en Giving "Thanks" To The Fed - Holiday Dinner Has Never Been More Expensive <p>As you’re probably aware, the Fed has a hard time spotting asset bubbles. Just as there was no housing bubble in 2006 according to the honorable and exceptionally “courageous” Ben Bernanke, there’s no bubble in equities today and certainly no ZIRP-induced fixed income bubble either.&nbsp;</p> <p><strong>The other thing the Eccles cabal has trouble spotting - and this is of course inextricably linked to an inability to spot speculative excess - is inflation.</strong> </p> <p>Nevermind the fact that housing costs have <a href="">gone parabolic</a> in places like California and New York and pay no attention to corporate <a href="">“slack fill” and “weight out” tactics</a> that mask 72% inflation on everything from deodorant, to ground pepper, to <a href="">Soda Stream refill units</a>, and certainly do not read too much into hyperinflation in the high end art world where $170 million Picassos and Modiglianis clearly indicate that QE-driven rallies in capital markets are driving bored billionaires to push the price of trophy assets into the stratosphere, just stay calm and take solace in the fact that according to the headline numbers, inflation is non-existent.&nbsp;</p> <p>Of course you may have a hard time swallowing that (no pun intended) today as you sit down for a hearty holiday feast because <strong>your turkey cost nearly 7% more than it did last year</strong>. In fact, the whole meal crossed $50 for the first time in history in 2015 and as you can see from the following chart, the total cost is up triple digits since the late eighties.&nbsp;</p> <p><a href=""><img src="" width="600" height="466" /></a></p> <p>So give thanks to the Fed for your meal and remember, it's misleading, negligible core CPI prints that allow the Fed to persist in ZIRP on the way to restoring your 401k which they helped destroy in 2008.&nbsp;</p> <p>Oh, and while dinner may be $50 today, it's worth noting that in 1909 - so, before the Fed - it was 50 cents:</p> <p><img src="" width="366" height="677" /></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="399" height="219" alt="" src="" /> </div> </div> </div> Ben Bernanke Ben Bernanke Capital Markets Core CPI CPI fixed Housing Bubble Hyperinflation Turkey Thu, 26 Nov 2015 18:30:21 +0000 Tyler Durden 517108 at Busted: Hillary Caught Coordinating With CNN To Smear Rand Paul <p><a href=""><em>Submitted by SM Gibson via,</em></a></p> <p><strong>State Department <a href="" target="_blank">emails</a>&nbsp;published by&nbsp;<a href=";utm_expid=66866090-67.e9PWeE2DSnKObFD7vNEoqg.2&amp;" target="_blank">Gawker</a>&nbsp;on Tuesday show that a CNN journalist&nbsp;<a href="" target="_blank">colluded</a> with a&nbsp;top Hillary Clinton State Department aide in an attempt to&nbsp;smear&nbsp;Kentucky Senator Rand Paul during the&nbsp;former secretary of state&rsquo;s 2013 testimony on the&nbsp;Benghazi attacks.</strong></p> <p>Elise Labott, a foreign affairs reporter for CNN, is now serving a two-week suspension from the Atlanta-based global news network for posting a critical tweet of Senator Paul during the hearing. She apparently did so at the directive of&nbsp;Clinton aide Philippe Reines. The social media post chided Senator Paul for asking Clinton difficult questions throughout the&nbsp;Senate Foreign Relations Committee hearing. Labott also coordinated with Reines to tweet a favorable&nbsp;quote from Clinton&rsquo;s testimony.</p> <p>In what appeared to be a follow-up question to a prior conversation, the CNN reporter asked Reines&nbsp;<a href="" target="_blank">via email</a>,&nbsp;<em>&ldquo;are you sure rand paul wasn&rsquo;t at any hearings?&rdquo;</em></p> <p>Just minutes after hitting send, Labott fired back with another message informing the aide of what she had just posted to her official Twitter account:</p> <blockquote class="twitter-tweet" lang="en"><p dir="ltr" lang="en">Sen Paul most critical on committee of Clinton, but a little late to the <a href="">#Benghazi</a> game.Not sure he was at many of the 30 previous briefings</p> <p>&mdash; Elise Labott (@eliselabottcnn) <a href="">January 23, 2013</a></p></blockquote> <script async src="//" charset="utf-8"></script><p><em>&ldquo;She was great. well done. I hope you are going to have a big drink tonight,&rdquo;</em>&nbsp;the CNN employee wrote to Reines hours later in reference to Hillary&rsquo;s performance earlier that day.</p> <p>Reines responded by&nbsp;typing to&nbsp;Labott that he had <em>&ldquo;suggested a good Tweet.&rdquo;</em></p> <p>Labott messaged back&nbsp;that she had not received his&nbsp;suggestion for&nbsp;an additional&nbsp;tweet. Reines replied&nbsp;back with the word&nbsp;<em>&ldquo;Pin,&rdquo;</em> a reference to a private messaging system.</p> <p>Labott responded,&nbsp;<em>&ldquo;will get back to you.&rdquo;</em> Less than 15&nbsp;minutes later, she sent an email that read, <em>&ldquo;done.&rdquo;&nbsp;</em>She had just posted a Tweet that quoted Clinton:</p> <blockquote class="twitter-tweet" lang="en"><p dir="ltr" lang="en">A reporter who Tweets on request! <a href=""></a></p> <p>&mdash; Phil Kerpen (@kerpen) <a href="">November 25, 2015</a></p></blockquote> <script async src="//" charset="utf-8"></script><p><em><span id="cke_bm_61S" style="display: none;">&nbsp;</span>&ldquo;The liberal media has taken their Clinton sycophancy to a new low. CNN needs to address this bias and lack of journalistic integrity,&rdquo;</em><span id="cke_bm_61E" style="display: none;">&nbsp;</span>&nbsp;Paul&rsquo;s chief campaign strategist Doug Stafford, <a href="" target="_blank">said</a> in a statement. <em>&ldquo;This email revelation should give Republicans pause as to their coverage and possibility of fair treatment towards Sen. Paul during the next debate. <strong>All eyes will be on CNN&rsquo;s response to their employee colluding with Hillary Clinton in order to attack a prominent U.S. senator on their dime.</strong>&rdquo;</em></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="428" height="425" alt="" src="" /> </div> </div> </div> Testimony Twitter Twitter Thu, 26 Nov 2015 17:55:00 +0000 Tyler Durden 517095 at After Arresting Hundreds Of Stock Traders, China Cracks Down On "Malicious" Metals Sellers Next <p>Five months ago, in the aftermath of its biggest market crash since 2008, China unleashed an unprecedented series of measures to stem the selling tide, none more mindblowing than its threat (which was promptly executed) to arrest "<a href="">malicious short sellers</a>" or even worse. It did just that as the following stories recount:</p> <ul> <li><a href="">China "Punishes" Hundreds For "Maliciously" Manipulating The Market</a></li> <li><a href="">China Arrests Three High Frequency Traders For "Destabilizing The Market And Profiting From Volatility"</a></li> <li><a href="">Chinese Authorities Arrest 'King Of IPOs' &amp; 'Hedge Fund Brother No. 1'</a></li> <li><a href="">Partner Of "China's Carl Icahn" Executed By Local Police After Attempting Escape Following Insider Trading Charges</a></li> <li><a href="">"We Arrested Some Folks" - How China "Fixed" Its Stock Market</a></li> <li><a href="">Chinese Hedge Fund Manager Denies She Was Arrested, Was Merely "Meditating</a>"</li> </ul> <p>The result of all these ridiculous interventions was two-fold: China effectively killed the market, as can be seen by the following chart of volume on China's futures market, until recently the world's biggest which overnight evaporated after China made it practically impossible to trade anything...</p> <p><img src="" width="537" height="312" style="max-width: 1200px;" /></p> <p>... and as a result of the PBOC being the last standing player, the Chinese "stock market" would now trade precisely as its central planners demanded it to. Too bad nobody else will participate. </p> <p>But now that China has gotten its stock "market" under control, it was time to focus on a market that is far more important to China's economy - that of commodities. After all, while several dozen million may have gotten very rich and then very poor over the summer, the implications of the Chinese stock bubble and subsequent burst were mostly contained. However, when it comes to plunging commodity prices, these have a far greater impact on both China, where fixed investment is about 50% of GDP, and as a result impact everyone, as well as the world.</p> <p>And as we reported yesterday, China will soon commence "fixing" the commodity market (which has seen its worst collapse since 2008 in the past year) by engaging in what will be the first bailout of its domestic metals producers since 2009:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The state-controlled metals industry body, China Nonferrous Metals Industry Association, proposed on Monday that the government scoop up aluminum, nickel and minor metals including cobalt and indium, an official at the association and two industry sources with direct knowledge of the matter said. The request was made to the state planner, the National Development and Reform Commission (NDRC). </p> <p>&nbsp;</p> <p>... while the proposal does not include copper, it is likely to revive memories of 2009, when the State Reserve Bureau (SRB) in Beijing swooped in to buy more than 700,000 tonnes of copper on the domestic and international markets. <strong>Prices were languishing at around $3,000 per tonne at the time, and the buying spree reversed the falls and ultimately helped to propel prices to record highs above $10,000 per tonne in February, 2011. </strong></p> </blockquote> <p>The news spread like wildfire overnight, and sent copper, aluminum, zine, and the rest of the metals complex surging. However, the price spike will hardly last long: "any policy support from the government and smelters subsidies to smelters or joint production cuts, will be short-lived forces and won’t change the bigger picture of a market glut. Prices may be impacted temporarily," said Qi Ding, Beijing-based analyst at Essence Securities.</p> <p>So as a plan B, the same metals industry group that is reeling and understands it is one foot in the grave unless commodity prices pick up and which earlier this week demanded a government bailout, or "<em>QE</em>mmodity" soaking up all excess production, has doubled down and according to <a href="">Bloomberg </a>the China Nonferrous Metals Industry Association has submitted a request to Chinese regulators <strong>to probe "malicious" short-selling in domestic metal contracts amid recent price declines</strong>.</p> <p>What is even more insane, is that China will do just that, in the process breaking what little is left of a domestic commodity market next.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Regulators have begun to collect some records of trading activity following a request from the China Nonferrous Metals Industry Association, according to the people, who asked not to be identified because they aren’t authorized to speak publicly on the matter. Nobody answered calls to the industry association’s general office.</p> </blockquote> <p>Remember: it is always the "malicious" sellers who are the cause of all the world's problems, never the "malicious" buyers, especially when said buyers are the central banks themselves. </p> <p>Irony aside, if indeed China does buckle under the demands of its commodity producers and unleashes what is effectively a "commodity QE" while at the same time arresting anyone who sells or shorts commodities, there is no telling what will happen to the prices of commodities which may - if only over the near term - soar to unprecedented levels, unleashing even greater excess production and capacity, which would entail that instead of merely arresting "malicious" sellers one year from now, China's politburo will have to summarily execute, on prime time TV, each and every one of them.</p> <p>One thing is certain: since a market in which the government is about to set prices at whim, and where sellers will be "put away" no longer has any price discovery and is anything but a "market", China's commodity prices are about to see an unprecedented disconnect from the supply/demand constraints of reality, and even more pent up humor when this latest forced attempt to reflate a bubble finally blows up.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="477" height="435" alt="" src="" /> </div> </div> </div> B+ Carl Icahn Central Banks China Copper fixed Futures market Insider Trading Market Crash None Reality Volatility Thu, 26 Nov 2015 17:24:19 +0000 Tyler Durden 517107 at As If The French Did Not Have Enough Problems <p>With bond yields hitting ever-increasingly negative levels and stock prices inexorably rising on a wave of real and promised liquidity from Draghi, one could be forgiven for believing the hype about Europe's recovery (had we not seen decades of failure for Japanese QE and 6 years for The Fed). So amid all this renewed hope, with its spiralling nationalism and warmongery - <strong><em>France just suffered the largest jump in joblessness in over 2 years to a new record high of 3.5898 million unemployed</em></strong>.</p> <p>&nbsp;</p> <p><a href=""><img src="" width="600" height="297" /></a></p> <p>&nbsp;</p> <p>But then again - what does it matter...</p> <p><a href=""><img src="" width="600" height="291" /></a></p> <p>&nbsp;</p> <p><em>Chart: Bloomberg</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="963" height="467" alt="" src="" /> </div> </div> </div> Bond France Nationalism recovery Thu, 26 Nov 2015 17:15:07 +0000 Tyler Durden 517106 at Overheard At The Trumpsgiving Day Parade <p><a href="">Republican strategist's </a>new "hope"...</p> <p>From this...</p> <p><a href=""><img src="" width="600" height="411" /></a></p> <p>&nbsp;</p> <p>To this...</p> <p><a href=""><img src="" width="603" height="429" /></a></p> <p><a href=""><em>Source:</em></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="603" height="429" alt="" src="" /> </div> </div> </div> Thu, 26 Nov 2015 17:00:00 +0000 Tyler Durden 517098 at Buy! And Hold? <p><a href=""><em>Via Dana Lyons&#39; Tumblr,</em></a></p> <p><em><strong>It would not be unprecedented for trendy issues like the F.A.N.G. stocks to continue on to much larger gains.</strong></em></p> <p>OK, full disclosure right off the bat: <em><strong>this post is not&nbsp;intended as a prediction, advice or even investment analysis whatsoever. It is simply a fun&nbsp;&ldquo;what-if&rdquo; illustration. </strong></em>As Bob #1 (or was it #2?) from the movie <em>Office Space</em> said&nbsp;&ldquo;<em>&hellip;believe me this is a hy-po-the-ti-cal&nbsp;</em>&ldquo; (although, if the pattern shown below plays out over the next 18 months, we reserve the right to claim it was a prediction!).</p> <p>Many of our posts over the past few months have harped on the narrowing breadth, weakening internals, etc. among stocks and the ultimate negative impact that trend is likely to have on the market. The other, positive, side of that coin, which we don&rsquo;t touch on as much concerns those stocks that <em>are</em> still performing well. What the dwindling leadership does is make those still-positive stocks that much easier to identify. Most obvious among those in that shrinking category are the 4 affectionately referred to as F.A.N.G., i.e., Facebook, Amazon, Netflix and Google (Alphabet).</p> <p><strong>The median U.S. stock (as measured by the Value Line Geometric Composite) hit its high for the year in May and is actually down nearly 7% as of this posting. </strong>Meanwhile, the S&amp;P 500, representing the leading style area of the market this year &ndash; large caps &ndash; is up about 1.5% on the year. Drilling down further, the segment carrying the load for the large cap gains is the Nasdaq 100, up over 10% in 2015. However, the entirety of the gains (more, in fact) in the 500-stock S&amp;P index and the 100-stock Nasdaq index can be attributed to just the 4 F.A.N.G. stocks. Consider their respective gains for the year thus far:</p> <ul> <li><em><strong>Facebook: +31%</strong></em></li> <li><strong><em>Amazon: +117%</em></strong></li> <li><strong><em>Netflix: +154%</em></strong></li> <li><strong><em>Google: +41%</em></strong></li> </ul> <p>While not reflected in the year-to-date averages, stocks have had a rocky go of it this year. <strong>Even the large-cap indexes experienced a serious scare in August-September. The F.A.N.G. stocks, however, have weathered the year relatively unscathed.</strong> The question is, can they continue to lead the major averages higher with fewer and fewer stocks assisting them? Perhaps making that task seemingly unlikely is the fact that, prior to this year, the 4 stocks had already experienced substantial gains in the past few years. Consider their gains since the middle of 2012, around the time they launched their current run:</p> <ul> <li><em><strong>Facebook: +401%</strong></em></li> <li><strong><em>Amazon: +186%</em></strong></li> <li><strong><em>Netflix: +1503%</em></strong></li> <li><strong><em>Google: +133%</em></strong></li> </ul> <p>If one had constructed an equally-weighted composite of the 4 stocks, it would be up roughly 500% since 2012. It would seem far-fetched that the F.A.N.G. run could continue much higher after such gains. It would not be unprecedented, however. In almost any market era, one can pin-point such &ldquo;trendy&rdquo; momentum stocks that go to bubbly heights. One only needs to hark back to the tech stock bubble days of the late 1990&prime;s to locate such a precedent.</p> <p><strong>There were many tech stocks that went parabolic in the late 1990&prime;s bull market blow-off.</strong> 4 that stand out as perhaps the poster-children for the period (outside of the goofy dotcom startups like are Cisco, Intel, Microsoft and Qualcomm. We put together a composite of those four stocks &ndash; lets call it C.I.M.Q. (I know, not as catchy) &ndash; starting in 1995, the beginning of what we determined to be the blow-off period. Through about three and a half years into the middle of 1998, we see a familiar story. The composite was up roughly 500%, in line with the current F.A.N.G. over the same amount of time.</p> <p><strong>So, did the C.I.M.Q. stocks stop there? Unless you are under, perhaps 30 years of age, you know they did not. </strong>After consolidating for about 3 months around that time (i.e., the middle of 1998), the stocks exploded even further. The C.I.M.Q. composite would go on to quadruple from its already lofty heights over the next year and a half, before popping in 2000. A similar move by the F.A.N.G. composite would hypothetically take it from its current level around 600 to around 3000.</p> <p>Here is the uncanny similarity between F.A.N.G. 2012-2015 and C.I.M.Q. from 1995-2000:</p> <p><img alt="image" height="357" src="" width="500" /></p> <p>&nbsp;</p> <p>And for those wondering if the similarity is simply due to the distortion of the latter C.I.M.Q. move on the linear scale, here is a log-scale chart. The similarity is perhaps even clearer here:</p> <p><img alt="image" height="345" src="" width="500" /></p> <p>&nbsp;</p> <p>Now, in case the opening disclosure was not clear, let us make a few points:</p> <ul> <li><em>This a NOT our prediction of the future path of F.A.N.G. stocks.</em></li> <li><em><em>We do not HAVE a prediction of the future path of F.A.N.G. stocks.</em></em></li> <li><em>From any random period, one can likely find 4 stocks whose collective path mirrors that of 4 current stocks.</em><em>&nbsp;</em></li> </ul> <p>Regarding that last point, however: in this case, we spent zero time or effort in curve-fitting the stocks or the time period with which to compare the present-day F.A.N.G. phenomenon. The blow-off Nasdaq market from 1995-2000 was the most obvious period for comparison and the 4 stocks, Cisco, Intel, Microsoft and Qualcomm were the first 4 to come to mind in symbolizing that period.</p> <p>We will add that we believe that period was in a different part of the market cycle than our present circumstances. That said, the similarities between the F.A.N.G. and C.I.M.Q. composites is unmistakable. And while the extent of the similarities is undoubtedly owed to simple coincidence, the <em>general</em> similarities should not be a shock.</p> <p>That brings us to our basic takeaways from this whole exercise: no matter what time period one is considering, <em><strong>there will always be a select group of stocks du jour that will trend inexplicably higher</strong></em>. Furthermore, <em><strong>such trends, as most do, can carry further and longer than investors may originally think likely or possible</strong></em>. So, while we have no idea what will happen, is it possible that the F.A.N.G. stocks increase another 400% from current levels. It is possible.</p> <p><span style="text-decoration: underline;"><strong>Lastly, seeing as though it is Thanksgiving, we recognize that the&nbsp;&ldquo;bears&rdquo; have to eat as well. Thus, we present the&nbsp;&ldquo;rest of the story&rdquo; regarding the C.I.M.Q. comparison:</strong></span></p> <p><img alt="image" height="357" src="" width="500" /></p> <p>&nbsp;</p> <p>Ring any bells?</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 428px;" /></a></p> <p>We are sure every FANG investor, however, will know exactly when to &#39;escape&#39; the Turkey farm this year.</p> <p><u><strong>Happy Thanksgiving, everyone!</strong></u></p> <p><em>*&nbsp; *&nbsp; *</em></p> <p><em><a href="" target="_blank">More</a> from Dana Lyons, JLFMI and My401kPro.</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="431" height="369" alt="" src="" /> </div> </div> </div> ETC Google NASDAQ Nasdaq 100 Turkey Value Line Thu, 26 Nov 2015 16:35:00 +0000 Tyler Durden 517094 at 800 Shotguns Headed To Belgium From Turkey Seized In Italy <p>Following the ISIS assault on Paris that left 130 dead prompting Francois Hollande to declare that France is “at war,” authorities quickly established a link to the infamous Brussels suburb of Molenbeek.&nbsp;</p> <p><img src="" width="600" height="289" style="max-width: 100%; height: auto; font-family: 'Lucida Grande', Verdana, sans-serif; font-size: 13.3333px; line-height: 17.3333px;" /></p> <p>The working class, immigrant neighborhood - which is separated from the historical district by a canal and is but a 20 minute subway ride from Brussels' European Quarter - has become synonymous with radicalization and terror. As we put it last week, “what Charlestown is to bank robbers, Molenbeek is to European jihadists.”&nbsp;</p> <p>"The assassination of the Afghan anti-Taliban commander Ahmed Shah Massoud, immediately before the Sept. 11 attacks in 2001; the train bombings in Madrid in 2004; and the killing of four people at the Brussels Jewish Museum in 2014; the foiled shooting on a high-speed train, the anti-terrorist raid in the eastern Belgian town of Verviers, the attack on a Paris kosher supermarket and, finally, the Nov. 13 attacks on the French capital — all had some connection to Molenbeek,” <a href="">The New York Times wrote</a> earlier this month.</p> <p>But it’s not just Molenbeek. In January, two operatives working under the direction of Paris mastermind Abdelhamid Abaaoud were killed when Belgian police raided a safehouse in Verviers.&nbsp;</p> <p><iframe src="" width="560" height="315" frameborder="0"></iframe></p> <p>In short, Belgium has apparently become a kind of hub for jihadists. Not wanting to let a good crisis go to waste, the entire country - and especially Brussels - has <a href="">been on high alert for nearly a week</a> now as authorities hunt for several suspects who are purportedly planning a “serious and imminent” terrorist attack.&nbsp;</p> <p>In what may be the latest evidence that there are indeed multiple active terror cells operating in the country (or in what may merely be evidence that some anonymous Belgian collector just really loves Winchesters), <strong>Italian police seized some 800 shotguns bound for Belgium today at the Port of Trieste.</strong></p> <p><img src="" width="600" height="409" /></p> <p>Here's the story from <a href="">La Stampa</a> (translated):</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em><strong>A load of about 800 shotguns, from Turkey to Germany, Holland and Belgium, has been discovered and seized by the Financial Police and the Customs at the Port of Trieste.</strong> The weapons of war were transported, without authorization, by a tractor-trailer driven by a Dutch citizen turkish. <strong>The cargo consisted of 781 shotguns model "Winchester SXP" from 12-51 cm, 66 shotguns "Winchester SXP" from 12-41 cm. 15 rifle and kicking. &nbsp;</strong><span style="font-size: 1em; line-height: 1.3em;">&nbsp;</span></em></p> <p>&nbsp;</p> <p><em>Tir had landed in Trieste on 23 November. The weapons were contained in hundreds of cardboard boxes, each of which containing a shotgun, all directed in Belgium. Given the peculiarities of the load, its origin and destination, the Financial Police and customs officials have declined to elaborate documentation. Although there were no irregularities of customs, it had not been requested permission to the authorities of public security for the transportation.&nbsp;</em></p> </blockquote> <p>And here's a look at the merchandise:&nbsp;</p> <p><img src="" width="600" height="346" /></p> <p>Finally, a bit more from <a href="">The Daily Star</a>:&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>The finance police, who are often in charge of port security, said that while customs rules had not been violated, the Turkish truck driver did not have the licences needed to transport the 781 Winchester SXP shotguns.</em></p> <p>&nbsp;</p> <p><em>Pump-action Winchester SXP rifles are made for hunting and are not considered assault weapons, but police said they had "substantially" increased their border inspections in the wake of the Nov. 13 Paris attacks and subsequent alert in Belgium.</em></p> <p>&nbsp;</p> <p><strong><em>"Given the delicate nature of the cargo, its origin and its destination, the documentation regarding the rifles was immediately examined," the statement said.</em></strong></p> </blockquote> <p>What should immediately jump out at you here is that these were being sent from Turkey to Belgium. While anyone who's followed Syria's protracted civil war knows that Ankara has long been suspected of aiding and abetting Islamic State (just ask the PKK, or Newsweek, or even ISIS themselves), Erdogan's role in financing the group was thrown into sharp relief this week after Vladimir Putin accused Turkey of facilitating the sale of illegal Islamic State crude (from which the group derives some half a billion dollars per year in revenue).&nbsp;</p> <p>We've documented the Turkey-ISIS connection on dozens of occasions this year, but notably we revisited the link on Tuesday courtesy of&nbsp;Nafeez Ahmed in "<a href="">NATO Is Harboring ISIS, And Here's The Evidence</a>" and then on Wednesday evening, we took our first peak down what is likely to be a very deep rabbit hole in "<a href="">Meet The Man Who Funds ISIS: Bilal Erdogan, The Son Of Turkey's President</a>."</p> <p>Given all of this, one is certainly left to wonder just where in Turkey these 800 pump action shotguns came from and, more importantly, who sent them to Belgium. While we're sure there were likely a string of intermediaries involved, we wouldn't be surprised to learn that ultimately, there's a connection to Ankara and from there, to ISIS.</p> <p>* &nbsp;* &nbsp;*</p> <p><em>Bonus:</em> for those of you wondering what kind of damage you can do with a Winchester SXP, here's an official video from the company's website called "<em>Everybody's Shootin</em>'" - just imagine the ducks are people.</p> <p><iframe src="" width="560" height="315" frameborder="0"></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="642" height="370" alt="" src="" /> </div> </div> </div> Belgium Crude France Germany Italy New York Times Turkey Vladimir Putin Thu, 26 Nov 2015 16:04:51 +0000 Tyler Durden 517103 at Yet More Rigging By Big Banks – This Time It’s Interest Rate Swaps <p><a href="">Yet More Rigging By Big Banks – This Time It’s Interest Rate Swaps</a></p> <p><strong>The abuse of power is staggering.</strong></p> <p><span style="font-size: 1em; line-height: 1.3em;">Time and time again over the last number of years the largest global banks have been found complicit in the manipulation of key rates, indices and markets. Now, a large and important pension fund has taken the largest of banks to task and filed a class action lawsuit alleging conspiracy to thwart competition and extract large fees and margins from the vast and critical interest rate swap market. The banks "have been able to extract billions of dollars in monopoly rents, year after year, from the class members in this case," the suit states.</span></p> <p><img src="" width="300" height="215" style="vertical-align: text-top;" /></p> <p>Interest rates swaps are used by companies and investors alike to manage interest rate risk. It is critical in smoothing returns and removing interest rate sensitivity. Providing an efficient trading market is lucrative, but when managers of that market collude to keep margins elevated at the cost of market participants, then we all suffer.</p> <p><span style="font-size: 1em; line-height: 1.3em;">The lawsuit goes on to state that banks had “jointly threatened, boycotted, coerced, and otherwise eliminated any entity or practice that had the potential to bring exchange trading to buyside investors.” This policy had one purpose, "to preserve an extraordinary profit centre,” the lawsuit said. It is alleged that the banks disguised their collusion by using code names for projects such as “Lily”, “Fusion,” and our favourite, “Valkyrie,” according to the suit.</span></p> <p><span style="font-size: 1em; line-height: 1.3em;">Typically, what will happen now, should the suit be successful, we will see a regulatory investigation by the authorities in the U.S. and Europe, with massive fee generation for all the professional classes concerned and associated with prosecuting, defending, and interpreting the situation.</span></p> <p><span style="font-size: 1em; line-height: 1.3em;">A big fine will be handed down and paid to the regulators, (note: not the victims), by the perpetrators. No executives will be found guilty, no liability made nor conceded. Shareholders of the banks will barely take notice and the public, who have been paying the price for this collusion, will get back to the task of not giving a damn. Sure, they would be happier watching box sets.</span></p> <p><span style="font-size: 1em; line-height: 1.3em;">They say people get the governments they deserve; well, they get the institutions and regulators they deserve, too. Apathy is the greatest destroyer of liberty. "Someone should do something," I hear you say, well, you are someone, so get mad.</span></p> <p><span style="font-size: 1em; line-height: 1.3em;">Read the story on the </span><a href="" style="font-size: 1em; line-height: 1.3em;"> blog</a></p> <p>&nbsp;</p> <p><strong>DAILY PRICES</strong></p> <p><span style="font-size: 1em; line-height: 1.3em;">Today’s Gold Prices: USD 1070.50, EUR 1009.41 and GBP 710.30 per ounce.<br /></span><span style="font-size: 1em; line-height: 1.3em;">Yesterday’s Gold Prices: USD 1072.20, EUR 1011.10 and GBP 711.23 per ounce.<br /></span><span style="font-size: 1em; line-height: 1.3em;">(LBMA AM)</span></p> <p><img src="" width="571" height="346" /></p> <p><em><strong>Gold in EUR - 1 Year</strong></em></p> <p>Gold lost $4.80 at the end of the day yesterday to close at $11.70.60. Silver gained $0.02 for the day to finish at $14.19. Platinum managed a gain, closing up $1.50 to $840.50.</p> <p style="line-height: 20.8px;"><strong style="line-height: 20.8px; font-size: 1em;">IMPORTANT NEWS</strong></p> <p style="line-height: 20.8px;"><span style="line-height: 20.8px; font-size: 1em;">Most U.S. Stocks Gain With Dollar on Strong Data as Oil Climbs – Bloomberg<br /></span><span style="line-height: 20.8px; font-size: 1em;">Gold ends lower as U.S. data maintains rate-hike expectations – MarketWatch<br /></span><span style="line-height: 20.8px; font-size: 1em;">Sell gold because of Draghi? That’s ridiculous – CNBC<br /></span><span style="line-height: 20.8px; font-size: 1em;">Gold inches down, as mixed data provides few clues on rate hike timing –<br /></span><span style="line-height: 20.8px; font-size: 1em;">The gold that’s as light as AIR: New foam could lead to revolution in jewellery – Mail Online</span></p> <p style="line-height: 20.8px;"><strong style="line-height: 20.8px; font-size: 1em;">IMPORTANT ANALYSIS</strong></p> <p style="line-height: 20.8px;"><span style="line-height: 20.8px; font-size: 1em;">Will Fresh QE From ECB Boost Gold? –<br /></span><span style="font-size: 1em; line-height: 20.8px;">‘Silk Road’ Countries’ Gold Reserves and Demand Accumulation Has Grown 450% Since 2008 – Jesse’s Café Américain<br /></span><span style="font-size: 1em; line-height: 20.8px;">The December Jobs Number May Really Be The “Most Important Ever” – ZeroHedge<br /></span><span style="font-size: 1em; line-height: 20.8px;">Death of paper gold &amp; Silver: The Data Proves It –<br /></span><span style="font-size: 1em; line-height: 20.8px;">One More Lower Low? –</span></p> <p style="line-height: 20.8px;"><span style="font-size: 1em; line-height: 20.8px;">Read&nbsp;<a href="">News &amp; Commentary</a>&nbsp;on</span></p> <p style="line-height: 20.8px;"><span style="font-size: 1em; line-height: 20.8px;"><br /></span></p> <p><strong>Must-read guides to international bullion storage:</strong></p> <p><span style="font-size: 1em; line-height: 1.3em;">Download <a href="">Essential Guide to Gold Storage in Switzerland</a></span></p> <p><a href=""><img src="" width="167" height="245" style="font-size: 1em; line-height: 1.3em;" /></a></p> <p><span style="font-size: 1em; line-height: 1.3em;">Download <a href="">Essential Guide to Gold Storage in Singapore</a></span></p> <p><a href=""><img src="" width="167" height="245" /></a></p> <p>&nbsp;</p> <p><span style="line-height: 20.8px; font-size: 1em;">Breaking&nbsp;</span><a href="" style="line-height: 20.8px; font-size: 1em;">News and Research Here</a><span style="font-size: 1em; line-height: 1.3em;">&nbsp;</span></p> <p><span style="font-size: 1em; line-height: 1.3em;">&nbsp;</span><span style="line-height: 1.3em; font-size: 1em;">Follow GoldCore on&nbsp;</span><a href="" style="line-height: 1.3em; font-size: 1em;">Twitter</a><span style="line-height: 1.3em; font-size: 1em;">,&nbsp;</span><a href="" style="line-height: 1.3em; font-size: 1em;">Facebook</a><span style="line-height: 1.3em; font-size: 1em;">,&nbsp;</span><a href="" style="line-height: 1.3em; font-size: 1em;">LinkedIn</a></p> Switzerland Twitter Twitter Thu, 26 Nov 2015 15:47:25 +0000 GoldCore 517100 at US Blames Afghanistan Hospital Massacre On "Malfunctioning Sensors," "Human Error" <p>Early last month, Green Berets battling to beat back a Taliban advance in Kunduz, Afghanistan, apparently decided that in order to rid an MSF hospital of some “insurgents” who were apparently hanging out inside, they needed to call in an AC-130 gunship. The aircraft made five passes on the way to engaging the building for an hour, eventually killing dozens as tends to happen when advanced air assault technology squares off against unarmed people lying on gurneys.</p> <p>Subsequent <a href="">reports would reveal</a> that the US fired on fleeing doctors and others who were running away from the building. Here are two short videos which should give you an idea of what kind of hell patients and staff must have gone through on October 3:</p> <p><iframe src="" width="560" height="315" frameborder="0"></iframe></p> <p><iframe src="" width="635" height="500" frameborder="0" scrolling="no"></iframe></p> <p>There were competing accounts as to what led to the incident, but at least initially, the military claimed US SpecOps were taking fire from the hospital. </p> <p>On Wednesday, the US walked back that story. Speaking at a news conference, U.S. Army Gen. John Campbell said the crew of the AC-130 mistook the hospital for a government compound that the Taliban was allegedly using as a prison.&nbsp;"This tragedy was the direct result of avoidable human error," Campbell said.&nbsp;</p> <p>But it wasn't just "human error," Washington is also blaming - get this - "malfunctioning sensors."&nbsp;</p> <p>AP, who've been all over this story pretty much from the beginning, has <a href="">obtained a summary</a> of one of several investigations into the incident. "Witnesses differed in their versions of how and why the strike was authorized," the report says. It also indicates that the SpecOps commander who called in the strike "had been given the coordinates of the hospital two days before <strong>but said he didn't recall seeing them</strong>."</p> <p>AP continues: "<strong>Investigators found that the aircrew continued the attack despite observing no hostile activity from the hospital</strong>, operated by the international group Doctors Without Borders. It found no evidence that armed Taliban were operating from there."</p> <p>According to Campbell, the AC-130 crew's "targeting sensors malfunctioned" and so, they did what anyone would do in that situation, they decided to eyeball it. Back to AP:&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>Gen. John Campbell, the top U.S. commander in Afghanistan, said the airstrike was supposed to have been directed at a nearby facility being used as a Taliban command center but the warplane fired at the wrong building.</em></p> <p>&nbsp;</p> <p><strong><em>After the plane's targeting sensors malfunctioned, he said, the crew relied on a physical description to home in on the target.</em></strong></p> </blockquote> <p>As absurd as that most certainly is, it's made even more ridiculous when you consider that "no Americans on the ground were in position to see the hospital." Of course even if they were, this isn't some modern metropolis we're talking about here where the buildings are easily distinguishable by their unique architecture. As you can see from the folllowing images and Google map of Kunduz, it would be easy to make a mistake if one were going by "a physical description of the building":</p> <p><img src="" width="500" height="326" /></p> <p><img src="" width="500" height="277" /></p> <p><a href=""><img src="" width="500" height="292" /></a></p> <p>AP goes on to detail the report's account of the incident: "The AC-130 was sent on short notice after a report of 'troops in contact' [and] as a result, the aircrew did not get a pre-flight briefing and was not given a list of protected facilities on a 'no strike' list that should have included the hospital."&nbsp;</p> <p>The story then goes full-computer-glitch-retard:&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>During the flight, Campbell said, <strong>the aircraft's electronic systems malfunctioned, preventing it from transmitting video or sending or receiving email.</strong> That meant the Air Force controller on the ground was hampered in aiding the targeting.</em></p> <p>&nbsp;</p> <p><em>The AC-130 crew was given the coordinates for an Afghan intelligence building about 450 yards from the hospital, where Afghan forces were said to be in danger. <strong>But because the plane had moved to avoid a missile, its targeting sensors were off, and they pointed the crew to an open field.</strong></em></p> <p>&nbsp;</p> <p><em><strong>The crew then relied on a physical description relayed by the commander to find what it thought was the right target.</strong></em></p> </blockquote> <p>So, let's see if we can sort that out. The AC-130 was called in but was unable to get good on-the-ground intelligence because their e-mail was down (so we suppose that means that under normal circumstances, soldiers e-mail planes with instructions). Next, the plane dodged a "missile", which threw its targeting sensors off and so according to The Pentagon, this AC-130 was flying blind with faulty targeting sensors into a warzone. Next, the crew did its best to remember what the ground forces (and now the US says it was actually Afghan troops that called in the strike) said about the building's physical appearance on the way to finding "what they thought was the right target."&nbsp;</p> <p>But it gets worse:&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong><em>When its computer eventually found the correct coordinates, Campbell said, the crew ignored them because it was "fixated on the physical description of the facility."</em></strong></p> </blockquote> <p>So basically: "to hell with what the computer says, that nondescript building is a terrorist hideout if we've ever seen one."</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong><em>Immediately before firing, the aircrew relayed the coordinates of the hospital, to its headquarters, where officers knew it to be on the no-strike list, Campbell said. But nobody realized the mistake in time.</em></strong></p> </blockquote> <p>Does that mean the logistics team didn't even bother to check the coordinates agains the no-strike list? It certainly appears so. And finally:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em><strong>The plane fired 211 shells over 29 minutes before commanders understood the mistake</strong>, according to the military report. <strong>Doctors Without Borders contacted coalition military personnel during the attack to say its facility was "being 'bombed' from the air."</strong></em></p> <p>&nbsp;</p> <p><em>It took <strong>17 minutes</strong> for special forces commanders to order a halt. By then the attack was over.</em></p> </blockquote> <p>All in all, just another day in America's highly successful war on Islamic extremists and dangerous militants.&nbsp;It's worth noting that if Russia had "accidentally" done this in Syria, the Western media would have made it a front page spectacle and the outcry from the US and its allies would have been loud and long.</p> <p>One can only hope that going forward, US aircrews will think twice before relying solely on "physical descriptions" of targets before vaporizing nearly three dozen people. We close with a quote from Doctor's Without Borders:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>"The frightening catalog of errors outlined today illustrates gross negligence on the part of U.S. forces and violations of the rules of war."</em></p> <p>&nbsp;</p> </blockquote> Afghanistan Google Thu, 26 Nov 2015 15:15:43 +0000 Tyler Durden 517097 at The Real Non-PC Reason We Celebrate Thanksgiving <p><a href=""><em>Submitted by Judy Thommesen via The Mises Institute,</em></a><em>&nbsp;</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>[Every year at Thanksgiving-time I resurrect a column written by a fellow teacher, Kent Dillon, about the real reason we celebrate this holiday.<strong> It is a story no longer told in the textbooks because it is thoroughly unPC, and undermines the idea that government is the solver of all problems. </strong>We were teachers, as well as part of the crew, at The Flint School, a private, academic boarding school aboard two large sailing ships, and we used the world as a campus. Kent wrote this for the students&rsquo; parents 45 years ago, so they would know what their children were learning and experiencing.</em></p> <p>&nbsp;</p> <p><em>Thanksgiving Day was a special day aboard the ships and we actively celebrated it as the birth of private property and the demise of collectivism. Our celebration wasn&rsquo;t one of sleeping in or playing games with each other. We celebrated by working a specific task until completed, and then, when tired and hungry, we sat down to a huge feast of fresh cooked turkey, dressing, pumpkin pie, and shared camaraderie.</em></p> <p>&nbsp;</p> <p><em>Even now in 2015, I can tell you that those Thanksgiving Day dinners of turkey, pies, and all the trimmings, after a day of meaningful labor, are still the tastiest I have ever eaten. </em>]</p> </blockquote> <div class="body-content"> <h4><span style="text-decoration: underline;">Thanksgiving Celebrated as the Birthday of Free Enterprise</span></h4> <p><em>By Kent Dillon</em></p> <p><strong>The celebration of Thanksgiving is a celebration of plenty and appreciation of the abundance that has characterized the free enterprise, individualistic, capitalistic systems of the US. </strong>This why America grew into the most productive, highest standard of living area in the world. The Pilgrims had arrived in what is now Provincetown, Mass., on November 11, 1620, but it was late in December before they finally settled in Plymouth. In the words of Gov. Bradford,</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>that which was most sad and lamentable was, that in 2 or 3 months time half of their company died, especially in January and February, being the depth of winter, and wanting houses and other comforts; being infected with the scurvy and other diseases, so as there died sometimes 2 or 3 of a day, in the aforesaid time; that of 100 and odd persons, scarce 50 remained.</p> </blockquote> <p>They spent their first winter building houses so that they could move off the <em>Mayflower</em> and by March all settlers had left the ship.</p> <p>Scurvy and fever had taken their toll, as by then 15 of 18 wives had died as well as 19 of 29 hired men and servants and half of the 30 sailors. When the <em>Mayflower</em> departed she left 23 children and 27 adults behind, but not one Pilgrim returned to England.</p> <p>The Pilgrims had placed all their food and provisions in what they called the &ldquo;common store&rdquo; which was set up on the socialist principle of &ldquo;From each according to his ability, to each according to his need.&rdquo;</p> <p>As spring came they began to farm and by October took in their first harvest which went to the common store. It was a time to be thankful for their very survival. They had spent 67 days on the Atlantic with 132 people aboard a ship that was 128 ft. long, and survived to establish themselves and reap a harvest.</p> <p>In November of 1621 the ship <em>Fortune</em> arrived with more than 30 new settlers, mostly young men. They apparently brought &ldquo;not so much as a bisket-cake&rdquo; with them, thus providing another drain on the common store for the coming winter. The future looked bleak as food supplies ran out and the &ldquo;planned socialist&rdquo; community began to starve again. The common store was practiced for a second year. The harvest was poor in spite of the added manpower and the colonists starved in the ensuing winter dramatically demonstrating once again that collective ownership in a socialist economy was unworkable and could not keep them alive.</p> <p>Richard Grant in <em>The Incredible Bread Machine</em> writes,</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p class="indent1">The experience of the first Plymouth colony provides eloquent testimony to the unworkability of collective ownership of property. In his history of the Plymouth colony Governor Bradford described how the Pilgrims farmed the land in common, with the produce going into a common storehouse. For two years the Pilgrims faithfully practiced communal ownership of the means of production. And for two years nearly starved to death, rationed at times to &ldquo;but a quarter of a pound of bread a day to each person.&rdquo; Governor Bradford wrote that &ldquo;famine must still ensue the next year also if not some way prevented.&rdquo; He described how the colonists finally decided to introduce the institution of private property:</p> <p class="indent1">&nbsp;</p> <p>&ldquo;[The colonists] began to think how they might raise as much corn as they could, and obtain a better crop than they had done, that they might not still thus languish in misery. [In 1623] after much debate of things, the Gov. (with the advice of the chiefest amongst them) gave way that they should set down every man for his own &hellip; and to trust themselves ... so assigned to every family a parcel of land. This had very good success; for it made all hands very industrious, so as much more corn was planted than otherwise would have been by any means the Gov. or any other could use, &hellip; and gave far better content. The women now went willingly into the field, and took their little-ones with them to set corn, which before would allege weakness, and inability; whom to have compelled would have been thought great tyranny and oppression.&rdquo;</p> <p>&nbsp;</p> <p class="indent1">Reflecting on the experience of the previous two years, Bradford goes on to describe the folly of communal ownership:</p> <p class="indent1">&nbsp;</p> <p class="indent1">&ldquo;The experience that was had in this common course and condition, tried sundry years, and that amongst godly and sober men, may well evince the vanity of that conceit of Platos and other ancients, applauded by some of later times; &mdash; that the taking away of property, and bringing in community into a common wealth would make them happy and flourishing; as if they were wiser than God. For this community (so far as it was) was found to breed much confusion and discontent, and retard much employment that would have been to their benefit and comfort. For the young-men that were most able and fit for labor and service did repine that they should spend their time and strength to work for other men&rsquo;s wives and children, without any recompense. The strong, or man of parts, had no more in division of victuals and cloths, than he that was weak and not able to do a quarter the other could; this was thought injustice&hellip;&rdquo;</p> <p class="indent1">&nbsp;</p> <p class="indent1">The Colonists learned about &ldquo;the wave of the future&rdquo; the hard way. However, once having discovered the principle of private property, the results were dramatic. Bradford continues:</p> <p class="indent1">&nbsp;</p> <p class="indent1">&ldquo;By this time harvest was come, and instead of famine, now God gave them plenty, and the face of things was changed, to the rejoicing of the hearts of many, for which they blessed God. And in the effect of their particular [private] planting was well seen, for all had, one way and other, pretty well to bring the year about, and some of the abler sort and more industrious had to spare, and sell to others.&rdquo;</p> </blockquote> <p>The Jamestown colony in Virginia had similar experiences as they started under the same rules:</p> <ol> <li>&nbsp;They were to own nothing.</li> <li>&nbsp;They were to receive only as much food and clothing as they needed.</li> <li>&nbsp;Everything that the men secured from trade or produced from the land had to go into the common storehouse.</li> </ol> <p>Of the 104 men that started the Jamestown colony in 1607 only 38 survived the first year and even those had to be marched to the fields &ldquo;to the beat of a drum&rdquo; simply to grow food to keep them alive in the next year. Captain John Smith writes after the common store concept was abandoned:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>When our people were fed out of the common store, and labored jointly together, glad was he could slip from his labor, or slumber over his task he cared not how, nay, the most honest among them would hardly take so much true pains in a week, as now for themselves they will do in a day. &hellip; We reaped not so much corn from the labors of thirty, as now three or four do provide for themselves.</p> </blockquote> <p><strong>The Thanksgiving we celebrate is for the success of the Pilgrims after establishing property rights and free enterprise as that event laid the foundation for the growth of America.</strong></p> <p>Were our Pilgrim and Jamestown colony forefathers to wake up from the dead and look at the graduated taxation (from each according to his ability) and welfare programs (to each according to his need) we have today they might offer us a lesson in history by simply quoting Goethe, &ldquo;Those who do not learn from the lessons of history are doomed to relive them.&rdquo;</p> <p><strong>No longer do the textbooks mention the effects of the common store and the continued starvation until the system of free enterprise and private property was established.</strong> Don&rsquo;t you wonder why the idea of the Great American Experiment is a forgotten concept? And why the writings of de Tocqueville are a &ldquo;forgotten analysis&rdquo; in today&rsquo;s education? As Americana moves into the &ldquo;planned socialist economy,&rdquo; those who have moved our country in that direction have made sure that the early lessons of the &ldquo;police state&rdquo; force needed to maintain Jamestown&rsquo;s social plan (Captain John Smith&rsquo;s guns) and of the starvation and death that resulted from the lack of motivation inspired by the &ldquo;common storehouse&rdquo; have been eliminated from our children&rsquo;s instruction.</p> <p>Thanksgiving isn&rsquo;t just a break from work, a time to stuff ourselves with turkey, dressing, and pumpkin pie, <strong>it is a time to remember the <em>true</em> significance of the holiday, and pass on the lessons from our forefathers to our children who won&rsquo;t learn these lessons in school, and thus must learn them elsewhere.</strong></p> </div> <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="259" height="214" alt="" src="" /> </div> </div> </div> Mises Institute Testimony Turkey Thu, 26 Nov 2015 14:30:00 +0000 Tyler Durden 517093 at