><strong>If, like us, you were wondering what a Ferrari FXX K Evo looks like, here it is.</strong> It has a 6.3 litre V12 engine and an electric motors, generates 1,036 bhp with the motor providing an additional 187 bhp and is very fast (last time we checked Ferrari hadn&rsquo;t released top speed or acceleration data).</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/22/ferr.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/22/ferr_0.jpg" style="width: 500px; height: 281px;" /></a></p> <p><strong>In 2013, former Chairman, Luca Montezemolo, <a href="https://www.motorauthority.com/news/1027452_ferrari-upping-production-to-9000-cars-annually-by-2019">said</a> that Ferrari would limit production to around 7,000 cars to defend the brand.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;My focus this year and in the years to come is not to grow volume but to increase the exclusivity of Ferrari,&rdquo; di Montezemolo said. &ldquo;This protects our margins and residual values for our customers.&rdquo;</p> </blockquote> <p>It didn&#39;t last long. With Sergio Marchionne in control and the prospect of a listing on the NYSE, Ferrari outlined a plan to increase production to as many as 9,000 cars by 2019. <strong>Production is expected to reach 8,400 cars (including supercars) in 2017 and the target can be achieved a year early as Ferrari doubles the number of shifts at its manufacturing facilities.</strong> According to Bloomberg.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Ferrari NV, fabled for its fast cars on roads and race tracks, is packing some extra speed into its factories, too. The Italian supercar maker, spun off from Fiat Chrysler Automobiles NV in 2016, plans to boost production by doubling assembly shifts to two a day in 2018 as deliveries are on pace to reach its 9,000-vehicle target a year earlier than scheduled, according to people familiar with the matter, who asked not to be named as the matter isn&rsquo;t public. A Ferrari spokesman declined to comment.</p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The increase is part of Chief Executive Officer Sergio Marchionne&rsquo;s plan to boost profit by expanding Ferrari&rsquo;s line-up while maintaining the exclusivity of its $200,000-and-up models. Marchionne, 65, will present the carmaker&rsquo;s latest mid-term strategy early next year, his final one at the helm of the Italian iconic brand.</p> </blockquote> <p>The Ferrari IPO in October 2015 priced at $52/share which was at the top end of the $48-52 range. <strong>The stock, which trades under the ticker RACE, has more than doubled to $106.9, valuing the company at $20.2 billion.</strong></p> <p>Bloomberg &ldquo;helpfully&rdquo; provides us with an explanation for the ramp in Ferrari production.&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Sales growth is being driven as the population of wealthy individuals surges.</strong> The number of millionaires worldwide surged 36 percent to 13.6 million people in the 10 years through 2016 and may rise another 37 percent in the following decade, according to the Wealth Report by real estate company Knight Frank. The number of billionaires increased 45 percent in the period, boosted by gains in the Asia-Pacific area.</p> </blockquote> <p>Besides the global increase in wealth, the extension to the company&rsquo;s product range will also have a positive impact on sales volumes during the next few years. For example, Marchionne commented that &ldquo;We&rsquo;re dead serious about this&rdquo; when referring to the potential for manufacturing Ferrari&rsquo;s first&nbsp; ever SUV &ndash; termed a &ldquo;Ferrari Utility Vehicle&rdquo; or FUV. As Bloomberg explains.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The plan will include Ferrari&rsquo;s first-ever sport utility vehicle as it targets annual sales exceeding a self-imposed 10,000-car limit that until now has enabled it to operate under less-stringent fuel-economy rules, people familiar with the matter said in August. Goals include doubling operating profit to about 2 billion euros ($2.35 billion) by 2022, they said.</p> </blockquote> <p><strong>For now, there is no threat to Ferrari&rsquo;s prospects, nor its exclusivity</strong>. Waiting lists for most models exceed twelve months. Marchionne has said before that Ferrari can preserve its exclusivity as long as it always sells one car less than the market demand, echoing the words of founder, Enzo Ferrari.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/22/ferr1_0.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/2017/11/22/ferr1_0.jpg" style="width: 500px; height: 500px;" /></a></p> <p><strong>If he was still alive, we question whether Enzo Ferrari would have realised that the biggest risk to his company is probably the bursting of the latest equity bubble.</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="500" height="335" alt="" src="http://www.zerohedge.com/sites/default/files/images/user235761/imageroot/ferr2.jpg?1513103927" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/vroom-ferrari-plans-double-production-shifts-track-smash-earnings-and-production-tar#comments Asia-Pacific Auto racing Automotive industry Business Business Chrysler Ferrari Ferrari Fiat Chrysler Automobiles Luca Cordero di Montezemolo Pininfarina Real estate Sergio Marchionne Sports cars Sports racing cars V12 engine Wed, 13 Dec 2017 07:45:00 +0000 Tyler Durden 609007 at http://www.zerohedge.com BTCUSD Testing Daily Chart Upchannel Resistance http://www.zerohedge.com/news/2017-12-13/btcusd-testing-daily-chart-upchannel-resistance <h1 style="box-sizing: border-box; margin-top: 0px; margin-bottom: 25px; font-variant-numeric: inherit; font-stretch: inherit; font-size: 24px; line-height: 1.2; font-family: lucida_granderegular, 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; color: #ff0000;">Bitcoin (BTCUSD) Weekly/Daily</span></h1> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: 21px; line-height: inherit; font-family: &quot;Source Serif Pro&quot;, serif; color: rgba(0, 0, 0, 0.7);">Bitcoin (BTCUSD) was rejected yesterday at upchannel resistance (on the weekly and daily chart), and may see a few days of profittaking as hinted by the daily MACD histogram sliding down.&nbsp; A stronger selloff could quickly coincide with the daily MACD negatively crossing.&nbsp; Nevertheless, longer term bulls will take comfort in the weekly MACD still sloping strongly up.&nbsp; I suspect that after the next few days of consolidation, BTCUSD bulls may try once again to reach the psychologically key 20,000 whole figure level (which BTCUSD nearly did with a rise to over 19500 last Thursday on GDAX) ahead of the highly anticipated CME Bitcoin futures launch Monday (Sunday night Chicago).&nbsp; For those who haven't seen the BTCUSD price performance relative to other bubbles throughout history, or for those who are buying out of FOMO (Fear of Missing Out), take a moment to review the following chart.&nbsp;&nbsp;</span></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><img src="https://tradablepatterns.com/wp-content/uploads/2017/12/bitcoin-tulip-mania-1_0.jpg" alt="Bitcoin Tulip Bubble" title="Bitcoin Tulip Bubble" width="500" height="536" /></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><img src="https://tradablepatterns.com/wp-content/uploads/2017/12/BTC-USD-weekly-technical-analysis.jpg" alt="BTCUSD (Bitcoin) Weekly Technical Analysis" title="BTCUSD (Bitcoin) Weekly Technical Analysis" width="1376" height="739" /></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><img src="https://tradablepatterns.com/wp-content/uploads/2017/12/BTC-USD-technical-analysis.jpg" alt="BTCUSD (Bitcoin) Daily Technical Analysis" title="BTCUSD (Bitcoin) Daily Technical Analysis" width="1374" height="714" /></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;">&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: lucida_granderegular, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: 21px; line-height: inherit; font-family: &quot;Source Serif Pro&quot;, serif; color: rgba(0, 0, 0, 0.7);">&nbsp;</span></p> <h1 style="font-size: 24px; margin-top: 0px; margin-bottom: 25px; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; line-height: 1.2; font-family: lucida_granderegular, 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; color: #ff0000;">Ethereum (ETHUSD) Weekly/Daily</span></h1> <h1 style="font-size: 24px; margin-top: 0px; margin-bottom: 25px; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; line-height: 1.2; font-family: lucida_granderegular, Verdana, sans-serif;"> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: 21px; line-height: inherit; font-family: &quot;Source Serif Pro&quot;, serif; color: rgba(0, 0, 0, 0.7);">Ethereum (ETHUSD) is seeing strong profittaking today, forming what appears to be upchannel resistance (on the daily chart).&nbsp; The rally yesterday to just above 700 fulfills the 300 in gains that could have been projected based on the approximate height of the ascending triangle (as calculated from the mid May low of 100 to the triangle resistance at 400), and the point of triangle breakout at 400.&nbsp; &nbsp;After another day or so of further consolidation, ETHUSD may want to retest the same upchannel resistance at 700 especially as BTCUSD stands a decent chance of reaching for the psychologically key 20,000 whole figure level (which BTCUSD nearly did with a rise to over 19500 last Thursday on GDAX) ahead of the highly anticipated CME Bitcoin futures launch Monday (Sunday night Chicago).&nbsp; The weekly and daily MACD are still sloping strongly up, suggesting bulls will continue buying on pullbacks.&nbsp;</span></p> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;">&nbsp;</p> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: 21px; line-height: inherit; font-family: &quot;Source Serif Pro&quot;, serif; color: rgba(0, 0, 0, 0.7);"><img src="https://tradablepatterns.com/wp-content/uploads/2017/12/ETH-USD-weekly-technical-analysis.jpg" alt="ETHUSD Weekly Technical Analysis" title="ETHUSD Weekly Technical Analysis" width="1376" height="714" /></span></p> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;">&nbsp;</p> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; font-size: 21px; line-height: inherit; font-family: &quot;Source Serif Pro&quot;, serif; color: rgba(0, 0, 0, 0.7);"><img src="https://tradablepatterns.com/wp-content/uploads/2017/12/ETH-USD-technical-analysis.jpg" alt="ETHUSD (Ethereum) Daily Technical Analysis" title="ETHUSD (Ethereum) Daily Technical Analysis" width="1374" height="714" /></span></p> <p style="margin-top: 0.25em; margin-bottom: 0.75em; font-weight: 400; box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3;">&nbsp;</p> <p style="box-sizing: border-box; margin-top: 3.2rem; margin-bottom: 3.2rem; font-variant-numeric: inherit; font-weight: 400; font-stretch: inherit; font-size: 21px; line-height: 32px; font-family: &quot;Source Serif Pro&quot;, serif; background: transparent; outline: 0px; color: rgba(0, 0, 0, 0.7);"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; outline: 0px; background: transparent;">Click&nbsp;</strong><a href="https://tradablepatterns.com/2017/12/13/btcusd-testing-daily-chart-upchannel-resistance/" target="_blank" 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; word-wrap: break-word; color: #827be9; background: transparent; outline: none; cursor: pointer;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; outline: 0px; background: transparent;">here</strong></a><strong style="box-sizing: border-box; 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For less experienced traders,&nbsp;</em><a href="https://tradablepatterns.com/tutorials" target="_blank" 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; word-wrap: break-word; color: #827be9; background: transparent; outline: none; cursor: pointer;" rel="nofollow noopener"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 0.975em; line-height: inherit; font-family: Georgia, &quot;Source Serif Pro&quot;, serif; outline: 0px; background: transparent;">tutorials</em></a><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 0.975em; line-height: inherit; font-family: Georgia, &quot;Source Serif Pro&quot;, serif; background: transparent; outline: 0px;">&nbsp;and&nbsp;</em><a href="https://tradablepatterns.com/workshops" target="_blank" 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; word-wrap: break-word; color: #827be9; background: transparent; outline: none; cursor: pointer;" rel="nofollow noopener"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 0.975em; line-height: inherit; font-family: Georgia, &quot;Source Serif Pro&quot;, serif; outline: 0px; background: transparent;">workshops</em></a><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 0.975em; line-height: inherit; font-family: Georgia, &quot;Source Serif Pro&quot;, serif; background: transparent; outline: 0px;">&nbsp;are offered online and throughout Southeast Asia.</em></p> </h1> http://www.zerohedge.com/news/2017-12-13/btcusd-testing-daily-chart-upchannel-resistance#comments Bitcoin Bitcoin Business Cryptocurrencies Ethereum Finance Financial economics Futures Futures contract Futures markets MACD MACD Money Southeast Asia Stock market Technical Analysis Technical analysis Wed, 13 Dec 2017 07:02:13 +0000 Tradablepatterns 609043 at http://www.zerohedge.com All Of A Sudden, Fascists Are Everywhere In Italy http://www.zerohedge.com/news/2017-12-12/all-sudden-fascists-are-everywhere-italy <p><a href="https://gefira.org/en/2017/12/12/all-of-a-sudden-fascists-are-everywhere-in-italy/#more-23372"><em>Via GEFIRA,</em></a></p> <p><strong>Headlines were made in Italy a few days ago when a <em>&ldquo;casual, unidentified photographer&rdquo;</em> happened to walk in the streets of Florence and had the uncanny ability of taking a snapshot of an inside wall of the Carabinieri barracks that are literally steps away from the city center.</strong></p> <p>The flag was not hanging outside a window, as it was inside the private dormitory of military personnel, but it could be partially visible from the outside as the window was open.</p> <p><iframe allow="encrypted-media" allowfullscreen="" frameborder="0" gesture="media" height="315" src="https://www.youtube.com/embed/rdM6eD_vOJM" width="560"></iframe></p> <p><strong>The drums of politically correct outrage (<em>&ldquo;a nazi flag in a Carabinieri barrack&rdquo;</em>) started beating in the media,</strong> and the frontrunner of this public outcry was the Minister of Defense Roberta Pinotti.</p> <p>Pinotti is another minister, in this fourth consecutive non-elected government of Italy, <strong>for which one comes to wonder (not knowing Italy, of course) how she became head of such a sensitive department. </strong>According to her official resumé, she started her political career <em>&ldquo;from the bottom&rdquo;</em>, within her party, that is the old Communist Party of Italy (PCI) which then transformed itself into the now Partito Democratico. With a degree in Humanities, she became a teacher in secondary schools, and worked her way up the ladder of local politics in the Genoa district. So much for an extensive and consolidated expertise in military affairs.</p> <p><strong>The day after the first headlines, somebody started to question the minister&rsquo;s knowledge not just about the single episode, but about flags and symbols in general. </strong>She joined the public outcry without the slightest investigation into the case, after having heard from the news that &ldquo;a Nazi flag&rdquo;, was <em>&ldquo;spotted&rdquo;</em> at a Carabinieri barrack in Florence. It turns out that the flag is simply a historic Reichskriegsflagge of Germany&rsquo;s Imperial Navy, never used by the Nazi regime (1933-1945).</p> <p>Pinotti makes no apologies for her lack of knowledge about historical flags nor for her impromptu behaviour, which, given her official position with direct jurisdiction over the Carabinieri (which is a military corp) would have called for a more careful investigation prior to an expected official statement. <em>&ldquo;It&rsquo;s a flag often seen at neo-Nazi rallies in Germany&rdquo;</em>, quips the minister, and that&rsquo;s enough to satisfy her ego and to placate the politically correct media.</p> <p><u><em><strong>Much ado about nothing, then? Not quite.</strong></em></u> The episode is only the latest of a trend that is picking up momentum in Italy. Without boring the reader with extensive socio-anthropological dissertations, the explanation of this latest witch-hunt (or <em>&ldquo;fascist-hunt&rdquo;</em>, if you will) could be dramatically simple. The center-left coalition forming the fourth-in-a-row-non-elected Italian government is perceiving a looming defeat in the upcoming general elections of 2018, and is taking countermeasures.</p> <p>Recent local elections in various parts of Italy have firmly confirmed that even in traditionally leftist areas of Italy the forced invasion of <em>&ldquo;migrants&rdquo;</em> from Africa is a disaster and a threat to the welfare of Italians, especially those of lower classes, therefore a new <em>&ldquo;enemy&rdquo;</em> capable of recreating a credible coalition had to be found, and in a hurry. So why not bring back to life the <em>&ldquo;good-ol&rdquo;</em> ghost of fascism always looming in Italian political life? After all, good zealots (or useful idiots) to this cause can always be recruited.</p> <p><strong>Italy still has a plethora of associations of <em>&ldquo;veterans&rdquo;</em>, whose existence is guaranteed by generous, if not lavish, state funding. Some of these associations are anachronistic if not outright ridiculous.</strong> It goes from the <em>&ldquo;Veterans of Garibaldi&rdquo;</em> (19th century) to the <em>&ldquo;Veterans of the anti-fascist war in Spain&rdquo;</em> (1930&rsquo;s), to <em>&ldquo;Federation of volunteers for freedom&rdquo;</em> to others whose name would require a line just to copy. You may wonder what&rsquo;s the use for the government for all these <em>&ldquo;veterans&rdquo;</em>, whose actions in the battlefields for the cause of <em>&ldquo;freedom&rdquo;</em> is not to be questioned.</p> <p><strong>You guessed right. All these associations simply constitute a sure reservoir of votes for a center-left government, and as such, they must be kept alive with public money, and lots of it. </strong>Then you have, at the forefront of these groups, federations, associations and what not, the leader group: ANPI (Associazione Nazionale Partigiani Italiani), the Partisans who fought fascism in the civil war between September 1943 and the spring of 1945. ANPI can be compared to Pavlov&rsquo;s dogs: whenever the word <em>&ldquo;fascism&rdquo;</em> is heard, ANPI can be called for action to reestablish the dogma of truth with uncompromising faith and devotion to the cause of <em>&ldquo;antifascism&rdquo;</em>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171212_fascist.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171212_fascist_0.jpg" style="width: 600px; height: 306px;" /></a></p> <p>Never mind that anagraphical reasons would suggest that all these partisans should all be gone or have reached an age in which <em>&ldquo;militant political activities&rdquo;</em> would be discouraged by their geriatric doctors. All these associations have found the <em>&ldquo;rightful heirs&rdquo;</em> willing to pass on the torch of truth and justice (and get the money) for future generations.</p> <p>Finally, you have those like Laura Boldrini and Emanuele Fiano who have made <em>&ldquo;militant antifascism&rdquo;</em> more than a cause, a personal obsession. <em>&ldquo;Presidentessa&rdquo;</em> Boldrini, with a keen sense of reality, has gone as far as to call upon a sort of tabula rasa toward all public buildings dating back to the fascist period: practically entire sections of Italian cities would be demolished, from train stations to public libraries and schools, not to mention the headquarters of ministers and even of the Italian postal service.</p> <p><strong>Emanuele Fiano is on a personal crusade. </strong>He comes from a Jewish family and his father was the sole survivor of the entire family deported to Auschwitz. His political history has gone from being a Jewish activist to be nominated in the Italian chamber of deputies member of PD (Democratic Party). In September 2017 the Italian parliament approved a law, introduced by Fiano, that would make illegal for anyone to display <em>&ldquo;any&rdquo;</em> sign of propaganda related to the fascist regime, whether it has to do with the production and distribution of any object that can be related to Fascism or showing on <em>&ldquo;public display of Fascist signs&rdquo;</em> like (we imagine) raising your right arm above a certain height in what may be considered a fascist salute, even if you are simply asking for a cappuccino. Such heinous criminal acts can be punished with jail terms ranging from six months to two years.</p> <p><strong>Italy has well over 7 million of its citizens officially classified in a <em>&ldquo;condition of absolute or near absolute poverty&rdquo;</em>.</strong> Translated in simple English, it means that more 10% of Italians cannot have the <em>&ldquo;luxury&rdquo;</em> of three decent meals a day, buy basic items, afford a dentist or a medical treatment not covered by the public health care system. More and more Italians, even many who had a relatively middle-class status until only a few years ago are now forced to ask for basic food items at the various charity centers.</p> <p>But <em>&ldquo;Presidentessa&rdquo;</em> Boldrini and Emanuele Fiano cannot waste their precious time on these trivialities. They are set on a mission (and paid well over &euro;10 000 EUR/month by Italian taxpayers for their mission) to finally rid Italy of any nefarious memory of an evil past. When their mission is accomplished, and each and every sign of fascism has been erased, we are sure that poverty in Italy will also disappear, and social justice will triumph.</p> <p><strong>Every Italian is therefore duly warned:</strong> if next elections bring defeat to the present never-elected center-left coalition and all their <em>&ldquo;veterans&rdquo;</em>,<strong> Fascism is assured to be back in Italy, just waiting outside the door.</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="781" height="398" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_fascist.jpg?1513136924" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/all-sudden-fascists-are-everywhere-italy#comments ANPI Anti-fascism carabinieri communist party of Italy Democratic Party Far-right politics Fascism Germany Germany’s Imperial Navy headlines Italian Fascism Italian government Italian Parliament Italian resistance movement Italy Modern history of Italy Nationalism PD Political movements Political philosophy Politics Reality World history Wed, 13 Dec 2017 07:00:00 +0000 Tyler Durden 609040 at http://www.zerohedge.com UBS Is Using Ethereum Technology To Soften The Impact Of MiFid II http://www.zerohedge.com/news/2017-12-11/ubs-using-blockchain-soften-impact-mifid-ii <p>After devising blockchain-based systems to help facilitate equity and bond trading (remember <a href="http://www.zerohedge.com/news/2017-07-17/goldman-wins-patent-setlcoin-technology">Goldman</a>&rsquo;s cryptocoin?) as well as derivatives clearing, some of the leading banks in the blockchain space are banding together to build a system that they hope will help banks streamline another essential function: <strong>Compliance.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.11ubs.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.11ubs_0.JPG" style="width: 500px; height: 224px;" /></a></p> <p>According to <a href="https://www.coindesk.com/ubs-launch-live-ethereum-platform-barclays-credit-suisse/?utm_content=buffer0506d&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer">CoinDesk</a>, UBS is leading an Ethereum-based project designed to make it easier for banks to reconcile a wide range of data about their counterparties. Barclays, Credit Suisse, KBC, SIX and Thomson Reuters have also signed on to the project. The project is meant to soften the impact of MiFid II, a set of new European banking regulations that will go live shortly after New Year&rsquo;s.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Traditionally, regulated firms use what are called &quot;legal entity identifiers&quot; that are stored in a global data system to execute transactions on behalf of clients, even if those clients themselves don&#39;t have one of the codes. <u><strong>But as part of a sweeping regulatory change called the Markets in Financial Instruments Directive (MiFID) II, scheduled to go live in the EU on Jan. 3, 2018, all eligible legal entities will be required to have and use these codes.</strong></u></p> <p>&nbsp;</p> <p><strong>Instead of mandating that each of these institutions perform these checks independently, though, the banks built Madrec to mutualize much of the effort in a potentially industry-wide reconciliation process hosted in the Microsoft Azure cloud.</strong></p> </blockquote> <p>In an interview with <a href="https://www.coindesk.com/deutsche-bank-blockchain-opportunities-huge/">CoinDesk</a>, Peter Stephens, the head of UBS&rsquo;s blockchain research and development efforts, explained how the system was designed, and to what end. Surprisingly, out of the many blockchain or distributed ledger projects that UBS is involved with (R3, Hyperledger etc.), Stephens said he expects the compliance project to be the first to go live.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Built over a six-month period, the platform evolved into a smart contract-powered network designed to integrate with identifiers endorsed by The Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) and others. The reconciliation of the LEI reference data includes industry classification and information from the European Securities and Markets Authority (ESMA).</p> <p>&nbsp;</p> <p><strong>Instead of each company checking the information independently, and reconciling the results periodically, the blockchain smart contracts will ensure accuracy in almost real-time.</strong></p> <p>&nbsp;</p> <p><strong>To do this, the anonymized reference data is hashed to the Ethereum blockchain, while the source data itself remains within the institution. The smart contracts then reconcile the data, letting users quickly identify anomalies and reconcile them.</strong></p> <p>&nbsp;</p> <p>Since every eligible entity will be held to those same standards, Stephens argues that helping one another ensure the accuracy of their work will only positively impact their respective bottom lines, leaving room for competition elsewhere.</p> </blockquote> <p>UBS is hardly the only major European bank that&rsquo;s investing heavily in blockchain technology. In a presentation obtained by CoinDesk, Christian Nolting, also the bank&rsquo;s global head of wealth, and Marcus Muller, global head of the CIO office, explained digital currencies and blockchain to their fellow bankers.</p> <p>In the presentation, the bankers asserted that the&nbsp; &ldquo;opportunities associated with blockchain technologies are huge,&rdquo; and could be fully put into practice within the next few years.</p> <p>And in what&#39;s possibly one of most grandiose predictions about blockchain&#39;s impact on the global economy, the bankers predicted that roughly 10% of the global gross domestic product (GDP) would be tracked or otherwise &quot;regulated&quot; by a blockchain by 2027.</p> <p><u><strong>Read the presentation in its entirety below:</strong></u></p> <p>&nbsp;</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; -x-system-font: none; display: block;"><a href="https://www.scribd.com/document/366945826/Cio-Insights-Reflections-Cryptocurrencies-and-Blockchains-Emea-Client-Ready#from_embed" style="text-decoration: underline;" title="View Cio Insights Reflections - Cryptocurrencies and Blockchains - Emea - Client Ready on Scribd">Cio Insights Reflections - Cryptocurrencies and Blockchains - Emea - Client Ready</a> by <a href="https://www.scribd.com/publisher/7989050/zerohedge#from_embed" style="text-decoration: underline;" title="View zerohedge's profile on Scribd">zerohedge</a> on Scribd</p> <p><iframe class="scribd_iframe_embed" data-aspect-ratio="1.414442700156986" data-auto-height="false" frameborder="0" height="600" id="doc_66097" scrolling="no" src="https://www.scribd.com/embeds/366945826/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-AucyQkDuscmZFWoNijdf&amp;show_recommendations=true" title="Cio Insights Reflections - Cryptocurrencies and Blockchains - Emea - Client Ready" width="100%"></iframe></p> <p>&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="845" height="378" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.12.11ubs.JPG?1513044444" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-11/ubs-using-blockchain-soften-impact-mifid-ii#comments Barclays Blockchains Bond Business Counterparties Credit Suisse Cryptocurrencies Database models Digital currency Emerging technologies ETC Ethereum European Securities and Markets Authority European Union Finance Financial services Global Economy Gross Domestic Product Hyperledger Joseph Lubin Legal Entity Identifier Regulatory Oversight Committee Money R3 Reuters Technology Wed, 13 Dec 2017 06:05:00 +0000 Tyler Durden 608964 at http://www.zerohedge.com Paul Craig Roberts: "ISIS Is Defeated, The US Is Next In Line" http://www.zerohedge.com/news/2017-12-12/paul-craig-roberts-isis-defeated-us-next-line <p><a href="https://www.paulcraigroberts.org/2017/12/11/syria-isis-defeated-u-s-next-line/"><em>Authored by Paul Craig Roberts,</em></a></p> <p><em><strong>Is the US really a superpower or just the biggest collection of stupidity on the planet?</strong></em></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171211_assad.jpg"><img height="309" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/12/12/20171211_assad.jpg" width="581" /></a></p> <p><strong>Washington has already lost the Syrian war once. Now it is about to lose it a second time.</strong></p> <p>A few days ago the president of Russia, Vladimir Putin, <a href="http://www.informationclearinghouse.info/48387.htm">declared a &ldquo;complete victory&rdquo; in Syria</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Two hours ago, the (Russian) defense minister reported to me that the operations on the eastern and western banks of the Euphrates have been completed with the total rout of the terrorists.&rdquo;</p> </blockquote> <p>The Iranian commander of the forces which support the<a href="http://www.informationclearinghouse.info/48387.htm"> <strong>Syrian and Iraqi governments sent a note to the U.S. to let Washington know that any remaining U.S. forces in Syria will be fought down</strong></a><strong>:</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;The commander of the Iranian Revolutionary Guards Corp Brigadier General Haj Qassem Soleimani sent a verbal letter, via Russia, to the head of the US forces commander in Syria, advising him to pull out all US forces to the last soldier &lsquo;or the doors of hell will open up.&#39;&rdquo;</p> <p>&nbsp;</p> <p>&ldquo;My message to the US military command: <strong>when the battle against ISIS (the Islamic State group) will end, no American soldier will be tolerated in Syria. I advise you to leave by your own will or you will be forced to it.&rdquo; </strong></p> </blockquote> <p>According to reports, Russia has confirmed that Iran will stay in Syria as long as Syrian President Assad, who insists on liberating all of Syria without exception for the Americans, decides. Washington&rsquo;s plan to occupy a corner of Syria and revive ISIS is dead in the water, as will be all US troops sacrificed to this purpose.</p> <p>According to reports,<strong> CIA director Mike Pompeo sent a letter to Soleimani expressing his concern about Iran&rsquo;s intention to attack American interests,</strong> declaring Washington &ldquo;will hold Soleimani and Iran accountable for any attack.&rdquo;</p> <p><strong>According to reports the CIA&rsquo;s letter had no effect and was treated with total contempt:</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Mohammad Mohammadi Golpayegani, a senior aid to the Grand Ayatollah Ali Khamenei confirmed Pompeo&rsquo;s attempt to send a letter but said &nbsp;&lsquo;Soleimani refused to read it or to take it because he has nothing further to add.&rsquo;</p> <p>&nbsp;</p> <p>Sources in the area believe it is not unlikely that Kurdish troops &ndash; operating in al-Hasakah and who are faithful to the government of Damascus &ndash; are willing to be spearheaded against the US forces. Many of these troops remained loyal to Syria: they reject any occupation forces on its land or the partition of the country.&rdquo;</p> </blockquote> <p><strong>There are references to 1983 events where hundreds of US Marines and French paratroopers were killed following double suicide attacks by Islamists in Beirut. </strong>As a consequence of these attacks, the American forces left in a rush. <a href="http://www.informationclearinghouse.info/48388.htm"><strong>The future could well mirror this past event</strong></a>.</p> <p>Possibly this is fake news.</p> <p>If not, we must accept that the humiliation that the United States, its government and its peoples have suffered is the work of the Neoconservatives and their doctrine of American World Hegemony. It is the Neoconservatives who caused the US to be at war with Muslims for 16 years. It is the Neoconservatives acting through Obama and Hillary who brought America to humiliating defeat in Syria.</p> <p><u><em><strong>There are only a handful of these neoconservatives. Why do Americans tolerate them?</strong></em></u></p> <p>Why doesn&rsquo;t Trump have them arrested? They are anti-American, pro-Israel to the core. The Neoconservatives are the worst enemy of Americans and of all mankind.</p> <p><strong>It looks like the Russians have had <a href="https://www.rt.com/news/412590-russia-us-syria-air-force/">enough of Washington&rsquo;s arrogance</a>. </strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Russian general Konashenkov, whose Su-35 chased away the inferior US F-22 that was attempting to interfere with a Russian attack on ISIS said that any claims made by US military officials concerning the fact that there is &ldquo;any part of the airspace in Syria that belongs to the US&rdquo; are &ldquo;puzzling.&rdquo;</strong></p> <p>&nbsp;</p> <p>&nbsp;Konashenkov also said that &ldquo;Syria is a sovereign state and a UN member and that means that there can be no US airspace &lsquo;of its own.&rsquo; Unlike the Russian Air Force, the US-led coalition is operating in Syria without any legal basis.&rdquo;</p> </blockquote> <p><em><strong>Will Washington realize that it has squandered its leadership in the Middle East and go home, or will Washington bring more humiliation upon America?</strong></em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="581" height="309" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171211_assad_0.jpg?1513136274" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/paul-craig-roberts-isis-defeated-us-next-line#comments Bashar al-Assad Central Intelligence Agency Foreign involvement in the Syrian Civil War Iran Iranian people Islam Islamic State of Iraq and the Levant Middle East Middle East Military Mohammad Operation Inherent Resolve Persian people Politics Politics of Syria Qasem Soleimani Russian air force Syrian Civil War Twelvers United Nations Vladimir Putin War Wed, 13 Dec 2017 04:55:00 +0000 Tyler Durden 609039 at http://www.zerohedge.com Ron Paul Says He Was "Surprised" His Followers Prefer Bitcoin To Gold http://www.zerohedge.com/news/2017-12-12/ron-paul-says-he-was-surprised-his-followers-prefer-bitcoin-gold <p><a href="http://www.zerohedge.com/news/2017-12-10/more-ron-paul-followers-prefer-bitcoin-gold">Earlier this week,</a> former Congressman Ron Paul posted a Twitter poll asking his followers to choose between four different assets for a long-term investment, with the stipulation that the bearer would need to keep their money locked up for ten years.</p> <p>&nbsp;</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">A wealthy person wants to gift you $10,000. You get to choose in which form you&#39;ll take the gift. But there&#39;s a catch: You must keep the gift in the form that you choose, and you can&#39;t touch it for 10 years.</p> <p>In which form would you take the gift?</p> <p>&mdash; Ron Paul (@RonPaul) <a href="https://twitter.com/RonPaul/status/938145695294480385?ref_src=twsrc%5Etfw">December 5, 2017</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <p>Paul admitted he was surprised when he saw that a majority of respondents &ndash; 54% - selected bitcoin over gold, dollars and a 10-year Treasury bond.</p> <p><iframe allow="encrypted-media" allowfullscreen="" frameborder="0" gesture="media" height="315" src="https://www.youtube.com/embed/dXKs_2PH2NQ" width="560"></iframe></p> <p>During an interview with the Street, a reporter asked Paul if he was surprised that his followers prefer bitcoin to gold.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Yea a little bit. I was a little bit - of course I wasn&rsquo;t surprised that only 2% would store it in Federal Reserve notes, nor do they think they should buy Treasury bills. <u><strong>Gold has 36% but bitcoin has 54%...it&rsquo;s the sort of information that tells me where my viewers are and what they&rsquo;re thinking. Most of my viewers know how supportive I am of gold, and they know I&rsquo;m tolerant of digital currencies.</strong></u></p> </blockquote> <p>Still, Paul believes cryptocurrencies are an interesting experiment and is generally supportive of their development and increasing popularity. But when asked for his thoughts on where bitcoin might be in ten years, he demurred.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>What&rsquo;s it going to be like in ten years? Nobody knows. But we have a pretty good idea where gold will be. It&rsquo;s been around a long time and it&rsquo;s not going away.</p> </blockquote> <p>Though the market for gold is still much larger than the market for bitcoin, Paul&rsquo;s interviewer asked if the interest in cryptocurrencies could be one reason for gold&rsquo;s recent stumbles.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>I think we could still be in a phase where gold could take off. It&rsquo;s just a matter of figuring out when&hellip;the fed has created so much money and people have sort of caught on to it like a fever.&quot;</strong></p> </blockquote> <p>Paul said he doesn&rsquo;t invest in bitcoin or any other cryptocurrencies, and has no plans to start.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>No, I don&rsquo;t intend to at all. I find it fascinating, but as an investor, no&hellip;&quot;</strong></p> </blockquote> <p>At the interview&rsquo;s conclusion, Paul explained that digital currencies have helped demonstrate an important principle about government and sound money: When a government loses all credibility and its currency becomes worthless, people will work out an alternative monetary system on their own. Venezuela and Zimbabwe have been perhaps the best examples of this: bitcoin trades at a premium in both countries. And in Venezuela, bitcoin miners risk being prosecuted by the government.</p> <p>&ldquo;Take a country like Zimbabwe or Venezuela. They change their attitudes quickly when they get in trouble.&rdquo;<br />&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="744" height="386" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.12.12ronpaul.JPG?1513121265" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/ron-paul-says-he-was-surprised-his-followers-prefer-bitcoin-gold#comments Alternative currencies Bitcoin Bitcoin Bond Cryptocurrencies Currency Digital currency Economics of bitcoin Federal Reserve Finance Legality of bitcoin by country or territory Money Ron Paul Twitter Twitter Wed, 13 Dec 2017 04:35:00 +0000 Tyler Durden 609032 at http://www.zerohedge.com John Lennon Was Right: The Government Is Run By Maniacs For Maniacal Means http://www.zerohedge.com/news/2017-12-12/john-lennon-was-right-government-run-maniacs-maniacal-means <p><a href="https://rutherford.org/publications_resources/john_whiteheads_commentary/john_lennon_was_right_the_government_is_run_by_maniacs_for_maniacal_means_s"><em>Authored by John Whitehead via The Rutherford Institute,</em></a></p> <p><strong>Not much has changed in the 37 years since John Lennon was <a href="http://www.newsweek.com/35-years-later-john-lennon-cultural-legacy-376153">gunned down by an assassin&rsquo;s bullet</a>.</strong></p> <p>All of the many complaints we have about government today - surveillance, corruption, harassment, political persecution, spying, overcriminalization, etc. - were used against Lennon, who never refrained from speaking truth to power and calling for social justice, peace and a populist revolution.</p> <p>Little wonder, then, that the U.S. government saw Lennon as enemy number one.</p> <p><strong>A prime example of the lengths to which the U.S. government will go to persecute those who dare to challenge its authority, Lennon was the subject of a four-year campaign of surveillance and harassment by the U.S. government (spearheaded by FBI Director J. Edgar Hoover), in an attempt by President Richard Nixon to have him &ldquo;neutralized&rdquo; and deported. As Adam Cohen of the <em>New York Times</em> points out, &ldquo;The F.B.I.&rsquo;s surveillance of Lennon is a reminder of how easily <a href="http://www.nytimes.com/2006/09/21/opinion/21thu4.html">domestic spying can become unmoored from any legitimate law enforcement purpose</a>.&rdquo;</strong></p> <p>Years after Lennon&rsquo;s assassination, it would be revealed that the FBI had collected <a href="http://lennonfbifiles.com/fbi.html">281 pages of surveillance files</a> on him. As the <em>New York Times</em> <a href="http://www.nytimes.com/2006/09/21/opinion/21thu4.html">notes</a>, &ldquo;Critics of today&rsquo;s domestic surveillance object largely on privacy grounds. They have focused far less on how easily government surveillance can become an instrument for the people in power to try to hold on to power. &lsquo;The U.S. vs. John Lennon&rsquo; &hellip; is the story not only of one man being harassed, but of a democracy being undermined.&rdquo;</p> <p>Such government-directed harassment was nothing new.</p> <p><strong>The FBI has had a <a href="http://www.sfgate.com/opinion/article/Art-and-politics-frightened-the-FBI-Lennon-most-2487796.php">long history of persecuting, prosecuting and generally harassing activists, politicians, and cultural figures</a>, including Martin Luther King Jr.</strong></p> <p>In Lennon&rsquo;s case, the ex-Beatle saw that his music could mobilize the public and help to bring about change. Yet while Lennon believed in the power of the people, he also understood the danger of a power-hungry government. &ldquo;The trouble with government as it is, is that it doesn&rsquo;t represent the people,&rdquo; observed Lennon. &ldquo;<a href="https://books.google.com/books?id=Dj5uY-yAy4QC&amp;dq=%22establishment,+it%E2%80%99s+just+a+name+for+evil%22+john+lennon&amp;source=gbs_navlinks_s">It controls them</a>.&rdquo;</p> <p>By March 1971, when his &ldquo;Power to the People&rdquo; single was released, it was clear that Lennon was ready to participate in political activism against the U. S. government, the &ldquo;monster&rdquo; that was financing the war in Vietnam.</p> <p><strong>The release of Lennon&rsquo;s <em>Sometime in New York City</em> album, which contained a radical anti-government message in virtually every song, only fanned the flames of the government&rsquo;s war on Lennon.</strong></p> <p>In 1972, Nixon had the ex-Beatle served with deportation orders &ldquo;in an <a href="http://www.truthdig.com/report/item/20060912_john_lennon_politics_deportation">effort to silence him as a voice of the peace movement</a>.&rdquo; Despite the fact that Lennon was not plotting to bring down the Nixon Administration, as the government feared, the government persisted in its efforts to have him deported. Equally determined to resist, Lennon dug in and fought back. Finally, in 1976, Lennon won the battle to stay in the country. By 1980, the old radical was back and ready to cause trouble.</p> <p>Unfortunately, Lennon&rsquo;s time as a troublemaker was short-lived.</p> <p><a href="http://www.newsweek.com/35-years-later-john-lennon-cultural-legacy-376153">Mark David Chapman was waiting in the shadows</a> on Dec. 8, 1980, just as Lennon was returning to his New York apartment building. As Lennon stepped outside the car to greet the fans congregating outside, Chapman dropped into a two-handed combat stance, emptied his .38-caliber pistol and pumped four hollow-point bullets into Lennon&rsquo;s back and left arm.</p> <p>John Lennon was pronounced dead on arrival at the hospital.</p> <p>Much like Martin Luther King Jr., John F. Kennedy, Malcolm X, Robert Kennedy and others who have died attempting to challenge the powers-that-be,<strong> Lennon had finally been &ldquo;neutralized.&rdquo;&nbsp; </strong></p> <p><strong>Yet Lennon&rsquo;s legacy lives on in his words, his music and his efforts to speak truth to power.</strong></p> <p>Even so, his work to change the world for the better is far from done.</p> <p>As I make clear in my book <a href="http://www.amazon.com/Battlefield-America-War-American-People/dp/1590793099/ref=asap_bc?ie=UTF8"><em>Battlefield America: The War on the American People</em></a>,<strong> peace remains out of reach. </strong>Activists and whistleblowers continue to be prosecuted for challenging the government&rsquo;s authority. Militarism is on the rise, all the while the governmental war machine continues to wreak havoc on innocent lives. And those who do dare to speak up are labeled dissidents, troublemakers, terrorists, lunatics, or mentally ill and tagged for surveillance, censorship or, worse, involuntary detention.</p> <p>As Lennon shared in a 1968 interview:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><u><em><strong>I think all our society is run by insane people for insane objectives&hellip; </strong></em></u></p> <p>&nbsp;</p> <p><strong>I think we&rsquo;re being run by maniacs for maniacal means.</strong></p> <p>&nbsp;</p> <p>If anybody can put on paper what our government and the American government and the Russian&hellip; Chinese&hellip; what they are actually trying to do, and what they think they&rsquo;re doing, I&rsquo;d be very pleased to know what they think they&rsquo;re doing.</p> <p>&nbsp;</p> <p><strong>I think they&rsquo;re all insane. But <a href="http://mic.com/articles/52545/this-john-lennon-quote-explains-politics-better-than-anything-ever">I&rsquo;m liable to be put away as insane for expressing that</a>. That&rsquo;s what&rsquo;s insane about it</strong>.&rdquo;</p> </blockquote> <p>So what&rsquo;s the answer?</p> <p><strong>Lennon had a multitude of suggestions.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;If everyone demanded peace instead of another television set, then there&rsquo;d be peace.&rdquo;</p> <p>&nbsp;</p> <p>&ldquo;Produce your own dream. If you want to save Peru, go save Peru. It&rsquo;s quite possible to do anything, but not to put it on the leaders&hellip;.You have to do it yourself.&rdquo;</p> <p>&nbsp;</p> <p>&ldquo;Peace is not something you wish for; It&rsquo;s something you make, Something you do, Something you are, And something you give away.&rdquo;</p> <p>&nbsp;</p> <p>&ldquo;War is over, if you want it.&rdquo;</p> </blockquote> <p><u><em><strong>In other words, fighting the evil of the American police state can only come about by way of conscious thoughts that are put into action.</strong></em></u></p> <p>Do you want an end to war? Then stop supporting the government&rsquo;s military campaigns. Do you want government violence against the citizenry to end? Then demand that your local police de-militarize. Do you want a restoration of your freedoms? You&rsquo;ll have to get the government to recognize that &ldquo;we the people&rdquo; are the masters in this relationship and government employees are our public servants.</p> <p>The choice is ours.</p> <p>The power (if we want it), as Lennon recognized, is in our hands.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;The people have the power, all we have to do is awaken that power in the people,&rdquo;</strong> concluded Lennon. <strong>&ldquo;The people are unaware. They&rsquo;re not educated to realize that they have power. The system is so geared that everyone believes the government will fix everything.&nbsp;<a href="http://www.trueactivist.com/is-the-world-run-by-psychopaths-see-what-john-lennon-had-to-say-about-it/">We are the government</a>.&rdquo;</strong></p> </blockquote> <p>For the moment, the choice is still ours: slavery or freedom, war or peace, death or life.</p> <p>The point at which we have no choice is the point at which the monsters&mdash;the maniacs, the powers-that-be, the Deep State&mdash;win.</p> <p><u><em><strong>As Lennon warned, &ldquo;You either get tired fighting for peace, or you die.&rdquo;</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="282" height="137" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20171212_lennon.jpg?1513136016" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/john-lennon-was-right-government-run-maniacs-maniacal-means#comments American government American police B+ Cohen Corruption ETC F.B.I. FBI Federal Bureau of Investigation John Lennon Jon Wiener Lennon Mark David Chapman Music New York City New York Times Nixon Administration Politics Rutherford Institute Such government The Beatles US government Wed, 13 Dec 2017 04:15:00 +0000 Tyler Durden 609038 at http://www.zerohedge.com Toronto's Housing Bubble Is Crushing The Strip Club Industry http://www.zerohedge.com/news/2017-12-12/torontos-housing-bubble-crushing-strip-club-industry <p>Until now, Canada's soaring housing prices were just another innocent asset bubble spawned by low interest rates and an endless supply of Chinese cash that needed to get laundered.&nbsp; That said, massive bubbles are almost always followed by severe unintended consequences that can have a crippling impact on society as a whole...and in Toronto those unintended consequences are now manifesting themselves in the form of a rapidly deteriorating supply of strip clubs.</p> <p>As <a href="https://www.bloomberg.com/businessweek">Bloomberg </a>points out today, the soaring value of<strong> Toronto real estate has made it all but impossible for strip club owners to turn down multi-million offers from condo developers</strong> leaving only a dozen strip clubs in a city whose purple neon lights used to be easily visible from the distant fringes of our solar system.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Condos are killing the Toronto strip club. </strong>In a city that once had more than 60 bars with nude dancers, only a dozen remain, the rest replaced by condominiums, restaurants, and housewares stores. Demand for homes downtown and for the retailers that serve them is driving land prices to records, tempting owners of the clubs, most of which are family-run, to sell at a time when business is slowing.</p> <p>&nbsp;</p> <p><strong>“Sometimes I feel like the last living dinosaur along Yonge Street,” </strong>says Allen Cooper, the second-generation owner of the famous—or infamous—Zanzibar Tavern. The former divorce lawyer says he has been approached by at least 30 suitors for his property in the past few years but is holding out for a “blow my socks off” offer.<strong> “I don’t know how many condos we’re going to get, but it seems like just a wall”</strong> of them, Cooper says. </p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/12/12/2017.12.12%20-%20Zanzibar.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/12/12/2017.12.12%20-%20Zanzibar_0.JPG" alt="Zanzibar" width="600" height="352" /></a></p> <p>Of course, with <strong>~1-acre plots of land selling for C$225 million</strong>, it's not difficult to understand why strip club owners are increasingly choosing to shut off their neon signs for good...<strong>even with the consolidation of market share it's nearly impossible to make that lap dance math pencil out.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>R<strong>emington’s Men of Steel, a male dance club behind a heavy door, sold to KingSett Capital Inc., which last year flipped it to Cresford Developments as part of a bigger portfolio on that block that went for about C$160 million ($125 million),</strong> according to real estate data supplier Altus Group. That club is closing next year, to be replaced by a 98-story condo.</p> <p>&nbsp;</p> <p>The fading of the strip-club era can be seen in a five-block area along Yonge Street, near Toronto’s counterpart to Times Square, Yonge-Dundas Square. It was once dubbed Sin Strip for its neon-clad bars, sex shops, and movie theaters. Today there are about 20 development applications for condos and commercial buildings on the stretch.</p> <p>&nbsp;</p> <p>Farther north, an entire city block is a construction site as two condo towers and some retail space replace a strip of colorful and creaky buildings that once offered body piercing and pole-dancing shoes. “We target a very specific market, mostly men. We’re not a shopping destination, so more people doesn’t mean a lot more business,” says Bill Greer, general manager and three-decade veteran of the Brass Rail Tavern, a two-story club in the area. “I don’t think we’ll be around in 10 years’ time.” Just outside the Brass Rail’s doors, a 75-story residential tower opened this year on a piece of land that cost C$53 million. <strong>An 80-story luxury tower is under construction following a C$225 million deal for less than 1 acre, according to data from Altus.</strong></p> </blockquote> <p>But at least one Toronto strip club owner, Spiro Koumoudouros of the House of Lancaster, has drawn a line in the sand saying he's not going anywhere...<strong>"What am I going to do, sit at home and die?"</strong>...if only we could all exhibit such courage in times of extreme crisis.<strong>&nbsp;</strong></p> <p>Finally, since we know your interest in this story was only prompted by your desire to see a larger version of the teaser pic...here you go:<strong><br /></strong></p> <p><strong><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/12/12/2017.12.12%20-%20Stripper_0.JPG" alt="Stripper" width="600" height="358" /><br /></strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="541" height="323" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.12.12%20-%20Stripper.JPG?1513108011" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/torontos-housing-bubble-crushing-strip-club-industry#comments Erotic dance Greater Toronto Area Housing Bubble Housing Prices Market Share Nudity Ontario Real estate Sex industry Strip club The Brass Rail Yonge Street Zanzibar Tavern Wed, 13 Dec 2017 03:55:00 +0000 Tyler Durden 609018 at http://www.zerohedge.com GE Is Trying To Figure Out Who Knew About Immelt's "Chase Plane" http://www.zerohedge.com/news/2017-12-12/ge-trying-figure-out-who-knew-about-immelts-chase-plane <p>The <a href="https://www.wsj.com/articles/ge-probed-who-knew-about-spare-jet-for-immelt-1513078200?mod=e2tw">Wall Street Journal</a> broke one of the most memorable news stories of the year over the summer when it reported that former General Electric CEO Jeff Immelt &ndash; who bowed out in June amid intensifying pressure to revitalize the company&rsquo;s long-suffering share price &ndash; would routinely use a &quot;chase plane&quot; when flying to foreign destinations - <strong>that is, a second completely empty jet would fly behind Immelt&#39;s aircraft. The company has provided multiple justifications for the second plane, including saying it was for security purposes, and to ensure timely arrival for &quot;business critical&quot; meetings. </strong></p> <p>The story, which has become emblematic of GE&rsquo;s longstanding tradition of grossly overspending on executive perks, was a major embarrassment for Immelt, who denied reports that he specifically requested the jet, claiming instead that his air transportation was arranged by the company&rsquo;s corporate air team. Finally, he admitted that he had used two GE corporate jets in this manner up until 2014, when he changed the policy to use &quot;locally sourced jets&quot; as chase planes instead of one of the GE fleet.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12generalelectric.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12generalelectric_0.JPG" style="width: 500px; height: 193px;" /></a></p> <p>Now, in what looks like yet another hollow gesture to try and assuage investors&rsquo; concerns about out-of-control spending at the company, <a href="https://www.wsj.com/articles/ge-probed-who-knew-about-spare-jet-for-immelt-1513078200?mod=e2tw">WSJ </a>i<strong>s reporting that the results of yet another internal investigation into Immelt&rsquo;s in-flight preferences were &ldquo;discussed at the company&rsquo;s latest board meeting.&quot;</strong></p> <p>This investigation was purportedly led by William &ldquo;Mo&rdquo; Cowan, GE&rsquo;s vice president of litigation and legal policy, is leading an effort in recent weeks to find out who knew about the extra plane and when they knew it. <strong>At first blush, the investigation has the feel of a purge, meant to help the company justify cutting loose any remaining Immelt loyalists.</strong></p> <p>A similar investigation was reportedly carried out in 2014 after an employee complained to the board about the jets. Though the findings of that probe are unknown, one thing is clear: Nobody was fired because they knew about the jet but didn&#39;t inform the board.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>General Electric Co. recently conducted an internal review into the flying of a spare business jet to accompany former Chief Executive Jeff Immelt, <strong>as it seeks to understand an unusual practice that went on for years and surprised investors when they learned of it in October.</strong></p> <p>&nbsp;</p> <p>The investigation was discussed at a GE board meeting last week, people familiar with the matter said. <strong>William &ldquo;Mo&rdquo; Cowan, GE&rsquo;s vice president of litigation and legal policy, led an effort in recent weeks to find out who knew about the extra plane and when they knew it, one person said.</strong></p> <p>&nbsp;</p> <p><strong>It is unclear whether any findings would be made public.</strong></p> <p>&nbsp;</p> <p>Mr. Immelt has said, including in a recent letter to GE&rsquo;s board, that he wasn&rsquo;t aware of the backup jet and that he ended the practice when he discovered it in 2014. <strong>GE has said that the two-plane practice was discontinued in 2014 and that it was limited to overseas trips with security risks and so-called business critical itineraries.</strong></p> </blockquote> <p>That&rsquo;s right: GE conducted a separate &ldquo;internal investigation&rdquo; into the two-jet practice back in 2014 after an employee complained to the board. According to Immelt, the practice was discontinued shortly after. But flight records cited by <a href="https://www.wsj.com/articles/ge-probed-who-knew-about-spare-jet-for-immelt-1513078200?mod=e2tw">WSJ </a>show the jet was in use as recently as this spring. Furthermore, during Immelt&rsquo;s 16-year tenure as CEO, GE spent millions of dollars a year on air travel.</p> <p><strong>Since Immelt left the company before the <a href="https://www.wsj.com/articles/ge-probed-who-knew-about-spare-jet-for-immelt-1513078200">WSJ </a>story broke, the only person who has been disciplined by the company so far for their involvement in corporate-jet gate is Susan Peters,</strong> the company&#39;s former head of HR, who recently &quot;retired&quot; after 38 years at the company.</p> <p>GE&rsquo;s market cap has shrunk by $125 billion this year as the company&rsquo;s finances have deteriorated. After taking the reins, Flannery wasted no time slashing expenses, including shedding thousands of jobs and halving the company&rsquo;s annual dividend.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12immelt.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/11/20/2017.12.12immelt_0.JPG" style="width: 500px; height: 252px;" /></a></p> <p><em>Jeff Immelt</em></p> <p>Meanwhile, Immelt will remain chairman until his retirement at the end of this year.</p> <p>At that point, Flannery &ndash; who has only benefited from this story, which cast his predecessor in a negative light while highlighting his reputation as a fiscally responsible cost-cutter &ndash; will be emboldened to continue his push to undo his predecessor&#39;s legacy by downsizing the business.</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="758" height="293" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017.12.12generalelectric.JPG?1513099149" /> </div> </div> </div> http://www.zerohedge.com/news/2017-12-12/ge-trying-figure-out-who-knew-about-immelts-chase-plane#comments Business Business Corporate Jets Economy of the United States General Electric General Electric Jeff Immelt Jeff Immelt Technology Wall Street Journal Wed, 13 Dec 2017 03:40:00 +0000 Tyler Durden 609000 at http://www.zerohedge.com