http://www.zerohedge.com/fullrss2.xml/wp-content/plugins/ubillboard/koreanbuyingspreeboostsbrentprice en Cutting Through The Crap: The Ultimate Clinton-Trump Policy Cheatsheet http://www.zerohedge.com/news/2016-08-24/cutting-through-crap-ultimate-clinton-trump-policy-cheatsheet <p>Amid the sound and fury of the presidential campaigns, one thing that is crucially <strong>un</strong>important appears to be policies... but in case you need to actually understand the actual differences between &#39;the crook&#39; and &#39;hitler&#39; actually are, HSBC has provided a <strong>handy cheatsheet...</strong></p> <p>A list of things to utterly ignore when casting your vote...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_policies1.jpg"><img height="569" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_policies1_0.jpg" width="600" /></a></p> <p><em>Source: HSBC</em></p> <p>But of course - what really matters is who the candidates are perceived to be by the mainstream media&#39;s constant propaganda.</p> <p><a href="http://www.theonion.com/infographic/why-dont-people-hillary-clinton-53577">Here is The Onion to explain: </a><span style="text-decoration: underline;"><strong><a href="http://www.theonion.com/infographic/why-dont-people-hillary-clinton-53577">Why People Don&#39;t Like Hillary Clinton?</a></strong></span></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Although she&rsquo;s secured the Democratic presidential nomination, many voters across all demographics are still hesitant to vote for Hillary Clinton.</strong> The Onion breaks down the reasons Clinton is having a hard time luring reluctant voters.</p> <p>&nbsp;</p> <p><strong>Iraq War</strong></p> <p>Alarge number of voters are unable to forgive Clinton&rsquo;s support for the invasion of Iraq, even though she&rsquo;s explained over and over again that 2003 was a long time ago</p> <p>&nbsp;</p> <p><strong>Ties To Big Banks</strong></p> <p>Many perceive Clinton as having a cozy relationship with the financial sector, a criticism she&rsquo;s spent millions in untraceable donations trying to fight against</p> <p>&nbsp;</p> <p><strong>Policy-Driven Campaigning</strong></p> <p>Dry, wonkish speeches irritate the public by reminding them there are a wide variety of issues they should be paying attention to</p> <p>&nbsp;</p> <p><strong>Looks</strong></p> <p>Clinton&rsquo;s image is dogged by the unrealistic aesthetic standard set by her 43 predecessors</p> <p>&nbsp;</p> <p><strong>Trustworthiness</strong></p> <p>Voters prefer a candidate whose backpedaling and flip-flopping on issues seems less calculated and strategic</p> <p>&nbsp;</p> <p><strong>Garrison Keillor</strong></p> <p>Still holding a grudge about losing that 1997 Spoken Word Grammy</p> <p>&nbsp;</p> <p><strong>Personal History</strong></p> <p>Clinton would be the first U.S. president who has had sex with a U.S. president, and that&rsquo;s weird</p> <p>&nbsp;</p> <p><strong>Oratory Skill</strong></p> <p>Suffers from unfortunate speech impediment of sounding like a capable, self-possessed woman</p> <p>&nbsp;</p> <p><strong>Statistics</strong></p> <p>Studies have shown that it is at least 35 percent more fun to dislike Clinton than it is to support her</p> <p>&nbsp;</p> <p><strong>Sincerely Wants To Be President</strong></p> <p>Always a red flag</p> </blockquote> <p><a href="http://www.theonion.com/article/diehard-trump-voters-confirm-rest-nation-should-st-53585">And he is The Onion to explain why <u><strong>The Rest Of Nation Should Stop Wasting Time Trying To Reach Diehard Trump Voters</strong></u></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Saying it should be very clear by now that absolutely nothing can change their position on the matter, steadfast supporters of Republican presidential nominee Donald Trump told the rest of the nation Wednesday that it really shouldn&rsquo;t bother trying to persuade them not to vote for him.</strong></p> <p>&nbsp;</p> <p>The announcement, which was issued by millions of the candidate&rsquo;s staunchest proponents across the country, emphasized that if widespread condemnations of Trump&rsquo;s temperament, denouncements of his racially charged rhetoric, and technical critiques of his sweeping immigration plan were going to sway their opinion, it would have happened already.</p> <p>&nbsp;</p> <p><strong>&ldquo;You can keep writing editorials, running ads, and arguing with us at the dinner table or online, but honestly, at this point, it won&rsquo;t make a bit of difference,&rdquo;</strong> said diehard Trump supporter Bryan Gallagher, 66, who remarked that it had been &ldquo;a complete waste of time&rdquo; when 50 top GOP foreign policy experts published an open letter earlier this month suggesting a Trump presidency would gravely endanger national security, noting that he and everyone else who currently backs Trump is &ldquo;in it for the long haul.&rdquo; &ldquo;You really have no chance of winning us over. You could bring out every living four-star general and have them list all the ways Trump would harm our country&rsquo;s well-being, and we still wouldn&rsquo;t budge.&rdquo;</p> <p>&nbsp;</p> <p><strong>&ldquo;Do you really think you&rsquo;re going to come up with some new criticism of his policies or his preparedness that will finally make us reconsider our votes?&rdquo; Gallagher continued. &ldquo;Please, you should all just save yourself the effort.&rdquo;</strong></p> <p>&nbsp;</p> <p>The loyal Trump supporters said their message was directed at everyone who has actively sought to convince them that voting for the real estate mogul is against their own interests, a group that includes current and former members of Congress, members of past Republican administrations, America&rsquo;s NATO allies, human rights advocates, the pope, and many veterans, as well as their own families, friends, and coworkers. The candidate&rsquo;s backers added that, considering how they have already gone along with everything he has said and done in the 2016 election cycle, those trying to communicate Trump&rsquo;s shortcomings to them should &ldquo;quit wasting their breath.&rdquo;</p> <p>&nbsp;</p> <p>According to members of the pro-Trump constituency, the group has grown especially exasperated when asked by others to consider the possibility of supporting a different candidate based on his or her actual political views and track record. Supporters of the billionaire tycoon were quick to point out that they were given their choice of many different candidates over a period of numerous months, and they, of their own volition, actively opted to support Trump.</p> <p>&nbsp;</p> <p>They added that the evidence that has been presented to them showing that, in fact, other candidates&rsquo; stances on the issues more closely align with their own, that many of the claims made over and over again by the New York businessman are demonstrably false, and that his financial dealings reveal he doesn&rsquo;t in any way practice what he preaches, is of no consequence to them whatsoever and never will be.</p> <p>&nbsp;</p> <p><strong>&ldquo;Look, I&rsquo;ve backed Trump since the day he announced his candidacy, I put up a Trump sign in my yard back in January, and I regularly repeat the phrase that we need to &lsquo;make America great again&rsquo;&mdash;do you honestly believe a long, serious discussion of policy is going to make me any less excited about him?&rdquo; </strong>said 58-year-old voter Vivian Hewitt of Derry, NH. &ldquo;You can put together whatever platform you think will best address the concerns of people like me, but I&rsquo;m telling you, it&rsquo;s not going to work. It hasn&rsquo;t worked for the past year, and it won&rsquo;t work between now and November.&rdquo;</p> <p>&nbsp;</p> <p>&ldquo;So give it a rest, okay?&rdquo; she added.</p> <p>&nbsp;</p> <p>Hewitt and her fellow Trump supporters went on to state that any further arguments made against their preferred candidate from here on out would simply cause them to dig their heels in even deeper.</p> <p>&nbsp;</p> <p><strong>&ldquo;Here&rsquo;s the thing: It&rsquo;s not like I just stood by him each time he&rsquo;s made one of those controversial statements that caused all the naysayers to condemn his campaign; I actually retweeted the very comments that sent everyone into a frenzy in the first place&mdash;so there&rsquo;s really no use in even trying to get through to me on this stuff,&rdquo; </strong>said 33-year-old Greg Lockwood, an Indianapolis resident who voted for the first time in this year&rsquo;s primaries. &ldquo;To be honest, the only time I&rsquo;ve really considered changing my mind about Trump was when he called for simply defunding Planned Parenthood instead of advocating a constitutional amendment banning abortion, because I didn&rsquo;t think his views were extreme enough. See? That&rsquo;s the kind of thinking that your arguments and thinkpieces are up against. They don&rsquo;t stand a chance.&rdquo;</p> <p>&nbsp;</p> <p>Added Lockwood: <u><em><strong>&ldquo;The bottom line is that, no matter what you do, on Election Day we&rsquo;re walking into that booth and we&rsquo;re voting for him. Simple as that.&rdquo;</strong></em></u></p> <p>&nbsp;</p> <p>When asked to comment on their candidate&rsquo;s broad appeal among white supremacists, the diehard group of voters quickly cut off reporters with a loud chorus of &ldquo;Trump! Trump! Trump!&rdquo;</p> </blockquote> <p>See, fair-and-balanced.</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="564" height="393" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_policies2.jpg?1472061154" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/cutting-through-crap-ultimate-clinton-trump-policy-cheatsheet#comments CRAP Demographics Donald Trump Iraq national security Nomination Real estate The Onion Thu, 25 Aug 2016 09:00:00 +0000 Tyler Durden 570501 at http://www.zerohedge.com Dakota Access Pipeline Tensions Grow Increasingly Hostile As Officials Cut Off Water Supply, Arrest Dozens http://www.zerohedge.com/news/2016-08-24/dakota-access-pipeline <p dir="ltr" lang="en">An ongoing protest by Native American members of the Standing Rock tribe, <strong>intended to halt the construction of the Dakota Access Pipeline</strong>, got a little celebrity &quot;love&quot; today in Washington D.C. as Bernie supporter, Susan Sarandon, and friends decided to swing by to show their support.&nbsp; In July, the environmental group <strong>Earthjustice filed a lawsuit </strong>(included in its entirety at the end of this post)<strong> on behalf of the Standing Rock tribe, seeking an injunction against the U.S. Army Corps of Engineers, which authorized the pipeline&#39;s construction</strong>.&nbsp; Judge James E. Boarsberg heard arguments in the case today but did not offer a ruling instead saying he would issue his opinion by September 9th with an appeal hearing set for September 14th.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">.<a href="https://twitter.com/shailenewoodley">@ShaileneWoodley</a> <a href="https://twitter.com/RileyKeough">@RileyKeough</a> <a href="https://twitter.com/SusanSarandon">@SusanSarandon</a> <a href="https://twitter.com/joshfoxfilm">@JoshFoxFilm</a> in Washington DC to protest the <a href="https://twitter.com/hashtag/DakotaAccessPipeline?src=hash">#DakotaAccessPipeline</a> <a href="https://t.co/oa02wW9M04">pic.twitter.com/oa02wW9M04</a></p> <p>&mdash; Shailene Woodley (@PlanetShailene) <a href="https://twitter.com/PlanetShailene/status/768514594008596485">August 24, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p dir="ltr" lang="en">&nbsp;</p> <p dir="ltr" lang="en">For those that haven&#39;t followed the situation, the <strong>Dakota Access Pipeline is an 1,100 mile, 30-inch diameter pipeline intended to connect oil producers in the Bakken area of North Dakota to refining capacity and other transportation infrastructure in Patoka, Illinois.</strong>&nbsp; The pipeline will initially carry 470,000 barrels of oil per day with capacity as high as 570,000 barrels (roughly 50% of daily Bakken production).&nbsp; The pipeline is expected to cost $3.8 billion and was expected to be completed by the end of 2016 until recent protests halted construction. &nbsp; &nbsp;&nbsp;</p> <p><img alt="Dakota Pipeline" height="495" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/Dakota%20Pipeline%20Map_0.JPG" width="600" /></p> <p>&nbsp;</p> <p>Although the<strong> pipeline primarily runs along private land</strong>, <strong>federal approval was required for crossings at various bodies of water</strong>, like the Missouri River.&nbsp; The lawsuit, filed on behalf of the Standing Rock tribe, alleges that the U.S. Army Corps of Engineers failed to conduct the proper &quot;cultural&quot; reviews before approving construction.&nbsp; The complaint further alleges that running the pipeline upstream of tribal land threatens the water supply of the tribe.&nbsp; According to <a href="https://www.rt.com/usa/357052-dakota-pipeline-protest-celebrities/">RT</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The tribes&#39; lawsuit filed last month in federal court in Washington <strong>challenges the U.S. Army Corps of Engineers&#39; decision to grant permits at more than 200 water crossings in four states for the pipeline</strong>. The tribe argues the <strong>pipeline that would be placed less than a mile upstream of the reservation could impact drinking water for the more than 8,000 tribal members </strong>and the millions who rely on it further downstream. The lawsuit, <strong>filed on behalf of the tribe by environmental group Earthjustice</strong>, said the project violates several federal laws, including the National Historic Preservation Act. The tribe worries the project will disturb ancient sacred sites outside of the 2.3-million acre reservation.</p> </blockquote> <p>Meanwhile, per the <a href="http://www.nytimes.com/2016/08/24/us/occupying-the-prairie-tensions-rise-as-tribes-move-to-block-a-pipeline.html">New York Times</a>, the<strong> Army Corps of Engineers rejected claims made by the Standing Rock tribe </strong>saying it consulted extensively with tribes, including the Standing Rock Sioux, and that <strong>the tribe failed to describe specific cultural sites that would be damaged by the pipeline.&nbsp;&nbsp;</strong></p> <p>The battle culminated today in a hearing at the U.S. District Court in Washington D.C. with well organized protests drawing some celebrity attention.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Stop the <a href="https://twitter.com/hashtag/DakotaAccessPipeline?src=hash">#DakotaAccessPipeline</a></p> <p>Join <a href="https://twitter.com/joshfoxfilm">@joshfoxfilm</a> <a href="https://twitter.com/shailenewoodley">@shailenewoodley</a> <a href="https://twitter.com/LeeCamp">@LeeCamp</a> <a href="https://twitter.com/SusanSarandon">@SusanSarandon</a> <a href="https://twitter.com/janekleeb">@janekleeb</a> in DC today! <a href="https://t.co/2TUi8Kobqd">pic.twitter.com/2TUi8Kobqd</a></p> <p>&mdash; LET GO AND LOVE DOC (@LETGOANDLOVEdoc) <a href="https://twitter.com/LETGOANDLOVEdoc/status/768466692049543168">August 24, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p dir="ltr" lang="en">&nbsp;</p> <p dir="ltr" lang="en">Protesting <a href="https://twitter.com/hashtag/DakotaAccessPipeline?src=hash">#DakotaAccessPipeline</a>. The Native American way <a href="https://twitter.com/hashtag/NODAPL?src=hash">#NODAPL</a> <a href="https://twitter.com/hashtag/standingrock?src=hash">#standingrock</a> <a href="https://t.co/edEDS9aLrj">pic.twitter.com/edEDS9aLrj</a></p> <blockquote class="twitter-tweet"><p>&mdash; Alexey Yaroshevsky (@Yaro_RT) <a href="https://twitter.com/Yaro_RT/status/768524283089940481">August 24, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p><strong>Members of the Standing Rock tribe have been protesting the construction of the Dakota Access Pipeline now for months in North Dakota.</strong>&nbsp; Protesters have setup a camp along the Missouri River on land belonging to the US Army Corps of Engineers, despite not having the proper permits to do so.&nbsp; The number of people at the camp has steadily grown over the past several weeks and have been estimated to be as high as 5,000 at various points in time.&nbsp;</p> <p><img alt="DAP Protesters" height="345" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/DAP%20Protesters_0.jpg" width="600" /></p> <p>&nbsp;</p> <p><strong>Protests at the site have grown more contentious in recent days with protesters trespassing on private land to halt construction operations and taking to horseback to taunt police officers.&nbsp; </strong>&quot;Safety&quot; concerns at the site forced the Morton County Sheriff&#39;s department to halt construction last week as <strong>some protesters were found to be carrying &quot;pipe bombs and guns.&quot;</strong>&nbsp; According to <a href="http://www.npr.org/sections/thetwo-way/2016/08/19/490644450/amid-tribes-protest-construction-of-oil-pipeline-in-n-dakota-halts-for-now">NPR:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;Construction at the site is now halted. Law enforcement said <strong>some are carrying pipe bombs and guns. Twenty-eight protesters were arrested over the last week, including Standing Rock Chairman Dave Archambault. He&#39;s urging protesters to comply with the law.</strong></p> <p>&nbsp;</p> <p>When Sheriff Kirschmeier was speaking about &quot;safety concerns&quot; Thursday, he said, &quot;<strong>There have been some instances where things have become unlawful. ... Things have been taken a little bit further every day.</strong>&quot;</p> </blockquote> <p>The escalation of the protests<span style="text-decoration: underline;"><strong> prompted police to remove water tanks and trailers that had been supplied by the North Dakota Department of Health</strong></span> as Homeland Secuity Division Director, Greg Wilz, told the <a href="http://bismarcktribune.com/news/state-and-regional/state-pulls-relief-resources-from-swelling-dakota-access-pipeline-protest/article_8be06089-ab85-57e4-a8a4-fbe28143eefd.html">Birmarck Tribune</a> that &ldquo;based on the scenario down there, we don&rsquo;t believe that equipment is secure.&rdquo;&nbsp;</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">We will continue to defend the land, water, &amp; people from the pollution of Mother Earth. Stop <a href="https://twitter.com/hashtag/DakotaAccessPipeline?src=hash">#DakotaAccessPipeline</a> <a href="https://t.co/Fm6BHmSS1D">pic.twitter.com/Fm6BHmSS1D</a></p> <p>&mdash; Urban Native Era (@UrbanNativeEra) <a href="https://twitter.com/UrbanNativeEra/status/764582978244714498">August 13, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p><iframe frameborder="0" height="321" scrolling="no" src="https://static01.nyt.com/video/players/offsite/index.html?videoId=100000004607887" width="480"></iframe></p> <p>&nbsp;</p> <p>With environmental interests recruiting celebrities to help draw attention to the cause we&#39;re pretty sure we&#39;ll be hearing more about the Dakota Access Pipeline over the coming weeks.</p> <p><iframe frameborder="0" height="600" scrolling="no" src="https://www.scribd.com/embeds/322103596/content?start_page=1&amp;view_mode=scroll&amp;show_recommendations=true" width="100%"></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="800" height="538" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/DAP%20Protest.jpg?1472082815" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/dakota-access-pipeline#comments Twitter Twitter Washington D.C. Thu, 25 Aug 2016 08:15:00 +0000 Tyler Durden 570528 at http://www.zerohedge.com Government Study Admits Fed Policies Have Deepened Downturn For Many http://www.zerohedge.com/news/2016-08-24/government-study-admits-fed-policies-have-deepened-downturn-many <p><a href="http://www.thedailybell.com/news-analysis/new-gov-analysis-shows-fed-policies-have-deepened-recession-for-majority/"><em>Via The Daily Bell,</em></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Wealthy Have Nearly Healed From Recession; the Poor Haven&rsquo;t&nbsp; </strong>&hellip;</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_debt.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_debt_0.jpg" style="width: 600px; height: 395px;" /></a></p> <p>&nbsp;</p> <p>The Great Recession and the subsequent recovery from it have deepened the wedge between the very wealthy and everyone else in America, plunging the poor deeper into debt and wiping out two-fifths of the wealth held by families in the heart of the middle class. The wealthiest Americans, meanwhile, appear close to regaining all their losses over the same period, according to an analysis released last week by the Congressional Budget Office. &ndash; Washington Post</p> </blockquote> <p>This analysis helps prove a point we&rsquo;ve been making for years: <u><em><strong>Fed stimulation provided by too-low interest rates does NOT stimulate industry only finance and speculation.</strong></em></u></p> <p><strong>The Congressional Report doesn&rsquo;t seem to mention central banking, so in this article we will rectify the omission.</strong>&nbsp;The entire justification for central banking is that it helps policymakers produce prosperity. But it doesn&rsquo;t.</p> <p>We don&rsquo;t need a government analysis to confirm this but it&rsquo;s useful to have because it illustrates once more the truth of what&rsquo;s occurring in terms of economic manipulation.&nbsp;The entire apparatus of monetary leadership, and its influence on the marketplace itself, does not deliver what it is supposed to.</p> <p><strong>The idea is that the Fed provides additional liquidity as necessary. But this is a form of price-fixing</strong>.&nbsp;In a&nbsp; normal economy where the government itself was not involved in &ldquo;adjusting&uml; the value and volume of currency, the value would be provided by the market itself.</p> <p>This is the way it has traditionally worked throughout history. <strong>The last century has been one enormous experiment. But the consequences are obvious.</strong></p> <p>Say an economy utilizes gold as money. When too much gold circulated in the marketplace, the value relative to what could be purchased would likely decline. As the value declined, less gold would be produced and circulated. Mines would close, etc.</p> <p>When less gold was produced, demand would build. The competitive marketplace itself would define the value of &ldquo;money&rdquo; and thus the contraction or&nbsp;expansion of money stock.</p> <p>This does not seem to be a complex point. It is generally admitted that the only way to set a valid price is to allow the market itself to produce the value.</p> <p>But somehow, not when it comes to money.</p> <p>Then it seems to be universally acknowledge by power brokers in the US and abroad that a monopoly facility (a central bank) is necessary to adjust the price.</p> <p>It makes no sense. And furthermore it is an example of what we call an elite dominant social theme.</p> <p><strong>It is paradigm circulated throughout the world that is so prevalent and fundamental that the mainstream media simply doesn&rsquo;t question it.</strong></p> <p>Global warming is such a theme (<a href="http://www.naturalnews.com/053128_climate_change_carbon_credits_corruption.html">here</a>). Vaccines are such a theme (<a href="http://www.vaccines.news/2016-03-07-fraud-continues-to-run-rampant-in-the-vaccine-industry-as-officials-turn-a-blind-eye-on-big-pharmas-criminal-activities.html">here</a>). These themes and many others constitute the propaganda launched by governments &ndash; and shadowy power brokers &ndash; to reinforce and justify authoritarianism.</p> <p><em><strong>Every dominant social theme has two parts. The first part is the problem. Fear is to be raised and deepened whenever possible. That&rsquo;s why so many elite memes focus on scarcity. The world is running out of water, food, air, etc.</strong></em></p> <p><em><strong>The solution is always to be found in government &ndash; the bigger the better. The idea is to justify and advance global government (via the UN) whenever possible.</strong></em></p> <p>This is one reason that we are suspicious of the &ldquo;nuclear weapons&rdquo; narrative that we have been concentrating on of late. It fits perfectly into the fear-based elite paradigm. Nuclear weapons exist and can destroy the world. Only government can stop their spread and usage.</p> <p><u><strong>The same paradigm can be spotted when it comes to central banking. The world is ever in danger of recessions and depressions. And only monopoly central banking &ndash; the control of the money supply by an elite, technocracy &ndash; can save us from poverty.</strong></u></p> <p>Questions do arise of course. But always they have to do with the &ldquo;job&rdquo; a given central bank is doing. They are policy questions pertaining to the competence of a monopoly money-printing facility.</p> <p>But the basic functionality is almost never questioned in the Kabuki ritual that passes for establishment dialogue.</p> <p>But it should be. Unfortunately, as with so many articles in the mainstream media and&nbsp;Washington Post in particular, when something substantive is presented, the analysis is lacking.</p> <p>The article presents the information but then leaves it lying there like a dead thing. No fundamental explanation is offered.</p> <p>Here:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The analysis shows the wealthiest 10 percent of Americans now hold three-quarters of the nation&rsquo;s wealth, up from two-thirds in 1989, and a three percentage-point increase from the start of the recession.</p> <p>&nbsp;</p> <p>Most Americans found themselves with less wealth in 2013 than Americans of a similar age had in 1989; the only age group doing better than its counterparts from a quarter-century ago was senior citizens.</p> <p>&nbsp;</p> <p>The report was commissioned at the request of Sen. Bernie Sanders of Vermont, who made inequality a central theme of his run for the Democratic presidential nomination this year.</p> <p>&nbsp;</p> <p>In a statement, he said the analysis &ldquo;makes clear that since the 1980s there has been an enormous transfer of wealth from the middle class and the poor to the wealthiest people in this country.&rdquo;</p> </blockquote> <p>Of course Sanders has the answer! He doubtless wants MORE government interference so that the problem government has created with its monetary price fixes can be cured by yet more meddling.</p> <p><strong>When central banks provide more money to the economy than necessary (and there is no way to prove how much IS necessary), the extra cash flows into the hands of the wealthy closest to the central bank money spigot.</strong></p> <p>Often this money is &ldquo;invested&rdquo; in securities exchanges and more money is made. This money doesn&rsquo;t necessarily translate into industrial stimulation.</p> <p><strong>The wealthy make more money from central bank processes. But workers are left out of the process.</strong></p> <p>This is a simple and clear result of monopoly money printing. Price fixing never provides us with expected results. It always damages certain groups at the expense of others.</p> <p><u><strong>Over time, monopoly central banking has increasingly impoverished the people it supposedly seeks to help.</strong></u></p> <p>And gradually in this Internet era, workers are realizing it. The Fed, for instance, just launched a Facebook page (<a href="https://www.facebook.com/federalreserve/">here</a>). It is already bombarded with negative, nasty comments.</p> <p><strong>People, more and more&nbsp;of them, do understand the impossibility of improving the economy by giving a handful of people the power to expand or contract the money stock at will.</strong></p> <p>In simplest terms it is a ridiculous idea. It can&rsquo;t work. It doesn&rsquo;t work. And this analysis is further proof.</p> <p><strong>We&rsquo;ve been reporting on the gradual decline of central bank &ndash; and Federal Reserve &ndash; credibility for about a decade now</strong> here at DB. Nothing that we have seen leads us to conclude that central banking is held in higher esteem than before.</p> <p>In other words, the trend is down. <strong>And sooner or later the current system will not have the necessary popular support to survive.</strong></p> <p>While this will be a good development for the prosperity of many, we also know the corollary &nbsp;difficulty that will emerge. At this point those who stand behind central banking have long-ago concluded the system is not viable.</p> <p>But that doesn&rsquo;t mean they will cooperate with removing it. What they will inevitably suggest is that because the current system doesn&rsquo;t work, a larger, global system is necessary.</p> <p>The groundwork is already being laid for this global&nbsp; system. Just yesterday we pointed out that both the ruble and the yuan were being positioned to compete with the dollar. And yet the positioning elements &ndash; the IMF and World Bank &ndash; were being provided by the West!</p> <p>The upcoming currency crisis is being manipulated by Western programmatic elements. The solution is to be some sort of increasingly globalized (world) government.</p> <p>And as this conversation proceeds in the mainstream media, you will find little or no analyses of the price-fixing that inevitably accompanies monopoly central banking at any level.</p> <p><u><strong>It will be proposed that global price-fixing will somehow ameliorate the problems coming from regional price fixing of money.</strong></u></p> <p><strong>Conclusion: </strong><em><u>But it won&rsquo;t. The only path to prosperity is to privatize money and let the market itself calculate its value and volume. This should be done as soon as possible. The disease of central banking should be cured by the application of free-market solutions. We eagerly await this outcome and confidently expect its application within the better part of, hm-mm &hellip; a thousand years?</u></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="908" height="598" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_debt.jpg?1472042815" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/government-study-admits-fed-policies-have-deepened-downturn-many#comments Bernie Sanders Central Banks Congressional Budget Office ETC Federal Reserve Global Warming Money Supply Nomination Recession recovery World Bank Yuan Thu, 25 Aug 2016 07:30:00 +0000 Tyler Durden 570498 at http://www.zerohedge.com Is Portugal The Next "Shoe To Drop" In Europe? http://www.zerohedge.com/news/2016-08-24/portugal-next-shoe-drop-europe <p><strong>The fate of Portugal rests in the hands of DBRS, the last remaining credit rating agency assigning an investment grade rating to its sovereign debt</strong> (Fitch, Moody&#39;s and S&amp;P have all lowered the country&#39;s debt rating to junk).&nbsp; Due to a requirement that participant countries have an IG rating from at least 1 rating agency, the <strong>DBRS rating is literally the only thing allowing Portugal&#39;s bonds to remain eligible for the European Central Bank&#39;s 1.7 trillion euro bond buying program.</strong>&nbsp; DBRS is set to update its Portugal rating on October 21 and investors in Portugal sovereign risk are starting to get a little nervous.&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/20160824_PORTUG.jpg"><img alt="Portugal 10 Year" height="321" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/20160824_PORTUG_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Until last week there seemed to be little worry about a potential downgrade among investors.&nbsp; That changed when the release of 2Q 2016 GDP showed minimal growth.&nbsp; Fergus McCormick, head of sovereign ratings at DBRS, recently noted in an interview with <a href="http://www.reuters.com/article/us-portugal-ratings-dbrs-idUSKCN10R1H3?il=0">Reuters </a>that although Portugal&#39;s debt carries a &quot;stable&quot; rating that the situation appears to be deteriorating.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;<strong>Friday&#39;s Q2 GDP release (which showed growth at just 0.2 percent) raised our concerns about growth prospects, which appear to be slowing into the third quarter,</strong>&quot; he told Reuters in an interview.</p> <p>&nbsp;</p> <p>&quot;Therefore, the outlook remains stable, <strong>but pressures appear to be mounting from these various fronts,</strong>&quot; he added, also citing European Commission demands that an unwilling Lisbon implement more spending cuts.</p> <p>&nbsp;</p> <p><strong>DBRS&#39;s October review will come just a week after Portugal is scheduled to provide the Commission with a list of those new cuts to get its budget deficit back under 3 percent of GDP.</strong></p> <p>&nbsp;</p> <p>Uncertainties over the make-up of those measures and their impact on the delicate political balance were a concern McCormick said, as was the possibility that <strong>more taxpayer money may be needed to prop up banks including Caixa Geral de Depositos and BCP</strong>.</p> <p>&nbsp;</p> <p><strong>&quot;Will the far-left parties support these two initiatives? This is unclear.&quot;</strong></p> </blockquote> <p>The socialist minority government that came to power in November 2015 has not helped the situation by <strong>raising the minimum wage</strong>,<strong> increasing the number of public holidays and reversing other key reforms, that will make it more difficult for the country to meet its EU fiscal targets.&nbsp; </strong>To be sure, the collapse in oil prices have indirectly taken a toll on Portugal as well with exports to it&#39;s 4th largest trading partner, Angola, falling by 42% in the first half of 2016.&nbsp;</p> <p>As we said yesterday in a post entitled &quot;<a href="http://www.zerohedge.com/news/2016-08-23/something-unexpected-happened-when-seattle-raised-minimum-wage">Something &quot;Unexpected&quot; Happened When Seattle Raised The Minimum Wage</a>&quot;:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Seemingly no amount of empirical evidence can convince progressives that raising minimum wages to artificially elevated levels is a bad idea</strong>.&nbsp; Somehow the basic idea that raising the cost of a good ultimately results in lower consumption of that good just doesn&#39;t compute.</p> <p>&nbsp;</p> <p>Though it does seem odd that progressives in states like California lean heavily on higher taxes as a way to curb, for example, fuel consumption.&nbsp; Could it be that the left actually does understand the basic economics of the minimum wage debate but don&#39;t find the math behind it to be particularly &quot;politically expedient&quot; in certain instances?</p> </blockquote> <p>Seems that politicians will stick to their narratives even when faced with the collapse of their country&#39;s economic well-being.&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="453" height="302" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Portugal%20Flag.gif?1472065715" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/portugal-next-shoe-drop-europe#comments Bond Budget Deficit European Central Bank Fitch Investment Grade Portugal Rating Agency ratings Reuters Sovereign Debt Sovereign Risk Sovereign Risk Thu, 25 Aug 2016 06:45:00 +0000 Tyler Durden 570512 at http://www.zerohedge.com Four More Mega-Banks Join The Anti-Dollar Alliance http://www.zerohedge.com/news/2016-08-24/four-more-mega-banks-join-anti-dollar-alliance <p><a href="https://www.sovereignman.com/trends/four-more-mega-banks-join-the-anti-dollar-alliance-20120/?inf_contact_key=fd3903fb06d5cd386576e7511af61278b00d50006575aacf629062201f35cf18"><em>Submitted by Simon Black via SovereignMan.com,</em></a></p> <p><u><strong>That was fast.</strong></u></p> <p>Yesterday I told you how <a href="https://www.sovereignman.com/trends/barack-obama-may-have-finally-destroyed-americas-1-advantage-20115/">a consortium of 15 Japanese banks had just signed up</a> to implement new financial technology to clear and settle international financial transactions.</p> <p>This is a huge step.</p> <p>Right now, most international financial transactions must pass through the US banking system&rsquo;s network of correspondent accounts.</p> <p><strong>This gives the US government an incredible amount of power&hellip; power they haven&rsquo;t been shy about using over the last several years.</strong></p> <p>2014 was one of the first major watershed moments when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US doesn&rsquo;t like&ndash; namely Cuba and Iran.</p> <p>It didn&rsquo;t matter that this French bank wasn&rsquo;t violating any French laws.</p> <p>Nor did it matter that only months later the President of the United States inked a sweetheart nuclear deal with Iran and flew down to Cuba to attend a baseball game with his new BFFs.</p> <p>BNP had to pay up. A French bank paid $9 billion because they violated US law.</p> <p><strong>And if they didn&rsquo;t pay, the US government threatened to kick them out of the US banking system.</strong></p> <p>$9 billion hurt. But being kicked out of the US banking system would have been totally crippling.</p> <p>Big international banks in particular cannot function if they don&rsquo;t have access to the US banking system.</p> <p>As long as the US dollar remains the world&rsquo;s dominant reserve currency, major banks must able to clear and settle US dollar transactions if they expect to remain in business.</p> <p><strong>This means having access to the US banking system&hellip; the gatekeeper of the US dollar.</strong></p> <p>But having watched BNP Paribas get blackmailed into paying an absurd $9 billion fine to the US government, the rest of the world&rsquo;s mega-banks knew instantly that their heads could be next ones on the chopping block.</p> <p>So they started working on contingency plans.</p> <p>Blockchain technology provided an elegant solution.</p> <p>Instead of passing funds through the US banking system&rsquo;s costly and inefficient network of correspondent accounts, blockchain technology provides an easy way for banks to send payments directly to one another.</p> <p>I cannot understate how important this technology is.</p> <p><strong>Blockchain may very well be what neutralizes the US government&rsquo;s domination of the global financial system.</strong></p> <p>And while there&rsquo;s been a lot of momentum in this direction (hence yesterday&rsquo;s letter to you), even I&rsquo;m surprised at how fast it&rsquo;s moving.</p> <p><u><strong>Today, four of the world&rsquo;s largest banks announced a brand new joint venture to create a new financial settlement protocol built on blockchain technology.</strong></u></p> <p>Deutsche Bank from Germany, UBS from Switzerland, Santander from Spain, and Bank of New York Mellon have joined together to<strong> launch what they&rsquo;re naming the very un-sexy &ldquo;utility settlement coin&rdquo;.</strong></p> <p>Like Ripple, Setl, Monetas, and several other competing technologies, Utility Settlement Coin has the potential to end the reliance on the US banking system for cross-border payments and financial transactions.</p> <p>Banks will be able to send payments to one another directly without having to transit through the Wall Street financial toll plaza.</p> <p><em>(Global consulting firm Oliver Wyman estimates that the cost of clearing and settling international financial transactions at up to $80 billion annually.)</em></p> <p><strong>This has enormous implications, especially for US banks.</strong></p> <p><strong>The Federal Reserve, for example, has already warned that financial technology could pose stability risks to the US financial system.</strong></p> <p>And they&rsquo;re right.</p> <p>If foreign banks are able to transact directly with one another without having to go through the US banking system, then why would they need to park trillions of dollars in the United States?</p> <p>They wouldn&rsquo;t.</p> <p>Adoption of this technology could cause a gigantic vacuum of deposits out of the US banking system.</p> <p>US banks would take a big hit. And the US government would have far fewer foreign buyers to sell its ever-expanding piles of debt.</p> <p>Make no mistake, the adoption of this technology is a game-changing development with far-reaching implications. And it&rsquo;s happening very quickly.</p> <p><u><strong>If these mega-banks can hit their milestones, they&rsquo;ll launch commercially in eighteen months.</strong></u></p> <p>Mark it on your calendar&ndash; that may be the end of peak US financial dominance.</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="260" height="158" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_usd_0.jpg?1472096255" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/four-more-mega-banks-join-anti-dollar-alliance#comments Bank of New York Deutsche Bank Federal Reserve Germany Iran Obama Administration Reserve Currency Switzerland Thu, 25 Aug 2016 06:00:00 +0000 Tyler Durden 570548 at http://www.zerohedge.com Most Millennials Have Less Than $1,000 In Savings, Live Paycheck-to-Paycheck http://www.zerohedge.com/news/2016-08-24/most-millennials-have-less-1000-savings-live-paycheck-paycheck <p><strong>The majority of millennials are living paycheck to paycheck.</strong></p> <p>A recent survey of millennials by&nbsp;<a href="http://howmuch.net/articles/how-much-millennials-have-saved-up">HowMuch.net</a>&nbsp;found that <strong>51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.</strong></p> <p>As Visual Capitalist&#39;s Jeff Desjardins notes, this echoes previous data we&rsquo;ve seen &ndash; not just on millennials, but Americans in general. For example, we know that&nbsp;<strong><a href="http://www.visualcapitalist.com/14-percent-americans-negative-wealth/">14% of Americans have &ldquo;negative&rdquo; wealth</a>. </strong>We also know that&nbsp;<a href="http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07">62% of Americans</a>&nbsp;don&rsquo;t have emergency savings that could cover a $1,000 hospital visit or a $500 car repair.</p> <p>Taking that into consideration, let&rsquo;s dive deeper into this more recent millennial data...</p> <div style="clear:both"><a href="http://www.visualcapitalist.com/chart-most-millennials-less-1000-savings/"><img src="http://2oqz471sa19h3vbwa53m33yj.wpengine.netdna-cdn.com/wp-content/uploads/2016/08/chart-millennials-saving.jpg" style="border-width: 0px; border-style: solid; height: 1093px; width: 600px;" /></a></div> <div><em>Courtesy of: <a href="http://www.visualcapitalist.com">Visual Capitalist</a></em></div> <p>&nbsp;</p> <h2><u>YOUNGER VS. OLDER MILLENNIALS</u></h2> <p>The broad survey data can be further divided into &ldquo;younger&rdquo; and &ldquo;older&rdquo; millennial segments: those aged 18-24, vs. those between 25-34.</p> <p>Based on the survey question, an intuitive expectation would be that <strong>younger millennials are much more likely to have less than $1,000 in savings.</strong> After all, many of the people in this group would still be in school, and many are struggling with<a href="http://www.visualcapitalist.com/student-loan-delinquencies-sky-high/">student debt</a>.</p> <p>However, the difference is far less than one may expect. While it is true that <strong>57.6% of the younger demographic has less than $1,000 in savings, </strong>the older group is not much better off with almost half (47.1%) of them being in the same boat. This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.</p> <h2><u>MALE VS. FEMALE MILLENNIALS</u></h2> <p>There is also a significant divide between male and female millennials here, with<strong> 56.7% of females having less than $1,000 in savings.</strong> Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.</p> <p>Lastly, males are also more likely to have a substantial amount stored away in their bank account. According to the survey, <strong>21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.</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="600" height="80" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_mill.jpg?1472086943" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/most-millennials-have-less-1000-savings-live-paycheck-paycheck#comments Thu, 25 Aug 2016 03:04:00 +0000 Tyler Durden 570538 at http://www.zerohedge.com Globalism Is A Barbaric Relic - Voluntary Tribalism Is The Future http://www.zerohedge.com/news/2016-08-24/globalism-barbaric-relic-voluntary-tribalism-future <p><a href="http://www.alt-market.com/articles/2993-globalism-is-a-barbaric-relic-voluntary-tribalism-is-the-future"><em>Submitted by Brandon Smith via Alt-Market.com,</em></a></p> <p>I have been writing rather extensively about the ideology of globalism in recent months, primarily because <strong>the battle lines between sovereignty and global centralization have never been more defined than they are in 2016</strong>.&nbsp; In the past, globalists have often hidden the true motives of their cult; namely the goal of erasing national borders and all remaining vestiges of self governance.&nbsp; Normally, they would only pronounce the great advantages of globalization while dancing around the fact that millions of people will not accept it.&nbsp; <strong>Today, however, the globalists have come out in direct confrontation with supporters of sovereignty.</strong></p> <p><strong>After the Brexit referendum, a new tone appears to have been set.&nbsp; </strong>The elites have now entered the mainstream media to state in essence that yes, they are globalists, they want total centralization and they are here to fight a philosophical and/or physical battle with those they call &ldquo;populists&rdquo; (also known as conservatives and sovereigns).</p> <p>When they have discussed globalization in previous years, it has always been presented as some kind of natural progression of events rather than an agenda.&nbsp; <u><strong>The first secret of elitist propaganda is their constant assertion that globalism is &ldquo;inevitable;&rdquo; </strong></u>that it is foolish to fight against it because it is the unavoidable future evolution of mankind.&nbsp; The fact is that if globalism is so inevitable, the elites would not need to expend trillions in capital and decades of energy trying to fool the masses into accepting it.&nbsp; If globalism is inevitable, couldn&rsquo;t the elites simply lay back in their pool-side cabanas, sip their dry martinis and just watch it all unfold on its own?</p> <p>Instead, <strong>the elites have foisted globalism upon the shoulders of the public,</strong> and are by some indications preparing for outright war in order to<strong> force us &ldquo;populists&rdquo; into compliance.</strong></p> <p><u><strong>The second secret of elitist propaganda is their strategy to disguise centralization as decentralization.&nbsp;</strong></u> For instance, the new globalist claim is that a shift away from a system in which the dollar is the world reserve currency into a system in which a basket of currencies becomes the world reserve is a move towards a &ldquo;multi-polar world.&rdquo;&nbsp; Nothing could be further from the truth.</p> <p>In reality, the basket currency system the elites are pushing for falls under the umbrella of the IMF&rsquo;s Special Drawing Rights.&nbsp; Meaning a switch away from the dollar into the SDR will result in even<em> </em>MORE centralized power for the elites.&nbsp; That is not a multi-polar world; it is a uni-polar one.</p> <p><strong>It is schemes like this that expose the great weakness of globalism as an ideal &mdash; the elites cannot accomplish it without using deception and force against innocents.&nbsp; Such a philosophy is a failure by default.</strong></p> <p><u><strong>The third secret of globalist propaganda is that they present the system as if it is a &ldquo;new&rdquo; idea.</strong></u> This is yet another lie. Globalism is merely another expanded form of centralization (or collectivism), and centralization has been the prevailing tool of cultural control for ages.&nbsp; If anything, the freely elected governments and voluntary tribalism of constitutional Republics is the newest and most advanced social concept in all of human history.&nbsp; Such systems present the potential for lasting decentralization, as long as participants remain vigilant to co-option by globalists.</p> <p><strong>Sadly, the people of America and the rest of the West have NOT been vigilant for quite some time, and today our experiment in sovereignty is being&nbsp; twisted, eroded and overrun.</strong></p> <p>Some seem to find new hope in the rise of conservative activism like the U.K.&rsquo;s Brexit movement.&nbsp; As I explained in my pre-referendum article &#39;<a href="http://www.alt-market.com/articles/2931-brexit-global-trigger-event-fake-out-or-something-else">Brexit &mdash; Global Trigger Event, Fake Out Or Something Else?&#39;</a>, these movements are a step in the right direction, but they have a tendency to underestimate the globalist strategy.</p> <p>I suspect according to the evidence outlined in the article linked above, as well as the behavior of elites ever since the U.K. referendum passed, that a plan is underway to ALLOW conservatives and sovereign activists marginal victories.&nbsp; Ultimately, in order for the elites to achieve the long-game of total centralization, they need to fully demonize and destroy their philosophical opponents.&nbsp; That is to say, they need to make conservatives and freedom fighters out to be historical monsters, and themselves out to be the heroes of the day.&nbsp; The ONLY way for the elites to win is to fool the masses into accepting and even demanding globalization while casting out conservative principles as dangerous or evil.</p> <p><em><strong>But how would they make this possible?</strong></em></p> <p>It&rsquo;s simple, really.&nbsp;<strong> They have already set the stage for an international economic and political crisis of epic proportions.</strong>&nbsp; Why not <em><u><strong>let conservatives and sovereigns take over as captains of an already sinking ship, then blame them when there aren&rsquo;t enough lifeboats to save the passengers?</strong></u></em></p> <p>Following this line of thinking was how I was able to correctly predict the success of the Brexit vote, it is the reason why I have consistently argued that the Fed will continue to raise interest rates in 2016 despite multiple signs of a recessionary downturn, and why I believe Donald Trump will be the next president.</p> <p><strong>Once instability has run its course, and once the damage is done and the &ldquo;populists&rdquo; are blamed, the elites plan to swoop in with globalism as the fix-all.</strong></p> <p>The question then arises, if this is the strategy being implemented by the globalists, what can be done about it?</p> <p>As with most conundrums, the problem is often the source identifier of the solution.&nbsp; That is to say, if centralization and the elites behind it is the problem, then decentralization and the removal of those elites from power is the most effective solution. If forced globalization is leading to the ruination of man, then voluntary tribalism may be the cure.</p> <p><strong>The issue actually has more to do with individual psychology than geopolitics.</strong></p> <p>Human beings have two inherent psychological qualities that can work together, or they can conflict; the need for individual liberty, and the need for community.</p> <p>We are social creatures.&nbsp; We can accomplish great feats by working together, but the ideas for these feats are always born in the imaginations of individual minds.&nbsp; Without the group, the success of the individual can be greatly hindered.&nbsp; Without individual minds, the success of any group is impossible.</p> <p><strong>The elites would have us believe that individual success and community success are mutually exclusive; that we cannot have both.&nbsp; This is simply not true.</strong></p> <p>Globalists assert that if the individual focuses on his own success, then he cannot focus on the success of the group.&nbsp; This &ldquo;conceited&rdquo; self interest, they claim, will sabotage society as a whole and lead to humanity&rsquo;s destruction. Therefore, under globalism, the individual must sacrifice his freedom of choice and association; he must sacrifice his right to apply his labors how he wishes, so that the group can supposedly thrive.</p> <p>I would assert the opposite.&nbsp; Because all ideological groups are abstractions and not cultural facts, they are completely dependent on the success of the individual in order to thrive.&nbsp; While the individual may need help from others, he must be allowed to CHOOSE who those people are.&nbsp; He also must be able to CHOOSE how his ideas and efforts are realized.&nbsp; Otherwise, the ideas have no steward, no protector.&nbsp; Under globalism/collectivism, ideas immediately become the property of the group if they are even acknowledged at all, and the group does not think; the group is not capable of thinking.&nbsp; The group only has merit as long as the individuals within it have merit.&nbsp; The group is not real.&nbsp; And so, under the control of a vaporous collective, good ideas usually die.</p> <p><strong>With globalism as the dominant ideology, individual accomplishment falls and thus, the system itself will eventually fall.</strong></p> <p>This does not mean that the solution is to end all group interaction or organization so that individuals can go off to to form their own one-man, mini-nation states.&nbsp; If that is what an individual wishes to do then that is all well and good, but failure is just as likely in that scenario as it would be under globalism.&nbsp; Instead, the answer may be a return to tribalism, of a voluntary variety.</p> <p>Our inherent needs for individual freedom as well as community interaction can in fact work together.&nbsp; The group does not need to supplant the individual to succeed, each member of the group just needs to share the same goals and understand the merits of those goals.</p> <p>If a person does not understand or respect the goals of that group, then he can easily leave, or refuse to join.&nbsp; As long as it is unacceptable for any group to use force to compel an individual to participate, then there can be no loss of individual liberty.&nbsp; Under this model, we could see the rise of numerous tribes, and tribes within tribes.&nbsp; Some of them fleeting, some of them long lasting.&nbsp; Of course certain universal truths would have to be respected.</p> <p><strong>The most common argument against tribalism, whether voluntary or not, is the argument that it will lead to so many conflicting interests that chaos and violence is inevitable.&nbsp; Wars over resources and property will erupt, some claim, or society will falter into a dog-eat-dog survival of the strongest Mad Max scenario.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>First, I would like to point out that globalization and centralization have not solved any of these problems.&nbsp;</strong> Globalism only seems to lead to more efficient war and death, rather than less war and death, and the sides are less defined.&nbsp; Under the global elites, people are constantly pitted against each other over false narratives and false flags.&nbsp; We become pawns that are sacrificed to further their objectives.&nbsp; I hardly see how this is a superior system.&nbsp; The only wars ever worth fighting are against centralizing tyrants.</p> <p>&nbsp;</p> <p><strong>Second, while tribal conflict is surely possible due to philosophical differences, the promotion of individual freedom, rather than the collective, as the essential element of society makes violent opposition far less likely.</strong></p> <p>&nbsp;</p> <p><strong>Freedom is a universal inborn psychological construct.&nbsp;</strong> Almost all people have a sense of it and its usefulness.&nbsp; In fact, most fundamental moral principles including freedom are shared by people regardless of their cultural backgrounds.&nbsp; The only places in which freedom is not respected are places in which centralizing elites have propagandized and threatened the citizenry.&nbsp; Look at almost any totalitarian system and you will find under scrutiny that globalists helped give birth to these monsters from behind the scenes.&nbsp; When those elites and their influence are removed for a time, there is usually a natural wellspring resurgence of respect for liberty within that society.</p> <p>&nbsp;</p> <p>Men and women will organize and rally around freedom without being lied to or threatened.&nbsp; There are not many ideologies that can make the same claim.&nbsp; Globalism certainly can&rsquo;t.</p> <p>&nbsp;</p> <p><strong>Third, the next objection from skeptics will be that a handful of controllers under globalism would be preferable to tens of thousands of tyrants lording over thousands of fiefdoms.</strong>&nbsp; Again, these people just don&rsquo;t seem to grasp the notion of voluntary community or the effectiveness of individual rebellion.</p> <p>&nbsp;</p> <p>I would rather face a thousand minor tyrants with minor armies than a tiny cabal of tyrants with a global army.&nbsp; The difference being that it is far easier to erase a tyrant with a hundred men in my way than it is to erase a global tyrant with hundreds-of-thousands of men and a massive surveillance apparatus in my way.&nbsp; In a world where individual liberty is paramount and the people are armed, minor tyrants would be so terrified to pursue power they would likely be dissuaded altogether.&nbsp; The minimal protection they might muster would never be enough to stop every single bullet flying in their direction.</p> </blockquote> <p>The idea of voluntary community is so foreign to the public today that it would probably need a catastrophe before such a system is ever adopted.&nbsp; But, since the global elites have already taken it upon themselves to create the catalysts for an economic and political crisis, we might as well take advantage and rebuild from the ashes with voluntary community in mind.</p> <p><strong>The elites never let a good crisis go to waste, maybe we should use the same strategy.</strong></p> <p>This, of course, requires that the liberty minded not only survive the catastrophe, but also fight back and remove the elites from the picture.&nbsp;<strong> There can be no voluntary tribes with the globalists in control of the mechanisms of power.</strong>&nbsp; They are themselves, in effect, a bastardization of a tribe that has been allowed through lack of vigilance to subversively and systematically destroy all other tribes.&nbsp; They have convinced much of the world through chicanery that their tribe is the<em> </em>ONLY tribe with merit.</p> <p><strong>The propaganda only works to a point, however.&nbsp;</strong> During any breakdown in normal social order, people invariably create their own social order, and they usually do this by forming small tribes.&nbsp; Families come together, neighborhoods come together, towns come together and so on, and they do this voluntarily, without being aggressively compelled by others.&nbsp; The natural default of human beings is freedom and tribalism; two things which do not necessarily have to conflict.&nbsp; Our natural default has never been to pursue globalism or utter collectivism at the expense of the individual; those kinds of machines are products of the treachery of a power-mad minority.</p> <p>In the end, globalism is doomed to crash in a ball of flames, <strong>but not before the globalists attempt to take everyone else down with them.</strong>&nbsp; It would behoove us to start constructing our tribes now, rather than after the situation has become grim in the absolute.&nbsp; Through localized production, alternative trade models, local organization for mutual aid and defense, and the principles of liberty,<em><strong> America could become a network of tribes within a tribe; a self reliant system built around redundancy rather than interdependency.</strong></em></p> <p>The globalists?&nbsp; Well, they will try to stop us.&nbsp; But at least at that point the sides will be drawn more clearly.&nbsp;<strong> I cannot think of a better war to fight than a war to stop the barbaric trespasses of the global elites</strong>.&nbsp; And when it is all over, I look forward to a more complex and &ldquo;chaotic&rdquo; society where collectivist streamlining is abandoned for a wild west of voluntary associations.&nbsp; A land where tribes roam free.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="500" height="367" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_salt.jpg?1472088253" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/globalism-barbaric-relic-voluntary-tribalism-future#comments default Donald Trump Reality Reserve Currency Sovereigns Trigger Event Thu, 25 Aug 2016 03:00:00 +0000 Tyler Durden 570543 at http://www.zerohedge.com China's "Answer To LendingClub" Plunges Most On Record After Regulator Imposes Peer-To-Peer Caps http://www.zerohedge.com/news/2016-08-24/chinas-answer-lendingclub-plunges-most-record-after-regulator-imposes-peer-peer-caps <p>Over the years, China has valiantly struggled to convince the international public it will end its debt addiction any minute now, with the Politburo vowing year after year that it would if not delever in the immediate future, then surely limit the issuance of household loans. So far, every such attempt has been a failure, for one simple reason: as goes China's debt, so goes the most important asset in China's economy, its housing stock.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/china%20debt%20vs%20house%20prices.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/china%20debt%20vs%20house%20prices_0.jpg" width="500" height="524" /></a></p> <p>So while there are ample reasons to be skeptical, overnight China's Banking Regulatory Commission unveiled its latest attempt to halt the country's relentless debt load when it imposed limits on lending by peer-to-peer platforms to individuals and companies in an effort to curb risks in one part of the loosely-regulated shadow-banking sector. An individual can borrow as much as 1 million yuan ($150,000) from P2P sites, including a maximum of 200,000 yuan from any one site, the CBRC said in Beijing on Wednesday. Corporate borrowers are capped at five times those levels.</p> <p>The regulator added, in what we doubt was an attempt to reassure industry watchers, that China had found problems in 1,778 online lending platforms, accounting for 43.1% of total.</p> <p>China’s authorities are rightfully concerned about defaults and fraud among the nation’s 2,349 online lenders. In December, the country’s biggest Ponzi scheme was exposed after Ezubo, which until then had been China's largest P2P lender, defrauded more than 900,000 people out of the equivalent of $7.6 billion and promptly folded (the response was hardly enthusiastic, <a href="http://www.zerohedge.com/news/2016-02-01/caught-tape-chinese-investors-find-out-they-got-fleeced-7-billion-ponzi-scheme">as we revealed in a clip from February</a>.)</p> <p> <iframe src="https://www.youtube.com/embed/JPruo_sfT-w" width="500" height="375" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>The measures will probably leave about 200-300 P2P platforms by this time next year, said James Zheng, chief financial officer of Lufax, the top lending platform in China. "That's okay because they're cracking down on all the bad guys," he said at a conference in Hong Kong. "What doesn't kill will make you stronger. That's the case for us." Good luck.</p> <p>Under the new rules, P2P lenders are barred from taking public deposits or selling wealth-management products and must appoint qualified banks as custodians and improve information disclosure.&nbsp; </p> <p>“The P2P business is not very strictly regulated yet, but you can see the regulator is taking a step forward,” said Xu Hongwei, chief executive officer of Shanghai-based Yingcan Group, which tracks the industry. Products offered by P2P platforms in China can include anything from loans for weddings, guaranteed against the cash gifts that couples expect to receive, to high-yield lending for risky property or mining projects.</p> <p>As <a href="http://www.bloomberg.com/news/articles/2016-08-24/china-imposes-caps-on-p2p-lending-to-curb-shadow-banking-risk">Bloomberg notes</a>, China’s P2P industry brokered 982 billion yuan of loans in 2015, almost quadruple the amount in 2014 and an approximately 10-fold increase from 2013, according to Yingcan. P2P firms attracted more than 3.4 million investors and 1.15 million borrowers in July, with loans extended at an average interest rate of 10.3 percent, according to Yingcan. Still, despite its torrid growth, P2P lending is still a tiny fraction of the overall loan market, and certainly of the broadest Total Social Financing universe, which infamously saw $1 trillion dollar in aggregate new loans created in the first quarter of 2016, providing a global credit impulse, which has since faded. </p> <p>In any case, it appears that in this particular case, China is eager to halt this problem before it becomes too big. In April, China’s cabinet launched a campaign to clean up illicit activities in Internet finance, focusing on areas such as third-party payments, peer-to-peer lending, crowdfunding and online insurance. It suspended the registration of all new companies with finance-related names.</p> <p>And we have our doubts that this latest "debt cap" will last, because earlier today, Peer 2 Peer lender Yirendai, the company which Bloomberg has dubbed "China's answer to LendingClub" plunged 22%, the most on record since its December 2015 IPO, on massive volume, following yesterday's imposed P2P limits. For a sense of scale, YRD created some $680 million in loans in Q2, up 118% Y/Y, with net revenue more than doubling to $110 million, or 140% Y/Y.&nbsp; </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/yirendai.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/yirendai_0.jpg" width="500" height="333" /></a></p> <p>Needless to say, the company acts, and is priced like, a growth stock. The problem, as the chart below shows, is that the growth suddenly stopped. </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/08/21/20160824_yirendai_0.jpg" width="500" height="252" /></p> <p>Furthermore, if the company is indeed China's answer to the recently devastated LendingClub, this is just the beginning, as the bubble has now popped with a little help from the government.</p> <p>So will the CBRC relent, and lift the caps? It depends on just one thing, the only thing that the politburo is more worried about than asset bubbles - social unrest. </p> <p>If enough people protest, get angry or downright violent as a result of the collapse in P2P stocks, and eventually, the entire industry, or simply are unable to obtain loans elsewhere should the industry falter, then Beijing will promptly undo what it has done. Until then, however, keep an eye on risk levels in China, where suddenly the most permissive marginal source of lending - and this risk asset upside -&nbsp; was just advised ordered to go into a state of near hibernation. </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="749" height="499" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/yirendai.jpg?1472090342" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/chinas-answer-lendingclub-plunges-most-record-after-regulator-imposes-peer-peer-caps#comments China Hong Kong Yuan Thu, 25 Aug 2016 02:28:08 +0000 Tyler Durden 570542 at http://www.zerohedge.com University of Chicago Tells Millennials to Suck It Up, "We Do Not Condone 'Safe Spaces'" http://www.zerohedge.com/news/2016-08-24/university-chicago-tells-millennials-look-elsewhere-if-they-need-safe-space <p>In a refreshing and stark contrast to other universities that have seemingly tripped over themselves to accommodate every silly request from America&#39;s pampered Millennials in their never ending quest for &quot;safe spaces,&quot; <strong>the University of Chicago has sent the incoming class of 2020 a letter making very clear that they will find no &quot;safe spaces&quot; in their intellectual journey at Chicago.&nbsp; </strong>The full letter is presented below but here are a couple of the best comments for your reading pleasure: &nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>You will find that we expect members of our community to be engaged in rigorous debate, discussion, and even disagreement.&nbsp; <strong>At times this may challenge you and even cause discomfort</strong>.</p> <p>&nbsp;</p> <p>Our commitment to academic freedom means that <strong>we do not support so-called &ldquo;trigger warnings,&rdquo; we do not cancel invited speakers because their topics might prove controversial, and we do not condone the creation of intellectual &ldquo;safe spaces&rdquo; where individuals can retreat from ideas and perspectives at odds with their own. </strong></p> </blockquote> <p><strong>Just when we thought all hope had been lost, </strong>an establishment of higher learning finally steps up to interject some rational thoughts into the public discourse surrounding freedom of expression.</p> <p>&nbsp;</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">.<a href="https://twitter.com/UChicago">@UChicago</a> does not:</p> <p>???? &quot;support so-called &#39;trigger warnings&#39;&quot;<br />???? &quot;cancel invited speakers&quot;<br />???? condone &quot;safe spaces&quot; <a href="https://t.co/DH7IVfYZ4U">pic.twitter.com/DH7IVfYZ4U</a></p> <p>&mdash; Justice Don Willett (@JusticeWillett) <a href="https://twitter.com/JusticeWillett/status/768606152548462592">August 25, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>&nbsp;</p> <p>The letter also directs students to a note it had previously written on freedom of expression...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_safe.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/08/19/20160824_safe_0.jpg" style="width: 600px; height: 831px;" /></a></p> <p>The <strong>full letter can be reviewed in its entirety at the end of this post,</strong> but below are a couple of the gems that we particularly liked:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;<strong>Education should not be intended to make people comfortable, it is meant to make them think.</strong> Universities should be expected to provide the conditions within which hard thought, and therefore strong disagreement, independent judgment, and the questioning of stubborn assumptions, can flourish in an environment of the greatest freedom.&rdquo;</p> <p>&nbsp;</p> <p>Of course, the ideas of different members of the University community will often and quite naturally conflict. <strong>But it is not the proper role of the University to attempt to shield individuals from ideas and opinions they find unwelcome, disagreeable, or even deeply offensive.</strong></p> <p>&nbsp;</p> <p>In a word, the University&rsquo;s fundamental commitment is to the principle that <strong>debate or deliberation may not be suppressed because the ideas put forth are thought by some or even by most members of the University community to be offensive, unwise, immoral, or wrong-headed.</strong></p> </blockquote> <p>For Millennials getting ready start at University of Chicago might we suggest some reading material (<a href="http://www.zerohedge.com/news/2016-03-10/7-harsh-realities-life-millennials-need-understand">here</a>) that we shared a few months back that might help you cope in the absence of &quot;safe spaces&quot; at your new home...</p> <p><img alt="Safe Space" height="437" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/Safe%20Space%203_0.jpg" width="600" /></p> <p>No matter where you go in life, someone will be there to offend you. Maybe it&rsquo;s a joke you overheard on vacation, a spat at the office, or a difference of opinion with someone in line at the grocery store. Inevitably, someone will offend you and your values. If you cannot handle that without losing control of your emotions and reverting back to your &ldquo;safe space&rdquo; away from the harmful words of others, then you&rsquo;re best to just stay put at home. <em><strong>Remember, though: if people in the outside world scare you, people on the internet will downright terrify you. It&rsquo;s probably best to just accept these harsh realities of life and go out into the world prepared to confront them wherever they may be waiting.</strong></em></p> <p style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; display: block;">&nbsp;</p> <p><iframe frameborder="0" height="600" scrolling="no" src="https://www.scribd.com/embeds/322108559/content?start_page=1&amp;view_mode=scroll&amp;show_recommendations=true" width="100%"></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="1024" height="678" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Safe%20Space2.jpg?1472087117" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/university-chicago-tells-millennials-look-elsewhere-if-they-need-safe-space#comments Twitter Twitter Thu, 25 Aug 2016 01:30:00 +0000 Tyler Durden 570536 at http://www.zerohedge.com Demographic HomeMageddon Underway... Will Last Until At Least 2035 http://www.zerohedge.com/news/2016-08-24/demographic-homemageddon-underway-will-last-until-least-2035 <p><em><a href="http://econimica.blogspot.com/2016/08/demographic-homemageddon-underwaywill.html">Submitted by Chris Hamilton via Econimica blog,</a></em></p> <p><strong>91% of all US home buying is done by those aged 20-69yrs/old, according to NAR data.&nbsp;</strong> In 2015, Millennials (20-35yrs/old)&nbsp;made up&nbsp;35% of home purchases, Gen X (36-50yr/olds)&nbsp;bought 26%, Boomers (51-70yr/olds)&nbsp;31%, and the Silent Generation (70+yrs/old)&nbsp;9%.&nbsp;&nbsp;I&#39;m no great fan of the NAR, but this makes basic sense as most homebuyers need an income to be homebuyers and most 70+yr/olds are retired and have the lowest average incomes of all the above groups.</p> <p><u><strong>Here&#39;s the very big problem for residential real estate... </strong></u>the chart below shows that over 70% of all the population growth among potential home buyers (20+yrs/old)&nbsp;from 2017--&gt;2030&nbsp;will be&nbsp;among the 70+yr/olds (chart shows average annual growth for the two groups from 2000--&gt;2016 (left)&nbsp;and 2017--&gt;2030 (right)).&nbsp; This is simply unprecedented in US history.</p> <p>&nbsp;</p> <p><img height="385" 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" width="640" /></p> <p>&nbsp;</p> <div> <p>To put it in a broader context, the chart below shows annual growth in the 20-69yr/old population&nbsp;(red line)&nbsp;vs. annual growth&nbsp;in the&nbsp;70+yr/old population (blue line)&nbsp;since 1980.&nbsp;<strong> That unprecedented,&nbsp;impending crossover in the lines means everything for real estate and the economy in general.</strong></p> <p><img height="363" src="data:image/png;base64,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" width="640" /></p> </div> <p>&nbsp;</p> <p>The&nbsp;impending nosedive in the growth&nbsp;of potential buyers vs. surge in&nbsp;elderly (those more likely to downsize or out-right&nbsp;sell than buy)&nbsp;should be quite disconcerting considering:</p> <ul> <li> <p>Home prices are at or near &#39;07/&#39;08 bubble&nbsp;peaks meaning any&nbsp;new investments require far more cash down to achieve a positive cash flow</p> </li> <li> <p>Mortgage rates can effectively go no lower and a marginal increase is&nbsp;probable&nbsp;(unless the Fed reinitiates QE and implements NIRP)</p> </li> <li> <p>Present lending standards are far more stringent than during the &#39;07/&#39;08 fog-a-mirror NINJA free for all</p> </li> <li> <p>The dollar is likely to continue appreciating making foreign buying continually more expensive...and less likely&nbsp;(unless the Fed reinitiates QE and implements NIRP)</p> </li> <li> <p>Rents and rent to income ratios are off the charts to new records well above &#39;08...maintaining the pace of rent&nbsp;appreciation is highly unlikely and rent declines may be the more probable course.</p> </li> </ul> <p>Plus, add in the pace of new housing creation continues ramping up (still only half way to &#39;08 levels but still far more than can ultimately be absorbed with the changing dynamics).&nbsp;<em><u><strong> With so few new buyers, a growing&nbsp;quantity of new homes,&nbsp;and so many likely sellers...a&nbsp;very simple question must be asked, who will buy all those houses and at what price?</strong></u></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="646" height="370" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160824_home.jpg?1472041397" /> </div> </div> </div> http://www.zerohedge.com/news/2016-08-24/demographic-homemageddon-underway-will-last-until-least-2035#comments Real estate Thu, 25 Aug 2016 01:27:06 +0000 Tyler Durden 570474 at http://www.zerohedge.com