http://www.zerohedge.com/fullrss2.xml/fullrss2.xml/component/option%2Ccom_docman/Itemid%2C200023/gid%2C397/BoomBustBlog/BoomBustBlog/BoomBustBlog/Is-this-the-Breaking-of-the-Bear.html en With G20 Over, FX Market Chaos Resumes: Yen Surge, Yuan Purge http://www.zerohedge.com/news/2016-07-25/g20-over-fx-market-chaos-resumes-yen-surge-yuan-purge <p>Once again the &#39;fake&#39; FX stability of pre-geopolitical-events has ben shattered now that the G-20 meetings ended with their usual un-fanfare of nothingness (<a href="http://www.zerohedge.com/news/2016-07-24/g-20-meeting-ends-rising-dischord-between-china-and-us"><em>and rising discord</em></a>). After exuberant status-quo-supporting weakness in the Yen and stability in the Yuan (against the dollar), that&#39;s all coming unglued rapidly <strong>in the last 36 hours as USDJPY tests back to a 104 handle and Yuan resumes its weakening trend</strong>...</p> <p>As Bloomberg notes, <strong>history shows that the Chinese currency usually strengthens ahead of major political or economic events</strong>, such as President Xi Jinping&rsquo;s state visits to the U.S. and the Boao Forum.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160724_CNY.jpg"><img height="282" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160724_CNY_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>And sure enough, as soon as G-20 is overm Yuan starts to weaken again...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_cnh1.jpg"><img height="316" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_cnh1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>And USDJPY has tumbled back to a 104 handle... (down 3 handles from pre-G-20 highs), back below Brexit levels...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_cnh2.jpg"><img height="311" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_cnh2_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>As a reminder, geopolitical risks are surging...<a href="http://www.zerohedge.com/news/2016-07-21/what-will-it-take-geopolitical-shocks-worry-investors">(and not priced in)</a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160721_geo.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160721_geo_0.jpg" style="width: 600px; height: 314px;" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1190" height="617" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160725_cnh2.jpg?1469494000" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/g20-over-fx-market-chaos-resumes-yen-surge-yuan-purge#comments Yen Yuan Tue, 26 Jul 2016 00:49:17 +0000 Tyler Durden 567183 at http://www.zerohedge.com Furious Sanders Supporters, Angry Media, Blistering Chaos Marks First Day Of Democratic Convention http://www.zerohedge.com/news/2016-07-25/furious-sanders-supporters-angry-media-blistering-chaos-marks-first-day-democratic-c <p>Democrats were delighted to watch as last week's scandal-plagued Republican National Convention lurched from one fiasco to another until.... the Democratic National Convention launched among blistering temperatures, sheer chaos, and a fractured organization that has left Republicans stunned in amazement at a Democratic party seemingly torn in two. </p> <p><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/dnc%205_0.jpg" width="500" height="359" /></p> <p>As documented earlier, Bernie Sanders supporters disrupted the first day of the Democratic convention on Monday, repeatedly chanting and booing mentions of Hillary Clinton's name as the party's hopes for a show of unity dissolved into frequent chaos. Speakers in the convention's first hour struggled to carry out business as angry Sanders supporters roared their disapproval, drawing a deafening response from Clinton delegates, <a href="http://www.reuters.com/article/us-usa-election-idUSKCN105101">Reuters adds</a>. </p> <p>"We're all Democrats and we need to act like it," U.S. Representative Marcia Fudge of Ohio, the convention's chairwoman, shouted over the uproar. </p> <p>Earlier in the day, Sanders drew jeers from his supporters when he urged his delegates to back the White House bid of his formal rival, Clinton, and focus on defeating Republican Donald Trump in the Nov. 8 presidential election. Sanders' followers shouted: "We want Bernie" in a show of anger at both Clinton's victory in the race for the Democratic presidential nomination and emails leaked on Friday suggesting the party leadership had tried to sabotage Sanders' insurgent campaign.</p> <p>In an attempt to project unity, former rivals Hillary and Bernie urgently joined forces Monday to tamp down dissent among his supporters, as Democrats tried to keep infighting from overtaking an opening night featuring some of the party's biggest stars, including first lady Michelle Obama. </p> <p><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/dnc%202_0.jpg" width="500" height="308" /></p> <p>It was unclear whether the efforts would succeed, <a href="https://apnews.com/45a30889ac464f01ac02a47a3bb4b073/'Shame!'-Dems'-division-roils-party-on-Day-1-of-convention">AP adds</a>. Chants of "Bernie" echoed through the arena, and boos could be heard nearly every time Clinton's name was raised. Outside the arena, several hundred Sanders backers marched down Philadelphia's sweltering streets changing, "Nominate Sanders or lose in November."</p> <p>For Hillary, it was a turbulent start to a historic four-day gathering that will culminate in the nomination of the first woman to lead a major U.S. political party.&nbsp; </p> <p>Sanders had a better start to the convention, scoring a major victory with the forced resignation of party chair Debbie Wasserman Schultz following the release of emails showing her staff favored Clinton during the primary despite vows of neutrality. But Sanders' aides reached out to the Clinton campaign Monday afternoon to express concerns that the chairwoman's ouster wouldn't be enough to keep supporters from disrupting the convention, according to a Democratic official. </p> <p>Sanders previewed his remarks during an appearance earlier Monday before supportive delegates. He implored them to vote for Clinton, generating a chorus of boos. "Brothers and sisters, this is the real world that we live in," Sanders said as he tried to quiet the crowd. "Trump is a bully and a demagogue."</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/bern%20philly.jpg"><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/bern%20philly_0.jpg" width="500" height="329" /></a></p> <p>The discussions between the two camps prompted Sanders to send emails and text messages to supporters asking them not to protest. </p> <p><strong>"Our credibility as a movement will be damaged by booing, turning of backs, walking out or other similar displays," </strong>Sanders wrote.</p> <p>As Reuters adds, the scenes of booing in Philadelphia were a setback to Democratic officials' attempts to present the gathering as a smoothly run show of party unity in contrast to the volatile campaign of Republican nominee Trump.&nbsp; </p> <p><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/dnc%203_0.jpg" width="500" height="336" /></p> <p>Desperately hoping to appease boisterous Sanders' supporters, moments after the convention opened in Philadelphia, the DNC also apologized to Sanders and his backers "for the inexcusable remarks made over email." The statement was signed by DNC leaders, <strong>though Wasserman Schultz's name was notably absent.</strong></p> <p> The Florida congresswoman's resignation is effective later this week, though she also stepped down from her official convention duties. The mere sight of her on stage had been expected to prompt strong opposition from Sanders' backers.&nbsp; </p> <p>Meanwhile, Trump gloated at the Democrats' opening day disorder. "Wow, the Republican Convention went so smoothly compared to the Dems total mess," he wrote on Twitter. </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Wow, the Republican Convention went so smoothly compared to the Dems total mess. But fear not, the dishonest media will find a good spinnnn!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/757573051215147008">July 25, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Trump also seemed to enjoy the Clinton campaign's attempt to blame the DNC hack, which is now being investigated by the FBI, on Russian military intelligence agencies. The campaign also accused Moscow of trying to meddle in the U.S. election and help Trump, who has said he might not necessarily defend NATO allies if they are attacked by Russia. Trump dismissed the suggestion in a tweet: "The joke in town is that Russia leaked the disastrous DNC emails, which should never have been written (stupid), because Putin likes me."</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">The new joke in town is that Russia leaked the disastrous DNC e-mails, which should never have been written (stupid), because Putin likes me</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/757538729170964481">July 25, 2016</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>But, ironically, the bulk of the democrats' anger was focused not so much on Trump, at least not yet, as on Wasserman Schultz (and in many cases, Hillary herself). Wasserman Schultz, a Florida congresswoman who resigned as the DNC head on Sunday, was the focus of anger from liberal Democrats over some 19,000 DNC emails that were leaked by the WikiLeaks website that showed the party establishment working to undermine Sanders.&nbsp; </p> <p><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/schultz%20booed_0.jpg" width="500" height="281" /></p> <p>She told Florida's Sun Sentinel newspaper she would not speak as planned at the opening of the event. On Monday morning, Wasserman Schultz struggled to be heard above boos as she spoke to the delegation from her home state. Some protesters held up signs that read "Bernie" and "E-MAILS" and shouted: "Shame" as she spoke.</p> <p>The cache of leaked emails disclosed that DNC officials explored ways to undercut Sanders' insurgent presidential campaign, including raising questions about whether Sanders, who is Jewish, was an atheist. Sanders supporters were already dismayed last week when Clinton passed over liberal favorites like U.S. Senator Elizabeth Warren of Massachusetts to select the more moderate Kaine as her running mate.</p> <p>* * * </p> <p>But it wasn't just the lack of unity and common voice that marked the start of the DNC. According to <a href="http://thehill.com/blogs/ballot-box/presidential-races/289136-chaos-high-temps-mark-dncs-first-day">The Hill</a>, the apparent lack of organization as well as a hostile weather conditions, all conspired - pun intended - to make the initial impression of the Democratic Convention even worse than that of the Republican one.&nbsp; </p> <p>Attendees reported walking long distances — in some cases, nearly a mile — in 98-degree temperatures to get to the arena from the car drop-off area. Complaints of overheating and poor coordination by the DNC are escalating just as the party looks to contain the fallout from the resignation of its chairwoman, Debbie Wasserman Schultz.<br />&nbsp;<br />Wasserman Schultz, who was expected to open the convention’s first night, is no longer expected to speak at all.&nbsp; </p> <p>Just hours before the opening gavel, only two eateries inside the convention center were serving food and drinks around lunchtime. Water bottles were priced at $4.50. Thousands will arrive by Monday evening for keynote speeches by Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) and first lady Michelle Obama. Outside, temperatures reached 98 degrees Fahrenheit by 3 p.m., with a heat index of 109 degrees.&nbsp; </p> <p><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/philly%20bernie_0.jpg" width="500" height="281" /></p> <p>The National Weather Service had previously warned of “multiple days of excessive heat” during the Democratic National Convention. Officials said the heat would “greatly affect those who are attending outdoor activities,” such as the thousands of people joining protests downtown. </p> <p>Morgan Finkelstein, a spokeswoman for the DNC's media team, said in a text Monday afternoon that its event contractor was "working on making it colder in the tents."&nbsp;&nbsp; Just outside the convention center by the media tents, a handful of food trucks sizzled on the pavement, with no other food spots nearby. Inside the tents, water has only been made available by media outlets for their own staff.&nbsp;&nbsp; </p> <p>The media was furious: peeved reporters and editors have taken to Twitter to complain about the event’s disorganization, with some pining for their experience at last week’s Republican National Convention in Cleveland.</p> <p>Megan Liberman, editor-in-chief of Yahoo News, described the day as “<strong>chaos”</strong>&nbsp; (and an employee for Yahoo should know). <strong>“To be totally objective and nonpartisan: the logistics at DNC are appalling. Squalid hotels, sweltering workspace, no directions. Chaos,” </strong>Liberman tweeted. </p> <p>“Walking thru hot media tents, or walking the mile from Uber drop off to hot media tents, one hears longing for CLE,” Washington Post reporter Philip Rucker tweeted.</p> <p>Finkelstein said the DNC was providing air conditioning in the media tents “the best that we can.” In the arena, she said they tried to “beef up AC as much as we could” — including adding two 300-pound chillers stationed near the delegates.&nbsp; </p> <p>Finkelstein said reporters were allowed to buy or bring their own water into the convention hall or the media tents. When asked if the DNC planned to make any available in the hotter-than-expected tents, she said: “I don’t actually know if we’re allowed to provide that.” </p> <p>The DNC’s media facilities had already drawn complaints before temperatures began to soar Monday. With an approaching thunderstorm late Sunday, convention officials warned reporters to be prepared to evacuate the media tents in case of lightning. “Tents in the vicinity of the area are not designed to fully protect inhabitants in the event of a direct lightning strike,” according to an email by the DNC’s Department of Media Logistics. </p> <p>* * *&nbsp; </p> <p>Perhaps it is poetic justice that after all the mocking of the Republican Convention, the Democratic one has launched on such chaotic, turbulent waves. That said, we are hopeful that things will normalize, and eagerly look forward to Bernie's speech later tonight when the Vermont socialist will do all in his power to bring the two warring group of democrats together. If what has transpired so far is any indication, he may have an uphill battle.</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="574" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/dnc%205.jpg?1469494059" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/furious-sanders-supporters-angry-media-blistering-chaos-marks-first-day-democratic-c#comments Bernie Sanders Donald Trump Elizabeth Warren FBI Florida National Weather Service Newspaper Nomination Ohio Reuters Total Mess Twitter Twitter White House Tue, 26 Jul 2016 00:48:51 +0000 Tyler Durden 567182 at http://www.zerohedge.com "30 Seconds To Midnight" http://www.zerohedge.com/news/2016-07-25/30-seconds-midnight <p><a href="http://www.paulcraigroberts.org/2016/07/25/30-seconds-to-midnight/"><em>Authored by Paul Craig Roberts,</em></a></p> <p><strong>Former US Secretary of Defense William Perry warns that the world is on the knife edge of nuclear catastrophe.</strong> Such catastrophe can result accidentally from electronic failures or glitches in warning systems and from the recklessly aggressive and unnecessary force buildup against Russia. <a href="http://fpif.org/may-greater-risk-nuclear-catastrophe-cold-war/">Conn Hallinan discusses these issues</a>...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;Today, the danger of some sort of a nuclear catastrophe is greater than it was during the Cold War,&rdquo;</em></strong> warns William Perry, <em><strong>&ldquo;and most people are blissfully unaware of this danger.&rdquo;</strong></em></p> <p>&nbsp;</p> <p>A former U.S. defense secretary from 1994 to 1997, Perry has been an inside player in the business of nuclear weapons for over 60 years. And his book, My Journey at the Nuclear Brink, is a sober read. It&rsquo;s also a <strong>powerful counterpoint to NATO&rsquo;s current European strategy, which envisions nuclear weapons as a deterrent to war: The purpose of nukes &ldquo;is to prevent major war, not to wage wars,&rdquo; </strong>argues the Alliance&rsquo;s magazine, NATO Review.</p> <p>&nbsp;</p> <p>But as Perry points out, <strong>it&rsquo;s only by chance that the world has avoided a nuclear war &mdash; sometimes by nothing more than dumb luck &mdash; and, rather than enhancing our security, nukes &ldquo;now endanger it.&rdquo;</strong></p> <p>&nbsp;</p> <p>The 1962 Cuban missile crisis is generally represented as a dangerous standoff resolved by sober diplomacy. In fact, it was a single man &mdash; Russian submarine commander Vasili Arkhipov &mdash; who countermanded orders to launch a nuclear torpedo at an American destroyer that could have set off a full-scale nuclear exchange between the Soviet Union and the United States.</p> <p>&nbsp;</p> <p>There were numerous other incidents that brought the world to the brink. On a quiet morning in November 1979, a NORAD computer reported a full-scale Russian sneak attack with land and sea-based missiles, which led to scrambling U.S. bombers and alerting U.S. missile silos to prepare to launch. But it turned out there was no Soviet attack &mdash; just an errant test tape.</p> <p>&nbsp;</p> <p><strong>Lest anyone think the incident was an anomaly, a little more than six months later NORAD computers erroneously announced that Soviet submarines had launched 220 missiles at the United States. This time the cause was a defective chip that cost 49 cents &mdash; again resulting in scrambling interceptors and putting the silos on alert.</strong></p> <p>&nbsp;</p> <p>But don&rsquo;t these examples prove that accidental nuclear war is unlikely? <strong>That conclusion is a dangerous illusion, argues Perry, because the price of being mistaken is so high &mdash; and because the world is a more dangerous place than it was in 1980</strong>.</p> <p>&nbsp;</p> <p><a href="http://fpif.org/may-greater-risk-nuclear-catastrophe-cold-war/"><em>Read more here...</em></a></p> </blockquote> <p>I doubt Hallinan is correct about Washington&rsquo;s military predominance. This is Washington&rsquo;s view, and this view makes Washington confident that it holds the aces. It is a mistake for Hallinan to encourage Washington in this view. Nevertheless, Hallinan makes it clear that we could all be vaporized at any minute.<strong> This extremely high risk has been created entirely by the Clinton, George W. Bush, and Obama regimes in which zionist neoconservatives have controlled foreign and military policies. </strong></p> <p><strong>It is tiresome to hear the argument that nuclear war won&rsquo;t happen because it makes no sense.</strong> William Perry points out that the failure of a 49-cent computer chip resulted in NORAD&rsquo;s computers signaling that the Soviets had launched 220 nuclear missiles at the United States. Just think about all the failures and glitches in our own personal computers, even the best ones.</p> <p>Human miscalculation is also an enormous risk. <strong>Miscalculation is a dominant human trait.</strong> Consider that 50 percent of Americans&rsquo; choices of marriage partner are miscalculations as established by the divorce rate.</p> <p>The mere existence of nuclear weapons means the nonexistence of life on earth. <strong>It will happen sooner or later. </strong>To raise the risk as the crazed American government is doing with irresponsible provocations of the Russians and Chinese is the ultimate criminal act.</p> <p>There is no greater threat to human rights than to endanger all life, and <strong>that is what Washington and its two-bit punk NATO vassals are doing by increasing tensions between nuclear powers.</strong></p> <p><strong>The neoconservatives in Washington have replaced nuclear disarmament with a new nuclear arms race.</strong> All of the hard work and accomplishments of previous US administrations to ease tensions and to reduce the stockpiles of nuclear weapons has been thrown away by the psychopaths who control the government in Washington.</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="279" height="154" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160724_ww3_0.jpg?1469487902" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/30-seconds-midnight#comments Tue, 26 Jul 2016 00:45:00 +0000 Tyler Durden 567173 at http://www.zerohedge.com Al Gore Gets Last Laugh As Kerry Confirms ManBearPig Bigger Threat Than ISIS http://www.zerohedge.com/news/2016-07-24/kerry-declares-manbearpig-be-biggest-threat-freedom-isis-threat-downgraded <p>It turns out Al Gore will have the last laugh on the eminent danger of ManBearPig. &nbsp;In a recent trip to Vienna, Secretary of State John Kerry confirmed Mr. Gore's worst fears that ManBearPig is just as big a risk to international peace and freedom as ISIS. &nbsp;Speaking at a United Nations meeting on climate change Kerry declared,&nbsp;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"Yesterday, I met in Washington with 45 nations — defense ministers and foreign ministers — <strong>as we were working together on the challenge of [the Islamic State], and terrorism...It's hard for some people to grasp it, but what we — you — are doing here right now is of equal importance because it has the ability to literally save life on the planet itself.</strong>"</p> </blockquote> <p>As Zerohedge recently <a href="http://www.zerohedge.com/news/2015-11-15/bernie-sanders-reveals-real-cause-terrorism-climate-change">reported</a>, Bernie Sanders was early in his warnings about the threat of ManBearPig and even went so far as to warn of the creature's effectiveness in recruiting new terrorist elements around the world.</p> <p>This is super serial, you guys.</p> <p><iframe src="https://secure.hulu.com/embed.html?eid=8U-Y0PSDTEpoaJP2QXNEmA&amp;partner=southpark&amp;sourceUrl=http%3A%2F%2Fsouthpark.cc.com%2Fclips%2F155237%2Fal-gore-is-super-awesome&amp;embed_age_gate_intro=false&amp;enable_mature_intro=false" width="512" height="288" frameborder="0" scrolling="no"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="179" height="179" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/MBP2.jpg?1469448502" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-24/kerry-declares-manbearpig-be-biggest-threat-freedom-isis-threat-downgraded#comments Bernie Sanders Tue, 26 Jul 2016 00:20:00 +0000 Tyler Durden 567047 at http://www.zerohedge.com The Blind Leading The Clueless http://www.zerohedge.com/news/2016-07-25/blind-leading-clueless <p><a href="http://www.internationalman.com/articles/the-blind-leading-the-clueless"><em>Submitted by Jeff Thomas via InternationalMan.com,</em></a></p> <p><strong>Most of us watch television. In part, we seek to be entertained, but, additionally, we often seek to be enlightened as to &ldquo;what&rsquo;s going on.&rdquo;</strong> In a difficult era like the present one, in which some of the most prominent countries are experiencing the onset of an economic crisis, virtual cartoon characters are competing as choices in political contests, governments are becoming increasingly rapacious and a police state is developing rapidly, it&rsquo;s not surprising if the average person questions, &ldquo;What on earth are they thinking?&rdquo;</p> <p>Well, there&rsquo;s no shortage of media exposure to answer that question. Today, there are a multitude of channels offering 24/7 &ldquo;news,&rdquo; from which we may hope to glean some insight as to what the leaders of the world are thinking. <strong>Yet, in spite of the endless folderol being offered, the leadership vision remains about as clear as mud.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>They don&rsquo;t want war, but are invading more countries than ever before in history. Political hopefuls are vague at best regarding their proposed platforms for action, yet they attack each other as though they&rsquo;re reporters for the tabloids. Governments continually speak of their wish to lighten the load on the common man, whilst heaping laws, regulations, fines and taxes on him like never before, and whilst heaping billions in tax dollars on their cronies in the financial industry. They claim to seek greater security for all, but instead, create an endless stream of agencies that have the authority to ignore basic rights and behave more like Mafia shakedown operators than law enforcers. Governments claim to be pursuing a sounder economy, but have created an unprecedented level of debt, that promises to crush the economies of several of the world&rsquo;s most prominent countries in the very near future.</em></strong></p> </blockquote> <p><span style="text-decoration: underline;"><strong>And so, many people look to the media, seeking answers. </strong></span>Typically a news programme will feature a &ldquo;panel of experts,&rdquo; who will debate the latest issues. They rarely reach a conclusion, but do succeed in creating a general impression that one political party is out to destroy the country and that the other (which they represent) is out to save it.</p> <p>In addition to the panels, the media go straight to the source on frequent occasions, interviewing political and financial leaders. The list of questions is invariably prepared well in advance and the interviewee is never caught off guard. His handlers have prepared his answers for him and, on every occasion, a full plate of predictable reheated rhetoric is served up to the viewer for his consumption.</p> <p>In these repartees, <strong>the interviewer is intended to appear congenial yet probing, yet the questions asked are invariably bland enough for the interviewee to either dismiss them or provide an easy retort. </strong>The interviewee is intended to appear as though he is informing the public of policies and procedures that, whilst too complicated for the viewer to fully grasp, are well in hand and will provide solutions in the not-too-distant future. Be patient.</p> <p><span style="text-decoration: underline;"><strong>The fact that these solutions never seem to arrive seems to be less relevant than the fact that a new solution is underway.</strong></span> In this manner, the viewer, no matter how badly his life is being affected, continues to sit tight and be hopeful, for, surely, better days are just around the corner.</p> <p>Incredibly, the <strong>average viewer seems to be able to consume endless quantities of this propaganda</strong>, year after year, and never say to himself, &ldquo;Something&rsquo;s radically wrong here.&rdquo;</p> <p>If he were to actually turn off the television for a week or so, stand back, and assess the propaganda as a whole, he might conclude that, in fact, <strong>the media acts at the behest of the economic and political leaders, to propagate their message.</strong> The &ldquo;debates&rdquo; and &ldquo;pressing questions&rdquo; are limp at best and <em>never</em> lead to any significant change or improvement. Nor are they intended to. They are pacifiers only.</p> <p><strong>Worse, the leaders themselves continue to not only fail the public, but to steadily morph the governmental, economic and social systems in a direction that will lead inevitably to a bad end.</strong></p> <p>It is true, of course, that the citizens of these leading nations are becoming increasingly cynical about their leaders <em>and</em> their own futures, but their reaction to the pablum, after having a good grumble, tends to be to <strong><em>&ldquo;hope the next administration will be better.&rdquo; </em></strong>This is very foolhardy indeed. (Once the apple is thoroughly rotten, expect to see only worms inhabiting it.)</p> <p><u><strong>But those who sense that they&rsquo;re being shafted need to vent somehow.</strong></u> And, for this we have political parties. Whether our country has Democrats and Republicans, Tories and Labour, or any other such groupings, those who are elected are under no illusion that they exist to serve those who elected them; they exist to serve the major donors who pay for the elections. And the major donors contribute to both parties, in order to ensure that their objectives are carried out by the candidates who are successful, regardless of their party.<strong> The overall plan will continue, full steam, regardless of who&rsquo;s in office.</strong></p> <p>But the parties do provide the electorate with targets at which to aim their rubber-tipped arrows. Regardless of which party is in power, liberal voters will complain that not enough is being done for their causes and conservative voters will do the same.</p> <p><strong>Will one win out over the other eventually? Unquestionably not. The system is designed to remain as is &ndash; with endless bickering encouraged, but no actual progress planned.</strong></p> <p>The most prominent countries in the world are on the cusp of a major economic crisis. <u><strong>With it will come political and social crises and, most certainly, war. </strong></u>The television viewer, if he accepts this at all, will say, &ldquo;Well, <em>that</em> will teach them. Then they&rsquo;ll <em>have</em> to admit that our side was right.&rdquo;</p> <p>Unfortunately, no. <strong>After the inevitable economic crashes, after years of pointless warfare, after increased totalitarianism at home, there will be an eventual end to the strife. </strong>When the dust begins to settle, the average person will turn on his television, hoping to see that some answers have been reached.</p> <p>Instead, what he&rsquo;ll witness, <strong>if he turns on a liberal station,</strong> will be pundits stating that,<u><strong> if only there had been more QE and more entitlements, it might have all worked out, but that, instead, there was disaster, as a result of the conservatives.</strong></u></p> <p>Likewise, the <strong>pundits on the conservative station </strong>will expound that all the <u><strong>suffering could have been avoided if the entitlements had been kept in check and the bombs could have been dropped on the enemy earlier</strong></u>. Both liberals and conservatives will return to their corners to dress their wounds and prepare for the next round of polarization against each other.</p> <p><em>So, who is it that we blame for mankind&rsquo;s debacles? Surely, we were tricked by the leaders &ndash; the politicians, central bankers, leaders of major industries, etc. Or was it the media that did such a sterling job of packaging up the propaganda that we were unable to see the forest for the trees?</em></p> <p><u><strong>It will matter little, because nothing will be learned and we shall begin the game anew</strong></u>. But if it&rsquo;s a genuine <em>solution</em> we&rsquo;re after, yes, that is possible. But that solution depends upon whether we&rsquo;re prepared to cease to allow the media to provide our reasoning for us. We must be prepared to study our leaders&rsquo; actions, to be prepared to be contrarian and, most importantly, to question <em>everything.</em> If not, we ourselves are amongst the blind and the clueless and we can expect an endless cycle of the same dog and pony show.</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="578" height="289" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160725_clueless.jpg?1469484675" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/blind-leading-clueless#comments Apple ETC Fail Totalitarianism Mon, 25 Jul 2016 23:55:00 +0000 Tyler Durden 567167 at http://www.zerohedge.com DNC Day 1: Debbie Doesn't Do Philly But Bernie Meets Michelle - Live Feed http://www.zerohedge.com/news/2016-07-25/dnc-day-1-debbie-doesnt-do-philly-bernie-meets-michelle-live-feed <p>After the turmoil of last week&#39;s RNC, this week&#39; Democratic Nation Convention is off to an even more chaotic start (no matter what the surrogates desperately try to say). Wasserman Schultz <strong>resignation </strong>and decision not to &#39;gavel in&#39; the convention is over-shadowed by the increasingly loud voices of Bernie (who will speak tonight) supporters <strong>booing </strong>any mention of Clinton-Kaine, but <strong>according to the mainstream media, Michelle Obama&#39;s headline speech tonight will bring the party together</strong>.</p> <p>&nbsp;</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Wow, the Republican Convention went so smoothly compared to the Dems total mess. But fear not, the dishonest media will find a good spinnnn!</p> <p>&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/757573051215147008">July 25, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <p><u><strong>Live Feed</strong></u> (due to start at 4pmET)</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/3I46ANy0jFA" width="560"></iframe></p> <p>*&nbsp; *&nbsp; *</p> <p>Hillary better hope for a Convention bounce because she is starting to lag Trump notably...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">TRUMP now leads in 538&#39;s now-cast, our estimate of what would happen in an election today. <a href="https://t.co/djsqNajFrh">https://t.co/djsqNajFrh</a> <a href="https://t.co/7DvrdieHOw">pic.twitter.com/7DvrdieHOw</a></p> <p>&mdash; Nate Silver (@NateSilver538) <a href="https://twitter.com/NateSilver538/status/757558402667188224">July 25, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>*&nbsp; *&nbsp; *</p> <p>Or do voters know something else? <strong>Did Jane Sanders just drop a huge hint at what comes next?</strong></p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/PTBC6MIzbks" width="560"></iframe></p> <p>While almost inaudible, some have suggested she says: <em><strong>&quot;They don&#39;t know your name is being put in nomination...&quot;</strong></em></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_DNC2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_DNC2_0.jpg" style="width: 600px; height: 403px;" /></a></p> <p><em>Source: MichaelPRamirez.com</em></p> <p>*&nbsp; *&nbsp; *</p> <p>Full order of business <a href="http://www.nj.com/politics/index.ssf/2016/07/dnc_2016_schedule_speakers_how_to_watch_what_to_ex.html"><em>(via NJ.com)</em></a>:</p> <p>The list&nbsp;of speakers released by the&nbsp;<a href="https://www.demconvention.com/event-categories/july-25/">Democratic National Committee&nbsp;</a>is incomplete. Clinton&#39;s running mate, Virginia Sen. Tim Kaine, has yet to be added&nbsp;to&nbsp;the schedule, as well as many of the federal and state&nbsp;elected officials,who were announced as speakers&nbsp;on&nbsp;Thursday.</p> <p>Here is the current schedule:</p> <p><u><strong>Monday, July 25</strong></u></p> <p><em>Session begins at 4&nbsp;p.m.</em></p> <ul> <li>Pam Livengood of Keene, N.H., whose daughter struggles with drug addiction</li> <li>Karla and Francisca Ortiz of Las Vegas. Karla is an American citizen but Francisca, her mother, is undocumented</li> <li>Anastasia Somoza of New York, an advocate for Americans with disabilities</li> <li>Astrid Silva, an undocumented immigrant who came to the U.S. as a child</li> <li>Rep. Keith Ellison&nbsp;of Minnesota</li> <li>National Education Association President Lily Eskelsen Garcia</li> <li>Rep. Raul Grijalva&nbsp;of Arizona</li> <li>Iowa Senate Majority Leader Mike Gronstal and candidates of the Democratic Legislative Campaign Committee</li> <li>SEIU President Mary Kay Henry</li> <li>Rep. Joe Kennedy of Massachusetts</li> <li>Connecticut Gov. Dannel Malloy, chair of the Democratic Governors Association</li> <li>Building Trades President Sean McGarvey</li> <li>U.S. Sen. Jeff Merkley of Oregon</li> <li>Rep. Linda Sanchez&nbsp;of California&nbsp;and members of the Congressional Hispanic Caucus</li> <li>AFSCME President Lee Saunders</li> <li>AFL-CIO President Richard Trumka</li> <li>American Federation of Teachers President Randi Weingarten</li> <li>U.S. Sen. <a href="http://nj.com/cory-booker">Cory Booker</a></li> <li><strong>U.S. Sen. Bernie Sanders of Vermont</strong></li> <li><strong>First Lady Michelle Obama</strong></li> </ul> <p><u><strong>Tuesday, July 26</strong></u></p> <p><em>The session begins at 4 p.m.</em></p> <ul> <li>Thaddeus Desmond, a Philadelphia advocate for children</li> <li>Dynah Haubert, a Philadelphia lawyer for a disability rights organization</li> <li>Kate Burdick, a lawyer&nbsp;at the Juvenile Law Center in Philadelphia</li> <li>Anton Moore of Philadelphia, who founded a nonprofit community group to talk to youth about gun violence</li> <li>Dustin Parsons of Little Rock, Ark., a fifth grade teacher</li> <li>Students from Eagle Academy in New York City and Newark for at-risk youth</li> <li>Joe Sweeney, a New York City police detective who responded to 9/11</li> <li>Lauren Manning, a former executive and partner at Cantor Fitzgerald who was wounded in the World Trade Center attack on 9/11</li> <li>Ryan Moore, originally from South Sioux City, Neb., who has a health condition that hie father&#39;s employer refused to cover</li> <li><strong>Donna Brazile, Democratic National Committee vice chair of voter registration and participation</strong></li> <li>Former Georgia state Sen. Jason Carter</li> <li><strong>House Democratic Leader Nancy Pelosi</strong> of California and the Democratic women of the House, including Rep. Bonnie Watson Coleman of New Jersey&#39;s 12th District.</li> <li>Planned Parenthood Action Fund President Cecile Richards</li> <li><strong>President Bill Clinton, husband of Hillary Clinton</strong></li> <li>Mothers of the Movement, mothers who lost their children to gun violence or to enounters with law enforcement.</li> </ul> <p><u><strong>Wednesday, July 27</strong></u></p> <p><em>The session will begin at 4:30 p.m.</em></p> <ul> <li>Erica Smegielski, whose mother Dawn was the principal of Sandy Hook Elementary School in Connecticut and was one of&nbsp;26&nbsp;people killed in the 2012 mass shooting there</li> <li>Felicia Sanders and Polly Sheppard, two of the three survivors of the 2015 shooting at a black church&nbsp;in Charleston, S.C., which killed nine</li> <li>Jamie Dorff, whose husband, an Army helicopter pilot from Minnesota, died while on a search and rescue mission in northern Iraq</li> <li>Rep.&nbsp;G.K. Butterfield of North Carolina and members of the Congressional Black Caucus</li> <li>Rep.&nbsp;Judy Chu of California and members of the Congressional Asian Pacific American Caucus</li> <li>NARAL President Ilyse Hogue</li> <li>Retired Navy&nbsp;Rear Adm. John Hutson&nbsp;</li> <li><strong>Civil rights leader Jesse Jackson</strong></li> <li>Rep. Ben Ray Lujan of New Mexco and candidates of the Democratic Congressional Campaign Committee</li> <li>Former Defense Secretary Leon Panetta</li> <li>Former Philadelphia Police Commissioner Charles Ramsey</li> <li>EMILY&#39;s List President Stephanie Schriock</li> <li>Center for American Progress Action Fund President Neera Tanden</li> <li><strong>Vice President Joe Biden</strong></li> <li><strong>President Barack Obama</strong></li> </ul> <p><strong>Thursday, July 28</strong></p> <p><em>The session begins at 4:30 p.m.</em></p> <ul> <li>Henrietta Ivey, a Michigan home care worker who advocates for a $15 an hour minimum wage.</li> <li>Beth Mathias of Ohio, who works two jobs</li> <li>Jensen Walcott and Jake Reed. Walcott was fired from her job in Bonner Springs, Kan., for asking why her co-worker, and friend,&nbsp; Reed, made more than she did for the same job</li> <li>Khizr Khan, whose son, , Humayun S. M. Khan, is one of 14 American Muslims killed after 9/11 serving in the U.S. Armed Forces</li> <li>Retired Marine Corps Gen. John Allen,&nbsp;who commanded U.S. forces in Afghanistan</li> <li>Candidates of the Democratic Senatorial Campaign Committee</li> <li>Human Rights Campaign President Chad Griffin</li> <li>League of Conservation Voters President Gene Karpinski</li> <li>Rep. Sea Patrick Maloney of New York, co-chair of the Congressional LGBT Equality Caucus, and LGBT rights activist Sarah McBride</li> <li>U.S. Sen. Barbara Mikulski of Maryland and Democratic women of the Senate</li> <li><strong>Chelsea Clinton, Clinton&#39;s daughter</strong></li> <li><strong>Former U.S. Secretary of State Hillary Clinton, presumptive Democratic nominee</strong></li> </ul> <p>Finally, there is one &#39;unified&#39; group that Hillary can rely upon...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_DNC3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160725_DNC3.jpg" style="width: 595px; height: 459px;" /></a></p> <p><a href="https://twitter.com/Mark4124NH/status/757298613110251520/photo/1"><em>h/t @Mark412NH</em></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="597" height="478" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160725_DNC1.jpg?1469470533" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/dnc-day-1-debbie-doesnt-do-philly-bernie-meets-michelle-live-feed#comments Barack Obama Bernie Sanders Las Vegas Michigan Nancy Pelosi New York City Nomination Ohio Total Mess World Trade Mon, 25 Jul 2016 23:55:00 +0000 Tyler Durden 567151 at http://www.zerohedge.com Vancouver Finally Cracks Down On Chinese Home Buyers With 15% Real Estate Tax http://www.zerohedge.com/news/2016-07-25/chinese-national-center-massive-money-laundering-operation-tied-over-500mm-real-esta <p>In recent months - and <a href="http://www.zerohedge.com/news/2016-07-23/foreign-buyers-continue-inflate-global-residential-real-estate-bubbles-will-end-badl">most recently over the weekend </a>- we have frequently discussed the risks associated with housing bubbles springing up in certain parts of Canada and Australia on the back of hot investments by Chinese money laundering operations.&nbsp; We're happy to report that the British Columbia government finally took our <a href="http://www.zerohedge.com/news/2016-06-19/are-you-listening-canada-australia-slaps-chinese-home-buyers-new-taxes">advice</a> to stem hot money inflows into real estate by announcing a <strong>15% transfer tax on foreign nationals who buy real estate in Metro Vancouver</strong>.&nbsp; Finance Minister Mike de Jong unveiled the tax, which will take effect on August 2nd, after recent housing data revealed that <strong>foreign nationals spent more than $1 billion on British Columbia property between June 10 and July 14, or a mere $28.6mm per day.</strong></p> <p>CTV <a href="http://www.ctvnews.ca/business/b-c-to-bring-in-real-estate-tax-on-foreign-buyers-1.3001418">has the details</a>:<strong><br /></strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Finance Minister Mike de Jong unveiled the tax as part of legislation aimed at addressing low vacancy rates and high real estate prices in southern B.C.... "The<strong> amendments include anti-avoidance rules designed to capture transactions that are structured specifically to avoid the additional tax</strong>," de Jong said. </p> <p>&nbsp;</p> <p>The money from the additional tax would be used to fund housing, rental and support programs, the minister said. After the bill was introduced, Premier Christy Clark said her government is focused on increasing the housing supply, protecting buyers and sellers and boosting the rental market. </p> <p>&nbsp;</p> <p>"Today we are taking measures to ensure home ownership remains within reach of the middle class," she said.</p> </blockquote> <p>When Australia implemented a similar measure one month ago, we asked <a href="http://www.zerohedge.com/news/2016-06-19/are-you-listening-canada-australia-slaps-chinese-home-buyers-new-taxes">"Are you listening, Canada</a>?" Today, Canada finally listened.</p> <p>The announcement came just as even more grotesque details emerged about a Chinese money-laundering operation in B.C. An <a href="http://theprovince.com/business/real-estate/mysterious-wheeler-dealer-is-at-centre-of-a-web-of-b-c-real-estate-deals">article written by the Province's Sam Cooper </a>offers details about <strong>a "mysterious" real estate tycoon with a checkered past in China and links to $500mm worth of shady real estate deals in British Columbia:</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>A Chinese property tycoon linked to a massive banking scandal in China’s industrial north is at the centre of more than $500 million in B.C. property deals</strong>, a joint investigation by Postmedia and global due diligence firm IPSA International shows.</p> <p>&nbsp;</p> <p>Chinese real estate magnate Kevin Sun — also known as Hong Sun, Kevin Lin, Hong Wei Sun and Sun Hongwei — founded Sun Commercial Real Estate in 2013. In addition to buying and selling hundreds of millions in B.C. property, the B.C. company, which focuses on immigrant investors, has raised over $200 million from investors.</p> <p>&nbsp;</p> <p>Kim Marsh, executive vice-president of IPSA International and a former commander of a RCMP international Organized Crime Investigation Unit, said at the conclusion of a year-long joint investigation by Postmedia News and IPSA: <strong>“This case has many alarming red flags.&nbsp; The modus operandi outlined in this case is similar to some of the operations that are using the Canadian real estate market to launder money.&nbsp; This situation begs many questions including, what happened to the visa vetting process, banking compliance, public company scrutiny and regulators of all sorts.</strong>”</p> <p>&nbsp;</p> <p><strong>Land records indicate that over $500 million in B.C. property has been bought and sold through companies related to Sun.</strong></p> </blockquote> <p>The article explains Kevin Sun's checkered past growing up in the Jilin Province of China.&nbsp; What started out as a rags-to-riches story ended with an <strong>investigation into irregular lending practices at the Jilin branch of Industrial and Commercial Bank which concluded that Jilin Heng Enterprise Group used a "variety of techniques in conspiracy to defraud banks" our of about $500mm.&nbsp;</strong> </p> <p>Police arrested a number of Sun's business associates in 2003 but Sun had already fled to Canada.</p> <p>And while it took a masterful piece of investigative reporting to track down just one flagrant Chinese home flipper, the reality is that there are countless more such abusers, most of whom remain anonymous, <a href="http://www.zerohedge.com/news/2016-04-12/my-daddy%E2%80%99s-rich-and-my-lamborghini%E2%80%99s-good-looking-meet-rich-chinese-kids-vancouver">even if their spoiled "rich kids" delight in all the perks an all too public exposure has to give. </a></p> <p>With today's tax, Vancouver's real estate nightmare in which local housing had become the "new normal" anonymous Swiss bank account, and also made real estate virtually unaffordable to local, hard working Canadians, is finally set to end. As a result of the new proposal "the additional tax on the purchase of a home selling for $2 million to a foreign national will amount to an additional $300,000," Finance Minister Mike de Jong told members of the legislature.</p> <p>Whether this will prove a sufficient deterrent to future Chinese buyers remains to be seen, but having finally taken the "tax-hike" route, the local government will be able to fine tune and keep rising taxes until it finally finds the breaking point beyond which not even Chinese tycoons and oligarchs will find Vancouver real estate a welcome source of their laundered funds. </p> <p>The good news is that, if it is successful, Vancouver housing is about to become far more affordable. The bad news is that if it leads to a selling scramble, the worst cast outcome - <a href="http://www.zerohedge.com/news/2016-06-01/oecd-warns-disorderly-housing-market-correction-canada">one predicted by the OECD at the start of June</a>, namely a "<strong>disorderly housing market correction</strong>" - may have just been triggered leading to a dramatic collapse in Vancouver home prices. </p> <p>Then again, since it will mostly affect Chinese robber barons, we doubt the local population will shed many tears. </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="620" height="349" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/canada%20tax%20hike.jpg?1469485981" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/chinese-national-center-massive-money-laundering-operation-tied-over-500mm-real-esta#comments Australia B+ China Commercial Real Estate Housing Market KIM New Normal Real estate Reality Mon, 25 Jul 2016 23:33:41 +0000 Tyler Durden 567158 at http://www.zerohedge.com Brazil’s Top Newspaper Caught Manipulating Poll Data In Favor Of New President http://www.zerohedge.com/news/2016-07-25/brazil%E2%80%99s-top-newspaper-caught-manipulating-poll-data-favor-new-president <p>It has been a tough couple of years for Brazil, once the poster child of emerging markets. After unleashing the largest corruption probe in history (involving everyone from large corporate executives to high-ranking politicians), impeaching President Dilma Rousseff and replacing her cabinet for an equally unpopular white-male-only cast led by Michel Temer, and facing the threat of zika amidst the upcoming 2016 Rio Olympics, the slew of negative news continues to strike the largest South American nation.</p> <p>As detailed by <a href="https://theintercept.com/2016/07/21/folhas-journalistic-fraud-far-worse-than-we-reported-yesterday-a-smoking-gun-emerges/">The Intercept</a>, the Brazilian newspaper <em>Folha de Sao Paulo, </em>and its polling company <em>Datafolha,</em> originally reported that 50% of citizens supported the new government led by Temer, 32% wanted Rousseff reinstated and only 3% wanted new elections.</p> <p>Shortly after original story was published by <em>Folha de Sao Paulo</em>, the website <em>Tijolaco</em> noticed that the URL to the <em>Datafolha</em> link contained a &ldquo;v2&rdquo;, implying that there would likely be a version 1.</p> <p>Investigators at <em>Tijolaco</em> were able to guess the correct URL for &ldquo;v1&rdquo;, which had not been published but remained live in <em>Folha&rsquo;s </em>server. This version contained evidence that completely contradicted what Folha initially reported. Namely<strong>, an overwhelming 62% of Brazilians are in favor of hosting new elections, and not the alleged 3%. </strong></p> <p>After the story broke, the evidence began to mount that <em>Folha de Sao Paulo </em>had deliberately omitted this information from its published version. When the press questioned the newspaper for its decision, Folha&rsquo;s executive director Sérgio Dávila stated &ldquo;the prerogative of the paper [is] to chose what it <strong>believes is &lsquo;most journalistically relevant&rsquo; </strong>when it decides to publish a poll.&rdquo;</p> <p>And there you have it. Welcome to a world where the media decides what is relevant for the public based on whether it serves the purposes of the establishment.</p> <p>Then again, as our readers are well aware, this type of corruption is not an exclusive issue for Brazil. As we have detailed extensively (see <a href="http://www.zerohedge.com/news/2016-07-23/leaked-dnc-emails-confirm-democrats-rigged-primary-reveal-extensive-media-collusion"><em>L</em></a><a href="http://www.zerohedge.com/news/2016-07-23/leaked-dnc-emails-confirm-democrats-rigged-primary-reveal-extensive-media-collusion"><em>eaked DNC Emails Confirm Democrats Rigged Primary, Reveal Extensive Media Collusion</em></a> and <a href="http://www.zerohedge.com/news/2016-06-01/state-department-admits-it-deliberately-cut-video-confirming-it-lies-public,"><em>State Department Admits It Deliberately Cut Video Confirming It Lies To The Public</em></a>), it seems perhaps that <em>Folha</em> is simply taking a cue from President Obama&rsquo;s <strong><em>&ldquo;most transparent administration ever&rdquo; </em></strong>and feeding the narratives it finds convenient to remain in power.</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="620" height="348" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/temer%20brazil%202.jpg?1469486636" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/brazil%E2%80%99s-top-newspaper-caught-manipulating-poll-data-favor-new-president#comments Brazil Corruption Newspaper President Obama Mon, 25 Jul 2016 23:28:28 +0000 Tyler Durden 567170 at http://www.zerohedge.com The Forex Monopoly http://www.zerohedge.com/news/2016-07-25/forex-monopoly <p>Forex is a Monopoly, controlled by a small 'cartel' of big banks. &nbsp;That's changing, and changing fast - as a number of non-bank FX participants are replacing the traditional 'big 12.' &nbsp;<a href="http://www.splittingpennies.com" target="_blank">As we explain in Splitting Pennies</a> - the fact remains, if a small group of companies controlled and manipulated the price of any other market, they'd be shut down faster than you can say "Anti-Trust." &nbsp;</p> <p>A short list of things that are unique about FX:</p> <ul> <li>No "Insider Trading" rules. &nbsp;Yes, that's right! &nbsp;No insider trading rules. &nbsp;Don't believe it, <a href="http://www.investopedia.com/articles/forex/06/sevenfxfaqs.asp" target="_blank">confirm it.</a></li> <li>Trades 24/5 - no 'market times'</li> <li>People need FX - businesses need currency to operate (People don't need stocks)</li> <li>FX is an openly manipulated market (but, each central bank can only manipulate its own currency)</li> </ul> <p><strong>The most important thing stock traders need to understand about Forex</strong></p> <p>There's a phenomenon in FX we can call <span style="text-decoration: underline;"><strong>ultra high latency information arbitrage.</strong></span></p> <p>During Brexit, it took the GBP/USD hours to go down, in total more than 20 hours from peak to valley. &nbsp;If you missed the first move down, it was easy to catch the 2nd, or the 3rd, or the 4th. &nbsp;Brexit is the most bright, obvious example but not the only one - it happens nearly every week.&nbsp;</p> <p><em>Coup in Turkey? &nbsp;Risk on. &nbsp;Failed coup? &nbsp;Risk off.<br /></em></p> <p>In the stock market, when there's news, not a moment goes by that the market absorbs it. &nbsp;In fact, the information knee-jerk in stocks is so quick and usually so severe, traders have strategies designed to buy into the panic information leak selling.</p> <p>It's not possible to trade on information in stocks because it happens so quickly, even if you use algorithms and subscribe to Reuters 'ultra low latency' data service, there's almost no opportunity there. &nbsp;But in FX, it can take the markets tens of hours to absorb PUBLIC information. &nbsp;No one had 'insider' knowledge about Brexit. &nbsp;GBP/USD went down slowly, very slowly, over a period of many hours. &nbsp;Spreads widened, but not to levels that would impact trading.&nbsp;</p> <p>But with FX, there's good news. &nbsp;You don't need to own the FX Monopoly, to generate some Monopoly money. &nbsp;But in FX, you can take your profits and spend it in your local shop (Children, don't try to spend Monopoly money, it's illegal). &nbsp;<em>FX - it's like the Monopoly for adults!</em></p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user157767/imageroot/2016/07/03/EES_ForexMonopoly1_lowquality_0.jpg" width="900" height="779" /></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">If you want a quick Forex education,&nbsp;<a href="http://www.splittingpennies.com/" 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: #1e439a;">checkout Splitting Pennies - the pocket guide designed to instantly make you a Forex genius!</a></strong></em></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">If you want to get started looking at investing, checkout&nbsp;<a href="http://fortresscapitalinc.com/forex" 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: #1e439a;">Fortress Capital Forex</a></strong></em></p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="1732" height="1500" alt="" src="http://www.zerohedge.com/sites/default/files/images/user157767/imageroot/EES_ForexMonopoly1_lowquality.jpg?1469471195" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/forex-monopoly#comments Insider Trading Reuters Trading Rules Turkey Mon, 25 Jul 2016 23:20:20 +0000 globalintelhub 567176 at http://www.zerohedge.com "Central Bankers Are Killing Capitalism" Odey Warns, Moving Politics "Fast To Extremes" http://www.zerohedge.com/news/2016-07-25/central-bankers-are-killing-capitalism-odey-warns-moving-politics-fast-extremes <p>Outspoken billionaire hedge fund manager Crispin Odey had a good June (+3.9%) in his &#39;Swan Fund&#39; but remains down year-to-date as he continues to <a href="http://www.zerohedge.com/news/2016-04-21/terrible-start-2016-turns-absolutely-brutal-odey-who-refuses-stop-fighting-fed">refuse to stop fighting The Fed</a>. His latest missive - titled &quot;Doing The Devil&#39;s Work&quot; -<strong> lashes out at governments, central banks, and Europe for their desire to &lsquo;stop recession at any price&rsquo;</strong>. <a href="http://www.valuewalk.com/2016/07/odey-letters/">As ValueWalk&#39;s Rupert Hargreaves summarizes, </a>Odey blames this desire for the rise of extreme politicians like Trump, the desire for the UK to leave the EU and the lack of global trade growth. He compares this environment to that of the 1970s, when after a period of rapid growth, governments became obsessed with the fact that nothing should be done to endanger employment, giving trade unions all the power and allowing inflation to get out of hand as productivity fell and wage increases became inflationary in a way they had before. <strong>This economic stalemate was only broken down by Reagan and Thatcher &mdash; politicians willing to take on the unassailable unions and risk higher unemployment.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The UK decided to join the EEC in 1973, just as today it has decided to exit the European Union. <strong>Both were difficult times.</strong></p> <p>&nbsp;</p> <p>The world had enjoyed continuous economic growth from 1945 to 1973 &ndash; what the French called the &lsquo;Trente Glorieuses&rsquo;. But in the 70s, the world trading platform started to stutter and break up. Productivity fell to low levels and what had driven the impetus for growth &ndash; the profound desire, after the thirties, to ensure full employment &ndash; meant that wage in- creases now became inflationary in a way they hadn&rsquo;t before. A system which was collectivist in construction &ndash; government and big businesses &ndash; started to crack, especially after the oil price rose 400% on the back of the Arab / Israeli conflicts. <strong>The problem was that governments were obsessed with the fact that nothing should be done to endanger employment and this gave the trade unions all the power and allowed inflation to continue to rise. Just when the communist revolutionaries were expecting the system to break up, capitalism fought back. </strong>The problem behind the lack of productivity was that governments were in charge of the show. Let markets dictate asset allocation and society live under a regime of free markets and all will be better. By 1979, in Reagan and Thatcher, there were politi-cians willing to take on the unassailable unions and risk higher unemployment.</p> <p>&nbsp;</p> <p><strong>The effect was electric, but what ensured that it was to last for over 30 years was that at the same time that market forces were allowed to act, there was the privatisation of credit.</strong> Before 1979, by and large, credit was available to government and big businesses, and with exchange controls in place, savings were largely tortured and torched within their own countries.</p> <p>&nbsp;</p> <p><em><strong>The effect of privatising credit was that individuals could become better off, even if their incomes did not rise, from a growing balance sheet.</strong></em> Globalisation followed but with it competition became ever more fierce. Societies were forced to change to compete or risk falling behind &ndash; a uniformity and conformity to economies the world over became observable, which has involved great pain.</p> <p>&nbsp;</p> <p><u><strong>Now we come onto today.</strong></u> By 2009 we in the developed world were running out of the benefits of credit growth. Asset prices were just too high for incomes &ndash; the young could not afford to buy houses &ndash; falling interest rates had already created asset bubbles. <strong>Productivity was falling and suddenly banks were endangered by over-leveraged unwise lending</strong>. Interest rates fell to zero in 2009. <u><strong>Six years later and it is becoming obvious that &lsquo;Houston has a problem&rsquo;.</strong></u></p> <p>&nbsp;</p> <p>Productivity is not only around zero in most developed countries but falling into negative territory. <strong>Market forces are no longer driving investment decisions on the allocation of resources &ndash; driven out by governments using central bankers as their conduit for extending credit.</strong></p> <p>&nbsp;</p> <p>Just as in the 70s the unthinkable was rising unemployment and for 6 years governments were willing to watch rising inflation rather than address the issue. <strong>So from 2009 onwards, &lsquo;recession&rsquo; is the word that is not allowed.</strong></p> <p>&nbsp;</p> <p><u><strong>Central banks do their master&rsquo;s bidding and governments tell them &lsquo;stop recession at any price&rsquo;.</strong></u></p> <p>&nbsp;</p> <p><strong>They can control asset prices by printing money but can they control the economy? &lsquo;No&rsquo;.</strong> So what we have now is a world in which the <strong><u>Have-nots are rising in number</u></strong> and, thanks to the workings of central banks, see the Haves still seemingly enjoying themselves on the back of rising asset prices.</p> <p>&nbsp;</p> <p><strong>It is no wonder that politics are moving fast to the extremes. </strong>The politicians and the central bankers are serving each other but not the common purpose.<u><strong> In such an environment you must expect &lsquo;Brexit&rsquo; to win, Trump to succeed.</strong></u></p> <p>&nbsp;</p> <p>In such an environment, whither the Euro? Remember the Euro has ensured that Spanish and Italians and Greeks, who before were able to pursue a lifestyle, which was protected by currency devaluation, now, with a fixed exchange rate, the competition is felt immediately and the southern state employees are forced to become &lsquo;German&rsquo;.</p> </blockquote> <p>Odey concludes: <u><em><strong>Why do I write this?</strong></em></u></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Because<strong> capitalism is now being blamed for something that they are not party to</strong>. This is etatism and the central bankers are the trade unions of this debacle. No wonder that Trump is determined to get rid of the Fed. Just as in 1979, politicians realised that they had to turn on the unions, <strong>so today the central banks with their endless printing of money need to be stopped, or capitalism will be blamed for consequences not of their making.</strong></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="363" height="197" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160725_cap.jpg?1469482913" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-25/central-bankers-are-killing-capitalism-odey-warns-moving-politics-fast-extremes#comments Central Banks European Union fixed HIGHER UNEMPLOYMENT Recession Unemployment Mon, 25 Jul 2016 22:40:00 +0000 Tyler Durden 567164 at http://www.zerohedge.com