http://www.zerohedge.com/fullrss2.xml/article/article/%3Ca%20href%3D en Richmond Fed Disappoints: Employee Head Count Crashes To 7-Year Lows http://www.zerohedge.com/news/2016-09-27/richmond-fed-disappoints-employee-head-count-crashes-7-year-lows <p>It would appear the people who The Conference Board were asking about their 'confidence' were not from the Richmond fed region. A 3rd massive contraction in the last 4 months was not the worst of it as the <strong>"number of employees" subindex crashed to -13 - its lowest since June 2009.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_rich1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_rich1_0.jpg" width="600" height="315" /></a></p> <p>&nbsp;</p> <p>And while that looks ugly, this chart 'takes the biscuit'...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_rich2.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_rich2_0.jpg" width="600" height="314" /></a></p> <p>&nbsp;</p> <p>But then again - it's probably nothing.</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="962" height="503" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_rich2.jpg?1474986036" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/richmond-fed-disappoints-employee-head-count-crashes-7-year-lows#comments Conference Board Richmond Fed Tue, 27 Sep 2016 14:22:15 +0000 Tyler Durden 573394 at http://www.zerohedge.com Consumer Confidence Is The Highest In 9 Years (& The Lowest Since 2015) http://www.zerohedge.com/news/2016-09-27/consumer-confidence-highest-9-years-lowest-2015 <p>Just days after Bloomberg&#39;s Consumer Comfort index plunged to its lowest since 2015, The Conference Board reports a spike in Consumer Confidence to 104.1 - the highest since Sept 2007 (right before the market topped out).</p> <p>You decide...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_conf.jpg"><img height="318" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_conf_0.jpg" width="600" /></a></p> <p><span dir="ltr">Consumers&#39; assessment of current conditions improved in September.<strong>&nbsp;Those stating business conditions are &quot;good&quot; decreased from 30.3 percent to 27.4 percent. However, those saying business conditions are &quot;bad&quot; declined from 18.2 percent to 16.2 percent. </strong>Consumers&#39; appraisal of the labor market was more positive than last month.<strong>&nbsp;Those stating jobs were &quot;plentiful&quot; increased from 26.8 percent to 27.9 percent, while those claiming jobs are &quot;hard to get&quot; declined from 22.8 percent to 21.6 percent. </strong></span></p> <p><span dir="ltr"><strong>Consumers&#39; optimism regarding the short-term outlook was more favorable in September. </strong>The percentage of consumers expecting business conditions to improve over the next six months decreased from 17.6 percent to 16.5 percent. However, those expecting business conditions to worsen also declined from 11.4 percent to 10.2 percent.</span></p> <p title="September 27, 2016 at 7:03:17 AM UTC-7"><span dir="ltr" id=":9v.co">Lynn Franco, Director of Economic Indicators at The Conference Board. </span></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p title="September 27, 2016 at 7:03:17 AM UTC-7"><strong><span dir="ltr" id=":9v.co">&quot;Consumer confidence increased in September for a second consecutive month and is now at its highest level since the recession,&quot;</span></strong></p> <p title="September 27, 2016 at 7:03:17 AM UTC-7">&nbsp;</p> <p title="September 27, 2016 at 7:03:17 AM UTC-7"><span dir="ltr"><strong>&quot;Consumers&#39; assessment of present-day conditions improved, primarily the result of a more positive view of the labor market.&nbsp;</strong>Looking ahead, consumers are more upbeat about the short-term employment outlook, but somewhat neutral about business conditions and income prospects. Overall, consumers continue to rate current conditions favorably and foresee moderate economic expansion in the months ahead.&quot; &nbsp;</span></p> </blockquote> <p><u><strong>Consumers plans to buy Cars, Homes, and Major Appliances all dropped... and forward income expectations tumbled.</strong></u></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="959" height="509" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_conf.jpg?1474985490" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/consumer-confidence-highest-9-years-lowest-2015#comments Conference Board Consumer Confidence Recession Tue, 27 Sep 2016 14:11:40 +0000 Tyler Durden 573392 at http://www.zerohedge.com US Services PMI Bounces But Employment Hits 33-Month Lows http://www.zerohedge.com/news/2016-09-27/us-servciesd-pmi-bounces-employment-hits-33-month-lows <p>US Services PMI bounced in September (flash) to 51.9 - the highest since April, but a <strong>weaker expansion of new business</strong> had a negative impact on employment growth in September.<strong> Staffing levels continued to rise, but the latest increase was only slight and the slowest since March 2013.</strong> The rate of job creation has now eased in two consecutive months.</p> <p>Not great for GDP hope, because as Markit pointed out, &quot;the overall rate of economic growth remains subdued. Add these service sector results to the manufacturing data and the PMI surveys <strong>suggest that the economy is growing at an annualised rate of only around 1% again in the third quarter.&quot;</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_PMI.jpg"><img height="421" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_PMI_0.jpg" width="600" /></a></p> <p>... and also not great for jobs:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;The slowdown in hiring means the survey results are consistent with a 120,000 rise in non-farm payrolls in September&quot;</strong></p> </blockquote> <p><a href="https://www.markiteconomics.com/Survey/PressRelease.mvc/739228c1a7d54f85bdf4b329b87ddf39">Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;The service sector sent mixed signals in September, with faster growth of activity during the month offset by gloomy forward-looking indicators. Although business activity showed the largest monthly rise since April,<span style="text-decoration: underline;"><strong> inflows of new business slowed and employment growth was the weakest for three-and-a-half years. </strong></span>A drop in optimism about the year ahead to a near post-crisis low meanwhile cast a shadow over the outlook.</p> <p>&ldquo;What&rsquo;s more, even with the latest uptick in activity, <strong>the overall rate of economic growth remains subdued. </strong>Add these service sector results to the manufacturing data and the PMI surveys suggest that the economy is <strong>growing at an annualised rate of only around 1% again in the third quarter.</strong></p> <p><strong>&ldquo;The slowdown in hiring means the survey results are consistent with a 120,000 rise in non-farm payrolls in September, which is a solid rate of expansion but somewhat disappointing compared to the gains seen earlier in the year.</strong></p> <p>&ldquo;The slowdown in hiring is perhaps a natural symptom of the economy reaching full employment, but companies also reported a reduced appetite to hire and job losses due to weaker inflows of new business and worries about the outlook.&rdquo;</p> </blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="668" height="469" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_PMI.jpg?1474984946" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/us-servciesd-pmi-bounces-employment-hits-33-month-lows#comments Markit Tue, 27 Sep 2016 14:03:25 +0000 Tyler Durden 573391 at http://www.zerohedge.com Deutsche Bank Contagion: Nord LB, Lufthansa, Korean Air Pull Bond Deals http://www.zerohedge.com/news/2016-09-27/deutsche-bank-contagion-nord-lb-lufthansa-korean-air-pull-bond-deals <p>As noted earlier, the post-debate market relief rally has given way to concerns over banking woes, with stocks turning lower in Europe as focus returns to Deutsche Bank and Italy’s constitutional referendum, now scheduled for December 4. More troubling is the overnight news that two German issuers - Nord LB and Lufthansa&nbsp; - followed quickly by Korean Air Lines, have pulled their bond deals prompting commentators to suggest that 'uncertainty on the credit front appears to be weighing" on some and may be raising concerns about the German economy.</p> <p>As IFR reported overnight, concerns around potential contagion from the German banking sector forced Norddeutsche Landesbank to shelve a 7 year senior unserued bond on Tuesday "after the issuer struggled to find enough demand to cover the seven-year trade." The German lender, rated Baa1/NR/A-, started marketing the benchmark trade on Monday at 90bp area over mid-swaps via leads BNP Paribas, DZ Bank, NordLB, Santander (B&amp;D) and UniCredit. However, Nord LB's ambitions were cut short as renewed concerns around Deutsche Bank's capital position swirled around the market, sending spreads wider. </p> <p>"It didn't get the response that you would want. There is too much noise around the German banking sector," a lead manager said. Deutsche Bank's bonds shot wider despite the bank insisting it can weather a potential U$14Bn fine without raising extra capital and that it had not sought a government bailout. A 750m 4.5% 2026 Tier 2 bond has widened 24bp since Monday's open to swaps plus 509bp.</p> <p>But Deutsche Bank is not the only culprit. The German Landesbank sector, of which NordLB is a part, has also come under intense scrutiny this year given the damaging scale of its shipping loan exposures. Reuters reported earlier this month that the German state-controlled lender had agreed to take full control of its loss-making Bremer Landesbank unit, which is suffering from a weak shipping market that is chipping away at its capital.</p> <p>Moody's downgraded NordLB earlier this month following that announcement after both entities reported losses in the first half. NordLB's senior rating was lowered to Baa1 (negative) from A3. It is A- (stable) by Fitch. NordLB's 750m January 2021s, issued in January at swaps plus 77bp on books of just under 800m, were bid around 41bp on September 6 but are now around 67bp, according to Tradeweb prices.</p> <p>And while fundamentals have largely not mattered in recent months as investors felt backstopped by central banks, such concerns returns with a vengeance on Monday.</p> <p>NordLB is the second deal to be pulled this week in the European bond market. Lufthansa mothballed a proposed €500MM no-grow seven-year on Monday after refusing to compromise on pricing, stating that pricing was not "achievable in the current market."</p> <p>In a statement released on Tuesday NordLB thanked investors for their interest in the transaction, but said it had "decided not to proceed with the transaction at this point. The company is looking forward to re-engaging with investors again in the future." </p> <p>And then, most recently, completing the trifecta of pulled deals was Korean Air Lines which pulled a US-denominated 30NC3 deal. The carrier decided not to proceed with transaction in current market and will "review future issuance windows", according to Bloomberg.</p> <p>The trend of pulled deals is, needless to say, disturbing since that has been the primary pathway the central banks have focused on in recent months: from the ECB's March announcement of corporate bond buying, to the BOE following suit over the summer. With the bulk of proceeds from new debt issuance continuing to fund stock dividends and buyback, should the "contagion" spread to more issuers, it is probable that equities will be the first asset class to suffer should the bond issuance window indeed slam shut. </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="507" height="270" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/nord%20lb.jpg?1474982244" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/deutsche-bank-contagion-nord-lb-lufthansa-korean-air-pull-bond-deals#comments B+ BOE Bond Central Banks Deutsche Bank Fitch New Debt Issuance Reuters Tue, 27 Sep 2016 13:55:01 +0000 Tyler Durden 573386 at http://www.zerohedge.com Trump Won? His Attacks on the Fed and Politics Need to Go Even Deeper http://www.zerohedge.com/news/2016-09-27/trump-won-his-attacks-fed-and-politics-need-go-even-deeper <div id="article_main" class="article_text" style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px; color: #303030;"> <blockquote style="box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; border-left: 5px solid #eeeeee;"> <p style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;"><em><span style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px;">Via <strong><a href="http://www.thedailybell.com">The Daily Bell</a></strong></span></em></p> <p style="box-sizing: border-box; line-height: 24px; padding-bottom: 8px;"><span style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px;">Fed on ropes as Yellen seeks to fend off Trump blows … Populist attacks from all sides make central bank vulnerable to calls to rein it in, say analysts. – Financial Times</span></p> </blockquote> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The Financial Times continues to provide a blow-by-blow description of Trump’s attacks on central banking.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Trump is hurting the Fed, and well he should.&nbsp;Things will likely get a lot worse before they get better.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Janet Yellen picked a bad time to accept the job. And worse, she has not been able to raise rates, meaning that sooner or later a tsunami of easy money will flood the West and the world. It will be an era, as we’ve pointed out, resembling the 1970s, but on steroids.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Nobody said to her, “Ms. Yellen, the people you are counting on to protect the Fed intend to tear it down,” but that is what’s happening.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Unfortunately, you don’t build world government by plebiscite. It’s not put to a vote.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Banking elites have one way to create real global governance and that is via continued destruction of the current system.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Only when mere shards are left will desperate and dying people agree that the system that has created their plight ought to be expanded, deepened and further globalized.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Destruction precedes further globalization. This is the way.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">After World War One, the League of Nations was created. When that didn’t work, another war took place and the globalization deepened. After World War Two, the International Monetary Fund, the World Bank and the UN all were born. The foundation for true globalization was created.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Lord knows what will appear after the next war. But the planning is obviously evolving. That’s one reason the Anglosphere continues to attack Russia verbally and militarily. War will be had, it seems, one way or another.</p> <blockquote style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 17.5px; box-sizing: border-box; padding: 10px 20px; margin: 0px 0px 20px; border-left: 5px solid #eeeeee;"><p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">More:</p> <p style="box-sizing: border-box; margin-bottom: 10px; font-size: 16px; line-height: 24px; padding-bottom: 8px;">The rise of populists such as Mr Trump has come at a time when trust in institutions and experts has been ebbing among some sections of the public. This will only make life more difficult for technocratic and somewhat mysterious institutions such as the Fed.</p> <p style="box-sizing: border-box; font-size: 16px; line-height: 24px; padding-bottom: 8px;">“The Fed recognised after the crisis it needed to go out and explain itself to a broader audience,” Mr Kohn says. “The populace now seems to be more divided and polarised, and the recovery has been slower than many wanted. Maybe these efforts need to be redoubled.”</p> </blockquote> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Notice how the Financial Times returns to the theme of “populism.” We have analyzed the meme of “populism versus globalism” in past articles, most recently yesterday,&nbsp;<a href="http://www.thedailybell.com/news-analysis/embattled-globalists-and-dont-intend-to-lose/" style="box-sizing: border-box; background: 0px 0px; color: #0c5b3c;">here</a>.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Donald Trump is playing the role of populist in this election and thus one could see the&nbsp;election as a kind of structured event. Hillary is the wise globalist and Trump is the populist.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">In England, the populists won recently via Brexit and one can make an argument that this elite meme is now subject to directed history. In other words, the elite plan is for populism to gain ground in the near future – before disintegrating and ushering in further globalism waiting in the proverbial wings.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">If so&nbsp;– despite our suspicion that Hillary has already won the election – Trump may actually have a good chance of winning. The larger question becomes whether his victory, if it takes place, will make a difference.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">In his first debate, Trump made a number of good points about the dysfunction of politics and Hillary’s part in sustaining business-as-usual. This is why those who maintain that Hillary won by seeming “presidential” are missing the point. This election is all about people’s desire to move beyond politics as usual.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The attacks against central banking are&nbsp;part of the process. It seems natural enough, of course, but it’s not. It’s what we call “directed history.”</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Is Donald Trump part of a&nbsp;larger plan? Hard to say. Certainly, a&nbsp;criticism could be made of Trump that he is still not radical enough. To be truly effective he needs to move beyond solutions provided by 21st century government and create new solutions via private markets and entrepreneurialism. &nbsp;Call this the “Ron Paul” approach.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Trump’s criticism, as verbalized in last night’s debate, certainly extended&nbsp;far beyond the Fed, even though they should go still farther. Such&nbsp;criticisms are surely supported one way or another by tens of millions of Americans who have seen their living standards decline and their futures dissolve into doubt.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">People really do want change, significant change, not just cosmetic adjustments.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The trouble is that the mass of the US electorate is not “conspiratorial” and thus has trouble with a valid analysis of what is taking place. Trump has avoided being “conspiratorial” as well. In fact, many of his solutions involve “law and order” and use of the current government paradigm despite his vehement objections to business as usual.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">It’s hard at this point to verbalize a true criticism of the West’s plight without presenting what might be seen as a fairly radical perspective. Point out to most individuals that their entire society – its educational, monetary, military and industrial elements – have been formulated to fail and they won’t believe you, though its true.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">As Ludwig von Mises pointed out, even a little socialism is deadly to society and Western societies are slathered with socialism. Schools, banks, corporations – every part of society is filled with government interference in the private sector.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Unfortunately government solutions are significantly leavened by force. Force cannot generate anything other than a price fix, by forcing people to perform certain tasks against their will. Price fixes always distort markets&nbsp;and create manipulated and dysfunctional solutions.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Price fixes simply don’t work, in other words. And laws are price fixes. (Think of how many price fixes are contained in the Fed’s $3 trillion annual budget, a virtual tidal wave of economic dysfunction.).</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">None of this is mere happenstance. Powerful forces have turned a republic into a government driven entity and&nbsp;it is most questionable as to whether there is a way back.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Donald Trump is arguing that America can become “great” again, but even some of Trump’s prescriptions involve leveraging government to create increasingly evanescent prosperity.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">Nonetheless, it would seem that Trump would make a better president than Hillary Clinton because Hillary is the ultimate expression of elite plans for the West. Wealth is to be drained in increasingly massive quantities by war, monetary debasement and industrial dysfunction. All of this is taking place.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">The real problem is that even if Trump wins, the larger currents of Western society are seemingly locked into place and will continue to create catastrophe.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;">This is why we regularly argue that people need to take their destiny into their own hands. Socioeconomic and political decisions are going to be generated out of a system that is already dysfunctional and have little possibility of working, even with &nbsp;someone like Trump driving them.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;"><span style="box-sizing: border-box; font-weight: bold;">Conclusion:</span>&nbsp;Seek out places where you have access to a regular food supply and potable water. Buy and hold precious metals – near you if possible. Self-employ as feasible even if it means a lower income. The more independent you become, the less dependent you will be on the dysfunctional vagaries of the society around you.</p> <p style="font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; font-size: 16px; box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; line-height: 24px; padding-bottom: 8px;"><em>See more at The Daily Bell: <strong><a href="http://www.thedailybell.com/news-analysis/incredible-mainstream-avoidance-of-hillary-debate-collapse/">Incredible Mainstream Avoidance of Hillary Debate Collapse&nbsp;</a></strong></em></p> </div> http://www.zerohedge.com/news/2016-09-27/trump-won-his-attacks-fed-and-politics-need-go-even-deeper#comments Donald Trump Fail International Monetary Fund Janet Yellen Kohn Ludwig von Mises None Precious Metals recovery World Bank Tue, 27 Sep 2016 13:50:09 +0000 TDB 573390 at http://www.zerohedge.com Dennis Gartman Is "Only Very Slightly Net Long" http://www.zerohedge.com/news/2016-09-27/dennis-gartman-only-very-slightly-net-long <p>Last Friday morning, just before the market was about to take a 2-day swoon, <a href="http://www.zerohedge.com/news/2016-09-23/gartman-we-are-now-course-net-long-equities">we reported that in Dennis Gartman's latest letter</a>, the "world renowned commodity guru" had just turned bullish: "We have had derivatives in place to hedge that position, but we’ve been reducing that derivatives position all week long and we are now of course net long of equities on balance."</p> <p>Remaining the ultimate contrarian indicator du jour, we were curious if after taking his latest beating, he would flip-flop once again and turn bearish. The answer, as it turns out, is no.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>US stock index futures are up quite sharply as we write as the market is now more convinced than ever that Ms. Clinton will win the election following last evening’s debate between she and Mr. Trump. As we have explained here previously, the stock market here in the States is able to convince itself that her left-of-center rhetoric of recent days and weeks is nothing more than campaign rhetoric; that when she becomes the President she will turn away from these recently embraced leftist philosophies and will return to her roots better anchored on Wall Street… or at least that is the hope this morning as the S&amp;P futures are trading 12-15 points higher.</p> <p>&nbsp;</p> <p>The capital markets can deal with almost any sort of news as long as it has hard, fixed news with which to deal. Mr. Trump was and is the “wild card” of the two candidates, with equity investors uncertain what his protectionist policies would bring to the domestic and the world economy, <strong>but fearful that a fully-fledged protectionist Administration under Mr. Trump would devolve into a severe global recession, if not a possible global depression. </strong>The talk of late has been properly of Smooth-Hawley, the 30’s and global economic weakness should Mr. Trump prevail in November, and certainly too that has been our fear. The non-victory “victory” by Ms. Clinton last evening has put aside those fears, at least for the moment, and has given way to stronger equity prices as we write. This may be ephemeral, but for now it seems as if the equity market has breathed a sigh of relief, hoping that freer rather than less trade is the future. </p> <p>&nbsp;</p> <p>Let us be quite clear here; we are not supporters of Ms. Clinton and we shall not be voting for her; but that said, <strong>the markets feel less burdened by her economics than they would be burdened by Mr. Trump’s protectionism… the far lesser of two evils in our opinion. </strong></p> <p>&nbsp;</p> <p>We have not done much in the way of changing our retirement portfolio here at TGL. We remain long of aluminium… which gapped higher three trading sessions ago after a period of sustained weakness… while we are materially hedged with derivatives and with gold sufficient in size to bring our <strong>net market exposure to something&nbsp; only very slightly net long</strong>.</p> </blockquote> <p>And now we know. What we don't know is if Gartman has been stopped out of his recent bond short yet. </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="530" height="298" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gartman%20confused%204_3.jpg?1474983665" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/dennis-gartman-only-very-slightly-net-long#comments Bond Capital Markets Dennis Gartman fixed Recession Tue, 27 Sep 2016 13:41:21 +0000 Tyler Durden 573389 at http://www.zerohedge.com The Debate Results - Who Won? Who Lost? Who Was The Mystery Third Debater? http://www.zerohedge.com/news/2016-09-27/debate-results-who-won-who-lost-who-was-mystery-third-debater <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <h1><a href="https://www.sprottmoney.com/blog/the-debate-results-who-won-who-lost-who-was-the-mystery-third-debater-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>The Debate Results - Who Won? Who Lost? Who Was The Mystery Third Debater?</strong></em></span></a></h1> <div class="mp-blog-head fix-me"><a href="https://www.sprottmoney.com/blog/the-debate-results-who-won-who-lost-who-was-the-mystery-third-debater-nathan-mcdonald.html"><span style="text-decoration: underline;"><em><strong><span style="color: #3366ff;">Written by Nathan McDonald</span></strong></em></span><span style="text-decoration: underline;"><em><strong><span style="color: #3366ff;">&nbsp;</span></strong></em></span></a></div> <div class="mp-blog-head fix-me"><span style="text-decoration: underline;"><em><strong><span style="color: #3366ff;"><br /></span></strong></em></span></div> <div class="mp-blog-head fix-me"><span style="text-decoration: underline;"><em><strong><span style="color: #3366ff;"><a href="https://www.sprottmoney.com/blog/the-debate-results-who-won-who-lost-who-was-the-mystery-third-debater-nathan-mcdonald.html"><img src="http://www.zerohedge.com/sites/default/files/images/user196978/imageroot/2016/09/27/shutterstock_460949500_710.jpg" width="710" height="389" /></a><br /></span></strong></em></span></div> <p>&nbsp;</p> <p>&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">Well! That was a fight for the history books. The first round of battles between the two presidential candidates has come and gone and now it's time for the pundits, including myself, to throw in their two cents and analyze what in the world just happened. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">First off, it was evident that right from the beginning, Donald Trump was much more confident, much more in control, and much more of a demanding presence than Hillary Clinton, who, at times, looked very uncomfortable and on the verge of seething rage as Mr Trump steamrolled her in the first half of the debate. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">This demeanour changed in the second half, which will be declared a victory by Hillary Clinton. She hit her stride and appeared much more in control - this was visible and obvious. But what enabled her to regain her confidence? Was it her, or was it the fact that Lester Holt, the supposedly "unbiased" moderator, came to her rescue? </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">As I've written about numerous times in the past on this blog, the mainstream media is completely and utterly for Hillary Clinton. There was intense pressure on Lester Holt to "fact-check" Donald Trump every opportunity that he got, while giving Hillary Clinton a pass on her numerous lies that she uttered. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">This is exactly what happened. This "moderator", or as many are calling him, "<a href="http://heatst.com/politics/lester-holt-the-third-debater/">the third debater</a>", was anything but unbiased. It was clear that he came in with an agenda, whether his own or set forth for him, to attack Donald Trump and rescue Hillary Clinton in her time of need. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">Holt continuously threw "hardball" questions towards Donald Trump, such as ones about his tax returns, the birther issue, and his support of the Iraq War. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">Meanwhile, he asked Hillary Clinton NO, I repeat, NO real questions that the American public wants and deserves to hear, such as her part in the Benghazi debacle, that resulted in the death of innocent lives under her watch. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">He asked no questions, and this one is mind boggling, about her 30,000-plus missing emails that she had deleted while Secretary of Defense. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">He asked her no questions about the lies her campaign has been telling about her failing health and he asked her nothing about the corruption that has surrounded the Clinton Foundation. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">It would be one thing if these topics weren't major news and were just speculation. The fact is, they are NOT and they HAVE been major news topics, even on the highly corrupt MSM. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">Despite the fact that this was a 2-on-1 debate, Donald Trump still held his ground, did not falter, and appeared very presidential, choosing not to attack Hillary on her husband's countless rape charges and settlements of sexual harassment, proving he can be tempered and "the bigger person" in the room. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">For this reason, I award the victory to Donald Trump, and I'm not alone in this belief. Countless polls have been posted on all major news websites, including ABC, the Times, CNBC, the Drudge Report, and many others. Almost <a href="http://truthfeed.com/15-trump-vs-hillary-online-debate-winner-polls-where-you-can-vote-right-now/25998/">unanimously ALL of these polls</a>, which have votes totaling in the millions, see Donald Trump as the victor. The only poll that doesn't have Donald winning is CNN, aka the "Clinton News Network". No surprise there. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">With that, we are left waiting until the next debates, which are just around the corner, and in which I believe we will see the media forced into being more impartial and fair, unless they truly wish to destroy the little bit of credibility they have remaining. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">This event was a farce. It was a sham, but despite all odds, liberty and freedom will win the day, as it has done so for countless centuries and throughout the ages. </p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p style="margin: 0in; margin-bottom: .0001pt;">&nbsp;</p> <p>All that is required is for us, the people, to remain vigilant and strong in our convictions. The truth will set you free. </p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <h1 style="box-sizing: border-box; margin-top: 0px; margin-bottom: 0.25em; font-variant-numeric: inherit; font-weight: normal; font-stretch: inherit; font-size: 24px; line-height: 1.15; font-family: Roboto, sans-serif; max-width: 90%;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;">Please email with any questions about this article or precious metals</span></em><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.15; font-family: inherit;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;">&nbsp;</span><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: 20.3333px; line-height: 17.3333px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; text-decoration: underline;"><a href="mailto:bgreen@sprottmoney.com?subject=From%20Zero%20Hedge: Mystery Third Debater Article" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #222222;">HERE</a></span></strong></em></h1> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <h1><a href="https://www.sprottmoney.com/blog/the-debate-results-who-won-who-lost-who-was-the-mystery-third-debater-nathan-mcdonald.html"><span style="text-decoration: underline; color: #3366ff;"><em><strong>The Debate Results - Who Won? Who Lost? Who Was The Mystery Third Debater?</strong></em></span></a></h1> <p><a href="https://www.sprottmoney.com/blog/the-debate-results-who-won-who-lost-who-was-the-mystery-third-debater-nathan-mcdonald.html"><span style="text-decoration: underline;"><em><strong><span style="color: #3366ff;">Written by Nathan McDonald</span></strong></em></span></a></p> http://www.zerohedge.com/news/2016-09-27/debate-results-who-won-who-lost-who-was-mystery-third-debater#comments Corruption Donald Trump Iraq Precious Metals Tue, 27 Sep 2016 13:39:09 +0000 Sprott Money 573388 at http://www.zerohedge.com US Elections: Neither Free Nor Fair http://www.zerohedge.com/news/2016-09-27/us-elections-neither-free-nor-fair <p><em><a href="http://www.strategic-culture.org/news/2016/09/27/us-elections-neither-free-nor-fair.html">Submitted by Alex Gorka via Strategic-Culture.org,</a></em></p> <p><strong>Media across the world are literally transfixed by the spectacle of US elections.</strong> The Donald Trump-Hillary Clinton, Republicans vs. Democrats battle is captivating enough to distract public attention from other issues.</p> <p><strong>Democracy promotion has been a centerpiece of US foreign policy for over half a century</strong> since the days when President Woodrow Wilson crafted a new foreign policy that involved active democracy promotion. The implementation of the &laquo;beacon on the hill&raquo; concept presupposes that the United States would act as a model of excellence for others to follow is analogous to contemporary soft-power democracy promotion efforts. <strong>Lecturing on democracy is a distinctive feature of American foreign policy</strong>. Does the US really provide an influential role model for how elections should run in other countries? Is America really a shining example of real democracy?&nbsp;&laquo;Forbear to judge, for we are sinners all&raquo;.</p> <p><u><strong>Domestic and international experts rate the US elections as the worst among all Western democracies.</strong></u> According to&nbsp;<a href="http://www.electoralintegrityproject.com/" target="_blank">Electoral Integrity Project</a>, Denmark, Finland, Norway and Sweden are at the top of the ranking, while the US scores 62.</p> <p>The report gathers assessments from over 2,000 experts to evaluate the perceived integrity of all 180 national parliamentary and presidential contests held between July 1, 2012, and Dec.&nbsp;31, 2015, in 139 countries. The 2014 US congressional elections rank even worse, 65th out of 180 worldwide.</p> <p>In May, the Office for Democratic Institutions and Human Rights issued the&nbsp;<a href="http://www.osce.org/odihr/elections/usa/246351?download=true" target="_blank">OSCE / ODIHR Needs Assessment Mission (NAM) Report</a>&nbsp;to assess the pre-election environment and the preparations for the US election on November 8.</p> <p><strong>It notes that in America election observation is regulated by state law, which does not explicitly provide for international observers at odds with the 1990 OSCE&nbsp;<a href="http://www.osce.org/odihr/elections/14304?download=true" target="_blank">Copenhagen Document</a>.</strong></p> <p>The paper says some 4.1 million citizens that are residents of US territories are not eligible and some 600,000 citizens that are residents of the District of Columbia can vote in presidential elections but do not have full representation in Congress. Some 5.8 million prisoners and ex-prisoners continue to be disenfranchised due to prohibitive and disproportionate legal regulations or burdensome procedures for reinstating voting rights in a number of states, particularly affecting minorities.</p> <p>Women are generally underrepresented in public office, holding some 20 per cent of seats in the outgoing Congress and some 25 per cent of seats in the state legislatures. Some OSCE/ODIHR NAM interlocutors noted concerns about negative stereotyping of women. They are also concerned over an increase in inflammatory speech targeting minorities.</p> <p>The OSCE report also notes that there are no limits on campaign spending: no aggregate limit on how much an individual may contribute. Spending by independent groups can be exempt from disclosure requirements. Boundaries of the districts to elect representatives are redrawn in line with partisan interests which may result in uncompetitive races.</p> <p>The paper adds to numerous publications devoted to irregularities of the US voting system. Indeed, there has a been a range of vulnerabilities in the conduct of American elections made public in recent years, recently, especially since the notoriously flawed ballot design in Florida in 2000.</p> <p><u><strong>There is a widespread suspicion of the role of money in politics. </strong></u>Regardless of their political affiliation, Americans&nbsp;<a href="http://www.nytimes.com/interactive/2015/06/02/us/politics/money-in-politics-poll.html" target="_blank">agree</a>&nbsp;that money has too much influence on the outcome of the vote, the wealthy have more influence on elections, and candidates who win office promote policies that help their donors.</p> <p>The people think the country&rsquo;s campaign finance system needs significant changes. Americans do not think donating money to political candidates is a form of free speech.</p> <p><strong>Electoral laws are unfair to smaller parties like the Green Party, favor the governing party, or restrict voter&rsquo;s rights.</strong></p> <p><strong><em>Gerrymandering of district boundaries to favor incumbents, waiting in line in excess of many hours, inaccurate state and local voter registers, insufficiently trained local poll workers, and the breakdown of voting machines are just a few example in the list of noticeable shortfalls. In 2014 serious problems with electronic voting&nbsp;<a href="https://www.washingtonpost.com/local/virginians-deciding-senate-congressional-races/2014/11/4/33164a92-63f9-11e4-ab86-46e1d35_story.html" target="_blank">were reported</a>. The polling machines recorded a vote for the Democratic candidate when the screen was touched to cast a vote for the Republican.</em></strong></p> <p>In Texas the statewide voter registration system crashed, forcing many to complete provisional ballots when poll workers were unable to confirm voter eligibility.</p> <p>The 2016 race is disappointing enough. There was&nbsp;<a href="http://www.charlotteobserver.com/news/politics-government/article66634122.html" target="_blank">reported confusion</a>&nbsp;about new photo ID requirements and long lines.</p> <p><strong><u>The system of superdelegates is evidently undemocratic.</u></strong> For instance, this year Democratic superdelegates, who aren&rsquo;t beholden to vote for a candidate according to the popular choice, could potentially&nbsp;<a href="http://theantimedia.org/superdelegates-literally-created-prevent-candidate-like-bernie-sanders/" target="_blank">sway the nomination</a>. It caused discontent among rank and file party members who would prefer another candidate instead of Hillary Clinton. G.O.P. candidate Donald Trump&nbsp;<a href="http://www.nytimes.com/interactive/2016/04/24/us/elections/trump-gop-delegate-system-rigged.html?_r=0" target="_blank">called</a>&nbsp;the delegate system &laquo;rigged&raquo;.</p> <p><strong>Noam Chomsky, a famous American scholar and the author of Failed States,&nbsp;<a href="http://www.democracynow.org/2006/3/31/exclusive_noam_chomsky_on_failed_states">believes</a>&nbsp;there is an enormous gap between public opinion and policy in the United States.</strong></p> <p>In the book What We Say Goes: Conversations on US Power in a Changing World he sets an example. In 2005, the Program on International Policy Attitudes did an extensive&nbsp;<a href="http://www.theleftcoaster.com/archives/003853.php" target="_blank">poll</a>&nbsp;on what people thought the budget ought to be.</p> <p>It turned out to be the inverse of the actual budget: where federal funding was going up, an overwhelming majority wanted it to go down. The public opposed increases in military spending overall and supplemental spending for Iraq and Afghanistan, which is going up even more now. Where the budget was going down&mdash;social expenditures, health, renewable energy, veterans&rsquo; benefits, the United Nations-right across the board, the public wanted spending to increase. US media kept this fact out of public eye.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&laquo;&hellip;when Americans with different income levels differ in their policy preferences, actual policy outcomes strongly reflect the preferences of the most affluent but bear virtually no relationship to the preferences of poor or middle-income Americans. The vast discrepancy I find in government responsiveness to citizens with different incomes stands in stark contrast to the ideal of political equality that Americans hold dear. Although perfect political equality is an unrealistic goal, representational biases of this magnitude call into question the very democratic character of our society&raquo;,&nbsp;<a href="http://poq.oxfordjournals.org/content/69/5/778.full.pdf" target="_blank">says</a>&nbsp;Martin Gilens, the professor of politics at Princeton University and the author the author of&nbsp;Affluence &amp; Influence: Economic Inequality and Political Power in America.</p> <p>&nbsp;</p> <p><strong>&laquo;Now it&rsquo;s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president. And the same thing applies to governors, and US senators and congress members&raquo;,</strong>&nbsp;<a href="http://countercurrentnews.com/2016/06/2016-year-americans-found-elections-rigged/" target="_blank">concludes</a>&nbsp;former US president Jimmy Carter.</p> </blockquote> <p><u><strong>The US officials often recklessly accuse other countries of election tempering. </strong></u>There is a reason to believe they do it to obfuscate the real story of fraud and irregularities in their own electoral process. No doubt, America would do a better job of promoting democracy in other countries by setting an example to follow but it&rsquo;s voting system is broken and needs to be fixed. <strong>Today the United States is definitely not in the position to lecture and teach others. It has a long way to go if it wants to become a real democracy.</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="538" height="363" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_vote.jpg?1474980998" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/us-elections-neither-free-nor-fair#comments Afghanistan Copenhagen Donald Trump Finland fixed Florida Iraq Nomination Norway Tue, 27 Sep 2016 13:22:38 +0000 Tyler Durden 573387 at http://www.zerohedge.com US Home Price Growth Slowest In A Year http://www.zerohedge.com/news/2016-09-27/us-home-price-growth-slowest-year <p>US home prices grew at a disappointing 5.02% YoY in July (missing expectations of 5.10% and the <strong><em>lowest since Aug 2015</em></strong>). All 20 cities in the index showed year-over-year gains, but<strong> six cities showed seasonally adjusted price declines in July compared with the prior month, </strong>also including New York, Atlanta and Detroit.</p> <p>Growth is slowing as we saw in sales data this month...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_CS1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_CS1_0.jpg" width="600" height="317" /></a></p> <p>&nbsp;</p> <p> <strong>Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last six months. </strong>In July, Portland led the way with a 12.4% year-over-year price increase, followed by Seattle at 11.2%, and Denver with a 9.4% increase. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.</p> <p><span>David Blitzer</span><span>, chairman of the S&amp;P index committee, said in a statement:</span></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em><strong>“Both the housing sector and the economy continue to expand,”&nbsp;</strong></em><span> </span></p> <p>&nbsp;</p> <p><span>While some cities are seeing rapid price gains, <strong><em>“there is no reason to fear that another massive collapse is around the corner” because mortgage debt is rising at a relatively slow pace.</em></strong></span></p> </blockquote> <p>So that's nice then - nothing to worry about at all.</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="962" height="509" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_CS1.jpg?1474981734" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/us-home-price-growth-slowest-year#comments Detroit Tue, 27 Sep 2016 13:08:57 +0000 Tyler Durden 573385 at http://www.zerohedge.com Crude Crashes As Iran Says "No Deal" After Saudi Offer http://www.zerohedge.com/news/2016-09-27/crude-crashes-iran-says-no-deal-after-saudi-offer <p>And sure enough, as we noted yesterday, the Saudi "cut" offer that juiced crude yesterday was nothing but a strawman to enable them to pinpoint blame on Iran for the failure of talks. Unwilling to freeze its output - even based on the 'offer' of Saudi cuts - Iran's Bijan Zanganeh exclaimed<em><strong> "it’s not our agenda to reach agreement in these two days,"</strong></em> blowing a hole in the hope train for crude's recovery.</p> <p><a href="http://www.bloomberg.com/news/articles/2016-09-27/iran-doesn-t-want-an-oil-deal-in-algiers-won-t-freeze-output">As Bloomberg reports</a>,<strong> Iran is not willing to freeze its oil output at current levels and doesn’t intend to forge an agreement with other major crude producers at talks in Algiers this week, the nation’s oil minister said.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday. OPEC’s third-largest producer -- with daily output of 3.6 million barrels last month -- will talk to other members at the International Energy Forum in the Algerian capital and it’s possible the group could reach a formal supply deal at its November meeting in Vienna, he said.</p> <p>&nbsp;</p> <p><strong>“It’s not our agenda to reach agreement in these two days,” Zanganeh said. “We are here for the IEF and to have a consultative informal meeting in OPEC to exchange views. Not more.”</strong></p> <p>&nbsp;</p> <p>OPEC’s decision to hold informal talks this week has fanned speculation that it might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free-fall. Ministers from member countries arriving in Algiers have downplayed the prospect of a deal.<strong> Iran rejected Saudi Arabia’s offer last week to cut its own production if Iran capped output at current levels.</strong></p> </blockquote> <p>And the result is clear - yesterday's gains gone...</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160927_oil1_0.jpg" width="600" height="353" /></p> <p>And then there is the amazing world of the Saudis...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The oil market is trending in the right direction, with inventories shrinking as supply and demand have converged, Saudi Minister of Energy and Industry Khalid Al-Falih told reporters Tuesday. <strong>The Saudi economy is doing very well, he said.</strong></p> </blockquote> <p>Umm... what?!</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="1740" height="1024" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160927_oil1.jpg?1474980179" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-27/crude-crashes-iran-says-no-deal-after-saudi-offer#comments Crude Iran OPEC recovery Tue, 27 Sep 2016 13:04:37 +0000 Tyler Durden 573384 at http://www.zerohedge.com