http://www.zerohedge.com/fullrss2.xml/news/italy-miss-gdp-forecast-sees-sub-1-gdp-growth/%2A%7CUNSUB%7C%2A en McMaster Responds To Kushner's "Russia Back-Channel" Report http://www.zerohedge.com/news/2017-05-27/mcmaster-responds-kushners-russia-back-channel-report <p>Having admitted that their <a href="http://www.zerohedge.com/news/2017-05-26/wapo-reports-kushner-sought-secret-back-channel-moscow-admits-its-normal-practice">Memorial Day Weekend blockbuster sccop</a> that President Trump&#39;s son-in-law<em> &quot;discussed the possibility of setting up a secure communications channel between the Trump transition team and the Kremlin with Russian Ambassador Sergei Kislyak,&quot;</em>&nbsp; is <strong>really a non-story</strong> because, as they state themselves<em> &quot;It is common for senior advisers of a newly elected president to be in contact with foreign leaders and official,&quot; </em><a href="https://www.washingtonpost.com/news/post-politics/wp/2017/05/27/trump-adviser-i-would-not-be-concerned-about-a-russia-back-channel-irrespective-of-kushner/?utm_term=.3f77b58b0022&amp;wpisrc=nl_most&amp;wpmm=1">The Washington Post reports</a> that President Trump&#39;s national security adviser, H.R. McMaster agrees this is a non-story<strong>, saying Saturday he &quot;would not be concerned&quot; about having a back-channel communications system with Russia.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_kush.jpg"><img height="387" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_kush.jpg" width="600" /></a></p> <p><a href="https://www.washingtonpost.com/news/post-politics/wp/2017/05/27/trump-adviser-i-would-not-be-concerned-about-a-russia-back-channel-irrespective-of-kushner/?utm_term=.3f77b58b0022&amp;wpisrc=nl_most&amp;wpmm=1">WaPo reports </a>that McMaster and National Economic Council Director Gary Cohn, who together briefed reporters Saturday, were<strong> unwilling to discuss the Kushner matter, as was White House press secretary Sean Spicer.</strong> White House officials insisted the briefing be conducted off-camera, preventing photographers or television cameras from documenting it.</p> <p>As McMaster and Cohn took the stage in the briefing room, a television screen just over their shoulder played CNN, which at that moment aired a discussion of the Kushner-Russia story under a &quot;breaking news&quot; banner.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;We&#39;re not going to comment on Jared,&quot;</strong> Cohn said.</p> <p>&nbsp;</p> <p>&quot;We&#39;re just not going to comment.&quot;</p> </blockquote> <p>McMaster said he could not talk about Kushner&#39;s talks with Russia because &quot;it&#39;s not something that I&#39;ve in any way been involved with or that I have any knowledge of.&quot;</p> <p>However,<a href="https://www.washingtonpost.com/news/post-politics/wp/2017/05/27/trump-adviser-i-would-not-be-concerned-about-a-russia-back-channel-irrespective-of-kushner/?utm_term=.3f77b58b0022&amp;wpisrc=nl_most&amp;wpmm=1"> as WaPo reports,</a> McMaster, a decorated three-star Army general, was <strong>asked whether he would be concerned if an official on his National Security Council staff or elsewhere in the Trump administration sought a back-channel communications system with the Russian embassy or the Kremlin in Moscow. </strong>His response is telling...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;No,&quot; McMaster said. &quot;We have back-channel communications with a number of countries. So, generally speaking, about back-channel communications, what that allows you to do is to communicate in a discreet manner.&quot;</strong></p> <p>&nbsp;</p> <p>He continued, <strong>&quot;No, I would not be concerned about it.&quot;</strong></p> </blockquote> <p><a href="https://www.washingtonpost.com/news/post-politics/wp/2017/05/27/trump-adviser-i-would-not-be-concerned-about-a-russia-back-channel-irrespective-of-kushner/?utm_term=.3f77b58b0022&amp;wpisrc=nl_most&amp;wpmm=1">The Washington Post reports </a>that <strong>the press conference grew more tense after that</strong>... we suspect the reason is clear, The White House would not be drawn into the non-story narrative that the entire press corps wants to run with for the weekend.</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="691" height="446" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170527_kush.jpg?1495904962" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/mcmaster-responds-kushners-russia-back-channel-report#comments American Presbyterians Donald Trump First 100 days of Donald Trump's presidency H. R. McMaster McMaster Military personnel National Economic Council national security National Security Council Politics Presidency of Donald Trump Russian embassy Russian interference in the 2016 United States elections Sean Spicer Sergey Kislyak Trump Administration United States White House White House Sat, 27 May 2017 17:30:00 +0000 Tyler Durden 596804 at http://www.zerohedge.com Intelligence Agencies Admit 23,000 Jihadis Live In Britain; 3,000 Pose "Imminent Threat" http://www.zerohedge.com/news/2017-05-27/there-are-23000-jihadis-living-britain-3000-pose-imminent-threat <p>After failing to thwart two terror attacks that have occurred in the U.K. so far this year &ndash; both of which were carried out by suspected jihadis who were known to U.K. authorities &ndash; <strong>intelligence agencies have identified 23,000 potential jihadis living in Britain, according to a report published in the <a href="https://www.thetimes.co.uk/article/huge-scale-of-terror-threat-revealed-uk-home-to-23-000-jihadists-3zvn58mhq">Times of London on Saturday.</a>&nbsp;</strong></p> <p>The report emerged after U.K. <strong>Prime Minster Theresa May downgraded the terror threat to &ldquo;severe,&rdquo; </strong>after raising it &ldquo;critical&rdquo; on Tuesday in the aftermath of the attacks.</p> <p>Of this &#39;pool&#39; of potential terrorists,<strong> 3,000 are suspected of posing an &ldquo;imminent threat&rdquo; </strong>and are being investigated accordingly, the Times reports. Meanwhile, the other 20,000 have been involved with past investigations and have been <strong>categorized as posing a &ldquo;residual risk.&rdquo;</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/05/18/ukterror.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/2017/05/18/ukterror_0.JPG" style="width: 500px; height: 283px;" /></a></p> <p>Both suspected Manchester attacker Salman Abedi and Westminster killer Khalid Masood were<strong> in a pool of &ldquo;former subjects of interest&rdquo; and were no longer the subject of surveillance efforts,</strong> the Times reported. Abedi, a 23-year-old whose parents immigrated to the U.K. from Libya, killed 22 kids, in addition to himself, on Monday when he detonated a bomb just as attendees of a concert by American singer Ariana Grande were rushing for the exits following her performance.</p> <p><strong>The report comes amid intensifying criticism of the intelligence agencies,</strong> who have been accused of doing an inadequate job identifying former &ldquo;subjects of interest&rdquo; who have returned to extremism.&nbsp;</p> <p>The notion that there are 23,000 potential jihadis in the U.K. is &ldquo;horrifying,&rdquo; said Anthony Glees, head of security and intelligence at the University of Buckingham.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;We should double the size of MI5, as we did in World War II, and expand the number of intelligence-led police by the thousands.&rdquo;</strong></em></p> </blockquote> <p>Meanwhile, thousands of soldiers will remain deployed on Britain&rsquo;s streets through Monday, <a href="https://www.thetimes.co.uk/article/huge-scale-of-terror-threat-revealed-uk-home-to-23-000-jihadists-3zvn58mhq">the Times reported.</a></p> <p>We leave it to Nigel Farage to sum up a nation&#39;s concerns...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">UK authorities have identified 23,000 potential jihadist extremists. The problem is much worse than we first thought. <a href="https://t.co/Qu2Ap210kl">pic.twitter.com/Qu2Ap210kl</a></p> <p>&mdash; Nigel Farage (@Nigel_Farage) <a href="https://twitter.com/Nigel_Farage/status/868243256219504640">May 26, 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="566" height="320" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/ukterror.JPG?1495903190" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/there-are-23000-jihadis-living-britain-3000-pose-imminent-threat#comments Abdullah Yusuf Azzam British intelligence agencies Conservatism in the United Kingdom Crime Crime prevention Government Law enforcement Learning MI5 National security Nigel Farage Osama bin Laden Politics Prevention Privacy Safety Stateless people Surveillance Twitter Twitter University of Buckingham War War in Afghanistan Sat, 27 May 2017 17:05:49 +0000 Tyler Durden 596803 at http://www.zerohedge.com Two White Women Forced To Close Burrito Shop Because Of "Cultural Appropriation" http://www.zerohedge.com/news/2017-05-26/two-white-women-forced-close-burrito-shop-because-cultural-appropriation <p><a href="http://www.shtfplan.com/headline-news/two-white-women-forced-to-close-burrito-shop-because-of-cultural-appropriation_05242017"><em>Authored by Mac Slavo via SHTFplan.com,</em></a></p> <p class="mol-para-with-font"><strong>There may not be a single notion among leftists that is more groan inducing than cultural appropriation.</strong> These people flip their lids every time someone borrows an idea from another culture. <strong>To them you&rsquo;re a racist if you act, speak, or dress like anyone who isn&rsquo;t from your tribe,</strong> or if you even celebrate their holidays. And of course, it generally only applies to white people, as if they&rsquo;re going to ruin every culture they touch.</p> <p class="mol-para-with-font"><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170526_kooks.jpg"><img height="432" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170526_kooks.jpg" width="486" /></a></p> <p><u><strong>Now this petty belief is ruining reputations and livelihoods. </strong></u>It Portland, Oregon, it forced two successful business owners to close up shop. Kali Wilgus and Liz &lsquo;LC&rsquo; Connelly, who are two white women, started a burrito business several months ago called Kooks Burritos. It was an instant hit. <strong>Last week they revealed in an interview with a local newspaper, that they had learned <a href="http://www.dailymail.co.uk/news/article-4538398/Burrito-shop-shuts-accused-stealing-culture.html" target="_blank">some of their recipes during a trip to Mexico</a>.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font">Explaining their trip, Connelly told the newspaper:<strong> &lsquo;I picked the brains of every tortilla lady there in the worst broken Spanish ever, and they showed me a little of what they did.</strong></p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font">&lsquo;In Puerto Nuevo, you can eat $5 lobster on the beach, which they give you with this bucket of tortillas. They are handmade flour tortillas that are stretchy and a little buttery, and best of all, unlimited.</p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font">&lsquo;They wouldn&rsquo;t tell us too much about technique, but we were peeking into the windows of every kitchen, totally fascinated by how easy they made it look. We learned quickly it isn&rsquo;t quite that easy.&rsquo;</p> </blockquote> <p class="mol-para-with-font"><strong>After the article was published, social media lit up with accusations of cultural appropriation.</strong> The outrage snowballed after a writer for the <a href="http://www.portlandmercury.com/blogtown/2017/05/22/19028161/this-week-in-appropriation-kooks-burritos-and-willamette-week" target="_blank">Portland Mercury</a> slammed the two women for cultural appropriation, and &ldquo;colonizing&rdquo; recipes from Mexican cuisine.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="mol-para-with-font">&lsquo;This week in white nonsense, two white women&mdash;Kali Wilgus and Liz &lsquo;LC&rsquo; Connely&mdash;decided it would be cute to open a food truck after a fateful excursion to Mexico,&rsquo; the piece opened.</p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font"><em><strong>&lsquo;The owners of Kooks Burritos all but admitted in an interview with Willamette Week that they colonized this style of food.</strong></em></p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font">&lsquo;So let&rsquo;s recap the story thus far: These two white women went to Mexico, ate tacos, and then decided they would just take what the locals clearly didn&rsquo;t want to give them.</p> <p class="mol-para-with-font">&nbsp;</p> <p class="mol-para-with-font">&lsquo;If that wasn&rsquo;t bad enough, they decided to pack up all their stolen intellectual property and repackage it.&rsquo;</p> </blockquote> <p class="mol-para-with-font"><strong>The business was also eviscerated on Yelp by hyperventilating social justice warriors.</strong></p> <p class="mol-para-with-font"><img alt="cultap3" class="alignnone size-full wp-image-45373" src="http://i1.wp.com/shtfplan.com/wp-content/uploads/2017/05/cultap3.png?resize=422%2C384" style="width: 486px; height: 442px;" /></p> <p class="mol-para-with-font"><img alt="cultap2" class="alignnone size-full wp-image-45375" src="http://i2.wp.com/shtfplan.com/wp-content/uploads/2017/05/cultap2.png?resize=424%2C290" style="width: 485px; height: 332px;" /></p> <p class="mol-para-with-font"><img alt="cultap1" class="alignnone size-full wp-image-45374" src="http://i0.wp.com/shtfplan.com/wp-content/uploads/2017/05/cultap1.png?resize=420%2C460" style="width: 486px; height: 532px;" /></p> <p class="mol-para-with-font"><em>Somehow, I find it quite funny that there&rsquo;s some sad sack out there, cautiously protecting his precious tortilla recipe from white people, but I digress.</em></p> <p class="mol-para-with-font"><strong>Amid this backlash, the two women have shut down their business, seemingly without comment. </strong>Their website, Facebook account, Instagram account, and Twitter profile have all disappeared. And all because they were white people who had the audacity to serve burritos to the public.</p> <p class="mol-para-with-font">Cultural appropriation is a bizarre concept when you think about it. It demands that you treat every culture like an animal in a zoo. You can admire them from afar, but don&rsquo;t you dare touch.</p> <p class="mol-para-with-font">It&rsquo;s also a sign of <strong>severe cognitive dissonance among leftists.</strong> They claim they want everyone in the world to mix and live in peace, but they<strong> snap at people who dare to share another culture</strong>.</p> <p class="mol-para-with-font">Ironically, it <strong>sounds an awful lot like regular old racism.</strong> It used to be that liberals fought ideologies that segregated races and cultures. Now these people are fighting for the same thing that racists in the past fought for; which is to maintain the purity of certain races and cultures. And just as it was in the past, this deluded belief is ruining lives.</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="486" height="432" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170526_kooks.jpg?1495829290" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-26/two-white-women-forced-close-burrito-shop-because-cultural-appropriation#comments Cognitive Dissonance Mexico Newspaper Twitter Twitter Sat, 27 May 2017 16:22:03 +0000 Tyler Durden 596763 at http://www.zerohedge.com Mortgage Rates Tumble To 6-Month Lows http://www.zerohedge.com/news/2017-05-26/mortgage-rates-tumble-6-month-lows <p><em><strong>After a week of dismal housing data, a silver lining perhaps.</strong></em> The spike in U.S. mortgage rates since the November presidential election has been cut in half.</p> <p>As Bloomberg notes, the average rate on a&nbsp;30-year fixed mortgage&nbsp;dropped in the week ended Thursday to a <strong>six-month low of 3.95 percent,</strong> according to Freddie Mac data.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170526_MTB.jpg"><img height="319" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/23/20170526_MTB_0.jpg" width="600" /></a></p> <p><strong>In the seven weeks after the election, borrowing costs increased by 75 basis points to 4.32 percent at the end of December, the highest since April 2014.</strong></p> <p>They&rsquo;ve since managed to retreat 37 basis points - potentially good news for homebuyers and builders as the spring selling season continues to disappoint.</p> <p><a href="https://mishtalk.com/2017/05/24/spring-housing-flop-existing-home-sales-decline-2-3-percent-inventory-issues-persist/"><em>As MishTalk&#39;s Mike Shedlock reminds us</em></a>: Lawrence Yun, NAR chief economist, says &ldquo;Demand is easily outstripping supply in most of the country.&rdquo;</p> <p><em><strong>How long can Yun&rsquo;s silly argument go on?</strong></em></p> <p><u><em><strong>There is not a supply shortage. Rather, there is a supply shortage of homes people can afford at which buyers are willing to sell. If homes were priced to sell, more homes would sell.</strong></em></u></p> <p>Despite rising prices, buyers want higher prices than they can get. At some point, rising prices were bound to choke off sales.</p> <p>It&rsquo;s too early to conclude a sustainable downtrend in housing has started, but if it has,<strong> it would be on top of an overall slowdown in consumer spending led by a slowdown in auto sales.</strong></p> <p>Here is my estimate of the economic and Fed consensus: <strong><em>Don&rsquo;t worry, it&rsquo;s just a temporary soft patch in March, April, and May. The second <strike>quarter </strike>half recovery is still on schedule.</em></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="959" height="510" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170526_MTB.jpg?1495803522" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-26/mortgage-rates-tumble-6-month-lows#comments Auto Sales Borrowing Costs Business Economic history of the United States Economics Economy Economy of the United States Finance fixed Freddie Mac Freddie Mac Loans Mortgage industry of the United States Mortgage loan recovery United States housing market correction US Federal Reserve Sat, 27 May 2017 15:52:15 +0000 Tyler Durden 596694 at http://www.zerohedge.com Bitcoin 'Crashes' To 1-Week Lows - The Difference Between Fear And Concern http://www.zerohedge.com/news/2017-05-27/bitcoin-crashes-1-week-lows-difference-between-fear-and-concern <p><strong>Bitcoin dropped over $900 from its record high at $2760 </strong>on Thursday in the last 48 hours, but has bounced back to remain <strong>up 17% week-over-week</strong>.</p> <p>A 30% drop from Thursday&#39;s highs...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc1.jpg"><img height="333" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>But Bitcoin is still up around 140% year-to-date...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc2.jpg"><img height="315" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc2_0.jpg" width="600" /></a></p> <p>While the volatility is unprecedented, <a href="https://libertyblitzkrieg.com/2017/05/26/the-difference-between-fear-and-concern/">Liberty Blitzkrieg&#39;s Mike Krieger</a> notes it is indicative of the emotional excesses as investors experience the<strong> difference between fear and concern of what lies ahead for the global financial system</strong> (and indeed the status quo).</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/05/26/20170527_btc3.jpg" style="width: 600px; height: 246px;" /></a></p> <p><strong>The last 24 hours were&nbsp;quite interesting for me, </strong>and have sparked all sorts of thoughts and tangents&nbsp;in my mind. I&rsquo;ve been absolutely thrilled that yesterday&rsquo;s post,&nbsp;<a href="https://libertyblitzkrieg.com/2017/05/25/a-new-financial-system-is-being-born/" rel="bookmark noopener noreferrer" target="_blank" title="Permanent Link to A New Financial System is Being Born">A New Financial System is Being Born</a>, has been so well received in the broader Bitcoin/crypto/tech world, but I also noticed a meaningful contradiction. While the post has been cheered&nbsp;beyond the confines of this website, within <em>Liberty Blitzkrieg</em> itself, it hasn&rsquo;t been celebrated by anyone, at least not publicly in the comment section. In fact, if you scroll through the comment section of the post, you&rsquo;ll see it&rsquo;s <strong>basically 100% skepticism or dislike for Bitcoin. The reason I find this so interesting is because of what it tells me about sentiment.</strong></p> <p>I&nbsp;got&nbsp;a lot of insight from the comment section of this particular post because I know for a fact many of my readers love Bitcoin and have been involved in it for years. I know this based on private conservations I&rsquo;ve had as well as many donations over the years. In a euphoric market environment, I&rsquo;d expect the comment section to yesterday&rsquo;s post to be filled with gloating, giddiness and &ldquo;to da moon&rdquo; commentary. There was absolutely none of that. In contrast, the skeptics were out in full force and totally dominated the discussion, which is fine. I want people to express different opinions and feel like they have the space to totally disagree with something I write. At the same time, it does tell me something about overall sentiment. The people who are long and sitting on gains are largely keeping their mouths shut, while the skeptics are very, very vocal. It&rsquo;s not just here either, <strong>the skepticism and dislike for Bitcoin is even&nbsp;more prevalent within my Twitter feed. Incredibly, despite the recent enormous run, Bitcoin sentiment seems cautious-to-negative. Take that&nbsp;information as you see fit.</strong></p> <p>This sets the stage for the key part of this&nbsp;post which relates to<strong> the difference between fear and&nbsp;concern.</strong> One of these is a largely unproductive emotional state, while the other is a rational response to potential or real trouble. The reason Bitcoin sparked my interest in the topic is&nbsp;because I&rsquo;ve witnessed&nbsp;a lot of people miss the Bitcoin run due to irrational fear, as opposed to reasoned concern. This isn&rsquo;t to gloat about Bitcoin, or predict its future price. Pretty much everyone involved in this space for more than a few days&nbsp;understands&nbsp;that its price could completely collapse any minute and, despite all its advances, Bitcoin remains an experimental project that could end up worthless. I knew that back in 2012 when I first became involved and I know it now, yet&nbsp;I got involved anyway. Why did I do that?</p> <p><strong>The main reason is because I could see the potential and didn&rsquo;t&nbsp;allow myself to make decisions based on&nbsp;fear.</strong> Fear overwhelms you, stunts your growth, makes you miss out on opportunities, and ultimately&nbsp;prevents you from living&nbsp;a fulfilled, interesting life. I know plenty of people who saw the potential of Bitcoin, but didn&rsquo;t buy any or embrace it out of fear alone. Fear governments wouldn&rsquo;t allow it. Fear the power grid would go down. Fear they&rsquo;d be hacked. Fear overwhelmed them and prevented them from&nbsp;becoming involved&nbsp;in one of&nbsp;the few areas of this terribly corrupt economy filled with actual innovation and optimism. In my years in this space, I&rsquo;ve found crypto currency people (especially the old school ones), to be some of the most humous, talented, decent and optimistic people I&rsquo;ve ever met. So what if it goes to zero? The whole journey has been one of the most interesting of my entire life and worth every minute. As I noted on Twitter earlier today...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Brilliant, talented people are out there doing stuff, fearful envious people are warning me of doom.<br />Gonna bet with the former.</p> <p>&mdash; Michael Krieger (@LibertyBlitz) <a href="https://twitter.com/LibertyBlitz/status/868139796841082880">May 26, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>Which brings me to concern. While I always&nbsp;acknowledged many&nbsp;of the things Bitcoin skeptics pointed out, my response was concern, not fear. Concern allowed me to think things through and determine an appropriate allocation to something as unproven and risky as Bitcoin, but it didn&rsquo;t propel&nbsp;me to avoid something I believed in and wanted to support. Concern is normal and healthy. It helps you take calculated risks and prompts reasonable measures to insure against catastrophe. <strong>Concern doesn&rsquo;t freeze you up. It doesn&rsquo;t prevent you from taking action or embracing new experiences. Fear does.</strong></p> <p><strong>Fear is a negative emotion and mindset that only holds you back. </strong>It prevents calculated risk-taking, without which us humans would still be shivering in caves somewhere. We&rsquo;ve all heard the saying &ldquo;fortune favors the bold,&rdquo; but you&rsquo;ve never heard anyone say &ldquo;fortune favors the fearful.&rdquo; <strong>That&rsquo;s because it doesn&rsquo;t.</strong> And by fortune, we&rsquo;re&nbsp;not just talking material wealth. We&rsquo;re&nbsp;talking mental health, a breadth of experience and the joy and fulfillment that comes from a life of action as opposed to existing in a state of doom and gloom.</p> <p>Of course, there are times when fear is appropriate and beneficial, but I&rsquo;d argue pretty much only&nbsp;when you&rsquo;re faced with a life or death situation, like in the middle of a war zone or being attacked by a wild animal. Fight or flight is very well established&nbsp;element of the human being for good reason, but unless you&rsquo;re in a situation of extreme distress or danger, it&rsquo;s almost always better off to avoid this&nbsp;state of mind.</p> <p>I previously touched on this concept in my series on Spiral Dynamics. Here&rsquo;s what I noted in the piece titled,&nbsp;<strong><a href="https://libertyblitzkrieg.com/2017/02/07/what-is-spiral-dynamics-and-why-have-i-become-so-interested-in-it/" rel="noopener noreferrer" target="_blank">What is Spiral Dynamics and Why Have I Become So Interested in It?</a></strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>All of the madness being perpetrated by the media and divisive pundits on both sides needs to be seen in the context&nbsp;of this unfolding of consciousness. These people are in the fight for their lives to keep the current paradigm they are comfortable with alive. If you accept this view, then you recognize the importance of staying true to your values and not regressing back into first-tier type thinking. As Wilber and others explain, these are fluid states, so periods of stress or fear can&nbsp;result&nbsp;in a regression of consciousness. It&rsquo;s not an exaggeration to say that preventing this from happening is of the utmost significance.</strong></em></p> </blockquote> <p>Expanding our consciousness is probably the most important work any of us can do on an&nbsp;individual basis, and fear is characteristic of the most base level of consciousness. As Ken Wilber described it:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&nbsp; &nbsp;<span class="title2">1.&nbsp;Beige: Archaic-Instinctual</span>. The level of basic survival; food, water, warmth, sex, and safety have priority. Uses habits and instincts just to survive. Distinct self is barely awakened or sustained. Forms into&nbsp;survival bands&nbsp;to perpetuate life.&nbsp;</em></p> <p><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where seen: First human societies, newborn infants, senile elderly, late-stage Alzheimer&rsquo;s victims, mentally ill street people, starving masses, shell shock. 0.1% of the adult population, 0% power.&nbsp;</em></p> </blockquote> <p><strong>People living a life consumed by fear are in many ways living as if they are mentally ill. Living life in fear is a voluntary choice for most of us, and it&rsquo;s one of the most unproductive, unhealthy lifestyle choices a human being can make.</strong></p> <p>Which brings me to the point of this post. While it was inspired by some of the stuff I&rsquo;ve witnessed related to Bitcoin and various people&rsquo;s responses to it, it&rsquo;s about much more than that. It&rsquo;s about sharing some of the things I&rsquo;ve learned over the years based on my own painful mistakes. I&rsquo;ve found that it&rsquo;s always better to be open-minded than stubborn, and that it&rsquo;s always better to be a person of action as opposed to someone living in fear. Fear will bring nothing to you and those around you but misery and happiness. Concern is fine, but how you respond to the concern is what matters. Are you going to cower in a corner, or are you going to try to do something about it?&nbsp;<strong>Karma is action, and action is a huge part of being&nbsp;human. </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="1627" height="902" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170527_btc1.jpg?1495895993" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/bitcoin-crashes-1-week-lows-difference-between-fear-and-concern#comments Alternative currencies Bitcoin Bitcoin Cryptocurrencies Currency Fear Finance Financial technology Money None Twitter Twitter Volatility Sat, 27 May 2017 15:16:24 +0000 Tyler Durden 596797 at http://www.zerohedge.com British Airways Cancels All Flights From London After Global IT Outage http://www.zerohedge.com/news/2017-05-27/british-airways-cancels-all-flights-london-after-global-it-outage <p>British Airways canceled all flights from London's Heathrow and Getwick airports scheduled before 6 pm, after a global computer system outage caused massive delays and left planes stuck on runways. Earlier on Saturday, there were reports of BA staff telling disgruntled passengers trying to get away for the Bank Holiday weekend that the company was under cyber attack but this was denied by the airline.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Breaking?src=hash">#Breaking</a> British Airways apologises to customers who are facing delays "following an IT outage"</p> <p>— Press Association (@PA) <a href="https://twitter.com/PA/status/868405686635565056">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>The airline said terminals at Heathrow and Gatwick had become extremely congested because of the IT failure and all BA flights scheduled before 1700 GMT had been canceled. he airline also advised passengers against coming to the airports as it would not be able to help them.</p> <p> <iframe src="https://www.youtube.com/embed/T1K4ej4R2OI" width="500" height="281" frameborder="0"></iframe></p> <p>"Please do not come to the airports. We have experienced a major IT system failure that is causing very severe disruption to our flight operations worldwide," the airline said in a statement.&nbsp; "We are extremely sorry for the inconvenience this is causing our customers and we are working to resolve the situation as quickly as possible."</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">We apologise for the current IT systems outage. We are working to resolve the problem as quickly as possible.</p> <p>— British Airways (@British_Airways) <a href="https://twitter.com/British_Airways/status/868403485729071104">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Passengers who were already at the airports were angry with the resulting chaos:&nbsp; </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/nintchdbpict000327255160_0.jpg" width="500" height="876" /></p> <p>"Still on the tarmac at Leeds. #britishairways reckon Heathrow is so backed up we can't set off. No way we'll make our Vegas flight," one passenger David Raine wrote on Twitter.</p> <p>Another, journalist Martyn Kent, wrote: "Sat on plane at Heathrow for hour and a half now. @British_Airways Captain describes IT problem as 'catastrophic'."</p> <p>Passenger Roshni Burt, who was flying from Heathrow to Bahrain with her young son, said there was no news about when her flight would depart.</p> <p>"When we left the check-in area there were angry people, people getting frustrated that their flights were coming up or near to departure, people getting turned away ... with BA staff basically saying 'if you've not checked in online, you've missed your flight'," she told Sky News.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Flying with <a href="https://twitter.com/British_Airways">@British_Airways</a> from <a href="https://twitter.com/HeathrowAirport">@HeathrowAirport</a> ? Don't bother <a href="https://twitter.com/hashtag/britishairways?src=hash">#britishairways</a> <a href="https://t.co/2czOBpaL43">pic.twitter.com/2czOBpaL43</a></p> <p>— Chris Ship (@chrisshipitv) <a href="https://twitter.com/chrisshipitv/status/868444896314765312">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Heathrow Airport right now. Thanks to <a href="https://twitter.com/hashtag/BritishAirways?src=hash">#BritishAirways</a> systems crashing. All flights delayed so make sure to give yourself plenty of time <a href="https://t.co/s5qvyY5p7Y">pic.twitter.com/s5qvyY5p7Y</a></p> <p>— Philip Napiorkowski (@ukphillad) <a href="https://twitter.com/ukphillad/status/868415080672743425">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Terminal 5 in <a href="https://twitter.com/hashtag/Heathrow?src=hash">#Heathrow</a>-huge lines from system outage <a href="https://t.co/OaVDIq4uwU">pic.twitter.com/OaVDIq4uwU</a></p> <p>— Lesley Mancuso (@lesallyn) <a href="https://twitter.com/lesallyn/status/868410146229235712">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>The official Twitter account of Heathrow Airport, the busiest airport in Europe, confirmed the IT failure abd said it was working with BA. </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">We're working with <a href="https://twitter.com/British_Airways">@British_Airways</a> following an issue with their IT system this morning that has caused some delays for passengers. 1/2</p> <p>— Heathrow Airport (@HeathrowAirport) <a href="https://twitter.com/HeathrowAirport/status/868418663958929408">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Following initial reports that the ground halt was the result of a computer hacks, British Airways refuted media claims that the outage had been caused by a cyber attack, saying that there was no evidence to support that.</p> <p>The problems, which passengers said were had affected flights across Britain, came on a particularly busy weekend with a public holiday on Monday and many children starting their school half-term breaks. </p> <p>BA became the latest airline to be hit by computer problems. Last month Lufthansa and Air France suffered a global system outage which prevented them from boarding passengers. Passengers trying to catch planes in Britain on Saturday reported long delays at check-in desks and flights being held on runways. </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="1200" height="695" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/BA%20ground%20halt.jpg?1495896103" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/british-airways-cancels-all-flights-london-after-global-it-outage#comments Airport Aviation British Air Transport Association British Airways British brands European Low Fares Airline Association France Gatwick Airport Heathrow Airport Heathrow Airport Holdings London Borough of Hillingdon London boroughs Press Association Twitter Twitter US Airways Sat, 27 May 2017 14:42:41 +0000 Tyler Durden 596796 at http://www.zerohedge.com Merkel Furious With Trump After "Unprecedented" G-7 Failure To Reach Consensus On Climate Change http://www.zerohedge.com/news/2017-05-27/merkel-furious-trump-after-unprecedented-g-7-failure-reach-consensus-climate-change <p>In the end it was not mean to be. As <a href="http://www.zerohedge.com/news/2017-05-26/after-controversial-debate-g7-leaders-fail-persuade-trump-back-climate-deal">discussed on Friday, </a>during Trump's first G-7 summit, world leaders including German Chancellor Angela Merkel and new French President Emmanuel Macron, had hoped to persuade the the US president to endorse the Paris Agreement climate pledge to fight global warming. By the end of the summit - held at a luxury hotel in Taormina, Sicily that was once a Dominican monastery and base for the Nazi air force during World War Two - they realized they had failed, as Trump "underscored his determination to break the global mold" by <a href="https://www.bloomberg.com/politics/articles/2017-05-27/trump-takes-his-own-path-as-g-7-fails-to-reach-unity-on-climate">refusing to follow </a>the Group of Seven line not only on global warming but also by resisting measures on trade.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/1400x-1%20%283%29_0.jpg" width="500" height="281" /></p> <p>Furthermore, in <a href="https://www.bloomberg.com/politics/articles/2017-05-27/trump-takes-his-own-path-as-g-7-fails-to-reach-unity-on-climate">what was described </a>as an "<strong>unprecedented step</strong>", the final G-7 communique gave the U.S. its own section to say that it is “<strong>undergoing a review process” and is unable to join in the discussion</strong>, an official cited by <a href="https://www.bloomberg.com/politics/articles/2017-05-27/trump-takes-his-own-path-as-g-7-fails-to-reach-unity-on-climate">Bloomberg said</a>. As a result while the US will remain excluded from the final affirmation, the other six, call it the <strong><em>G-6,</em></strong> will recommit to the Paris Agreement on climate change, which Trump tweeted Saturday he’d come to a decision on next week.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">I will make my final decision on the Paris Accord next week!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/868441116726710272">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Needless to say, Merkel who had hoped to leave the Saturday summit with the G-7 agenda endorsed by everyone, including Trump, was furious at the US president.</p> <p><strong>“The whole discussion about climate has been difficult, or rather very unsatisfactory</strong>"&nbsp; German Chancellor Angela Merkel told reporters Saturday. "<strong>Here we have the situation that six members, or even seven if you want to add the EU, stand against one. </strong>That means there are no signals until now whether the U.S. will remain in the Paris Agreement or not. We have therefore not talked around it but made clear that we the six member states and the EU remain committed to the goals of the agreement.”</p> <p>The unhappy German continued: "The fact that we have not been able to make progress here is of course a situation in which you have to say that there is no common support for an important international agreement. This Paris Agreement is not simply any old agreement, but it’s rather a core agreement.”</p> <p>She concluded by noting the unprecedented breach of agreement within the ranks, perhaps a first in G-7 history <strong>“There is right now no agreement. But we have made very clear that we are not moving away from our positions.”</strong></p> <p>Moments later, the final declaration released a just as stunning statement, which said that the U.S. was "not in a position to join consensus" on climate change.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">BREAKING: Group of Seven final declaration says U.S. "not in a position to join consensus" on climate change.</p> <p>— AP Politics (@AP_Politics) <a href="https://twitter.com/AP_Politics/status/868461098596532224">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>To be sure, its wasn't just Merkel who was displeased with Trump. <a href="http://www.politico.eu/article/trump-brings-his-solo-act-to-europe/">According to Politico</a>, while he avoided any major gaffes or serious diplomatic breaches, Trump’s lack of rapport with European leaders raises serious questions about his ability to effectively team up with critical U.S. allies. </p> <p><strong>“Like when there’s a new strange kid in the class nobody likes,” </strong>said a senior EU official who was briefed on the closed NATO meetings in Brussels. “<strong>You behave civilly when teachers (media) watch but don’t spend time with him in private because he’s so different.”</strong></p> <p>* * * </p> <p>Trump's inability to integrate with European leaders aside, there was at least some G-7 concensus on trade, after government officials were said to have found an agreement after haggling over wording on protectionism and reciprocal benefits, <a href="https://www.bloomberg.com/politics/articles/2017-05-27/trump-takes-his-own-path-as-g-7-fails-to-reach-unity-on-climate">Bloomberg reported</a>. Technical negotiations had stretched until 3 a.m. in Taormina to try to reconcile Trump’s ‘America First’ approach with the other leaders’ commitment to open markets. The result is a reference to combating protectionism to be included in the final text, according to two of the officials. <strong>Still, said the third, the document in its current draft clearly falls back by comparison to earlier G-7 communiques.</strong></p> <p>The leaders “found a reasonable solution” on trade that commits to a rules-based system, Merkel said. “We want to make the WTO successful,” she said.</p> <p>Speaking to reporters on the G-7's trade decision, Merkel said “we had very tough discussions about trade. Here I think we have found a reasonable solution. We commit ourselves to a rules- based trade system. We want to make the WTO successful. We will together keep our markets open and will move against protectionism, but will at the same time fight against unfair trade practices. This is also in the German interest when I think about the question of steel."</p> <p>According to <a href="https://www.bloomberg.com/politics/articles/2017-05-27/trump-takes-his-own-path-as-g-7-fails-to-reach-unity-on-climate">Bloomberg</a>, the discussions, described by Merkel as “very intense” late on Friday, "underscore the Trump administration’s decision to break with the established order honed over decades. Trump told his fellow leaders on Friday that he had campaigned on a platform of protecting U.S. jobs and would act accordingly, according to the officials, all of whom asked not to be named discussing the private meetings."</p> <p>But the best indication of the hit globalization took over the past 48 horus, was the actual content of the final G-7 communique, <strong>which was just six pages long compared to 32 pages last year. </strong>While much was dropped from the final draft, the text will contain a passage on migration, which it refers to as “human mobility." It includes a sentence which says that nations also have the right to protect their security, while observing human rights.</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="281" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Trump%20G7%20sicily.jpg?1495893145" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/merkel-furious-trump-after-unprecedented-g-7-failure-reach-consensus-climate-change#comments American people of German descent Donald Trump European Union Foreign policy of the Donald Trump administration Global Warming Government Nazi air force North Atlantic Treaty Organization Political positions of Donald Trump Politics The Apprentice United States WWE Hall of Fame Sat, 27 May 2017 13:52:46 +0000 Tyler Durden 596795 at http://www.zerohedge.com UK Terror Threat Level Lowered To "Severe" As Police Tear Down Terrorist Cell http://www.zerohedge.com/news/2017-05-27/uk-terror-threat-level-lowered-severe-police-tear-down-terrorist-cell <p>Four days after UK Prime Minister Theresa May announced on Tuesday the nation's terror threat level was raised to the highest possible, "Critical" level in response to the Manchester suicide bombing which killed 22 people, and resulted in British troops being deployed on the streets of London for the first time in a decade, on Saturday Theresa May said Britain had lowered its security threat level to "severe" following a number of arrests and significant activity by police investigating the suicide bomb attack. As a result the British soldiers who were deployed earlier in the week to assist police, would be withdrawn from Britain's streets from midnight on Monday.</p> <p>Earlier in the day, police hunting the terrorist network behind the suspected suicide bomber, Salman Abedi, said they had made two further arrests overnight as they closed in on other possible cell members. May said this meant that the independent body which sets the threat level had decided it should be lowered from its highest rating "critical", which means an attack could be imminent, to "severe". As a result, the UK's threat assessment has now been returned to the level it was at prior to the Manchester attack, with no imminent attacks expected, although as May also added an attack is still "highly likely".</p> <p>"A significant amount of police activity has taken place over the last 24 hours and there are now 11 suspects in custody," May said. "The public should be clear about what this means. A threat level of severe means an attack is highly likely. The country should remain vigilant."</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">UK terror threat level reduced from CRITCAL to SEVERE. WATCH <a href="https://twitter.com/theresa_may">@Theresa_May</a> statement HERE: <a href="https://t.co/ZYqzv8wATD">pic.twitter.com/ZYqzv8wATD</a></p> <p>— Darren McCaffrey (@DMcCaffreySKY) <a href="https://twitter.com/DMcCaffreySKY/status/868422239678541825">May 27, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Elsewhere, <a href="http://www.reuters.com/article/us-britain-security-manchester-idUSKBN18N08R">Reuters reports</a>, that UK police officers said they had used a controlled explosion to gain entry to an address in the north of the city where two men were detained on Saturday. Some hours later, police cordoned off a large area in the Moss Side area of south Manchester and houses were evacuated with a bomb disposal unit sent to the scene. A man working in a local shop, who declined to be named, told Reuters he saw three men being taken away from the address.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"As part of an ongoing search at a property in Moss Side an evacuation is currently being carried in the area," police said in a statement. </p> <p>&nbsp;</p> <p>On Friday, Britain's most senior counter-terrorism officer said police were confident that they had made "immense" progress and had apprehended a "large part of the network". However, extra armed officers will be on duty across the country with security stepped up at some 1,300 events over the long holiday weekend.</p> </blockquote> <p>The scope of the response to the Manchester attack has been dramatic, with the Times newspaper reporting on Saturday <strong>that intelligence officers had identified 23,000 jihahist extremists living in Britain</strong>. Earlier this week a source with knowledge of the matter told Reuters <strong>the security services were managing 500 active operations involving some 3,000 people who were thought to pose a threat.</strong></p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/1200x-1%20%284%29.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/1200x-1%20%284%29_0.jpg" width="500" height="333" /></a><br />An armed police officer at Manchester Piccadilly railway station</em></p> <p>A concern for the UK, and perhaps explaining the reduction of the threat level, is that over the weekend there are a number of high-profile events including soccer cup finals in London and Glasgow, and the Great Manchester Run. However, Assistant Commissioner Mark Rowley, the UK police chief for counter-terrorism, advised people to be vigilant but to "go out as you planned and enjoy yourselves".</p> <p>Meanwhile, the traditional blowback to these kinds of events has emerged, with Greater Manchester Police Chief Constable saying there had been a rise in reported hate crimes, from an average of 28 to 56 incidents on Wednesday even as the police and politicians praised communities in Manchester for their reaction to the bombing.&nbsp; "We can't directly link these to the events of Monday night and are continuing to monitor the situation," he said.</p> <p>Also on Friday, political campaigning for the June 8 national election which was suspended after the Manchester attack resumed with the bombing becoming a central feature. The opposition Labour Party, emboldened by a rise in opinion polls, argued that Britain's foreign policy had increased the risk of attacks and criticized Conservative Prime Minister Theresa May for cutting spending on policing. May said Labour leader Jeremy Corbyn was saying Britain was to blame for the bombing.</p> <p>"I want to make one thing very clear to Jeremy Corbyn and to you, and it is that there can never, ever be an excuse for terrorism," she said at the G-7 meeting in Sicily. A recent poll on Thursday put May's Conservatives five points ahead of Labour suggesting a far tighter race than previously anticipated, sending the British pound tumbling..</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="554" height="294" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/uk%20severe%20may.jpg?1495887602" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-27/uk-terror-threat-level-lowered-severe-police-tear-down-terrorist-cell#comments British people British Pound Conservatives Counter-terrorism G-7 Greater Manchester Police Greater Manchester Police James Anderton Jeremy Corbyn Labour Labour Party Law enforcement in the United Kingdom Manchester bombing Newspaper Politics Politics Reuters Terrorism Theresa May Twitter Twitter UK police War War on Terror Sat, 27 May 2017 12:32:10 +0000 Tyler Durden 596794 at http://www.zerohedge.com Global Pension Underfunding Will Hit Nearly Half A Quadrillion Dollars In 2050 http://www.zerohedge.com/news/2017-05-26/global-pension-underfunding-will-grow-400-trillion-over-next-30-years-world-economic <p>Earlier this week we highlighted "<a href="http://www.zerohedge.com/news/2017-05-24/six-terrifying-graphs-simplistically-summarize-americas-public-pension-crisis">Six Terrifying Graphs That Summarize America's Public Pension Crisis</a>" which ranked state, county and city-level public pensions in the United States by which are screwed the most.&nbsp; To summarize, <strong>the study concluded that public pensions in the U.S. alone are currently underfunded by nearly $4 trillion and that taxpayers in Illinois, California and New Jersey should probably be looking to move before getting drowned in their state's coming pension-induced tax hike tsunami.</strong></p> <p>Of course, as we've argued before, the current pension underfunding levels are sure to only get worse over the coming decades as the world will have to contend with a wave of retiring Baby Boomers and a period of lackluster, volatile returns.&nbsp; So how bad could the global funding gap get?&nbsp; Unfortunately, the <a href="http://www3.weforum.org/docs/WEF_White_Paper_We_Will_Live_to_100.pdf">World Economic Forum</a> (WEF) recently set out to solve that impossible math equation and it turns out the answer is about $400 trillion...give or take a couple trillion.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26 - Pension 2.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26%20-%20Pension%202_0.JPG" style="width: 600px; height: 366px;" /></a></p> <p>&nbsp;</p> <p>Not surprisingly, the <strong>WEF attributed their terrifying conclusion to an ageing population, lack of savings, low expected growth rates and financially illiterate citizens.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Long-term, low-growth environment:</strong> Over the past 10 years, long-term investment returns have been significantly lower than historic averages. Equities have performed 3%-5% below historic averages and bond returns have typically been 1%-3% lower. Low rates have grown future liabilities, and at the same time investment returns have been lower than expected and unable to make up the growing pension shortfall.</p> <p>&nbsp;</p> <p><strong>Inadequate savings rates:</strong> To support a reasonable level of income in retirement, 10%-15% of an average annual salary needs to be saved. Today, individual savings rates in most countries are far lower. This is already presenting challenges where traditionally defined benefit structures would have provided a guaranteed pension benefit. Now, as workers look at their defined contribution retirement balances, with no guaranteed benefits, they are realizing that the retirement income their savings will provide will be much lower than expected.</p> <p>&nbsp;</p> <p><strong>Low levels of financial literacy:</strong>&nbsp; Levels of financial literacy are very low worldwide. This represents a threat to pension systems which are more selfdirected and which rely more on private savings in addition to employer- or government-provided savings.</p> </blockquote> <p>Of course, ignoring that minor ~20 year increase in life expectancy over the past 60 years without raising retirement ages can take a toll on those present value calculations of future liabilities.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26 - Pension 4.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26%20-%20Pension%204_0.JPG" style="width: 500px; height: 387px;" /></a></p> <p>&nbsp;</p> <p>Oh, and <strong>turns out that politicians creating massive ponzi schemes</strong> to promise citizens that their government would take care of their financial needs in perpetuity, while never really bothering to explain the true costs of such programs, <strong>was probably a bad idea.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26 - Pension 3.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/05/26/2017.05.26%20-%20Pension%203_0.JPG" style="width: 600px; height: 300px;" /></a></p> <p>&nbsp;</p> <p>But luckily these politicians are exempt from being prosecuted for their financial crimes...so taxpayers will just have to deal with picking up the $400 trillion tab.</p> <p>&nbsp;</p> <p><em><strong>The full WEF study can be viewed <a href="http://www3.weforum.org/docs/WEF_White_Paper_We_Will_Live_to_100.pdf">here</a>:</strong></em></p> <p><iframe src="https://www.scribd.com/embeds/349512211/content?start_page=1&amp;view_mode=scroll&amp;access_key=key-I8HjMqUna5O42X4IpqGb&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="998" height="522" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Pension%20Grenade_23.png?1495809636" /> </div> </div> </div> http://www.zerohedge.com/news/2017-05-26/global-pension-underfunding-will-grow-400-trillion-over-next-30-years-world-economic#comments Bond Business Defined benefit pension plan Economy Finance Financial services Funding Gap Illinois Investment Labor Money Pension Crisis Pension Underfunding Pensions Pensions crisis Pensions in the United Kingdom Personal finance Retirement Retirement spend-down Social Issues World Economic Forum Sat, 27 May 2017 10:45:00 +0000 Tyler Durden 596721 at http://www.zerohedge.com NYC Mayor De Blasio Staffer Arrested On Child Pornography Charges http://www.zerohedge.com/news/2017-05-27/nyc-mayor-de-blasio-staffer-arrested-child-pornography-charges <p><del><a href="https://ibankcoin.com/zeropointnow/files/2017/05/jscha.png"><img src="https://ibankcoin.com/zeropointnow/files/2017/05/jscha-300x201.png" width="300" height="201" style="float: right;" class="alignright wp-image-8713 size-medium" /></a></del></p> <p><em style="box-sizing: border-box; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif;"><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; text-align: center;">Content originally generated at&nbsp;</span><strong style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-stretch: inherit; line-height: inherit; text-align: center;"><a href="https://ibankcoin.com/" target="_blank" style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a;"><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; text-decoration-line: underline;">iBankCoin.com</span></a></strong></em></p> <p><strong>A 29 year old staffer</strong> for NYC mayor Bill De Blasio's office has been arrested and charged with two felonies after police found a massive collection of child porn on his laptop, according to court documents. The NYPD's investigation began March 29th when Jacob Schwartz, 29, handed over his laptop - on which over 3,000 images and 89 videos were discovered depicting sexual acts with children as young as 6 months old.</p> <p>Schwartz - a computer programmer making $66k / year was also the president of the Manhattan Young Democrats - as well as VP of the NY State Young Democrats. When the <a href="http://nypost.com/2017/05/26/de-blasio-staffer-arrested-for-child-pornography/" target="_blank" rel="noopener noreferrer">NY Post</a> reached the former organization for comment, they said they were "shocked" by the allegations against Schwartz - adding that he is "no longer a member of the board."</p> <p>Schwartz thought he was hot shit in Democrat circles, rubbing elbows with and promoting Hillary's campaign manager <a href="https://ibankcoin.com/zeropointnow/files/2017/05/thereitis.png" target="_blank">Robby Mook</a>.</p> <p><a href="https://ibankcoin.com/zeropointnow/files/2017/05/robby-mook-jacob-schwartz-1-1011x1024.jpg"><img src="https://ibankcoin.com/zeropointnow/files/2017/05/robby-mook-jacob-schwartz-1-1011x1024.jpg" width="471" height="477" style="display: block; margin-left: auto; margin-right: auto;" class=" wp-image-8710 aligncenter" /></a></p> <p>&nbsp;</p> <p><strong><a href="http://www.breitbart.com/big-government/2017/05/26/reports-prominent-democrat-leader-bill-de-blasio-staffer-arrested-on-child-pornography-charges/" target="_blank">Breitbart</a> </strong><strong>obtained a now-deleted biography of Schwartz from the Manhattan Young Democrats:</strong></p> <p>Jacob was born and raised in the heart of Greenwich Village, and was involved in political organizing from a young age. Some of his oldest memories are handing out leaflets for his father, as he campaigned for District Leader. More recently, he helped start the New Democratic Alliance in New York City, and, in 2012, worked for the Obama campaign as a Field Organizer in the Lehigh Valley. A graduate of Lehigh University with an M.S. in Energy Systems Engineering and a B.S. in Electrical Engineering, Jacob currently works for the New York City Department of Design and Construction on their Build It Back Hurricane Sandy recovery and resiliency program. He is also the founder and executive director of a climate education non-profit called Common Climate, and previously served as Issues Assembly and Policy Director for MYD.</p> <p>Schwartz was charged with promoting a sexual performance by a child and possessing a sexual performance by a child under 16, both felonies.</p> <p>&nbsp;</p> <p><strong>Schwartz's father is huge Democrat insider</strong></p> <p><a href="https://ibankcoin.com/zeropointnow/files/2017/05/Arthur-222x300.jpg"><img src="https://ibankcoin.com/zeropointnow/files/2017/05/Arthur-222x300-222x300.jpg" width="222" height="300" style="float: left;" class="alignleft wp-image-8708 size-medium" /></a>Jacob Schwartz's father is <a href="https://ibankcoin.com/zeropointnow/files/2017/05/arthurs.png">Arthur Schwartz</a>, a prominent Manhattan attorney, community activist, and DNC operator. Schwartz served as council to Bernie Sanders during the 2016 election. He was also a delegate during Barack Obama's 2008 run for president.</p> <p>Schwartz has also represented SEIU, several unions, and served as general council to ACORN from March of 2009 to October 2010.</p> <p><strong>He also made a killing in NY real estate</strong></p> <p>Arthur Schwartz turned a 2003 investment of $499,000 into <strong>$20.89 million </strong>when he sold in 2014.</p> <p>The elder Schwartz has called his son's arrest "a personal tragedy," and told the Post "He's already in therapy for this."</p> <p>The younger Schwartz is out on $7500 bail.</p> <p>&nbsp;</p> <p><strong><a href="https://ibankcoin.com/zeropointnow/files/2017/05/de.jpg"><img src="https://ibankcoin.com/zeropointnow/files/2017/05/de.jpg" width="279" height="186" style="float: right;" class="alignright wp-image-8715" /></a>And poor NY Mayor Bill De Blasio - the vocal Trump critic </strong>who headed up an <a href="http://nypost.com/2017/01/19/new-yorkers-are-furious-about-de-blasios-anti-trump-rally/" target="_blank">anti-Trump protest</a> in Columbus Circle, clogging up traffic, railed against Trump's Immigration Executive Order - calling it '<a href="http://newyork.cbslocal.com/2017/01/29/de-blasio-trump-refugee-ban/" target="_blank" rel="noopener noreferrer">Simply Un-American</a>,' accused Trump of being the cause of <a href="http://www.breitbart.com/big-government/2017/03/07/de-blasio-doesnt-blame-trump-anti-semitic-calls/" target="_blank" rel="noopener noreferrer">Anti-Semitic threats</a> (which turned out to be an <a href="http://abcnews.go.com/US/suspect-arrested-israel-connection-bomb-threats-us-jewish/story?id=46323084" target="_blank" rel="noopener noreferrer">Israeli guy</a>). De Blasio also refused to assign a label of terrorism to a Sept. 2016 Manhattan bombing carried out by Afghani named Ahmad Kahn Rahimi which injured 29 people. Even though a note left on an unexploded pressure cooker referenced al-Qaeda cleric Anwar al-Awlaki.</p> <p>So, a rising star NY Democrat was arrested on charges of pedophilia, and two of Trump's most vocal New York City critics on the left have been thoroughly dragged into the mud.&nbsp;</p> <p><strong>Boy was Hillary's timing bad... </strong></p> <p>During Friday's <a href="http://www.foxnews.com/politics/2017/05/26/clinton-takes-aim-at-trump-during-commencement-address-at-alma-mater.html" target="_blank" rel="noopener noreferrer">commencement address</a> at Wellesley College, Hillary tried to smear those investigating high level pedophilia:</p> <p><a href="https://ibankcoin.com/zeropointnow/files/2017/05/j81nsl59hyzy.jpg"><img src="https://ibankcoin.com/zeropointnow/files/2017/05/j81nsl59hyzy.jpg" width="747" height="587" style="display: block; margin-left: auto; margin-right: auto;" class="alignright size-full wp-image-8712" /><br /></a></p> http://www.zerohedge.com/news/2017-05-27/nyc-mayor-de-blasio-staffer-arrested-child-pornography-charges#comments al-Qaeda American people of German descent Arthur Schwartz B+ B.S. Bernie Sanders Bill de Blasio Business Democratic Alliance Donald Trump Issues Assembly Lehigh University New York City New York City Department of Design and Construction Politics Real estate recovery Trump: The Art of the Deal United States Wellesley College Sat, 27 May 2017 10:30:05 +0000 ZeroPointNow 596793 at http://www.zerohedge.com