http://www.zerohedge.com/fullrss2.xml/news/italy-miss-gdp-forecast-sees-sub-1-gdp-growth en Stunning Clip Of Protester Shot Dead On Live TV During Venezuelan Riots http://www.zerohedge.com/news/2017-06-26/stunning-clip-protester-shot-dead-live-tv-during-venezuelan-riots <p><a href="http://www.shtfplan.com/headline-news/shock-footage-protester-shot-dead-on-live-tv-during-venezuelan-riots_06262017"><em>Authored by Mac Slavo via SHTFplan.com,</em></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_venz.jpg"><img height="324" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_venz.jpg" width="512" /></a></p> <p><strong>We&rsquo;ve repeatedly warned our readers that <a href="http://www.shtfplan.com/headline-news/military-sites-forecast-for-2025-economic-collapse-will-lead-to-massive-78-depopulation-in-america_05062015" target="_blank">a collapse of life as we know it in America</a> would quickly devolve into violence, looting and outright anarchy.</strong> As the economic landscape in America deteriorates it is likely only a matter of time before millions of starving Americans make their way to the streets in protest. When that happens they&rsquo;ll be met with a heavily armed response. It&rsquo;ll start with tear gas and rubber bullets, but that won&rsquo;t be enough to stave off the starving and hopeless masses, so we can fully expect real bullets to start flying in short order.</p> <p><strong>To see a real-world example of this one need only turn their attention to Venezuela, </strong>where the collapse of their currency has led to hyperinflation to the point that supplies of bare essentials like flour, meat, medicine and toilet paper are unavailable to the general population. The situation has been playing out for several years and it appears to be coming to a head.</p> <p>As evidenced by the video below, which appeared on <strong>Live</strong> television,&nbsp;<span style="text-decoration: underline;">Venezuelan riot police and military are now to the point where they are willing to kill to ensure the security of the State.</span></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>As people watched on live TV, a protester hurled rocks over the fence of La Carlota air base in Caracas. His face was covered by a bandanna, and a knapsack was strapped to his chest.</p> <p>&nbsp;</p> <p><strong>Two soldiers approached, standing just feet away from the riots.</strong></p> <p>&nbsp;</p> <p>Then, <strong>one of the officers pulled out a rifle and fired, striking the activist in the chest.</strong>&nbsp;He stumbled off-camera. A few minutes later, a group of people are seen carrying him.</p> <p>&nbsp;</p> <p>The protester, later identified as 22-year-old David José Vallenilla, <strong>died at the hospital</strong>. He had been <strong>shot in the chest three times.</strong> (<a href="https://www.washingtonpost.com/news/worldviews/wp/2017/06/24/the-grim-video-of-a-venezuelan-protester-being-shot-on-live-tv/?utm_term=.880905a660a7" target="_blank">WaPo</a>)</p> </blockquote> <p>&nbsp;</p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Caught on tape! Maduro&#39;s armed forces shot killed a 22 year old protester in <a href="https://twitter.com/hashtag/Venezuela?src=hash">#Venezuela</a> <a href="https://t.co/Mf9gbavR1U">pic.twitter.com/Mf9gbavR1U</a> KenRoth hrw POTUS</p> <p>&mdash; #YoSoyLibertador 98k (@EnkiVzla) <a href="https://twitter.com/EnkiVzla/status/878315258355392513">June 23, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p><em><strong>Should America ever go the way of Venezuela following an economic, financial and/or monetary collapse, this is exactly what we can expect.</strong></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="512" height="324" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170626_venz.jpg?1498512098" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/stunning-clip-protester-shot-dead-live-tv-during-venezuelan-riots#comments Americas Economic collapse Hyperinflation Hyperinflation La Carlota Structure Twitter Twitter Venezuela War World Tue, 27 Jun 2017 01:25:00 +0000 Tyler Durden 598710 at http://www.zerohedge.com Watch: Maxine Waters Gets Told By Protestors Outside Town Hall Event http://www.zerohedge.com/news/2017-06-26/watch-maxine-waters-gets-wig-split-protestors-outside-town-hall-event <p>A crowd of conservatives&nbsp;descended upon a Town Hall event in Gardena, CA Saturday to <em>peacefully </em>protest Rep. Maxine Waters (D-CA) who was speaking out against the GOP healthcare bill.</p> <p>There were no fires set, excrement thrown, or bike locks used to try and murder political foes - just a diverse crowd of concerned citizens who showed up to call Maxine Waters out for being an establishment shill who's destroyed black communities while&nbsp;promoting&nbsp;the witch-hunt of President Trump over nonexistent ties to Russia.</p> <p>Political activist&nbsp;<a href="https://www.gofundme.com/2js4cyc" target="_blank" style="font-size: 13.008px;" rel="noopener noreferrer">Grindall61</a>&nbsp;was on the scene and recorded all the action<span style="font-size: 13.008px;">&nbsp;(see full videos </span><a href="https://youtu.be/raPrhzd0uPI" target="_blank" style="font-size: 13.008px;" rel="noopener noreferrer">here</a><span style="font-size: 13.008px;"> and&nbsp;</span><a href="https://www.youtube.com/watch?v=1mHz83wnXDg" target="_blank" style="font-size: 13.008px;" rel="noopener noreferrer">here</a>).</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Black Trump supporter goes absolutely nuclear on Maxine Waters, accusing the Congresswoman of destroying black communities across the U.S. <a href="https://t.co/gLqRm5kMOg">pic.twitter.com/gLqRm5kMOg</a></p> <p>— Josh Caplan (@joshdcaplan) <a href="https://twitter.com/joshdcaplan/status/879122542090498052">June 25, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p><strong>After the event</strong> a crowd waited for waters to leave - booing her as she entered her getaway car.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Maxine Waters booed by crowd while leaving town hall. "BOOO!!! Racist James Brown! Maxine's Gotta Go! Feel That Shit!" <a href="https://twitter.com/hashtag/MaxineWaters?src=hash">#MaxineWaters</a> <a href="https://t.co/gFqjLvZdEp">pic.twitter.com/gFqjLvZdEp</a></p> <p>— ZeroPointNow (@ZeroPointNow) <a href="https://twitter.com/ZeroPointNow/status/879126588742180865">June 25, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>Maybe that'll teach Waters to screw over her constituency, continuously call for the impeachment of a democratically elected President she says she<strong> <a href="http://ibankcoin.com/zeropointnow/2017/04/22/maxine-waters-says-trump-doesnt-deserve-to-be-president-praises-mccain/#sthash.rwtOwc4T.dpbs" target="_blank" rel="noopener noreferrer">won't work with</a>&nbsp;</strong>- then<strong> <a href="http://ibankcoin.com/zeropointnow/2017/04/18/msnbcs-craig-melvin-calls-out-maxine-waters-for-impeachment-tweet-then-she-lies-on-live-tv/#sthash.DmzbkiQb.dpbs" target="_blank" rel="noopener noreferrer">lie about it</a></strong>? Probably not.</p> http://www.zerohedge.com/news/2017-06-26/watch-maxine-waters-gets-wig-split-protestors-outside-town-hall-event#comments African-American women in politics Booing Business Donald Trump Maxine Maxine Waters Maxine Waters Politics of the United States Republican Party Twitter Twitter United States Tue, 27 Jun 2017 01:04:05 +0000 ZeroPointNow 598721 at http://www.zerohedge.com McCabe's Revenge: Circa Suggests Flynn Investigation Was Launched As Pure Retaliation http://www.zerohedge.com/news/2017-06-26/mccabes-revenge-circa-suggests-flynn-investigation-was-launched-pure-retaliation <p>Andrew McCabe has long been a controversial figure at the FBI.&nbsp; His position as Deputy Director of the FBI came under intense scrutiny during the Clinton email investigation after it came to light that <strong>his wife, Jill McCabe, took nearly $500,000 from Virginia Governor Terry McAuliffe to fund her Senate campaign</strong>.&nbsp; Of course, <strong>Terry McAuliffe is a long-time confidant of the Clinton family </strong>and was rumored as a potential running mate for Hillary.&nbsp; But sure, no reason to be wary the McCabe was put in charge of supervising that particular investigation.</p> <p>But now, at least according to a new report from <a href="http://circa.com/politics/accountability/did-the-fbi-retaliate-against-michael-flynn-by-launching-russia-probe">Circa</a>, <strong>McCabe may have other conflicts, including a personal vendetta against former National Security Advisor Michael Flynn, that have not yet been disclosed.</strong>&nbsp; According to Circa, <strong>Flynn apparently enraged McCabe a few years back after he intervened on behalf of an FBI Special Agent, Robyn Gritz, who had accused McCabe and other top FBI officials of sexual discrimination.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The FBI launched a criminal probe against former Trump National Security Adviser Michael Flynn two years after the retired Army general roiled the bureau’s leadership by intervening on behalf of a decorated counterterrorism agent who accused now-Deputy FBI Director Andrew McCabe and other top officials of sexual discrimination, according to documents and interviews.</p> <p>&nbsp;</p> <p><strong>Flynn’s intervention on behalf of Supervisory Special Agent Robyn Gritz was highly unusual, and included a letter in 2014 on his official Pentagon stationary, a public interview in 2015 supporting Gritz’s case and an offer to testify on her behalf. </strong>His offer put him as a hostile witness in a case against McCabe, who was soaring through the bureau’s leadership ranks.</p> <p>&nbsp;</p> <p>The FBI sought to block Flynn’s support for the agent, asking a federal administrative law judge in May 2014 to keep Flynn and others from becoming a witness in her Equal Employment Opportunity Commission (EEOC) case, memos obtained by Circa show. Two years later, the FBI opened its inquiry of Flynn.</p> <p>&nbsp;</p> <p><strong>The EEOC case, which is still pending, was serious enough to require McCabe to submit to a sworn statement to investigators,</strong> the documents show.</p> </blockquote> <p>According to anonymous sources within the FBI (and you know how we feel about those...so take these comments with a heaping mound of salt), Circa notes that several field agents had witnessed McCabe make disparaging remarks about Flynn and one agent even became uncomfortable enough to consult an attorney after the Flynn investigation ramped up.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Three FBI employees told Circa they <strong>personally witnessed McCabe make disparaging remarks about Flynn before and during the time the retired Army general emerged as a figure in the Russia case.</strong></p> <p>&nbsp;</p> <p>The bureau employees, who spoke only on condition of anonymity for fear of retribution, said they did not know the reason for <strong>McCabe’s displeasure with Flynn, but that it made them uncomfortable as the Russia probe began to unfold and pressure built to investigate Flynn.</strong> One employee even consulted a private lawyer.</p> <p>&nbsp;</p> <p>“As far as the troops in the field, the vast-majority were disgusted with the Russia decision, but that was McCabe driving the result that eventually led [former FBI Director James] Comey to make the decision,” said a senior federal law enforcement official, with direct knowledge of the investigation.</p> </blockquote> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/06/26/McCabe%202_0.JPG" alt="Mccabe" width="600" height="353" /></p> <p>&nbsp;</p> <p><strong>“The Flynn leaks were nothing short of political,”</strong> one FBI employee said, noting the specific contents of the conversation were known by only a handful of government officials when they leaked. <strong>“The leaks appeared to be targeted to take Flynn out.” </strong></p> <p><strong>But would McCabe really launch an investigation out of retaliation?&nbsp;</strong> Well, it seems that his own testimony in the sexual discrimination lawsuit would suggest he did just that against Gritz.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>But McCabe’s sworn statement offered evidence that actually supported Gritz’s claim of retaliation and discrimination, recounting a conversation on June 19, 2012 in which he authorized the OPR investigation of Gritz after one of his deputies told him Gritz was about to file an EEO complaint, his sworn statement shows.</p> <p>&nbsp;</p> <p><strong>“I first learned of the issues that led to Ms. Gritz’s current OPR investigation during a telephone call with Deputy Assistant Director (DAD) Jennifer Ley on June 19, 2012,”</strong> McCabe testified.</p> <p>&nbsp;</p> <p>“I recalled that during the course of our conversation DAD Ley mentioned to me that Ms. Gritz had filed or intended to file an EEO complaint against her immediate supervisor.”</p> <p>&nbsp;</p> <p><strong>The very next day, the FBI initiated the OPR investigation of Gritz, according to evidence in the FBI’s official personnel files. </strong>FBI records support McCabe’s version of events, showing Gritz had contacted FBI EEO officials in mid-June before the OPR probe was initiated, then filed her formal complaint a few weeks later. The FBI ‘s official report of investigation on Gritz’s EEO complaint, which absolved the FBI of any discrimination, omitted any mention that McCabe had been aware of the EEO complaint before the bureau filed its OPR action against Gritz.</p> </blockquote> <p>Clearly McCabe's reputation was on the line, so it's not terribly surprising that he would take offense to Flynn providing the following supportive comments in favor of Gritz:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>“SSA Gritz was well-known, liked and respected in the military counter-terrorism community for her energy, commitment and professional capacity, and over the years worked in several interagency groups on counter-terrorism targeting initiatives,”</strong> Flynn wrote May 9, 2014.</p> <p>&nbsp;</p> <p>At the time, Flynn was an Army lieutenant general and the chief of the Defense Intelligence Agency, and he put his letter on official agency stationary to be submitted in Gritz’s case.</p> <p>&nbsp;</p> <p>As soon as Gritz revealed to the FBI that Flynn and other top federal figures had written letters to support her case and likely would be called as witnesses, the bureau dispatched a lawyer to try to block the evidence from being included in the EEO case, documents show.</p> </blockquote> <p>In a brief interview this weekend, Gritz said she was mortified to think that her request to Flynn to help with her EEOC case in any way affected his relationship with the FBI or his current status as someone under investigation in the Russia case.</p> <p><strong>“Flynn was the first leader to defend me,”</strong> said Gritz. <strong>“He forwarded a letter to the FBI and I personally think that Comey did not receive it. McCabe knew Flynn and I were friends. I felt that from the beginning it was an issue.”</strong></p> <p>So what say you?&nbsp; More fake news or is another recusal in order on the "Russian collusion" investigation?<strong><br /></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="650" height="382" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/McCabe%202.JPG?1498521825" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/mccabes-revenge-circa-suggests-flynn-investigation-was-launched-pure-retaliation#comments Andrew McCabe Defense Intelligence Agency Equal Employment Opportunity Commission FBI Federal Bureau of Investigation Federal Bureau of Investigation Flynn Law Michael Flynn national security Pentagon Robert Hanssen Russian interference in the 2016 United States elections Senate Spies Terry McAuliffe Testimony United States United States intelligence agencies Tue, 27 Jun 2017 01:00:00 +0000 Tyler Durden 598720 at http://www.zerohedge.com Edward Snowden Asks Ron Paul If Intelligence Reports Ever Swayed His Vote http://www.zerohedge.com/news/2017-06-26/edward-snowden-asks-ron-paul-if-intelligence-reports-ever-swayed-his-vote <p>During an appearance on the Liberty Report last week, Dr. Ron Paul interviewed former NSA contractor Edward Snowden about the rise of the Deep State and how intelligence agencies are threatening Americans&rsquo; freedom. But in the closing moments of that interview, Snowden surprised Paul <a href="https://www.youtube.com/watch?v=pAVye51EUkM&amp;t=338s">with an unexpected request:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;I was thinking I could ask you a question Dr. Paul, again about the intelligence stuff&hellip;I think it&rsquo;d be interesting to people and I don&rsquo;t think we&rsquo;ve ever heard it from your perspective&hellip;&rdquo;</p> </blockquote> <p>As a former intelligence analyst and operative, Snowden wondered how well the intelligence community had performed in its mission to keep US policymakers informed on important world events, given that Paul had for more than two decades been a &quot;consumer&quot; of the intelligence community&#39;s products.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;In the intelligence community at the working level, not the policy level, everyone is taught that the work that they do is to inform policy makers&hellip;to understand what the facts are so they can make the best decisions.&rdquo;</strong></p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;You were in Congress for an extraordinary time&hellip;and one question I&rsquo;ve always wondered is during all your time in Congress, how many times did the intelligence community provide some reports that they briefed to you&hellip;and the material was so impactful&hellip;<em><strong>so valuable that they&rsquo;d been breaking all these laws to get it&hellip;how many times did it impact your vote?&rdquo;</strong></em></p> </blockquote> <p>Paul&rsquo;s response? <u><strong>Not once.</strong></u></p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/pAVye51EUkM" width="560"></iframe></p> <p>Paul says he was almost never provided with unadulterated intelligence reports, and <strong>on the one occasion when he attended a briefing with the intelligence agencies, the information more closely resembled propaganda than credible intelligence.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;They never came to me. It&rsquo;s one of these things - they only come to a group when they want to try to pass out their propaganda and of course that didn&rsquo;t sell well with me.&rdquo;</strong></p> </blockquote> <p>Paul noted that the problem of intelligence-as-propaganda was, unsurprisingly, a major problem during the early 2000s in the runup to the Iraq War.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;Leading up to the Iraq war they had a lot of people who supposedly knew everything and I said to myself &lsquo;this is nothing more than propaganda.&rsquo;&rdquo;</strong></p> </blockquote> <p>Snowden said Paul&rsquo;s response was, given his own experience, unsurprising.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;That&rsquo;s one of the suspicions I think people would get when they look at the open hearings in Congress where they never seem to be revealing anything new and they have a clear agenda&rdquo; Snowden said, referring to the testimony of former FBI Director James Comey and Attorney General Jeff Sessions, who have both testified publicly before the Senate Intelligence Committee in recent weeks.</p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;They&rsquo;re not trying to inform Congress so much as trying to influence Congress.&rdquo;</strong></p> </blockquote> <p>Paul said this is absolutely true before launching into an explanation of how he viewed his role during his time in Congress.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;The activity I was involved in, I recognized the limitations. I wasn&rsquo;t going to change the world by being in Congress, but I knew there was an audience someplace. I believe you have to change people&rsquo;s attitude, and that&rsquo;s why your [Snowden&rsquo;s ] work is so important.&rdquo;</p> <p>&ldquo;<strong>You have risked a lot to get this information out and this is one of the things this country needs is the truth tellers,&rdquo; Paul said.</strong></p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;There&rsquo;s an old saying I use all the time &lsquo;truth is treason in an empire of lies.&rsquo; And we are living in an empire of lies. And that&rsquo;s why we need more truth tellers, just as you are.&rdquo;</strong></em></p> </blockquote> <p>See below for a summary of <a href="http://www.zerohedge.com/news/2017-06-20/ron-paul-interviews-snowden-discusses-rise-super-state">part one of the interview.</a></p> <p>* * *</p> <p><em>In a discussion with Edward Snowden on his weekly &ldquo;Liberty Report,&quot; Ron Paul and the former NSA contractor trace the genesis of the so-called Deep State, and discuss how the US intelligence community uses covert programs like those exposed by Snowden in 2013 to trample individual freedoms.</em></p> <p><em>The most sinister quality of the Deep State, Snowden says, is its ability to mask its very existence from the public, allowing it to undermine President Donald Trump while remaining largely hidden from scrutiny. &nbsp;</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;Generally, when we&rsquo;re talking about the Deep State, what we&rsquo;re talking about is a mass of government that survives beyond administrations, but that is not responding to the politics of the people. This belongs not to a particular political party, but it serves across parties.</strong> Across administrations.&rdquo;</em></p> </blockquote> <p><em>The Deep State&rsquo;s culture of secrecy convinces employees that they won&rsquo;t ever be held accountable for their actions, Snowden said, since even routine communications between employees at the CIA and NSA are classified.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;Everything we do at the NSA and CIA is typically classified by default, unless you actually work to make it not classified.&quot;</strong><br />&nbsp;<br />&ldquo;When I sent an email about lunch plans to one of my office buddies, that was going to be classified. Even the most banal email that you&rsquo;re sending...is classified.&quot;</em></p> </blockquote> <p><em>Though he says he favors small government and opposes widespread surveillance, Snowden balked at being branded a libertarian by Paul, arguing that labels like &ldquo;libertarian&rdquo; or &ldquo;liberal&rdquo; are often reductive and don&rsquo;t allow for enough nuance to accurately represent his views.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;We&rsquo;re more than tribes or labels. It is true that I think we have challenges that are derived from governments reaching a new scale that they haven&rsquo;t previously occupied historically, allowing for the rise of these sort of &lsquo;Super States.&rsquo;&rdquo;<br />&nbsp;<br /><strong>&ldquo;Small government tends to be more respecting of individuals&rsquo; rights than large governments. And the question we need to ask, is why?&rdquo;</strong></em></p> </blockquote> <p><em>With the passage of time, the scrutiny on Snowden and the programs that he leaked has subsided, allowing him to focus on other tasks like advocacy.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;Things were really crazy that close to the event in 2013. You never knew what was happening and what they were saying from the government side.</strong><br />&nbsp;<br />There was this cycle of deception that was occurring where the journalists would publish some report and say this is what&rsquo;s happening and this is how they&rsquo;re violating your rights... Then the government would immediately come out and say &lsquo;oh no we don&rsquo;t do that that&rsquo;s a misunderstanding it&rsquo;s not quite right&rsquo; and they&rsquo;d issue various denials to these reports.<br />&nbsp;<br /><strong>&ldquo;Then immediately the journalists would have to find some particular point that disproved [the government&rsquo;s counter-report] then the government would sort of walk back their denial, and this went on and on and on.&rdquo;</strong><br />&nbsp;<br />&quot;This was really consuming my life, [the journalists] lives, and the lives of everybody involved for the longest time. But as we&rsquo;ve gotten farther and farther from the event, I&rsquo;ve gotten free to pursue my own interest once again.&quot;</em></p> </blockquote> <p><em>Rejecting the idea that he&rsquo;s a leader in the fight against deep-state overreach, Snowden assured his viewers that he&rsquo;s &ldquo;not a politician&rdquo; and that he isn&rsquo;t comfortable in the role of spokesman. Rather, he prefers to focus on engineering methods of protecting individuals&rsquo; privacy.</em></p> <p><em><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/9XLLo0025Jc" width="560"></iframe></em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;[Some people] want me to sort of be a frontman for these issues like civil liberty and peoples&rsquo; rights but I&rsquo;m not a politician, I&rsquo;m an engineer. Last year I gave a presentation&hellip;at MIT on how we can make phones safer by understanding what&rsquo;s happening inside of them.</em></strong></p> </blockquote> <p><em>When we start looking at all of the problems we&rsquo;re facing today, there&rsquo;s sort of two tracks. There&rsquo;s the political track where the government is passing laws that don&rsquo;t protect citizens&rsquo; rights&hellip;the other problem is how is it that so many governments are spying on so many people?&rdquo;</em></p> <p><em>Because of its global nature, the expansion of government surveillance has become an intractable problem, Snowden explained.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;Even if we passed the best legal reforms in the world in the US, that doesn&rsquo;t do anything against China or Russia or Germany or Brazil or any other country in the world. If we want to solve these problems, we need to find new means and mechanisms for enforcing those rights and I think that&rsquo;s going to primarily be through science and technology.&rdquo;</em></strong></p> </blockquote> <p><em>At one point in the discussion, Paul asserted that the Deep State has usurped some of the powers of the legislative and executive branches of government.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;It&rsquo;s becoming more commonplace now for people to realize that the average congressman doesn&rsquo;t call the shots, but there&rsquo;s a force out there called the deep state and they&rsquo;re the ones calling the shots.&rdquo;</em></strong></p> </blockquote> <p><em>The discussion then turned to the balance between security and freedom, which Snowden claimed is a false dichotomy. In reality, it&rsquo;s a question of liberty vs. surveillance.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&quot;The idea here is apologists for the national security state like to trot out the old argument where they go &lsquo;look we need to find a balance between your liberty and security.&rsquo; And it sounds persuasive, it sounds fair, until you actually start to analyze it</strong>&hellip;.and you go &lsquo;well, this isn&rsquo;t really about liberty vs. security at all, it&rsquo;s about liberty vs. surveillance. Because surveillance exists in a vacuum of security. Surveillance is enabled by a lack of security, it&rsquo;s where you&rsquo;re exposed, it&rsquo;s where you&rsquo;re available to be observed and can be tracked.&rdquo;<br />&nbsp;<br />&ldquo;Life becomes more private, life becomes more free when you&rsquo;re not observed, when you&rsquo;re not watched&hellip;&rdquo;</em></p> </blockquote> <p><em>Another problem that the public struggles with is that Americans don&rsquo;t have a clear definition for what liberty is, which makes it more difficult to understand when their freedoms are being trampled.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>&ldquo;People have said recently that privacy is what we used to call liberty, and then in the same breath they say that privacy is dead. What liberty is&hellip;is the right to self-determination. It&rsquo;s the ability to have something that&rsquo;s yours, rather than society&rsquo;s.&rdquo;</em></strong></p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>&ldquo;This is codefied into our language, when we talk about private property, we&rsquo;re talking about your right, your ability to have something that belongs to you. You decide how it&rsquo;s going to be handled, you decide what color you want to paint your house, you decide what color shirt you&rsquo;re going to wear - you don&rsquo;t have to ask anyone.&quot;<br />&nbsp;</strong><br />&ldquo;Liberty is freedom from permission. It is the fountainhead from which all other rights spring.&rdquo;<br />&nbsp;<br />&ldquo;Saying that you don&rsquo;t care about privacy because you have nothing to hide is the same as saying you don&rsquo;t care about free speech because you have nothing to say.&rdquo;</em></p> </blockquote> <p><em>Interest in the Snowden leaks was revived earlier this year following Wikileaks&rsquo; &ldquo;Vault 7&rdquo; disclosures, which exposed the extent to which the CIA uses backdoors to hack smartphones, computer operating systems, messenger applications and internet-connected televisions. They also suggested that there is another leaker in the intelligence community.</em></p> <p><em>An intelligence source cited by the Wall Street Journal said the &ldquo;Vault 7&rdquo; leaks are far more significant than the Snowden leaks. Even Snowden himself praised the Wikileaks disclosures, saying that &quot;what @Wikileaks has here is genuinely a big deal&quot;, while making the following observations: &quot;If you&#39;re writing about the CIA/@Wikileaks story, here&#39;s the big deal: first public evidence USG secretly paying to keep US software unsafe.&rdquo;</em></p> <p><em>Among the most high-profile programs exposed by Snowden were his revelations that the NSA could use secret court orders to force US telecoms companies like Verizon to hand over citizens&rsquo; phone records. Snowden also revealed the existence of &ldquo;PRISM&rdquo; &ndash; a program allowing the government to access servers of major tech companies like Google, Facebook, Microsoft and Apple upon request. The Snowden revelations stretched beyond activities of the US government when he disclosed how the British intelligence service GCHQ had the capability to tap into fiber-optic cables to eavesdrop on foreign leaders.<br />Fundamentally, the growing power of the deep state cuts against the US democratic system.</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>&ldquo;<strong>It raises the question: Who really has the most power in our society? Is it the voter, or at least in theory the politicians who are supposed to be carrying out their will, or is it this larger group, this constellation of influential actors who are able to subvert and shape the decisions of these Congressmen or even Presidents.&rdquo;</strong></em></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="491" height="305" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/snowden.JPG?1498506653" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/edward-snowden-asks-ron-paul-if-intelligence-reports-ever-swayed-his-vote#comments Apple Brazil British intelligence Central Intelligence Agency China Commentary on Edward Snowden's disclosure Congress Crime in the United States default Donald Trump Edward Snowden FBI Federal Bureau of Investigation Germany Global surveillance Google Iraq James Comey MIT national security NSA operating systems Politics PrISM Privacy Reality Ron Paul Russian interference in the 2016 United States elections Senate Intelligence Committee Small government smartphones Testimony U.S. intelligence US government Verizon Wall Street Journal World Tue, 27 Jun 2017 00:35:00 +0000 Tyler Durden 598702 at http://www.zerohedge.com America Is On Its Way To Divorce Court http://www.zerohedge.com/news/2017-06-26/america-its-way-divorce-court <p><a href="http://www.pennlive.com/opinion/2017/06/america_is_on_its_way_to_divor.html"><em>Authored by Marc Thiessen via PennLive.com,</em></a></p> <p><strong>There is a place for contempt in our public discourse. </strong></p> <p><em>We should have contempt for a regime in North Korea that brutalized a young American student named Otto Warmbier. We should have contempt for a regime in Syria that uses poison gas to massacre innocent men, women and children. We should have contempt for Islamic State terrorists who behead Americans, burn people alive in cages and systematically rape Yazidi girls.</em></p> <p><strong>But we should not have contempt for each other.</strong></p> <p><u><strong>Yet, we do.</strong></u> Our politics today is descending into a bitter spiral of contempt. And we saw the consequences in the attempted assassination of Republican members of Congress on a baseball field in Alexandria, Virginia, last week.</p> <p>Back <strong>when Rep. Gabrielle Giffords, D-Ariz., was shot in 2011, many on the left were quick to blame conservative political rhetoric - falsely it turned out. </strong>But the <strong>attack on Rep. Steve Scalise, R-La., and his colleagues was politically motivated</strong>. The assassin volunteered for Sen. Bernie Sanders, I-Vt., called President Trump a &quot;traitor&quot; on social media and, according to witnesses, asked if the players were Republicans before opening fire.</p> <p>No one is responsible except the would-be assassin.<strong> But his actions should serve as a wake-up call that the demonization of our fellow Americans who disagree with us has gone too far.</strong> The culture of contempt permeating our politics has now had near-fatal consequences. We need to put on the brakes and learn how to distinguish once again between our opponents and our enemies.</p> <p><u><strong>Case in point</strong></u>: A few weeks before the Alexandria shooting, Hillary Clinton gave a commencement speech at Wellesley College where<em><strong> she declared that Trump&#39;s budget is &quot;an attack of unimaginable cruelty on the most vulnerable among us, the youngest, the oldest, the poorest.&quot;</strong></em> No, it is not. Using nerve agent on the innocent is &quot;an attack of unimaginable cruelty.&quot; Putting a hapless college student into a coma is an &quot;attack of unimaginable cruelty.&quot; Reducing the growth of government spending is not.</p> <p><strong>Think for a moment what Clinton was saying</strong>: It&#39;s not simply that Democrats and Republicans have an honest disagreement about how best to help the most vulnerable among us.<u><strong> In Clinton&#39;s telling, Republicans are waging war on the vulnerable. That is toxic.</strong></u></p> <p><strong>No doubt, Trump has contributed mightily to our descent into the culture of contempt. </strong>(For example, the media is not the &quot;enemy of the American people,&quot; Mr. President). But since Trump&#39;s election, the scope and scale of political contempt on the left have reached unprecedented heights. Just a few months ago, when President Barack Obama was in office, it would have been unimaginable for a comedian to proudly pose for a photo holding up the president&#39;s bloody, severed head.</p> <p><u><strong>Worst of all, we are in the process of cementing these attitudes in the next generation.</strong></u> On college campuses, students are being taught that it is acceptable to treat with contempt those with different ideas. We saw this phenomenon on display when Charles Murray - a distinguished conservative scholar - was shouted down and assaulted at Middlebury College in a riot that sent a professor to the hospital. Not a single student suffered any real consequences. Similar incidents are taking place on campuses across the country. Young Americans are learning that people they disagree with are not to be listened to respectfully and debated; they are to be silenced and driven out of the public square.</p> <p>This is not to suggest that there is no role for righteous anger in political discourse. Conservatives felt anger about many of Obama&#39;s policies, and liberals have every right to be angry about Trump&#39;s policies they find objectionable. And they have every right to fight like hell to stop them.</p> <p>But <strong>it wasn&#39;t so long ago that, despite bitter differences over policies, Republicans and Democrats still found ways to work together. </strong>President Bill Clinton and Republicans in Congress worked together to pass NAFTA and welfare reform. George W. Bush and congressional Democrats cooperated to pass tax cuts and education reform. Today, that kind of cooperation is unimaginable.</p> <p>And the reason is simple: <strong><em>When anger transforms into contempt, permanent damage takes place.</em></strong> As American Enterprise Institute President Arthur C. Brooks points out, a marriage can recover from anger. But when couples become contemptuous of each other, they will almost certainly end up in divorce court. That is where our country is headed today.</p> <p>Liberals need to understand: When they show contempt for Trump, they are expressing contempt for the millions of Americans who voted for him - including millions who twice voted for Obama. These Americans felt that the establishments of both parties were ignoring them and wanted to send Washington a message. The response they are receiving could not be clearer: We have contempt for the man you elected, and we have contempt for all of you who put him into office. They will never forget it.</p> <p><u><em><strong>We need to pull back from this spiral of contempt before it is too late. North Korea is our enemy. Our fellow Americans who disagree with us are not. It&#39;s time we learn the difference - before someone gets killed.</strong></em></u></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="505" height="297" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170626_diveorce.jpg?1498509585" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/america-its-way-divorce-court#comments American Enterprise Institute Barack Obama Bernie Sanders Business Congress Contempt Donald Trump Emotions Marriage Middlebury College Morality North Korea Politics Politics of the United States United States Wellesley College Tue, 27 Jun 2017 00:10:00 +0000 Tyler Durden 598707 at http://www.zerohedge.com Prada Is Selling A $185 Paper Clip http://www.zerohedge.com/news/2017-06-26/prada-selling-185-paper-clip <p>We finally have some good news for the distressed US retail industry. </p> <p>In light of recent deteriorating spending trends within the luxury segment, with Bank of America internal card data showing a relentless decline in retail spending among the wealthiest segment...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/luxury%20sales.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/luxury%20sales_0.jpg" width="500" height="371" /></a></p> <p>... one would perhaps think that the conspicuous consumption excesses that marked the peak of the last bubble were long behind us.</p> <p>One would be wrong: first there was <a href="http://www.thisisinsider.com/balenciagas-new-bag-looks-like-the-ikea-bag-2017-4">Balenciaga selling a $2,145 handbag that was a spitting image </a>of an IKEA tote sold for $1 at the iconic store, and now, there is the $185 Prada paper clip.</p> <p>According to <a href="http://www.businessinsider.com/prada-selling-expensive-paper-clip-2017-6">Business Insider</a>, the Italian-made clip <a href="http://go.redirectingat.com/?id=35871X943606&amp;site=businessinsider.com&amp;xs=1&amp;isjs=1&amp;url=http%3A%2F%2Fwww.barneys.com%2Fproduct%2Fprada-paperclip-shaped-money-clip-501189944.html&amp;xguid=5a9a80c108acaca2a89d8b8744074dd7&amp;xuuid=4b5fb1e1d65e2629f93aacf16d7e481b&amp;xsessid=&amp;xcreo=0&amp;xed=0&amp;sref=http%3A%2F%2Fwww.businessinsider.com%2Fprada-selling-expensive-paper-clip-2017-6&amp;pref=https%3A%2F%2Ft.co%2FiiwctlcOyf&amp;xtz=240">sold by Barneys New York, </a>is 6.25 centimeters in length and 2.25 centimeters wide, is made from silver and has the Prada logo embossed on its side. It's supposed to be used as a money clip, although one wonders why <em>nouveau riche </em>Millennials would use a Prada paper clip to hold their money (especially if much of it is in cryptocurrencies) when a, well, money clip should suffice perfectly. Then again, we can only assume Prada did their market research, and this is what it came up with:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/prada%20clip.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/prada%20clip_0.jpg" width="500" height="327" /></a></p> <p>Of course, one can buy roughly 300 similar-looking paper clips on Amazon for around $5.50, which comes out to around $0.02 per paper clip, but hey, they are not silver Prada paperclips.&nbsp; </p> <p>The social media response, as noted by Mashable, suggests that the new product may not be the smash hit that Prada envisioned:</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">$185 for a paperclip? This thing better be able to hold my life together.. <a href="https://t.co/IunW9Aiy25">pic.twitter.com/IunW9Aiy25</a></p> <p>— FREDDY (@FreddyAmazin) <a href="https://twitter.com/FreddyAmazin/status/877980624291627008">June 22, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">mood: being wealthy enough to have a $185 Prada money paperclip <a href="https://t.co/P774DcQAOr">pic.twitter.com/P774DcQAOr</a></p> <p>— VENUS (@DEVILDIOR) <a href="https://twitter.com/DEVILDIOR/status/877990620911984641">June 22, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">who is gonna buy a Prada paper clip</p> <p>— (Lin-Manuel) Miranda (@unholydmitri) <a href="https://twitter.com/unholydmitri/status/878177549519552512">June 23, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>On the odd chance that $185 is out of your budget, and if you can live without the Prada logo on your silver paper clip, <a href="http://www.barneys.com/product/barneys-new-york-paperclip-money-clip-504503692.html?ranMID=38359&amp;ranEAID=TnL5HPStwNw&amp;ranSiteID=TnL5HPStwNw-BmA7h8UtuGEISlMT2_9CEQ&amp;utm_source=TnL5HPStwNw&amp;utm_medium=affiliate&amp;utm_campaign=1&amp;utm_content=482788&amp;siteID=TnL5HPStwNw-BmA7h8UtuGEISlMT2_9CEQ">Barneys sells a similar product for only $150</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="900" height="588" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/prada%20clip.jpg?1498507369" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/prada-selling-185-paper-clip#comments Bank of America Bank of America Barneys New York Business Clip Clothing Economy Fashion Fashion accessories Fasteners Ikea Luxury brands Office equipment Paper clip Prada Stationery Twitter Twitter Mon, 26 Jun 2017 23:45:00 +0000 Tyler Durden 598704 at http://www.zerohedge.com Bitcoin Bloodbath Leads Tech Stock Tumble; Gold Gouged As Credit Curve Crushed To New Lows http://www.zerohedge.com/news/2017-06-26/bitcoin-bloodbath-leads-tech-stock-tumble-gold-gouged-credit-curve-crushed-new-lows <p>hmmm....</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Uh7tgX_Uaqs" width="560"></iframe></p> <p>&nbsp;</p> <p>We started the day with a <strong>gold flash-crash...</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD6.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD6_0.jpg" style="width: 600px; height: 351px;" /></a></p> <p>&nbsp;</p> <p>Then Durable Goods data and The Chicago Fed&#39;s National Activity Index both tumbled and massively missed expectations -smashing the <strong>Citi Macro Surprise Index to its weakest since August 2011</strong>...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD4_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>Then Nasdaq (led by FANGs) tumbled at the cash open after levitating overnight&nbsp; -<strong> oddly reactive to the tumble in Bitcoin</strong>...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD11.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD11_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p><strong>Bitcoin was clubbed like a baby seal </strong>- down over 15% - the biggest drop since Jan 2015...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD5_0.jpg" style="width: 600px; height: 302px;" /></a></p> <p>&nbsp;</p> <p>On the day, only Nasdaq closed red...markets closed weak (NOTE, the European close saw a buying panic reappear in Nasdaq briefly)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD17.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD17_0.jpg" style="width: 600px; height: 371px;" /></a></p> <p>&nbsp;</p> <p>FANG Stocks fell most since the day after the tech-wreck closing NOT &quot;off the lows&quot;...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD18.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD18_0.jpg" style="width: 600px; height: 301px;" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD19.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD19_0.jpg" style="width: 600px; height: 302px;" /></a></p> <p>VIX was smashed back to a 9 handle...But as the chart below shows, it didn&#39;t help push stocks back up...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD16.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD16_0.jpg" style="width: 600px; height: 297px;" /></a></p> <p>&nbsp;</p> <p>Treasury yields all fell on the day - even the short-end was bid in a very strong auction. The drop started on the dismal data early...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD7.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD7_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>The Treasury yield curve slumped flatter once again with<strong> 2s10s dropping to a 78bps handle - lowest since Aug 2016</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD2_0.jpg" style="width: 600px; height: 304px;" /></a></p> <p>&nbsp;</p> <p>2s30s tumbled again to 134bps - the flattest since the last recession begain...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD3_0.jpg" style="width: 600px; height: 306px;" /></a></p> <p>&nbsp;</p> <p>The Dollar Index roller-coastered to end the day slightly higher...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD8.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD8_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>Yen was sold hard today (and Yuan weakened)...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD9.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD9_0.jpg" style="width: 600px; height: 316px;" /></a></p> <p>&nbsp;</p> <p>Both Gold and Silver flash-crashed overnight but rallied on the weak US data...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD15.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD15_0.jpg" style="width: 600px; height: 346px;" /></a></p> <p>&nbsp;</p> <p>On the bright side, WTI Crude saw a modest bounce today... testing below $3 briefly...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD14.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD14_0.jpg" style="width: 600px; height: 351px;" /></a></p> <p>&nbsp;</p> <p>We note that while Bitcoin was battered today, <strong>it found support at its exponential trendline off March lows...</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD10.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD10_0.jpg" style="width: 600px; height: 314px;" /></a></p> <p>&nbsp;</p> <p>All 20 of the largest cryptocurrencies were deep in the red...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD12.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD12_0.jpg" style="width: 600px; height: 718px;" /></a></p> <p>&nbsp;</p> <p>Finally, we note that <strong>at least one corner of the equity market might be getting nervous</strong> about the S&amp;P 500 Index hovering near&nbsp;all-time highs.&nbsp;<strong>Options contracts that pay off with a drop in the benchmark gauge outnumber those betting on a gain by a rate of more than 2-to-1, the most since January 2016,</strong> according to data compiled by Bloomberg.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD1.jpg"><img height="276" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_EOD1_0.jpg" width="600" /></a></p> <p>Since the start of the bull market,<em><strong> the S&amp;P 500 has lost 0.3 percent in the 10 days following put-to-call ratios at or above the current level, </strong></em>compared with a 0.6 percent gain in all 10-day stretches during that period.</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="57" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170626_EOD.jpg?1498506349" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/bitcoin-bloodbath-leads-tech-stock-tumble-gold-gouged-credit-curve-crushed-new-lows#comments 2s10s 2s10s 2s10s. 2s30s Alternative currencies Bitcoin Bitcoin Business Chicago Fed Citi Macro Surprise Crude Cryptocurrencies Digital currency Economy Finance Financial cryptography flash Money NASDAQ NASDAQ Payment systems Recession S&P 500 VIX Yen Yield Curve Yuan Mon, 26 Jun 2017 23:42:24 +0000 Tyler Durden 598703 at http://www.zerohedge.com Greece – What Comes to Mind? http://www.zerohedge.com/news/2017-06-26/greece-%E2%80%93-what-comes-mind <p style="font-size: 13.008px;"><em style="line-height: 20.8px;"><span style="color: #800000;">By Chris at&nbsp;<a href="https://capitalistexploits.at/signup/">www.CapitalistExploits.at</a></span></em></p> <p>I warn you... I'll get hate mail for this. I am a bad person. </p> <p> Perhaps, I spent too much time in European cities because Athens and Greece in particular always failed to impress me.</p> <p>Ok, they have a lot of crumbly buildings. But so do every other country in the region. Ephesus is more impressive than the Panthenon. The Colosseum&nbsp;more impressive than the Valley of the Temples. </p> <p> And then there's the food. It's terrible. Leaves or cheese, sometimes both, double soaked in oil pretty much sums it up.</p> <p>If you're not into crumbling buildings, they offer the islands, which are quite nice, laid back, and fun with those&nbsp;little hilltop villages you see in the postcards, riddled with cobbled streets and fat ladies with missing teeth, smiling at you.</p> <p>Unfortunately, all this novelty wears thin after about 48 hours and so after some water sports, which you can only do for so long, you're left exhausted by sex - because let's face it, you've run out of anything else worth doing.</p> <p>It's easily the best thing about Greece and I highly recommend it for that reason. It's cheap, sunny, warm, dysfunctional, and boring... which makes it the perfect place to go for a dirty weekend away. </p> <p> I realise my tastes are unique, and plenty of people love Greece for all the reasons I don't. In particular, the Chinese... which is really what this article is about.</p> <p>Unless you've been living under a rock, you'll have heard of China's ambitious One Belt, One Road initiative. It is essentially the restoring of the historic Silk Road established by&nbsp;Genghis Kahn with his arrival in Europe and Alexander the Great who almost reached the Chinese province of Xinjiang.</p> <p>There is a long history here with the Hellenic world and Eastern Europe having carved mathematics and Indo-European languages along the old Silk Road, and the Greek-Buddhist syncretism which influenced the development of both art and philosophy in China and India.</p> <p><img src="https://capitalistexploits.at/wp-content/uploads/2017/06/Silk-Road-China.jpg" width="600" height="372" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter wp-image-17147" /></p> <p>&nbsp;</p> <p class="selectionShareable">While Brussels farts around with Brexit and Draghi puzzles a catchy name for the next batshit crazy money printing initiative, China has been steadily and quietly using their massive FX reserves ($3 trillion) to lay the groundwork for future trade and their subsequent geopolitical power that will accompany it.</p> <p> <img src="https://capitalistexploits.at/wp-content/uploads/2017/06/Screenshot-2017-06-23-12.07.15-1024x466.png" width="700" height="319" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter wp-image-17148" /> </p> <p> Take a look at where the money is flowing and why.</p> <p>When it comes to maritime links, first stop once out of the Suez is Greece. It is for all purposes perfectly located as a gateway to the rest of Europe.</p> <p>The Chinese, being fiendishly smart, realise this. It's why they're going to rule the world within a couple decades. </p> <h3><strong>Ports</strong></h3> <p> China's COSCO Shipping, owner of the world's fourth largest container fleet, took a 67% percent stake in Greece's largest port last year.</p> <p>As reported by the <a href="http://asia.nikkei.com/magazine/20170316/Politics-Economy/China-s-Greek-investment-is-making-waves-in-the-Aegean" target="_blank" rel="noopener">Nikkei Asian Review:</a></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>"The port's container-handling volume surged more than fivefold in seven years, totaling 3.47 million twenty-foot equivalent units, or TEUs, in 2016.&nbsp;</em> </p> <p>&nbsp;</p> <p> <em>When the terminal was still state-run, the Port of Piraeus did not even crack the global top 100 in terms of container volume. Today, it ranks among the world's 50 biggest container ports.</em> </p> <p>&nbsp;</p> <p> <em>According to Greek media reports, the port authority's management team will soon announce new investment plans. The pillars are expected to be a new cruise ship terminal -- aimed primarily at wealthy Chinese tourists -- and a vessel repair center. One Cosco source said investment over the next five years will "exceed 600 million euros."</em></p> </blockquote> <h3><strong>Energy</strong></h3> <p> In December, State Grid Corp., a Chinese power transmission company, agreed to acquire a 24% stake in a subsidiary of Greek state utility Public Power Corp. </p> <p><span style="font-size: 13.008px;">And this from </span><a href="http://www.reuters.com/article/us-china-silkroad-greece-idUSKBN18903I" target="_blank" style="font-size: 13.008px;" rel="noopener">Reuters:</a></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>"Greek infrastructure development group Copelouzos has signed a deal with China's Shenhua Group to cooperate in green energy projects and the upgrade of power plants in Greece and other countries, the Greek company said on Friday.</em> </p> <p>&nbsp;</p> <p> <em>The deal will involve total investment of 3 billion euros ($3.28 billion), Copelouzos said in a statement, without providing further details."</em></p> </blockquote> <h3>Military</h3> <p> And last year, a deal was struck whereby (through the Fujian Shipbuilding company) China accesses European technology - in particular, financing<em>&nbsp;</em><a href="http://www.ilcaffegeopolitico.org/26093/pechino-e-limportanza-della-grecia" target="_blank" rel="noopener">naval armament agreements valued at more than $3 billion</a>,&nbsp;which, by the&nbsp;way, represents 7 percent of Greek GDP. Not small. </p> <p> Greece likes it since it provides another 190,000 new jobs. </p> <h3><strong>Air</strong></h3> <p> As reported by <a href="https://www.bloomberg.com/news/articles/2017-05-09/fosun-targets-bringing-10-times-more-chinese-tourists-to-greece" target="_blank" rel="noopener">Bloomberg:</a></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>"Fosun International Ltd., the Chinese conglomerate that’s part of a venture to transform the former Athens airport site into one of the biggest real-estate projects in Europe, is now turning its attention to Greek tourism."</em></p></blockquote> <p> And <a href="http://www.reuters.com/article/greece-china-assets-idUSL6N0P14DW20140620" target="_blank" rel="noopener">Reuters</a> elaborates: </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em>"China - which has already submitted a bid to buy a majority stake in Piraeus - is also eyeing the construction of an 800 million-euro airport in Crete and the main airport in Athens when the government puts it on sale later this year, Greek officials said. Development Minister Nikos Dendias said the two sides also discussed a high-speed rail project.</em></p> <p>&nbsp;</p> <p><em>&nbsp;</em></p> <p><em>China attaches great importance to Greece's unique geographic advantage of being a gateway to Europe and, in that light, is prepared to intensify its cooperation with Greece in basic infrastructure such as ports, roads, (and) railways."&nbsp;</em></p> </blockquote> <p> Now here's what's interesting...</p> <p>I speak to a lot of money managers every week, and I can count on my hand just two who, like us, are acquiring Greek assets. This is one extremely uncrowded trade. It's oh so lonely, which brings an additional level of comfort. </p> <p> Don't believe me? </p> <p> I present to you the Greek Stock market:</p> <p><img src="https://capitalistexploits.at/wp-content/uploads/2017/06/Screen-Shot-2017-06-20-at-6.12.08-pm-1024x548.png" width="700" height="375" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter wp-image-17149" /> </p> <p> Here's small caps:</p> <p><img src="https://capitalistexploits.at/wp-content/uploads/2017/06/Screen-Shot-2017-06-20-at-6.13.54-pm-1024x546.png" width="700" height="373" style="display: block; margin-left: auto; margin-right: auto;" class="aligncenter wp-image-17150" /></p> <p>Chinese travel to Greece has been surging since around 2013 but this entire party looks like it's only just getting started.</p> <p>You tell me what's going to happen when 1.5 million Chinese tourists start showing up in Athens every year looking for crumbling buildings and fat, toothless, charming ladies selling oil soaked cheese and leaves? </p> <p> - Chris </p> <p> <em>"In a world of growing interdependency and challenges, no country can tackle the challenges, also the world's problems, on its own."&nbsp;—</em>&nbsp;Xi Jinping</p> <p style="text-align: center;"><span style="font-size: 13.008px; line-height: 20.0063px;">--------------------------------------</span></p> <p style="text-align: center;">Liked this article?&nbsp;<a href="https://capitalistexploits.at/signup/">Don't miss our future missives and podcasts, and</a></p> <p style="text-align: center;"><a href="https://capitalistexploits.at/signup/">get access</a>&nbsp;<a href="https://capitalistexploits.at/signup/" style="line-height: 20.8px; font-size: 1em;">to free subscriber-only content here.</a></p> <p style="text-align: center;"><span style="font-size: 13.008px; line-height: 20.0063px;">--------------------------------------</span></p> http://www.zerohedge.com/news/2017-06-26/greece-%E2%80%93-what-comes-mind#comments Administrative regions of Greece Athens Business China China accesses European technology COSCO Eastern Europe Eastern Europe Europe Geography of Europe Greece Greece India Nikkei Piraeus Port Port of Piraeus Reuters Mon, 26 Jun 2017 23:37:56 +0000 Capitalist Exploits 598719 at http://www.zerohedge.com Brazilian President Temer Officially Charged With Corruption http://www.zerohedge.com/news/2017-06-26/brazilian-president-temer-officially-charged-corruption <p>Just over a month after O Globo newspaper first brought the world&#39;s attention to the fact that Brazil&#39;s President Michel<strong> Temer was &#39;allegedly&#39; involved in &quot;hush money&quot; payments</strong>, then vehemently denied by him; and just a week after the <strong>police confirmed it had evidence that Temer received bribes</strong>, O Globo,&nbsp;reports&nbsp;citing court documents, that President&nbsp;Michel <strong>Temer&nbsp;was formally charged with corruption by Prosecutor-General&nbsp;Rodrigo Janot</strong>.</p> <p><img height="333" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/download%20%2848%29_0.jpg" width="500" /></p> <p><a href="http://www.zerohedge.com/news/2017-06-20/brazil-crisis-returns-police-says-it-has-evidence-president-temer-received-bribes"><em>As we noted last week,</em></a> almost exactly <a href="http://www.zerohedge.com/news/2017-05-17/brazil-plunges-fresh-political-crisis-after-temer-hush-money-recordings-emerge">one month after Brazil&#39;s stock market crashed, </a>and the Real plunged after the country&#39;s never-ending political drama made a triumphal return following accusations that president Michel Temer had encouraged a &quot;hush money&quot; bribe to former House Speaker Eduardo Cunha in return for not getting dragged into the Carwash scandal, Brazil&rsquo;s federal police force said it has found evidence that the embattled president received bribes to help businesses, <a href="https://oglobo.globo.com/brasil/relatorio-da-pf-diz-que-temer-cometeu-crime-de-corrupcao-passiva-21499089">Brazil&#39;s O Globo reported</a>.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Then earlier today, <strong>Brazil&rsquo;s federal police confirmed it had found evidence that President Michel Temer allegedly <span style="text-decoration: underline;">committed three crimes</span>, </strong>according to local media reports. As Bloomberg reports,</p> <p>&nbsp;</p> <p>Federal police sent full report to the Supreme Court regarding allegations gathered through plea bargains from executives at meat-packer JBS.</p> <p>&nbsp;</p> <p>In the report, police found evidence of<span style="text-decoration: underline;"><strong> corruption, obstruction of justice and failure to report a crime</strong></span>.</p> <p>&nbsp;</p> <p>Police also said there was <strong>no evidence of tampering with the audio of the meeting of Temer and the then-head of JBS, Joesley Batista, secretly recorded</strong> by the latter.</p> </blockquote> <p>While Temer has repeatedly denied the accusation, Bloomberg reports that the <strong>accusations are based on JBS&#39;s Joesley Batista&#39;s plea bargain</strong>.</p> <p><strong>Brazil&rsquo;s Temer&nbsp;was officially charged with corruption by the chief prosecutor on Monday evening, </strong>in a highly-anticipated development that may put the embattled president of Latin America&rsquo;s largest economy on trial.</p> <p>Rodrigo Janot&nbsp;charged Temer in a case in which the president was accused of corruption and obstruction of justice, according to documents filed at the Supreme Court.<strong> The charges need to be approved by two-thirds of Brazil&rsquo;s chamber of deputies to proceed</strong>. It is not yet clear how long that process will take.<strong> The president has repeatedly denied wrongdoing.</strong></p> <p>As a reminder, trying a President in Brazil is not an easy feat:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Step One - Supreme Court</strong></p> <p>The prosecutor&rsquo;s case is delivered to the Supreme Court which notifies the speaker of the lower house of Congress,&nbsp;Rodrigo Maia.</p> <p>&nbsp;</p> <p><strong>Step Two - House Speaker</strong><br />Maia must formally notify Temer of the charges against him. From that moment on, the president&rsquo;s lawyers have ten lower house sessions to present their defense. At the same time, Maia sends the paperwork to the Chamber&rsquo;s Constitution and Justice Committee, which must then appoint a sponsor for the case.</p> <p>&nbsp;</p> <p><strong>Step Three - Constitution and Justice Committee, or CCJ</strong><br />After Temer presents his defense, the committee has five sessions to discuss the charges. The sponsor then presents a final report with his recommendation on the case that the whole 66-member committee must vote on.</p> <p>&nbsp;</p> <p><strong>Step Four - Plenary</strong><br />Regardless of the outcome of the committee hearing, the report goes to a vote in a plenary session of the lower house. The report can be read the very next day after the hearing or on a date of the speaker&rsquo;s choosing.<br /><strong>At least two-thirds of lawmakers, or 342 legislators, need to agree for a trial to go ahead at the Supreme Court.</strong><br />Each lawmaker must cast his or her vote aloud via microphone.</p> <p>&nbsp;</p> <p><strong>Step Five - Supreme Court</strong><br />If approved by the lower house, a trial will take place at the Supreme Court. Temer would be obliged to stand down as president for 180 days while the court case goes ahead. If the trial lasts for longer than that, Temer would return to office while the case continues.<br /><strong>If convicted, Temer would be stripped of office and his political rights. He may also be imprisoned.</strong><br />The house speaker would become president for 30 days before Congress votes for a new head of state via an indirect election.</p> </blockquote> <p>Contacted by Bloomberg, <strong>Presidential Palace wasn&rsquo;t immediately available to comment.</strong></p> <p>For now, no markets are open to see if this is affecting anything for now, we will be monitoring the IBOVESPA funds in Japan once they open for any reaction.</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="440" height="264" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170626_temer.jpg?1498519733" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/brazilian-president-temer-officially-charged-corruption#comments Brazil Brazil Chamber’s Constitution and Justice Committee Congress Constitution and Justice Committee Corruption Eduardo Cunha Federal police Impeachment of Dilma Rousseff Impeachment proposals against Michel Temer Japan Joesley Batista Justice Committee Latin America Law Michel Temer Newspaper Politics Politics Politics of Brazil Presidents of Brazil Rodrigo Maia Supreme Court UN Court Mon, 26 Jun 2017 23:29:22 +0000 Tyler Durden 598718 at http://www.zerohedge.com Trump's ANWR Move Could Spawn Epic Oil, Natural Gas Battle http://www.zerohedge.com/news/2017-06-26/trumps-anwr-move-could-spawn-epic-oil-natural-gas-battle <p><a href="http://blogs.platts.com/2017/06/26/trumps-anwe-oil-natgas-battle/"><em>Authored by Bob Williams via Platts &#39;The Barrel&#39; blog,</em></a></p> <p><u><strong>Oil majors thirsty for reserves likely to line up for any lease sale</strong></u></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_ANWR1.jpg"><u><strong><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_ANWR1.jpg" style="width: 601px; height: 368px;" /></strong></u></a></p> <p>President Trump has uncorked yet another controversy over energy vs the environment and it <strong>promises to be a heavyweight battle.</strong></p> <p>The White House budget proposal includes a <strong>revenue line of almost $2 billion from selling oil and gas leases in the richly oil-prospective northeastern coastal plain of the Arctic National Wildlife Refuge (ANWR) in Alaska.</strong></p> <p>Until the climate change debate came along, leasing and drilling in the ANWR (pronounced an-war) Coastal Plain was arguably the most ferociously contested item on the oil and gas industry&rsquo;s wish list at the national level.</p> <p><u><strong>First, a little background:</strong></u></p> <p><em>In 1960, less than one year after Alaska became a state, Congress created the Arctic National Wildlife Range.</em></p> <p><em>Twenty years later, the Alaska National Interest Lands Conservation Act (ANILCA) expanded the Arctic Range to 18 million acres, renamed it the Arctic National Wildlife Refuge, designated 8 million acres as National Wilderness, designated three rivers as National Wild Rivers, and called for wildlife studies and an oil and gas assessment of 1.5 million acres of the ANWR Coastal Plain (the 1002 area).</em></p> <p><em>There is not enough space here to track the tortuous history of legal and regulatory battles and failed legislation that has marked efforts to either develop oil and gas in the ANWR Coastal Plain or to lock it up against development permanently.</em></p> <p><em>Suffice to say that ANILCA granted surface and subsurface rights to the Inupiat Native Americans living near the North Slope village of Kaktovik on the ANWR Coastal Plain, seismic studies were conducted on Inupiat land, and what has been called the &ldquo;the tightest hole of all time&rdquo; (KIC-1) was drilled and plugged on that acreage by a group led by Chevron.</em></p> <p><strong>Only a handful of people have ever known the well results&mdash;and no one has spilled the beans yet.</strong></p> <p><strong>Battles over ANWR waxed and waned over the ensuing years,</strong> and while the refuge&rsquo;s 1002 area has not yet seen another drillbit, neither has that option been entirely foreclosed.</p> <p>Trump&rsquo;s budget cites $2 billion in potential revenues from leasing the Coastal Plain, but given the dearth of onshore elephant-scale prospects worldwide and their dwindling oil and gas reserves bases, it&rsquo;s likely that major oil companies would be scrambling to throw even more money than that at ANWR leases.</p> <p>Since the majors thrive on megaprojects like Kashagan, Prudhoe Bay and deepwater Gulf of Mexico, ANWR could be a perfect fit for them.</p> <p>It would also be an expensive venture and that likely will keep the smaller players from making much of an impact in ANWR.</p> <h3><u><strong>Massive oil, natural gas potential</strong></u></h3> <p><strong>There is little doubt of the potential for oil on the ANWR Coastal Plain.</strong> The region lies between and is geologically analogous with two of the world&rsquo;s most prolific oil and gas provinces, Alaska&rsquo;s North Slope and Canada&rsquo;s Mackenzie Delta.</p> <p>The US Geological Survey, in a 1998 estimate, reckoned that the Coastal Plain contains 4.3 billion to 11.8 billion barrels of technically recoverable oil and as much as 11 Tcf of natural gas, with a mean estimate of 7.7 billion barrels and 3.5 Tcf.</p> <p><strong>Industry contends these are very conservative estimates. As much as 32 billion barrels of oil is in place.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_ANWR.jpg"><img height="204" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170626_ANWR_0.jpg" width="600" /></a></p> <p>One recent study suggested that a commercial find on<u><strong> the ANWR Coastal Plain could yield more daily oil production than the volume of oil the US imports from Saudi Arabia today.</strong></u></p> <p>Aside from making major oil companies happy&mdash;not exactly a top priority for most Americans&mdash;billions of dollars in infrastructure are at stake in developing oil and gas on the ANWR Coastal Plain.</p> <p>The hundreds of billions of dollars that the oil and gas industry has invested in North Slope production, processing, and pipeline facilities could be for naught in the future if North Slope oil production drops below a certain level.</p> <p><strong>The Trans-Alaska Pipeline System (TAPS) transports a bit more than 400,000 b/d of North Slope oil.</strong></p> <p>A 2011 study by pipeline operator Alyeska concluded that a host of problems affecting TAPS operations could develop with throughput between 300,000 b/d and 600,000 b/d.</p> <p>Alyeska has already addressed some of those problems, but as the throughput continues to drop, those problems become even more challenging&mdash;even posing hazards to operation.</p> <p><strong>A nonviable TAPS could strand massive US oil and gas resources in Alaska.</strong></p> <p>Of course, Trump can&rsquo;t authorize ANWR development. Only Congress can do that.</p> <p><strong>Alaska&rsquo;s Senator Lisa Murkowski has already said she will take up the issue, but there is nothing concrete in the works from Congress.</strong></p> <p>However, Interior Secretary Zinke has issued a Secretarial Order calling for an update of federal resource assessments of the ANWR 1002 area and National Petroleum Reserve-Alaska.</p> <p>It also is intended to review the currently blocked access to half the surface acreage in the NPR-A, a ban instituted under the Obama administration.</p> <p><strong>Whatever one&rsquo;s stance happens to be, if you thought the battle over Keystone was big, this battle will truly be epic.</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="506" height="310" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170626_ANWR1.jpg?1498501237" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-26/trumps-anwr-move-could-spawn-epic-oil-natural-gas-battle#comments Alaska Arctic National Wildlife Refuge Arctic Refuge drilling controversy B+ Business Congress Environment Environmental impact of the petroleum industry Gulf of Mexico Lisa Murkowski Mexico Natural Gas North Slope Borough, Alaska Obama Administration Obama administration Oil reserves in the United States Petroleum in the United States Saudi Arabia Trans-Alaska Pipeline System White House White House Mon, 26 Jun 2017 23:20:00 +0000 Tyler Durden 598696 at http://www.zerohedge.com