http://www.zerohedge.com/fullrss2.xml/wp-content/plugins/uBillboard/Korean%20Buying%20Spree%20Boosts%20Brent%20Price en Global Markets Rise As Shutdown Fears Recede; All Eyes On Wyoming As Jackson Hole Begins http://www.zerohedge.com/news/2017-08-24/global-markets-rise-shutdown-fears-recede-all-eyes-wyoming-jackson-hole-begins <p>U.S. stock-index futures are fractionally in the green as European shares rise, Asia is mixed and oil drops modestly. Global risk staged a rebound and markets unwound some of yesterday’s safe-haven moves as U.S. government shutdown fears receded and concerns about the Trump administration’s ability to enact its fiscal agenda were put on the back-burner in European trading. Bored investors are marking time as they wait to see whether the gathering of policy makers in Wyoming will offer any hints on the process of unwinding stimulus.</p> <p>The MSCI World index, which fell to a five-week low on Monday, was flat on Thuesday while gains by cyclical stocks helped Europe's STOXX 600 index inch up 0.5%, even as shares of UK's Dixons Carphone plummeted up to 29% after the mobile phone retailer downgraded expectations for full-year profit, reflecting tougher conditions in the mobile market as customers hold on to handsets for longer. It was the worst-performing among European retail stocks so far this year, even before today's decline wiped a third off its market value. British sub-prime lender Provident Financial recovered slightly from its sharp falls earlier in the week, up 2.7 percent.</p> <p>MSCI's index of Asia-Pacific shares ex-Japan gained, shaking off jitters that gripped markets after U.S. President Donald Trump threatened to shut down the U.S. government and end the North American Free Trade Agreement. Japan's Nikkei fell 0.4%, dragged down a stronger yen and by steel makers, after reports that the country's biggest producer was cutting prices. Japan’s Topix index fell 0.5 percent. South Korea’s Kospi index increased 0.4 percent and Australia’s S&amp;P/ASX 200 Index added 0.1 percent. Hong Kong’s Hang Seng Index rose 0.4 percent as the market reopened after being shut on Wednesday. The Japanese yen fell 0.3 percent to 109.35 per dollar.</p> <p>The dollar strengthened against major G-10 peers in another quiet overnight session; the Korea won strengthens for a fourth day as North Korea tensions appear to be blowing off. Treasury futures are modestly lower while the 10-year JGB yield fell to 0.025%, the lowest since May, following a strong auction. The Hang Seng reopened with gains after Wednesday’s typhoon-induced break, sending H-shares approach 2017 highs. Over in China, the offshore yuan climbed to its highest level since September as the PBOC strengthened the Yuan fixing and skipped open market operations, draining a net 100 billion yuan from the market. WTI crude little changed; Dalian iron ore 2.5% higher.</p> <p>Oil is modestly lower despite traders starting to watch tropical depression Harvey, which could strengthen into the first hurricane to strike Texas since 2008, forcing workers to be evacuated from Gulf of Mexico platforms, and sending cotton rallying as airlines prepare for flight disruptions. On Wednesday, the EIA reported that U.S. crude and gasoline stockpiles fell while production rose. </p> <p>On Tuesday, Trump said he would be willing to risk a government shutdown to secure funding for a wall along the Mexico border. Those comments came before a late-September deadline to raise the U.S. debt ceiling or risk defaulting on debt payments. As a result, Fitch said failure to raise the debt ceiling soon would lead it to review the United States' sovereign rating with "potentially negative implications."</p> <p>Markets will be focusing on the central banking symposium in Jackson Hole, Wyoming, which kicks off today and where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak on Friday, although new policy messages were considered unlikely. Still, "there are concerns about what central bankers will say as the market appears stretched, especially Wall Street, where valuations look to have reached a limit," said Enrico Vaccari, a fund manager at Italy's Consultinvest. Vaccari said he saw risks of a stock market correction after Jackson Hole that was unlikely to leave Europe stocks unscathed, even though valuations in the regions had become attractive again compared with their U.S. peers. <strong>"Europe can't make it on its own, especially because of the super-euro," </strong>he said.</p> <p>As <a href="https://www.bloomberg.com/news/articles/2017-08-23/trump-shutdown-threat-to-weigh-on-asian-trading-markets-wrap">Bloomberg notes this morning</a>, "expectations for meaningful comments from the key speakers at Jackson Hole - Federal Reserve Chair Yellen and European Central Bank President Mario Draghi - seem fairly low, but amid lackluster August trading the event is significant enough to capture the focus of most investors. If nothing else, it’s a welcome distraction from U.S. politics. All major U.S. equity benchmarks fell on Wednesday after President Donald Trump’s threat to shut down the government."</p> <p>“Major central banks, including the Fed, are in transition from providing ever more accommodation to gradually removing accommodation,” said Kevin Harris, analyst at Roubini Global Economics. “Recent Fed commentary contains hints of running a risk of pushing growth just a bit to see if more gains are available. Jackson Hole may offer further clues about this prospect."</p> <p>Across FX, the USD edged up against some other major currencies after falling on worries about a possible U.S. government shutdown. The dollar is down 14% against the euro this year. The dollar index which tracks the U.S. currency against a basket of six other major currencies, gained 0.2 percent to 93.311 on Thursday, following the previous day's 0.4 percent slide. The euro slipped 0.1% at $1.1790, after climbing 0.4% on Wednesday on surveys that showed German and French manufacturing and services were expanding .</p> <p>In commodities, oil was steady, holding on to most of their recent gains after another fall in U.S. crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico. Brent was flat at $52.58 per barrel</p> <p>Economic data include initial jobless claims and existing home sales. Broadcom, CIBC, Autodesk, VMware, Dollar Tree, Ulta Beauty, Hormel and Tiffany are among companies reporting earnings. </p> <p><strong>Overnight Bulletin Summary</strong></p> <ul> <li>EU bourses slightly higher this morning, however Dixons Carphone loses 1/3 of its value</li> <li>NZD fails to be supported by firm trade balance, while GBP dips as household spending hits lowest since Q4 2014</li> <li>Looking ahead, highlights include US existing home sales, jobless claims and the beginning of the Jackson Hole Symposium,</li> </ul> <p><strong>Market Snapshot</strong></p> <ul> <li>S&amp;P 500 futures up 0.1% changed at 2,444.25</li> <li>STOXX Europe 600 up 0.5% to 375.80</li> <li>VIX Index down 2.7% to 11.92</li> <li>Brent futures down 0.2% to $52.45/bbl</li> <li>Gold spot down 0.4% to $1,286.23</li> <li>U.S. Dollar Index up 0.2% to 93.35</li> <li>MSCI Asia down 0.07% to 159.95</li> <li>MSCI Asia ex Japan up 0.4% to 530.03</li> <li>Nikkei down 0.4% to 19,353.77</li> <li>Topix down 0.5% to 1,592.20</li> <li>Hang Seng Index up 0.4% to 27,518.60</li> <li>Shanghai Composite down 0.5% to 3,271.51</li> <li>Sensex up 0.1% to 31,602.08</li> <li>Australia S&amp;P/ASX 200 up 0.1% to 5,745.48</li> <li>Kospi up 0.4% to 2,375.84</li> <li>German 10Y yield rose 0.3 bps to 0.38%</li> <li>Euro down 0.1% to $1.1790</li> <li>US 10Y yield rose 1.4 bps to 2.18%</li> <li>Italian 10Y yield rose 1.8 bps to 1.827%</li> <li>Spanish 10Y yield fell 0.3 bps to 1.569%</li> </ul> <p><strong>Top Overnight News</strong></p> <ul> <li>Donald Trump’s threats to shut down the government in October over border wall funding triggered concerns on Capitol Hill and could complicate Congress’s job of raising the debt ceiling</li> <li>OPEC Joint Ministerial Monitoring Committee: oil market moving in the right direction as stockpiles drop in July; see compliance with output cuts at 94% </li> <li>Qatar said it will return its ambassador to Iran and seek stronger relations with its Persian neighbor as the gas-rich nation’s standoff with four Arab countries drags on</li> <li>U.K. 2Q P GDP unrevised q/q 0.3%; household spending 0.1% vs 0.3% est; ONS notes weakest 1H growth since 2012 </li> <li>U.K. consumer-spending growth slowed in the second quarter as car sales fell and business investment stagnated</li> <li>Norway 2Q GDP q/q: 1.1% vs 0.6% est; Statistics Norway highlight a broad rise in consumer spending at +1.2% </li> <li>Elliott Is Said to Buy More Stada Shares to Win Higher Price</li> <li>Deutsche Bank Is Said to Halve MiFID Fixed- Income Research Price</li> <li>Hedge Funds’ MiFID Defection Highlights Limit of EU Rule Revamp</li> <li>Amazon’s Whole Foods Deal Wins Swift U.S. Antitrust Approval</li> <li>ECB’s Hansson Shrugs Off Euro Gains for Now as QE Talks Near</li> <li>Hedge Fund Crusade Stymied as Japan Inc. Clings to Cross-Shares</li> <li>Schneider, Eaton Are Said in Race to Buy L&amp;T Electrical Unit: ET</li> <li>Ex-Intel CFO’s Exit ‘Highly Negative’ for Chipmaker: Rosenblatt</li> <li>Crackdown Risk Has China’s Hottest Stocks Looking Vulnerable</li> </ul> <p><strong>Asia equity markets traded with an indecisive tone </strong>following the downbeat finish on Wall St. where sentiment was dampened by Trump's threats to shut down the government and terminate NAFTA. ASX 200 (+0.2%) was mildly positive amid strength in material names and with the largest movers in the index driven by recent earnings, while Nikkei 225 (-0.3%) declined as exporters suffered from USD/JPY's brief slip to below 109.00. Elsewhere, Shanghai Comp. (Unch.) and Hang Seng (+0.1%) were choppy as the PBoC refrained from operations which resulted to a CNY 100bln daily net liquidity drain, while participants also digested a slew of earnings. Finally, 10yr JGBs saw mild support from the cautious tone in Japanese stocks and as yields declined in which the 20yr yield fell to its lowest since December. PBoC refrained from open market operations today. (Newswires) PBoC set CNY mid-point at 6.6525 (Prey. 6.6633)</p> <p><em>Top Asian News</em></p> <ul> <li>No. 1 China Equities Fund Bought Only Three Stocks This Year</li> <li>Mitsui Buys Fairfax Stake in First Capital for $1.6 Billion</li> <li>Billionaire Porn King Reinvents Himself as Japan’s Startup Guru</li> <li>Toshiba, WD Are Said to Seek Signing Chip Deal on Aug. 31: Asahi</li> <li>Ford Names Jason Luo Chairman, CEO for Ford China</li> <li>Infosys Founders Are Said to Plot Board Coup to Retake Control</li> <li>Dividends Frozen as Santos Takes Razor to $2.9 Billion Debt Pile</li> <li>Japan Shares Dip as Steelmakers Drop on Toyota Price- Cut Reports</li> <li>Vietnam Asks Taiwan to Stop Live Military Drills on Spratlys</li> </ul> <p><strong>European markets are slightly higher this morning, </strong>with the Eurostoxx trading higher by 0.2%. Notable mover this morning is the shares of Dixons Carphone which has slumped as much as 32%. This came after a surprise profit warning from the company amid a tough phone market and lower earnings from its software division.&nbsp; EGBs are modestly lower today with German yields ticking higher. The curve showing a slight flattening bias with the short-end underperforming marginally. Recent weakness in peripheral debt relative to German debt has come to a halt with spreads tightening, Bono's and BTPs narrower by 0.3bps and lbps respectively.</p> <p><em>Top European News</em></p> <ul> <li>Dixons Carphone Plunges as Mobile Slowdown Leads to Warning</li> <li>U.K. Consumer Spending Barely Grows, Restraining Economy</li> <li>Hungary’s NBH ‘Closely Examining’ More Monetary Easing</li> </ul> <p><strong>In currenices,</strong> narrow ranges overnight with many looking towards the Jackson Hole Symposium. However, price action had been dictated by the recovery in the USD¬index. Elsewhere, NZD continues to be pressured from yesterday's GDP downgrade in the government forecasts and as such last night's better than expected trade balance data failed to support the currency. GBP fell in the wake of the secondary GDP report, which showed household spending falling to its lowest level since Q4 2014 as consumers grapple with negative real earnings growth.</p> <p><strong>In commodities</strong>, crude prices have held onto yesterday's gains, while major oil producers, including Shell and Exxon announced that they were curbing some oil and gas output at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast. Additionally, the committee of OPEC and Non-OPEC stated that all options for a possible cut and or extension is on the table for the next monitoring meeting in September 22nd.</p> <p><strong>Looking at the day ahead, </strong>the UK’s preliminary Q2 GDP came in line with expectations at +0.3% qoq and +1.7% yoy, as expected. Data on France’s business and manufacturing confidence index printed at 111, beating expectations of 108 and above July's revised 108. In the US, there is the Kansas City Fed manufacturing index, initial jobless claims, continuing claims and existing home sales data. Away from the data, as noted earlier the Jackson Hole symposium kicks off. Back in Italy, the ECB governing council member Visco (governor of Italy) will speak.</p> <p><strong>US Event Calendar</strong></p> <ul> <li>Aug. 24-Aug. 26: Kansas City Fed hosts annual Jackson Hole Policy Symposium</li> <li>8:30am: Initial Jobless Claims, est. 238,000, prior 232,000; Continuing Claims, est. 1.95m, prior 1.95m</li> <li>9:45am: Bloomberg Consumer Comfort, prior 52.1</li> <li>10am: MBA Mortgage Foreclosures, prior 1.39%; Mortgage Delinquencies, prior 4.71%</li> <li>10am: Existing Home Sales, est. 5.55m, prior 5.52m; MoM, est. 0.54%, prior -1.8%</li> <li>11am: Kansas City Fed Manf. Activity, est. 11, prior 10</li> </ul> <p><strong>DB's Jim Reid concludes the overnight wrap</strong></p> <p>we’ve got a more reliable event to look forward to today with the annual Jackson Hole symposium kicking off this evening. While it does officially start tonight the heavy hitters (Yellen and Draghi) are actually scheduled to speak tomorrow so it’s unlikely we get much of interest today. As we’ve been saying over the last few days it does feel like expectations have been pegged back a bit for a number of reasons. This appears to be particularly the case for the ECB and after Mario Draghi’s damp squib of a speech in Lindau yesterday morning there isn’t much reason for that view to change.</p> <p>That said it probably won’t stop markets spending today second guessing what we may or may not hear, but away from that the other theme resonating around markets at the moment seems to be the various chatter about a possible US government shutdown. The latest threat from President Trump in which he vowed to shut down the government should Congress not fund the border wall, in addition to the talk about ending NAFTA, seemed to undo much of the optimism around the tax reform talk and resulted in risk assets taking a few chips off the table yesterday. A NY Times report suggesting a rift in the relationship between Trump and Senate Majority Leader Mitch McConnell seemingly didn’t help either although McConnell has since issued a statement saying that he and Trump are working towards a unified agenda. Notwithstanding all of the noise and bluster, developments and headlines out of Washington continue to be the main driver for markets for the time being as investors by and large appear fairlyrelaxed around the general central bank message for now.</p> <p>Back to the debt ceiling, the federal government has until sometime between late-September and mid-October in order to avoid a technical default by raising the ceiling and it feels like the story has plenty of room to run until then when Congress returns to Washington in early September. Previous experience in 2011 and 2013 showed that the debates became important fiscal turning points so it’s not to be underestimated. So the next six weeks have the potential to be interesting.</p> <p>Staying with politics, yesterday the UK government released a position paper on judicial arrangements post Brexit. DB’s Oliver Harvey noted that the paper confirmed that the UK will leave the direct jurisdiction of the CJEU after Brexit, but has proposed a new dispute-resolution mechanism to govern the transitional agreement and any disputes arising from the future partnership. Oliver notes that the mechanism is conceptually very similar to the EFTA court that guarantees the EEA agreement. In his view the paper is a positive step, particularly as the question of legal enforceability is probably the largest sticking point in upcoming negotiations. </p> <p>For all the politics talk, there was some good news to report from yesterday’s economic data and specifically the August flash PMIs. Germany surprised to the upside with the manufacturing PMI moving back to 59.4 (vs. 57.6 expected) and not far from the recent peak of 59.6. The services PMI recovered slightly to 53.4 (vs. 53.3), bringing the composite PMI to 55.7 and a full point above July. Our economists believe the stronger PMI readings confirm their view that the German economy should continue to expand at a robust pace in the next quarters, but at the same time signal growing capacity pressures and, hence, rising overheating risks.</p> <p>Meanwhile the Euro-area flash PMI remained stable with manufacturing gains compensating a small services decline. The composite PMI edged up slightly to 55.8 which continues to suggest that the economy is growing at an annual rate of c.2.5% yoy. The details also suggest a slight decline in the data for the periphery. Our economists also noted that despite recent Euro appreciation, the input prices print was up, suggesting that price pressures in the euro-area are not falling (contrary to what some people have suggested).</p> <p>The ECB’s Hansson didn’t appear to have much concerns about the recent Euro rally either, noting that it is largely a reflection of the region’s economic momentum. Elsewhere, he said he doesn’t yet have a firm view on how the stimulus package should be in design after 2017. On inflation, he noted “Let’s be a bit more patient…it’s just going to take us a bit more time...it will come eventually, have faith that these relationships (Phillips curve) exist..”.</p> <p>Those PMIs helped the Euro climb another +0.38% versus the Greenback yesterday, while against Sterling the single currency rallied +0.57% yesterday and edged +0.06% higher this morning to the highest level since October 2009. Sovereign bond yields were briefly higher however reversed in the afternoon as risk aversion turned. 10y Bunds ended 2bp lower to 0.374% and Treasuries were around 5bp lower to 2.167%, although yields are slightly higher this morning. Meanwhile in equity land, the S&amp;P 500 and Dow closed -0.35% and -0.40% respectively. European markets also ended weaker with the Stoxx 600 down -0.50%. Notably, WPP, the world’s largest advertising group fell 11% yesterday (the worst trading day in 19 years), after cutting its’ fully year sales outlook post a drop in customer demand.</p> <p>This morning in Asia, trading volumes have been fairly light and markets opened a bit mixed. The Nikkei has dipped -0.19% and China bourses are down a similar amount while on the other hand the Kospi (+0.49%), ASX (+0.16%) and Hang Seng (+0.61%) have all edged higher with the latter in particular resuming trading after a day off following typhoon Hato.</p> <p>Wrapping up the rest of the data from yesterday. In the US, the August manufacturing PMI was lower than expected at 52.5 (vs. 53.5), but the services PMI increased 2.2pts to 56.9 (vs. 55.0), the highest level since April 2015. Overall the composite index rose to 56.0 (last seen in May 2015). New home sales for July fell 9.4% mom (vs. 0% expected), but on a three-month average, new home sales are still up 4.2% yoy, with the recent slowdown in growth likely reflecting underlying building activity. Elsewhere, MBA mortgage applications fell 0.5% last week.</p> <p>Looking at the day ahead, the UK’s preliminary Q2 GDP (+0.3% qoq and +1.7% yoy expected) will be out, then data on private consumption (0.4% qoq expected), export / import, index of services and total business investment are due. France’s business and manufacturing confidence index will also be due. Over in the US, there is the Kansas City Fed manufacturing index, initial jobless claims, continuing claims and existing home sales data. Away from the data, as noted earlier the Jackson Hole symposium kicks off. Back in Italy, the ECB governing council member Visco (governor of Italy) will speak.</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="2000" height="1333" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/trader%20trump_4.jpg?1503571464" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-24/global-markets-rise-shutdown-fears-recede-all-eyes-wyoming-jackson-hole-begins#comments Asia-Pacific ASX 200 Bond Business Capitalism cellular telephone Central Banks China Congress Continuing Claims Crude Currency Debt Ceiling default Donald Trump Economic history of the Netherlands Economy Economy of the European Union EFTA court Equity Markets Euro European Central Bank European Central Bank European Union Eurostoxx Exxon federal government Federal Reserve Fitch flash Ford Foreclosures Germany Gulf of Mexico Hang Seng 40 Hang Seng Index headlines Initial Jobless Claims Iran Italy Janet Yellen Japan Jim Reid Kansas City Fed Kospi Mexico Ministerial Monitoring Committee MSCI World New Home Sales Nikkei Nikkei 225 North Korea Norway OPEC Open Market Operations Organization of Petroleum-Exporting Countries People's Bank of China Price Action recovery S&P 500 S&P/ASX 200 Stock market Stoxx 600 SWIFT Topix Toyota Trade Balance Trump Administration UK Government US Federal Reserve US government VIX Yen Yuan Thu, 24 Aug 2017 10:45:50 +0000 Tyler Durden 602224 at http://www.zerohedge.com Netanyahu To Putin: Iran Must Leave Syria Or "We Will Act" http://www.zerohedge.com/news/2017-08-24/netanyahu-putin-iran-must-leave-syria-or-we-will-act <p><em>For Netanyahu and other Israeli officials the chief concern was never the black clad death cult which filmed itself beheading Americans and burning people alive.&nbsp; </em><em><strong>&quot;Let the Sunni evil prevail,&quot;</strong></em><em> they say.</em></p> <p><strong>Israel is threatening to escalate military action in Syria against perceived Iranian interests.</strong> This week Netanyahu <a href="http://www.timesofisrael.com/netanyahu-to-putin-israel-willing-to-act-against-iran-in-syria/" target="_blank">declared</a>, <strong>&quot;we will act when necessary according to our red lines&quot;</strong> while hinting he prefers ISIS presence in Syria as opposed to Iran aligned fighters at his border. This comes as ISIS is now crumbling, and at a time when most world leaders of nations driving the external proxy war in Syria have toned down their rhetoric regarding the future fate of the Assad government.</p> <p>After years of a regular drumbeat of bellicose statements emanating from the West and repeat talk of &quot;Assad must go&quot;, &quot;red lines&quot;, and years of constantly failed predictions that &quot;regime demise is imminent,&quot; there now seems a general acceptance that the Syrian government has emerged victorious in the 6-year long conflict. Not only did Trump this summer order the <a href="http://www.zerohedge.com/news/2017-07-31/trump-saw-disturbing-video-then-he-shut-down-cias-covert-syria-program" target="_blank">closure</a> of the CIA&#39;s regime change program which targeted Assad, but it appears even Gulf nations - lately embroiled in their own <a href="http://www.zerohedge.com/news/2017-06-05/its-geopolitical-earthquake-stunned-world-responds-after-saudi-alliance-cuts-all-tie" target="_blank">inter-GCC political civil war</a> and airing of dirty laundry - have been <a href="https://tcf.org/content/commentary/arabs-bicker-qatar-assad-sees-angle/" target="_blank">forced</a> to temper their rhetoric. Turkey also has reluctantly&nbsp;<a href="http://www.al-monitor.com/pulse/originals/2017/01/turkey-shift-assad-syria-war-end.html" target="_blank">shifted</a> its priorities in Syria after its <a href="http://www.huffingtonpost.com/david-l-phillips/research-paper-isis-turke_b_6128950.html" target="_blank">well-known and documented</a> regime change machinations - which included facilitating the transfer of tens of thousands of foreign jihadists (the core of which joined ISIS) across its southern border - have largely&nbsp;<a href="http://www.zerohedge.com/news/2017-05-16/turkish-american-relations-crossroads" target="_blank">backfired</a>. International media too, generally reflecting undeniable geopolitical realities, have bluntly headlined stories with <a href="http://www.dw.com/en/and-the-winner-is-assad/a-40184795" target="_blank">&quot;And the winner is: Assad&quot;</a> and <a href="http://www.independent.co.uk/voices/syria-bashar-al-assad-putin-russia-syrian-forces-aleppo-win-victory-west-should-be-ashamed-a7450336.html" target="_blank">&quot;We have to accept that Assad will win in Syria&quot;</a> and <a href="http://www.nybooks.com/articles/2017/02/23/how-assad-is-winning/" target="_blank">&quot;How Assad is Winning&quot;</a>.</p> <p>But it appears Benjamin Netanyahu didn&#39;t get the memo. On Wednesday the&nbsp;Israeli Prime Minister told Russian President Putin that Israel would not tolerate an Iranian presence in Syria and further <strong>signaled willingness to go to war in Syria to curtail Iranian influence.</strong>&nbsp;&quot;Iran is already well on its way to controlling Iraq, Yemen and to a large extent is already in practice in control of Lebanon,&quot; Netanyahu told Putin, adding further that,&nbsp;&quot;We cannot forget for a single minute that Iran threatens every day to annihilate Israel. Israel opposes Iran&#39;s continued entrenchment in Syria. <strong>We will be sure to defend ourselves with all means against this and any threat.&quot;</strong></p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/bibi%20putin.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/bibi%20putin_0.jpg" style="width: 500px; height: 271px;" /></a><br />Image source: Sputnik International</em></p> <p>The two leaders met for three hours&nbsp;in the Black Sea resort of Sochi - their sixth such meeting since September 2015. Putin did not respond publicly to the provocative words on Syria during the portion of the meeting open to reporters. Netanyahu later&nbsp;<a href="http://www.reuters.com/article/us-mideast-crisis-russia-israel-idUSKCN1B30JS?il=0" target="_blank">told</a> Israeli reporters covering the meeting that:</p> <p>Bringing Shi&#39;ites into the Sunni sphere will surely have many serious implications both in regard to refugees and to new terrorist acts.&nbsp;We want to prevent a war and that&#39;s why it&#39;s better to raise the alarm early in order to stop deterioration.</p> <p>Netanyahu&#39;s reference to &quot;the Sunni sphere&quot; came after he summarized the closed door part of the discussion as dealing with <strong>&quot;Iran&rsquo;s attempt to establish a foothold in Syria in the places where ISIS was defeated and is leaving.&quot;</strong> Netanyahu&#39;s comments are a reflection of an extremely disturbing view which has become so prominent within Israeli defense circles as to be considered establishment: <strong>that ISIS is ultimately preferable to Iran and Assad.</strong>&nbsp;This is to say that continued ISIS presence in Syria and Iraq is a viable option and possibly better than pro-Iranian or even Russian spheres of influence in the Israeli prime minister&#39;s mind. Of course, this &quot;lesser evil is ISIS&quot; view is nothing new. In Israel, for example, there are even <strong>&quot;respected&quot; think tanks tied in with major public universities&nbsp;which openly call for allowing ISIS to thrive in Syria.</strong></p> <p>The Begin-Sadat Centre for Strategic Studies, for example, which is one of Israel&rsquo;s most internationally visible and&nbsp;influential think tanks (and located on the campus of Israel&#39;s second largest university), published a&nbsp;<a href="http://besacenter.org/perspectives-papers/destruction-islamic-state-strategic-mistake/" target="_blank">policy paper</a>&nbsp;last year which made a direct appeal to Israel&rsquo;s Western partners with the unambiguous message contained in the essay&rsquo;s title: <strong>&quot;The Destruction of Islamic State is a Strategic Mistake.&quot;</strong> Author and Director of the Begin-Sadat Centre, Efraim Inbar, <a href="http://www.salon.com/2016/08/23/israeli-think-tank-dont-destroy-isis-its-a-useful-tool-against-iran-hezbollah-syria/" target="_blank">argued</a> against a Western military campaign to destroy ISIS while envisioning the group as an effective tool in sowing terror and chaos in&nbsp;Iran and Syria, with the added benefit of keeping Russia bogged down in defense of the Assad government. Inbar <a href="http://besacenter.org/perspectives-papers/destruction-islamic-state-strategic-mistake/" target="_blank">spelled this out</a> clearly:</p> <p><strong>The continuing existence of IS [Islamic State] serves a strategic purpose.</strong>&nbsp;The American administration does not appear capable of recognizing the fact that IS can be a useful tool in undermining Tehran&rsquo;s ambitious plan for domination of the Middle East.</p> <p>While acknowledging the Islamic State&#39;s utter genocidal brutality, the paper concluded:</p> <p>The Western distaste for IS brutality and immorality should not obfuscate strategic clarity.</p> <p><em><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/israel%20russi.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/08/12/israel%20russi_0.jpg" style="width: 500px; height: 284px;" /></a><br />A&nbsp;<a href="http://besacenter.org/perspectives-papers/destruction-islamic-state-strategic-mistake/" target="_blank">policy paper</a>&nbsp;published by an influential Israeli think tank which <a href="https://besacenter.org/about/mission/#.WZ46YT6GPIU" target="_blank">contracts with NATO</a> argues that ISIS is a &quot;useful tool&quot; for Israel&#39;s strategic defense.&nbsp;</em></p> <p>Various current and former Israeli defense officials have echoed this point of view over the years, including former Israeli Ambassador to the US Michael Oren, who in 2014 surprised the audience at Colorado&#39;s Aspen Ideas Festival when he said in <a href="https://www.theatlantic.com/international/archive/2014/06/israels-former-ambassador-to-the-us-on-the-palestinian-question/373627/" target="_blank">comments related to ISIS</a> that,&nbsp;&quot;the lesser evil is the Sunnis over the Shias.&quot; Oren, while articulating Israeli defense policy, fully acknowledged he thought ISIS was &quot;the lesser evil&quot;. <strong>Likewise, for Netanyahu and other Israeli officials the chief concern was never the black clad death cult which filmed itself beheading Americans and burning people alive</strong>, but the possibility of, in <a href="http://www.independent.co.uk/news/world/americas/henry-kissinger-isis-iranian-radical-empire-middle-east-a7881541.html" target="_blank">the words of Henry Kissinger</a>, &quot;a Shia and pro-Iran territorial belt reaching from Tehran to Beirut&quot; and establishment of &quot;an Iranian radical empire.&quot;</p> <p><iframe allowfullscreen="" frameborder="0" height="281" src="https://www.youtube.com/embed/EgBsTT0h_SA?rel=0" width="500"></iframe></p> <p><em>Former Israeli Ambassador Michael Oren: <strong>&quot;Let the Sunni evil prevail.&quot;</strong></em></p> <p>Of course, such a perspective also tends to assume that Syrian and Iraqi sovereignty is non-existent (but instead seen as a mere extension of Iran and Russia), even as both countries now stand in better position in terms of operational sovereignty with Syria having liberated Aleppo and Iraq having regained Mosul. And that&#39;s perhaps why there&#39;s increasingly uninhibited truth-telling in Israel, the Gulf, and D.C. these days: the party is over in terms of the hoped for regime change in Syria. Perhaps now there&#39;s simply more blunt and open talk wherein assumptions are laid bare as introspective strategists realign their talking points while still eyeing the ultimate neocon prize of regime change in Iran.</p> <p>Though still rarely acknowledged in international reports, Israel has engaged in overt acts of war in Syria since at least 2012 and 2013, when it launched a <a href="http://www.bbc.com/news/world-middle-east-22417482" target="_blank">massive missile attack</a> against a Syrian defense technology facility in Jamraya outside of Damascus. In 2016 Israel went so far as to <a href="https://www.theguardian.com/world/2016/may/13/hezbollah-commander-killed-israel-mustafa-badreddine" target="_blank">target</a> Damascus International Airport, killing a well-known Hezbollah commander. In a significant admission last week, the head of Israel&#39;s air force acknowledged nearly one hundred IDF attacks on convoys inside Syria over the course of the past 5 years. Earlier this summer Netanyahu himself was <a href="http://www.jpost.com/Israel-News/Benjamin-Netanyahu/Netanyahu-reveals-details-of-strikes-on-Iran-bashes-allies-in-leaked-recordings-500136" target="_blank">caught on a hot mic</a> bragging that Israel had struck Syrian targets at least &quot;a dozen times&quot;. And this is to say nothing of Israel&#39;s covert support to al-Qaeda linked groups in Syria&#39;s south, which has <a href="https://www.wsj.com/articles/israel-gives-secret-aid-to-syrian-rebels-1497813430" target="_blank">reportedly involved</a> weapons transfers and treatment of wounded jihadists in Israeli hospitals, the latter which was widely <a href="http://www.mintpressnews.com/israel-fuels-the-syrian-crisis-with-aid-to-al-qaida-rebels/205262/" target="_blank">promoted</a> in photo ops involving Netanyahu himself. As even former Acting Director of the CIA Michael Morell once <a href="http://www.jpost.com/International/A-Mideast-briefing-from-Customer-No-1s-briefer-406523" target="_blank">directly told the Israeli public</a>, Israel&#39;s &quot;dangerous game&quot; in Syria consists in getting in bed with al-Qaeda in order to fight Shia Iran.</p> <p>Perhaps the biggest blow to Israeli plans for rolling back Iranian presence in Syria came mid-summer of this year, when Trump agreed to a <a href="http://www.zerohedge.com/news/2017-07-17/israel-rejects-cease-fire-deal-between-us-and-russia-south-syria" target="_blank">southwest Syria&nbsp;&#39;de-escalation zone&#39;</a> with Russia, which would necessarily involve Iranian cooperation. <strong>The agreement implicitly acknowledges Iran&#39;s troop presence in Syria as legitimate</strong>, and as reported at the time <a href="http://www.zerohedge.com/news/2017-07-17/israel-rejects-cease-fire-deal-between-us-and-russia-south-syria" target="_blank">further</a> &quot;ignored Israel&rsquo;s positions almost completely.&quot; But analysts are in general agreement that the US-Russia brokered deal has been relatively successful and <a href="https://www.reuters.com/article/us-depetris-syria-commentary-idUSKBN1AG069" target="_blank">a step in the right direction</a>. Even the <a href="https://www.reuters.com/article/us-mideast-crisis-russia-israel-idUSKCN1B30JS" target="_blank">Reuters report</a> on this week&#39;s Netanyahu-Putin meeting seemed to acknowledge the deal&#39;s effectiveness:</p> <p>Russia has so far shown forbearance toward Israel, setting up a military hotline to prevent their warplanes or anti-aircraft units clashing accidentally over Syria.</p> <p>But given that Israel has already invested itself so heavily in the push to remove Assad while routinely launching attacks on Hezbollah with impunity, it is unlikely to disengage from Syria anytime soon, even as close Western allies publicly&nbsp;<a href="http://www.newsweek.com/west-need-russia-help-fight-isis-assad-stay-macron-628119" target="_blank">change their tune</a>. Netanyahu&#39;s brazen words to Putin that &#39;preventative&#39; escalation in Syria to destroy what Israeli defense officials commonly call the &quot;Iranian land bridge&quot; (or the so-called <a href="https://elijahjm.wordpress.com/2017/04/24/america-is-trying-to-block-the-path-of-the-shiite-crescent-from-syria-and-is-preparing-the-ground-for-a-new-middle-east/" target="_blank">&#39;Shia crescent&#39;</a>) may in reality be empty diplomatic posturing, <strong>yet it does reveal increased Israeli desperation as even the West is seeming to ignore Netanyahu&#39;s repeatedly declared &quot;red lines&quot;.</strong></p> <p>Regardless, Netanyahu remains the Syria regime change lobby&#39;s best hope. Already, within less than 24 hours of Netanyahu&#39;s Russia visit, neocon columnists <a href="http://www.huffingtonpost.com/entry/netanyahu-and-putin-again-iran-iran-iran_us_599d6beae4b0b87d38cbe652" target="_blank">are calling for him to unilaterally &quot;take action&quot;</a>:</p> <p>If he really expects others , especially Putin, that he means business this time, he will have to go beyond words and into actions, as clearly Israel could not and should not allow Iran to turn South Syria into another South Lebanon.</p> <p>With ISIS <a href="https://www.youtube.com/watch?v=dzgFauWazog" target="_blank">folding</a>, <a href="https://www.almasdarnews.com/article/600000-syrians-return-home-majority-aleppo/" target="_blank">refugees returning</a> to their homes, <a href="http://www.zerohedge.com/news/2017-07-15/photos-aleppo-rising-swimsuits-concerts-and-rebuilding-first-jihadi-free-summer" target="_blank">stability</a> taking root over large swathes of Syria, and successful de-escalation zones holding over parts of the country, <strong>it appears that only Netanyahu (along with terror groups like ISIS) is left unhappy in the region. </strong>Yet Syria continues on its current hopeful trajectory and path to recovery.</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="1000" height="541" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/bibi%20putin.jpg?1503568340" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-24/netanyahu-putin-iran-must-leave-syria-or-we-will-act#comments al-Qaeda American administration Asia Assad family Assad government Bashar al-Assad Begin-Sadat Centre Begin-Sadat Centre for Strategic Studies Benjamin Netanyahu black sea Central Intelligence Agency Government Henry Kissinger Hizballah IDF International relations Iran Iraq Israel Israel's air force Middle East Middle East North Atlantic Treaty Organization Politics Politics of Syria Reality recovery Reuters Russian involvement in the Syrian Civil War South Lebanon South Syria southwest Syria Syrian government Turkey Thu, 24 Aug 2017 09:55:23 +0000 Tyler Durden 602223 at http://www.zerohedge.com Mike Rowe Eviscerates "Smug" Snowflake Who Calls Him A "White Nationalist" http://www.zerohedge.com/news/2017-08-23/mike-rowe-eviscerates-smug-snowflake-who-calls-him-white-nationalist <p>If you ever plan to attack Mike Rowe over Facebook then you better bring more than just a few "smug and snarky" comments to the table because anything less than a well-sourced, reasoned, fact-based argument might just earn you the same public humiliation that Rowe just dropped on Chuck Atkins.&nbsp; Oh, and your grammar better be spot on too.</p> <p>Unfortunately, Chuck didn't follow any of the guidelines above when he decided to <strong>write on Mike Rowe's Facebook thread accusing him of being at "white nationalist" for having the audacity to suggest that a $200,000 college education may not be the 'best' option for all American high school graduates.</strong> Apparently Chuck is convinced that helping people get high-paying, stable trade jobs is just racism at it's worst...</p> <p>In any event, here is what Chuck Atkins made the mistake of posting on Rowe's Facebook page:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"One of the tenants of white nationalism is that college educated people are academic elitests. Comment? No? I'm not surprised.</strong> You never take a political stand because you don’t want to alienate anybody. Its bad for business. I get it.<strong> But there is a current of anti intellectualism in this country - promoted by Republicans. Those people love you, and they think your initiative is their initiative.</strong> Meanwhile, the rest of the world is kickin our ass academically."</p> </blockquote> <p>Which prompted an epic, multi-page response from Rowe that started out as follows:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Hi Chuck</p> <p>&nbsp;</p> <p>Since we’re being candid, allow me to say how much I dislike your post. <strong>Everything about it annoys me – your smug and snarky tone, your appalling grammar, your complete lack of evidence to support your claims, and of course, the overarching logical fallacy that informs your entire position.</strong> What really bugs me though, is the fact that you’re not entirely wrong. It’s true; I haven’t shared any political opinions this week, in part anyway, because doing so might very well be “bad for business.”</p> </blockquote> <p><iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2FTheRealMikeRowe%2Fposts%2F1639271342749669&amp;width=500" width="500" height="473" frameborder="0" scrolling="no"></iframe></p> <p>Rowe goes on to beautifully explain how logical fallacies, much like the one presented by Chuck Atkins, are largely to blame for the toxic political climate in the country right now.&nbsp; </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>You say that White Nationalists believe that everyone who goes to college is an “academic elite.” You then say that Republicans promote “anti-intellectualism.” You offer no proof to support either claim, but it really doesn’t matter – your statements successfully connect two radically different organizations by alleging a shared belief. <strong>Thus, White Nationalists and The Republican Party suddenly have something in common – a contempt for higher education.</strong> Then, you make it personal. You say that Republicans “love” me because they believe that my initiative and “their” initiative are one and the same. But of course, “their” initiative is now the same initiative as White Nationalists.</p> <p>&nbsp;</p> <p>Very clever. <strong>Without offering a shred of evidence, you’ve implied that Republicans who support mikeroweWORKS do so because they believe I share their disdain for all things “intellectual.” </strong>And poof - just like that, Republicans, White Nationalists, and mikeroweWORKS are suddenly conflated, and the <strong>next thing you know, I’m off on a press tour to disavow rumors of my troubling association with the Nazis!</strong></p> <p>&nbsp;</p> <p>Far-fetched? Far from it. That’s how logical fallacies work. A flaw in reasoning or a mistaken belief undermines the logic of a conclusion, often leading to real-world consequences. And right now, logical fallacies are not limited to the warped beliefs of morons with tiki torches, and other morons calling for “more dead cops.” Logical fallacies are everywhere.</p> <p>&nbsp;</p> <p>As I type this, <strong>a Democrat on CNN is making an argument that says, “because Thomas Jefferson owned slaves, those Republicans now opposed to tearing down his memorial are “pro-slavery,”</strong> and therefore aligned with the modern day KKK.” That’s a logical fallacy.</p> <p>&nbsp;</p> <p>Over on Fox, a <strong>Republican is arguing that “any Democrat who has not yet condemned the Senator from Missouri for publicly wishing that Donald Trump be assassinated, is guilty of wishing for the exact same thing.”</strong> That’s a logical fallacy.</p> </blockquote> <p>Meanwhile, there were many other pearls of wisdom in Rowe's epic rant.</p> <p>Here's a great one demonstrating how pretty much everything can be misconstrued to develop whatever narrative is convenient for any given party at any given time...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Want to hear another one? Imagine something like this, unfolding over on MSNBC.</p> <p>&nbsp;</p> <p>"Good Evening, America, our top story tonight… Chuck Atkins is a racist! Why? Because he can’t spell. Just look at his grammar! In a recent post on Mike Rowe’s Facebook page, Mr. Atkins, while bemoaning America’s global academic standing, not only misspelled “elitist,” he used “tenants” when he meant “tenets.” He neglected to use a hyphen in “anti-intellectual,” and he misplaced several commas and apostrophes! But why is he a racist, you ask? Simple. Because everyone knows racists are ignorant. <strong>Chuck Atkins is clearly a poor speller. Poor spelling and grammar are signs of ignorance. Ergo - Chuck Atkins is a racist! Boom! The matter is settled!"</strong></p> </blockquote> <p>...and another on celebrities forcing their political opinions in our face...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>What can I say? I work for half-a-dozen different companies, none of whom pay me to share my political opinions. I run a non-partisan foundation, I’m about to launch a new show on Facebook, and I’m very aware that celebrities pay a price for opening their big fat gobs. Gilbert Gottfried, Kathy Griffin, Colin Kaepernick, Milo Yiannopoulos…even that guy from Google who just got himself fired for mouthing off. There’s no getting around it – the first amendment does not guarantee the freedom to speak without consequences. And really, that’s fine by me.</p> <p>&nbsp;</p> <p>So no – I’m not going to share my personal feelings about Charlottesville, President Trump, or the current effort to remove thousands of statues of long dead soldiers from the public square. Not just because it’s “bad for business,” but because it’s annoying.<strong> I can’t think of a single celebrity whose political opinion I value, and I’m not going to assume the country feels any differently about mine. </strong></p> </blockquote> <p>Conclusion:</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/08/23/2017.08.23%20-%20Mike%20Rowe%20-%20Served_0.JPG" alt="YJGS" width="600" height="381" /></p> <p>&nbsp;</p> <p>Below is the full rant from Mike Rowe:</p> <p>* * * </p> <p>Hi Chuck</p> <p>Since we’re being candid, allow me to say how much I dislike your post. Everything about it annoys me – your smug and snarky tone, your appalling grammar, your complete lack of evidence to support your claims, and of course, the overarching logical fallacy that informs your entire position. What really bugs me though, is the fact that you’re not entirely wrong. It’s true; I haven’t shared any political opinions this week, in part anyway, because doing so might very well be “bad for business.”</p> <p>What can I say? I work for half-a-dozen different companies, none of whom pay me to share my political opinions. I run a non-partisan foundation, I’m about to launch a new show on Facebook, and I’m very aware that celebrities pay a price for opening their big fat gobs. Gilbert Gottfried, Kathy Griffin, Colin Kaepernick, Milo Yiannopoulos…even that guy from Google who just got himself fired for mouthing off. There’s no getting around it – the first amendment does not guarantee the freedom to speak without consequences. And really, that’s fine by me.</p> <p>So no – I’m not going to share my personal feelings about Charlottesville, President Trump, or the current effort to remove thousands of statues of long dead soldiers from the public square. Not just because it’s “bad for business,” but because it’s annoying. I can’t think of a single celebrity whose political opinion I value, and I’m not going to assume the country feels any differently about mine. So, rather than blow myself up, or chime in with all the obvious observations about the cowardly scum in the pointy hats, I’m going to talk instead about my belief that comments like yours pose a far greater threat to the future of our country than the existence of a memorial to Thomas Jefferson, or a monument to George Washington. Ready? Let’s start with a closer look at your claims.</p> <p>You say that White Nationalists believe that everyone who goes to college is an “academic elite.” You then say that Republicans promote “anti-intellectualism.” You offer no proof to support either claim, but it really doesn’t matter – your statements successfully connect two radically different organizations by alleging a shared belief. Thus, White Nationalists and The Republican Party suddenly have something in common – a contempt for higher education. Then, you make it personal. You say that Republicans “love” me because they believe that my initiative and “their” initiative are one and the same. But of course, “their” initiative is now the same initiative as White Nationalists.</p> <p>Very clever. Without offering a shred of evidence, you’ve implied that Republicans who support mikeroweWORKS do so because they believe I share their disdain for all things “intellectual.” And poof - just like that, Republicans, White Nationalists, and mikeroweWORKS are suddenly conflated, and the next thing you know, I’m off on a press tour to disavow rumors of my troubling association with the Nazis!</p> <p>Far-fetched? Far from it. That’s how logical fallacies work. A flaw in reasoning or a mistaken belief undermines the logic of a conclusion, often leading to real-world consequences. And right now, logical fallacies are not limited to the warped beliefs of morons with tiki torches, and other morons calling for “more dead cops.” Logical fallacies are everywhere.</p> <p>As I type this, a Democrat on CNN is making an argument that says, “because Thomas Jefferson owned slaves, those Republicans now opposed to tearing down his memorial are “pro-slavery,” and therefore aligned with the modern day KKK.” That’s a logical fallacy.</p> <p>Over on Fox, a Republican is arguing that “any Democrat who has not yet condemned the Senator from Missouri for publicly wishing that Donald Trump be assassinated, is guilty of wishing for the exact same thing.” That’s a logical fallacy.</p> <p>Yesterday, on The Science Channel, Neil DeGrasse Tyson, a noted astronomer, tweeted that the ability of scientists to accurately predict the solar eclipse, was proof that predictions of global warming were also accurate. That’s a logical fallacy.</p> <p>Want to hear another one? Imagine something like this, unfolding over on MSNBC.</p> <p>"Good Evening, America, our top story tonight… Chuck Atkins is a racist! Why? Because he can’t spell. Just look at his grammar! In a recent post on Mike Rowe’s Facebook page, Mr. Atkins, while bemoaning America’s global academic standing, not only misspelled “elitist,” he used “tenants” when he meant “tenets.” He neglected to use a hyphen in “anti-intellectual,” and he misplaced several commas and apostrophes! But why is he a racist, you ask? Simple. Because everyone knows racists are ignorant. Chuck Atkins is clearly a poor speller. Poor spelling and grammar are signs of ignorance. Ergo - Chuck Atkins is a racist! Boom! The matter is settled!"</p> <p>There’s not much we can do about the news, but here on Facebook, I think we can do better. This isn’t Twitter. We’re not limited to a few inflammatory sentences and a flurry of emojis. Take a moment, Chuck. Think. Make a rational argument. Otherwise, just link us to a cat video. People love those, and they’re almost never “bad for business.” (Unless of course, the cat gets hurt. People hate that.) Just don’t assume that people will care about your beliefs, if you’re not willing to back them up with some relevant facts and a rational conclusion. Here, for instance, are a few facts that matter to me, with respect to my foundation and the recurring charge of “fostering anti-intellectualism.”</p> <p>mikeroweWORKS is a PR campaign for the skilled trades. For the last nine years, we’ve partnered with numerous trade schools, raised millions of dollars for work-ethic scholarships, and called attention to millions of jobs that don’t require a four-year degree. But that doesn’t mean we’re “anti-intellectual.” We're not even “anti-college.” We simply reject the popular notion that a four-year degree is the best path for the most people. And we’re hardly alone.</p> <p>Millions of reasonable people – Republicans and Democrats alike – are worried that our universities are doing a poor job of preparing students for the real world. They’re worried about activist professors, safe spaces, the rising cost of tuition, a growing contempt for history, and a simmering disregard of the first amendment. These people are concerned that our universities – once beacons of free speech – now pander to a relatively small percentage of students who can’t tolerate any political opinion that challenges their own. And they’re concerned – deeply concerned - that millions of good jobs are currently vacant that don’t require a four-year degree, or any of the catastrophic debt that comes with it.</p> <p>Again - these are not the concerns of “anti-intellectuals." They are the concerns of people who care about the future of the country. I don’t know how many of these people are Republicans, but I can assure you that no one who actually supports my initiative is remotely confused about my feelings on education, because I’ve been crystal clear on that topic from the very beginning. To quote Thomas Jefferson, (while I still can,) "If a nation expects to be ignorant and free and live in a state of civilization, it expects what never was and never will be." On this point, my foundation does not equivocate.</p> <p>In other words, Chuck, I have no idea what The White Nationalists think about my efforts, or the Republicans, the Democrats, the elitists, the Italians, the Presbyterians, the unions, or the self-proclaimed anti-intellectuals. And really, I couldn’t care less. My question is, why do you?</p> <p>Mike</p> <p>PS. Ok, I’ve just re-read this, (in a desperate search for typos,) and I want to apologize for pointing out that you’re a lousy speller. This is probably not the time to trot out The Grammar Nazi, but your tenor and tone pissed me off, and I responded in my own snarky way. Sorry.</p> <p>PPS Maybe this is how political correctness begins? Maybe we start by correcting each other’s grammar, and then move on to the business of correcting everything else? Today a missing hyphen, tomorrow a missing monument. Or, maybe not.</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="544" height="301" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.08.23%20-%20Mike%20Rowe.JPG?1503518412" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/mike-rowe-eviscerates-smug-snowflake-who-calls-him-white-nationalist#comments Breitbart London British people British people of Irish descent Conservatism in the United Kingdom Donald Trump European people Fallacy First Amendment Gay men Global Warming Google Knowledge Ku Klux Klan Milo Yiannopoulos MSNBC Nationalism None Politics Republican Party Twitter Twitter Thu, 24 Aug 2017 09:20:00 +0000 Tyler Durden 602210 at http://www.zerohedge.com The Guardian Views Censoring The Internet As "Necessary" http://www.zerohedge.com/news/2017-08-23/guardian-views-censoring-internet-necessary <p><a href="https://www.theguardian.com/commentisfree/2017/aug/21/the-guardian-view-on-censoring-the-internet-necessary-but-not-easy"><em>Via The Guardian,</em></a></p> <p>Among the more absurd things ever said about the internet was that the network &ldquo;interprets censorship as damage, and routes around it&rdquo;. The epigram was half true, but the half that was false gets more important every year.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_www.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_www.png" style="width: 286px; height: 164px;" /></a></p> <p><strong>The internet can be a vile place, and the instinct to enforce some standards there is not misplaced. </strong>The director of public prosecutions, Alison Saunders, is quite right to say that crime online is as serious as crime offline. <strong>Even the Guardian, wedded to the idea of free speech, does not imagine that this is an unrestrained freedom</strong> &ndash; only that the limits that the law should set are minimal and largely concerned with public order. <strong>But some limits must exist, and they must be enforced.</strong></p> <p><u><strong>The questions are: who should set these limits and who then should police them?</strong></u></p> <p><strong>Both governments and private companies have a part to play, even if government action often takes the form of demanding that private companies execute government policies.</strong> It is here that Ms Saunders may have gone too far in her zeal to keep the web clean.</p> <p><strong>The justification for government censorship is that some hate speech is an incitement to violence or a dangerous ratcheting of community tensions, whereas some &ndash; no matter how offensive &ndash; should be permitted by law, even if we are happy for private companies to act against it.</strong> Personal abuse, when it is not accompanied by threats of violence or worse, should not be the domain of the government. Courtesy and respect are vital but best enforced by the owners of web spaces. The most effective action is carried out by companies many have never heard of, such as <a class="u-underline" href="https://blog.cloudflare.com/why-we-terminated-daily-stormer">Cloudflare</a>, an American company that handles about 10% of the traffic on the web, which has thrown the neo-Nazi site the Stormer off the internet. A representative of the Stormer, interviewed in <a class="u-underline" href="https://news.vice.com/story/vice-news-tonight-full-episode-charlottesville-race-and-terror">last week&rsquo;s Vice film</a> about the far-right violence in Charlottesville, described how they used their virtual presence to build support in the real world, and described the journey to Charlottesville with other members of the &ldquo;alt-right&rdquo; as &ldquo;stepping off the internet&rdquo;.</p> <p>Cloudflare has the power to silence the Stormer, at least partially, because it is in a position analogous to a wholesalers in the old newspaper business. It runs a &ldquo;content distribution network&rdquo;, which ensures that whatever is published through it reaches the people who want to read it. This involves distributing multiple copies all around the world, and protecting the publishers from the <a class="u-underline" href="https://www.theguardian.com/technology/2016/oct/26/ddos-attack-dyn-mirai-botnet">kind of electronic vandalism</a> that can knock sites off the web.</p> <p>You might think that no reputable company should be in the business of transmitting Nazi propaganda, but it is central to the business model and the legal position of companies like Cloudflare that they are not publishers but merely conduits, with no responsibility for the matter transmitted through them. It was the Stormer&rsquo;s wholly false claim that Cloudflare sympathised with it that precipitated its expulsion.</p> <p><strong>But the claim that internet companies are wholly neutral conduits is not entirely true; nor should it be.</strong> Almost all the various links in the chain of programs that deliver the simplest of web pages to your screen are aware of the content, or could be, and will refuse to handle some of it. Child pornography is the obvious example, but Google and <a class="u-underline" href="https://www.theguardian.com/technology/facebook">Facebook</a> have both responded to pressure to remove politically extremist content. Of course there are illegal ways around these obstacles, but that&rsquo;s not an argument against trying. Only online is the existence of criminals treated as an argument against the existence of laws.</p> <p><strong>In authoritarian countries the censorship of the net is far more complete, and often impossible to justify.</strong></p> <p><strong>The Trump regime may be moving in that direction, as is shown by <a class="u-underline" href="https://www.theguardian.com/world/2017/aug/14/donald-trump-inauguration-protest-website-search-warrant-dreamhost?CMP=twt_gu">its recent attempt</a> to get the IP addresses of every visitor to a site organising demonstrations against him. </strong></p> <p>The effort by the <a class="u-underline" href="https://www.theguardian.com/education/2017/aug/21/cambridge-university-press-faces-boycott-over-china-censorship">Chinese government to censor the output of the Cambridge University Press</a> is more worrying. The publisher&rsquo;s <a class="u-underline" href="https://www.washingtonpost.com/news/worldviews/wp/2017/08/21/cambridge-university-press-faces-backlash-after-bowing-to-china-censorship-pressure/">belated decision</a> to resist pressure and reinstate 350 temporarily censored journal articles is admirable. It shows there is no single benevolent world authority to set the rules for the internet. <strong>Different countries will have different regulatory regimes, some better, some worse, and private companies will have varying ethical standards. That is inevitable. </strong></p> <p>The central distinction that applies to governments is not the act of censorship itself, but the extent to which the rules are openly and democratically made, and fairly applied through an independent judiciary.</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="286" height="164" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_www.png?1503541194" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/guardian-views-censoring-internet-necessary#comments Cambridge University Censorship Chinese government Cloudflare Content delivery network Digital media Freedom of speech Google Internet Internet security Newspaper Technology Technology The Daily Stormer Thu, 24 Aug 2017 09:00:00 +0000 Tyler Durden 602222 at http://www.zerohedge.com United Nations Issues Rare "Early Warning" - Signals Potential Civil Conflict In America http://www.zerohedge.com/news/2017-08-23/united-nations-issues-rare-early-warning-signals-potential-civil-conflict-america <p>A <a href="http://www.un.org/apps/news/story.asp?NewsID=57399#.WZ2V0yiGPAR">United Nations Committee tasked with combating racism on a global scale has</a><strong><a href="http://www.un.org/apps/news/story.asp?NewsID=57399#.WZ2V0yiGPAR"> issued an ultra rare &quot;early warning&quot; </a>for the United States citing &quot;alarming racism&quot; trends</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170823_un.png"><img height="321" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/20170823_un.png" width="600" /></a></p> <p><a href="http://stockboardasset.com/insights-and-research/rare-united-nations-warning-signals-potential-civil-conflict-america/">As StockBoardAsset.com notes,</a> this <strong>rare signal often preludes the potential for civil conflict</strong>.</p> <p>In the past 10-years, <strong>the early warning has been issued in Burundi, Iraq, Ivory Coast, Kyrgyzstan and Nigeria.</strong></p> <p>The<a href="http://www.un.org/apps/news/story.asp?NewsID=57399#.WZ2V0yiGPAR"> United Nations Committee on the Eliminations of Racial Discrimination</a> has <strong>called on high-level politicians and public officials of the United States to condemn &ldquo;racist hate speech and crimes in Charlottesville and through the country&rdquo;.</strong></p> <p>Anastasia Crickley, Chairperson of UN Committee on the Elimination of Racial Discrimination (CERD) <a href="http://www.un.org/apps/news/story.asp?NewsID=57399#.WZ2MTZOGNTY">said</a>:</p> <div class="perfect-pullquote vcard pullquote-align-full"> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div> <p><strong>We are alarmed by the racist demonstrations, with overtly racist slogans, chants and salutes by white nationalists, neo-Nazis, and the Ku Klux Klan,&nbsp;<a href="http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21990&amp;LangID=E">promoting white supremacy and inciting racial discrimination and hatred</a></strong></p> </blockquote> </div> <p><a href="http://www.un.org/apps/news/story.asp?NewsID=57399#.WZ2MTZOGNTY">As per UN News Centre:</a></p> <div class="perfect-pullquote vcard pullquote-align-full"> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div> <p><strong>In a decision issued under its &lsquo;early warning and urgent action&rsquo; procedure, </strong>the Committee, which monitors implementation of the International Convention on the Elimination of All Forms of Racial Discrimination, stated<strong><em> &ldquo;there should be no place in the world for racist white supremacist ideas or any similar ideologies that reject the core human rights principles of human dignity and equality.&rdquo;</em></strong></p> <p>&nbsp;</p> <p>In addition to the criminal investigation of the individual who ploughed his car into a crowd of peaceful protestors killing a woman, <strong>the UN experts asked the US authorities to undertake concrete measures &ldquo;to address the root causes of the proliferation of such racist manifestations.&rdquo;</strong></p> </blockquote> </div> <p>Let&rsquo;s take a moment to gain another perspective from Los Angeles Times writer&nbsp;<span class="trb_ar_by_nm_pm"><span class="trb_ar_by_nm_au">Jesse Walker asks in an <a href="http://www.latimes.com/opinion/op-ed/la-oe-walker-second-civil-war-20170820-story.html">Op-Ed</a>:&nbsp;<em><strong>Are we headed for a second civil war?</strong></em></span></span></p> <div class="perfect-pullquote vcard pullquote-align-full"> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div> <p>Not inconceivable? That&rsquo;s a low bar. It&rsquo;s certainly possible to imagine America returning to the violence of the 1960s and &rsquo;70s, and beneath the overwrought language, that&rsquo;s what some - though not all - of these civil war prophets seem to have in mind. But a near-future war with two clear sides and Gettysburg-sized casualty counts is about as likely as a war with the moon.</p> <p>&nbsp;</p> <p>These &ldquo;new civil war&rdquo; stories frequently take a bait-and-switch approach. They invoke the violence at demonstrations like the rally in Charlottesville, Va., last weekend, where a man reportedly sympathetic to Nazism drove his car into a crowd of counter-protesters, killing a woman. In the same breath, they discuss the broad divisions separating &ldquo;red&rdquo; America from &ldquo;blue&rdquo; America. If you flip quickly between small violent clashes and big political disagreements, those big disagreements will look bloodier.</p> </blockquote> </div> <h3><u>Conclusion</u></h3> <p><strong>It&rsquo;s clear that the United States is being purposely divided. </strong>The United Nations is clearly playing into the hype of issuing an early warning that has only been issued for third world countries in the past 10-years.<em><strong> In our opinion, the continued division in America will only be achieved through more events such as Charlottesville that will polarize the sheep into the streets for slaughtering.</strong></em></p> <p>*&nbsp; *&nbsp; *</p> <p>Finally we note that The United Nations dropped this little beauty in their progonstication...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>CERD also called on the Government to <strong>ensure that the rights to freedom of expression, association and peaceful assembly</strong> are not exercised with the aim of destroying or denying the rights and freedoms of others, and also<strong> asked it to provide the necessary guarantees so that such rights are not misused to promote racist hate speech and racist crimes.</strong></p> </blockquote> <p>In other words - speech should be free... as long as it does not hurt my feelings.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/paulk2017-08-22_5-07-27.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/19/paulk2017-08-22_5-07-27_0.png" style="width: 600px; height: 393px;" /></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="572" height="220" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_un2.png?1503504863" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/united-nations-issues-rare-early-warning-signals-potential-civil-conflict-america#comments Abuse Discrimination Foreign relations Government Hate speech Human rights International Convention on the Elimination of All Forms of Racial Discrimination Iraq Ku Klux Klan Law Racism Racism in Israel Racism in Latvia Social inequality Social Issues U.N. News Centre UN Committee on the Elimination of Racial Discrimination United Nations United Nations Committee War Thu, 24 Aug 2017 08:50:59 +0000 Tyler Durden 602183 at http://www.zerohedge.com Greece Hit By Sudden Surge In Refugees - Did Erdogan Break EU-Turkey Immigration Deal? http://www.zerohedge.com/news/2017-08-23/greece-hit-sudden-surge-refugees-did-erdogan-break-eu-turkey-immigration-deal <p>As<strong> tensions soar between Ankara and Berlin,</strong> following Germany&#39;s angry response to Erdogan&#39;s call for those of Turkish descent to vote against Merkel, a <strong>coincidentally huge wave of refugees has suddenly started appearing on Greek coasts</strong>, making some wonder if Erdogan has <strong>broken his EU-Immigration deal</strong>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece1.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece1_0.png" style="width: 560px; height: 272px;" /></a></p> <p><strong>The last six days have seen over 1,200 refugees and migrants arrive Greece from Turkey.</strong></p> <p><u><strong>New Arrivals:</strong></u></p> <ul> <li>August 18: 105</li> <li>August 19: 308</li> <li>August 20: 136</li> <li>August 21: 397</li> <li>August 22: 250</li> <li>August 23: 174 &nbsp;&nbsp;</li> </ul> <p><em>Source:&nbsp;<a href="http://www.mindigital.gr/index.php/%CF%80%CF%81%CE%BF%CF%83%CF%86%CF%85%CE%B3%CE%B9%CE%BA%CF%8C-%CE%B6%CE%AE%CF%84%CE%B7%CE%BC%CE%B1-refugee-crisis" rel="noopener" target="_blank">Greek Migration Ministry</a></em></p> <p>In addition,&nbsp;<a href="http://www.ana.gr/home/article/180831/Pano-apo-250-afixeis-prosfugon-to-teleutaio-24oro-sta-nisia-tou-B-Aigaiou" rel="noopener" target="_blank">84 new arrivals</a>&nbsp;were recorded on the islands of Lesvos and Samos, on Wednesday.</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/HhtufXDoCXI" width="560"></iframe></p> <p><a href="http://www.keeptalkinggreece.com/2017/08/23/refugees-incease-greece-erdogan/?utm_source=feedburner&amp;utm_medium=twitter&amp;utm_campaign=Feed%3A+KeepTalkingGreece+%28Keep+Talking+Greece%29"><em>As KeepTalkingGreece.com reports</em></a>,&nbsp; <strong>two people assigned to operate the boat engines were arrested.</strong></p> <p>A FRONTEX vessel rescued 48 refugees off the small island of Ro in the south-eastern Aegean.</p> <p><strong>2,400 people arrived in Greece August 1-20, 2017. Half of them arrived within just the last days.</strong></p> <p>Local authorities observe the incising number of arrivals with &ldquo;keen concern&rdquo; to see whether the phenomenon is temporary linked to the good weather conditions or if there is a more general trend. They already warn that the situation on the islands is <strong>slowly getting out of control.</strong></p> <p><strong>More than 14,000 people are trapped on the Greek islands that have hosting capacity for 5,576 people.</strong></p> <p>Total numbers on the islands: 14,221</p> <ul> <li>in hotspots: 8,179</li> <li>in unofficial hotspots: 3,449</li> </ul> <p>Reports from the island of Chios underline that<strong> a lot of refugees and migrants live outside the hotspots, </strong>spread across land plots without tents or any other facilities.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece2_0.jpg" style="width: 560px; height: 373px;" /></a></p> <p><em><strong>&ldquo;Little kids are seen to walk around without shoes and sleep in carton boxes,&rdquo;</strong></em><a href="http://www.politischios.gr/horia/bial-se-hartokoytes-anamesa-se-troktika-kai-zoyfia-koimoyntai-dekades-prosfyges-kai-metanastes" rel="noopener" target="_blank"> PolitisChios.gr </a> reports from the area around unofficial hotspot of VI.AL.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece3_0.jpg" style="width: 560px; height: 373px;" /></a></p> <p>On the island of Samos the situation is <a href="https://medium.com/@AreYouSyrious/ays-daily-digest-22-8-17-ngos-preventing-camp-residents-from-joining-protests-aa791bb154c4" rel="noopener" target="_blank">reportedly </a>not much better</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece4.jpeg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece4_0.jpeg" style="width: 560px; height: 420px;" /></a></p> <h3><u><strong>Sudden migrant flow increase &ndash; a Turkish plan?</strong></u></h3> <p>According to the correspondent of <a href="http://www.lesvosnews.net/articles/news-categories/ekpaideysi/404-prosfyges-kai-metanastes-sto-voreio-aigaio-200-sti-mytilini" rel="noopener" target="_blank">AthensNewsAgency </a>on the island of Lesvos, <strong>the Turkish Coast Guard has announced that it had zero intervention in the issue of refugees and migrants from the Turkish coast to the Greek islands as of August 15th.</strong></p> <p>However,<strong> the increase of the refugee and migrants flow does coincide with <a href="http://www.keeptalkinggreece.com/2017/08/22/erdogan-turkey-germany-row/" rel="noopener" target="_blank">the bitter row between Ankara and Berlin. </a></strong></p> <p>Last Friday, President <strong>Erdogan described the main German political parties as &ldquo;enemies of Turkey&rdquo; and urged his German of Turkish descent to not vote for Merkel&rsquo;s CDU, </strong>the Social-democrats and the Greens.</p> <p>German politicians responded with fury to Erdogan&rsquo;s remarks.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece5_0.jpg" style="width: 560px; height: 373px;" /></a></p> <p><em>@NikolasGeorgiou</em></p> <p>Meanwhile in Athens, <strong><a href="https://medium.com/@AreYouSyrious/ays-daily-digest-22-8-17-ngos-preventing-camp-residents-from-joining-protests-aa791bb154c4" rel="noopener" target="_blank">Afghan migrants</a> staged a protest outside the Ministry of Migrations and the offices of the European Commission demanding the annullation of the EU-Turkey deal, &lsquo;equal rights treatment of protection seekers&rsquo; and a stop of deportations of Afghan migrants form EU countries.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece6.jpg"><strong><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_greece6.jpg" style="width: 560px; height: 293px;" /></strong></a></p> <p><strong>Last year, the European commission had excluded Afghans from its refugees lists claiming their lives were not at risk if they should be deported to Afghanistan.</strong> They were no longer war refugees, Brussels ruled.</p> <p>The Afghan protest was supported by Greek solidarity groups.</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="648" height="315" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_greece1.png?1503540812" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/greece-hit-sudden-surge-refugees-did-erdogan-break-eu-turkey-immigration-deal#comments Afghanistan Aftermath of war Demography Europe European Commission European migrant crisis European Union Forced migration Frontex Germany Greece Greece Ministry of Migrations Politics Recep Tayyip Erdo?an Refugee Right of asylum Social Issues Turkey Turkish Coast Guard Thu, 24 Aug 2017 08:15:00 +0000 Tyler Durden 602221 at http://www.zerohedge.com The Fate Of Saudi's Vision 2030 Rests On Aramco IPO http://www.zerohedge.com/news/2017-08-23/fate-saudis-vision-2030-rests-aramco-ipo <p><a href="http://oilprice.com/Energy/Oil-Prices/The-Fate-Of-Vision-2030-Rests-On-Saudi-Aramco-IPO.html"><em>Authored by Zainab Calcuttawala via OilPrice.com,</em></a></p> <p>It has been two months since Prince Mohammed Bin Salman&rsquo;s ascendance to the role of heir to the Saudi Arabian throne, and<strong> the preliminary effects of his aggressive economic diversification and anti-Iran platforms are beginning to show.</strong></p> <p>The influence of Bin Salman (widely known as MBS) on foreign policy can most readily be seen in Iraq, where Iranian support for the war against the Islamic State has carved out a special niche for Tehran. While Riyadh had been preoccupied with battling Shiite Houthi rebels in Yemen, Ayatollah Ali Khamenei and the Iranian government strengthened their commitment to a unified Iraq, free from ISIS and free from the threat of an independent Kurdistan.</p> <p><strong>But now the <a href="http://www.al-monitor.com/pulse/originals/2017/08/iran-iraq-saudi-arab-sunni-shiite.html">tides are changing</a>. Emirati and Saudi politicians are making their rounds in Baghdad, rekindling old Gulf ties that have suffered since dictator Saddam Hussain invaded Kuwait in the 90s. </strong>Riyadh announced the inauguration of a new embassy in Najaf and sponsored Iraqi Sadrist leader Muqtada al-Sadr&rsquo;s visits to the Arabian Peninsula, leading Iranian news sites to condemn the tours as a betrayal to the Yemeni people.</p> <p>Sadr, who leads a Shiite movement that receives a majority of its support from the lowest rungs of Iraq&rsquo;s socioeconomic ladder, also recently visited Egypt - a country allied with the KSA in its ongoing row against Qatar. Doha has been ostracized by its Gulf allies due to its close ties to Tehran in light of the gargantuan South Pars gas field, which it shares with Iran thanks to an unfortunate coincidence of geography.&nbsp;</p> <p><strong>But at home, it&rsquo;s all about money, and all about oil revenues.</strong></p> <p><strong><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_saudi.png"><img height="272" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_saudi.png" width="570" /></a></strong></p> <p><strong><a href="https://www.bloomberg.com/news/articles/2017-08-21/saudis-could-get-21-billion-non-oil-boost-in-2018-bofa-says">Domestically</a>, revenues from non-oil services and goods dropped in the second quarter of 2017, </strong>but the policy trend overall favors its growth.</p> <p>Oil revenues for Riyadh grew in the same period due to a new wave of crude production in the KSA. <strong>The monarchist regime turns measuredly more protectionist as U.S. shale production and exports continue to rise.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;Non-oil revenues are somewhat lower year-on-year in the first half of 2017 but should increase materially starting from 2018 onwards as fiscal reforms kick in,&rdquo; said economist Jean-Michel Saliba in a Merrill Lynch note.</p> </blockquote> <p>Non-oil revenue for the KSA is due to jump by $21.3 billion by 2018 because of the enforcement of a value-added tax (VAT) on luxury products and new fees on immigrant laborers who have brought their family members along from their home countries. Already, a lower tax on soft drinks and tobacco products has caused Riyadh&rsquo;s revenues to lurk upwards in hot summer months.</p> <p><strong>By 2020, Bin Salman expects non-oil revenues to rise by $100 billion - a sizeable jump, considering Riyadh <a href="https://www.bloomberg.com/news/articles/2016-12-22/saudi-arabia-sees-oil-revenue-rising-46-in-2017-as-prices-climb">forecasted</a> a total of $128 billion in oil profits for the government over the course of 2017.</strong></p> <p>MBS&rsquo; Vision 2030 plans depend on an extra couple hundred billion dollars from the Saudi Aramco initial public offering (IPO) in 2018. The IPO, the largest of its kind in financial history, would make just a five percent portion of the oil giant accessible to private investors. Still, <strong>the volume of the company&rsquo;s assets guarantee MBS the capital he needs to retrain the Saudi work force, develop a services sector and tone down the influence of the fossil fuel interests.</strong></p> <p>Oil prices have fluctuated in recent months and MBS has so far not been able to leverage his political savvy to use OPEC to stabilize world oil markets. This is not to say that fixing barrel rates is his responsibility per se, but the future monarch does pretty much dominate the cartel, which controls 40 percent of the world&rsquo;s total oil production.</p> <p><strong>Overall, the crown prince&rsquo;s control of the Saudi image in the Middle East has become clear over the past 60 days of his official title change.</strong></p> <p>The KSA also seems to be on track to meet its non-oil revenues benchmark for 2020, meaning MBS has a lot to be proud of already. But the future of his hallmark Vision 2030 plan rests in the success of the Aramco IPO. The final determinant of its success depends on market conditions the moment the company goes public.</p> <p><em><strong>So far, Brent rates hovering around $50 do Riyadh no good.</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="570" height="272" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_saudi.png?1503539621" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/fate-saudis-vision-2030-rests-aramco-ipo#comments Asia Business Chronology of world oil market events Crude Economic history of Saudi Arabia Heirs apparent House of Saud Iran Iranian government Iraq Islam Kings of Saudi Arabia Kuwait Market Conditions Merrill Merrill Lynch Middle East Middle East Mohammad bin Salman OPEC Organization of Petroleum-Exporting Countries Peak oil Politics Saudi Arabia Saudi Aramco Yemeni Crisis Thu, 24 Aug 2017 07:30:00 +0000 Tyler Durden 602220 at http://www.zerohedge.com Deutsche Bank Forced To Slash Fixed-Income Research Price By Half On Lackluster Demand http://www.zerohedge.com/news/2017-08-23/deutsche-bank-forced-slash-fixed-income-research-price-half-lackluster-demand <p>One by one over the past several months, Europe's largest investment banks have each rolled out their new pricing models detailing how they'll charge for research in 2018 once the new MiFID II regulations go into effect.&nbsp; Pricing strategies have varied from expensive all-in packages costing nearly $500,000 a year to pay-as-you-go plans that charge for each research report individually.&nbsp; Here are a couple of recent examples:</p> <ul> <li><a href="http://www.zerohedge.com/news/2017-07-26/barclays-seeks-455000-gold-equity-research-package-includes-field-trips-and-occasion">Barclays Seeks $455,000 For 'Gold' Equity Research Package; Includes 'Field Trips' And 'Occasional' 1x1's</a></li> <li><a href="http://www.zerohedge.com/news/2017-08-22/would-you-pay-1000-each-equity-research-piece-you-read-autonomous-research-thinks-yo">Would You Pay $1,000 For Each Equity Research Piece You Read? Autonomous Research Thinks You Will</a></li> </ul> <p><strong>That said, ever since the first pricing plans hit the market we've maintained that the finance world's masters of corporate valuation might ultimately find themselves shocked by the bid/ask spread between what they think their daily pearls of financial wisdom are worth versus the value that asset managers are willing to ascribe to those services.</strong>&nbsp; Here's how we summed it up in one of our first posts on the topic:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Literally no one knows the true 'value' of research, not even the investment banks that are selling it.&nbsp; Up until now, equity research has been treated as a 'freebie' given away to institutional clients in return for trading commissions but that is all about to change thanks to the European Union’s MiFID II regulations, which require asset managers to separate trading commissions from investment-research payments.</p> <p>&nbsp;</p> <p><strong>Unfortunately, at least for the Investment Banks of the world, while the cost of generating equity research may be substantial, it turns out that the true 'value', as defined by institutional clients' maximum willingness to pay for reports, may be much less.</strong>&nbsp; Which is shocking given the creativity required to constantly generate new variations of daily reports politely suggesting that you "Buy The Fucking Dip."</p> <p>&nbsp;</p> <p>But, as banks try to figure out their 'value add', the bid ask spread ranges from about $50,000 for a basic, annual fixed income package up to $600,000.&nbsp; In other words, at least 1 investment bank thinks their research is worth roughly 6 full-time, dedicated junior analysts.</p> <p>&nbsp;</p> <p><strong>Of course, as we said before, almost any amount of money seems, at least to us, to be too much to have the same people give you the same advice over and over again, namely "buy more stocks, faster."</strong>&nbsp; There, we just summarized 90% of all equity research that will ever be written for the rest of history in 4 simple words and completely free of charge.&nbsp; You're welcome.</p> </blockquote> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/08/23/Equity%20Research%203_0.JPG" alt="Analyst" width="550" height="316" /></p> <p>&nbsp;</p> <p>Now, it turns out that <strong>Deutsche has become the first investment bank forced to admit what we've known for some time now, namely that the commoditized product they sell into a hyper-competitive, saturated market might not be as valuable as they once thought.</strong>&nbsp; And, to our complete 'shock', they've been forced to slash their research prices in half as a result.&nbsp; Per <a href="https://www.bloomberg.com/news/articles/2017-08-23/deutsche-bank-is-said-to-halve-mifid-fixed-income-research-price">Bloomberg</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Deutsche Bank AG has halved the price of its fixed-income and macro research as competition mounts </strong>in the run-up to Europe’s MiFID II regulations, three people with knowledge of its plans said.</p> <p>&nbsp;</p> <p>The German lender proposes to charge asset managers 30,000 euros ($35,000) a year for up to 10 users, said the people, who asked not to be identified because the information is private. This was cut from the 60,000 euros it had initially planned after other banks revised their prices lower, according to a memo sent to clients. A spokesman for Deutsche Bank declined to comment.</p> </blockquote> <p>So,<strong> what do you get as part of this new 50% off deal?</strong>&nbsp; How about free web access to reports (which is great because the carrier pigeons have been really slow lately) and the ability to actually speak with analysts...is that something that might interest you?</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Deutsche Bank’s 30,000-euro package includes web access to written research and contact with analysts, the people said. Deliberations are ongoing and the bank hasn’t made a final decision on the pricing.</p> <p>&nbsp;</p> <p>The Frankfurt-based lender’s prices are linked to the number of users. Web-only access for up to five people is quoted at 15,000 euros per year, while a package including web access and contact with analysts is 50,000 euros for up to 25 users, one of the people with knowledge of the matter said.</p> </blockquote> <p>Why do we have a sneaking suspicion that DB isn't going to be the only bank forced to slash their research prices?</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="559" height="321" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Equity%20Research%203_1.JPG?1503512260" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/deutsche-bank-forced-slash-fixed-income-research-price-half-lackluster-demand#comments Barclays Business Deutsche Bank Deutsche Bank Economy European Union Finance Financial crises fixed Global Systemically Important Banks Investment banking Investment banks Money Securities research Subprime mortgage crisis Systemic risk Technology UBS Thu, 24 Aug 2017 06:45:00 +0000 Tyler Durden 602200 at http://www.zerohedge.com Two New Totalitarian Movements: Radical Islam And Political Correctness http://www.zerohedge.com/news/2017-08-23/two-new-totalitarian-movements-radical-islam-and-political-correctness <p><a href="https://www.gatestoneinstitute.org/10883/political-correctness-radical-islam"><em>Authored by A.Z.Mohamed via The Gatestone Institute,</em></a></p> <ul> <li><strong>The attempt in the West to impose a strict set of rules about what one is allowed to think and express in academia and in the media -- to the point that anyone who disobeys is discredited, demonized, intimidated and in danger of losing his or her livelihood -- is just as toxic and just as reminiscent of Orwell&#39;s diseased society.</strong></li> <li>The main facet of this PC tyranny, so perfectly predicted by George Orwell, is the inversion of good and evil -- of victim and victimizer. In such a universe, radical Muslims are victimized by the West, and not the other way around. This has led to a slanted teaching of the history of Islam and its conquests, both as a justification of the distortion and as a reflection of it.</li> <li><strong>Thought-control is necessary for the repression of populations ruled by despotic regimes.</strong> That it is proudly and openly being used by self-described liberals and human-rights advocates in free societies is not only hypocritical and shocking; it is a form of aiding and abetting regimes whose ultimate goal is to eradicate Western ideals.</li> </ul> <p><strong>Political correctness (PC) has been bolstering radical Islamism. </strong>This influence was most recently shown again in an extensive exposé by the Clarion Project in July 2017, which demonstrates the practice of telling &quot;deliberate lies while genuinely believing in them in order to forget any fact that has become inconvenient&quot; -- or, <strong>as George Orwell called it in his novel, <em><a href="https://www.planetebook.com/ebooks/1984.pdf" target="_blank">1984</a></em>, &quot;Doublespeak.&quot;</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_orwell.png"><img height="297" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/08/23/20170823_orwell.png" width="587" /></a></p> <p>This courtship and marriage between the Western chattering classes and radical Muslim fanatics was elaborated by Andrew C. McCarthy in his crucial 2010 book, <em>The Grand Jihad: How Islam and the Left Sabotage America</em>.</p> <p>Since then, this union has strengthened. <strong>Both the United States and the rest of the West are engaged in a romance with forces that are, bluntly, antagonistic to the values of liberty and human rights. </strong></p> <p>To understand this seeming paradox, one needs to understand what radical Islamism and PC have in common. Although Islamism represents all that PC ostensibly opposes -- such as the curbing of free speech, the repression of women, gays and &quot;apostates&quot; -- both have become totalitarian ideologies.</p> <p>The totalitarian nature of radical Islamism is more obvious than that of Western political correctness -- and certainly more deadly. Sunni terrorists, such as <a href="http://nypost.com/2017/08/21/isis-remains-worlds-deadliest-militant-group-last-year/" target="_blank">ISIS</a> and Hamas -- and Shiites, such as Hezbollah and its state sponsor, Iran -- use mass murder to accomplish their ultimate goal of an Islamic Caliphate that dominates the world and subjugates non-Muslims.</p> <p><strong>The attempt in the West, however, to impose a strict set of rules about what one is allowed to think and express in academia and in the media -- to the point that anyone who disobeys is discredited, demonized, intimidated and in danger of <a href="http://thefederalist.com/2017/05/05/judge-catholic-university-can-fire-tenured-prof-supporting-student-stood-catholic-teachings/" target="_blank">losing his or her livelihood</a> -- is just as toxic and just as reminiscent of Orwell&#39;s view of a diseased society.</strong></p> <p>These rules are not merely unspoken ones. Quoting a Fox News <a href="http://insider.foxnews.com/2017/07/11/ap-stylebook-censors-conservative-words-promotes-liberal-terms-writer-claims" target="_blank">interview</a> with American columnist Rachel Alexander, the Clarion Project points out that the Associated Press -- whose <a href="https://www.apstylebook.com/" target="_blank">stylebook</a> is used as a key reference by a majority of English-language newspapers worldwide for uniformity of grammar, punctuation and spelling -- is now directing writers to avoid certain words and terms that are now deemed unacceptable to putative liberals.</p> <p>Alexander recently <a href="http://thehill.com/blogs/pundits-blog/media/341210-how-the-ap-stylebook-censors-pro-life-and-other-conservative-words" target="_blank">wrote</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;Even when individual authors do not adhere to the bias of AP Style, it often doesn&#39;t matter. If they submit an article to a mainstream media outlet, they will likely see their words edited to conform. A pro-life author who submits a piece taking a position against abortion will see the words &#39;pro-life&#39; changed to &#39;anti-abortion,&#39; because the AP Stylebook <a href="http://apstylebook.blogspot.com/2017/01/abortion.html" target="_blank">instructs</a>, &#39;Use anti-abortion instead of pro-life and pro-abortion rights instead of pro-abortion or pro-choice.&#39; It goes on, &#39;Avoid abortionist,&#39; saying the term &#39;connotes a person who performs clandestine abortions.&#39;</p> <p>&nbsp;</p> <p>&quot;Words related to terrorism are sanitized in the AP Stylebook. Militant, lone wolves or attackers are to be used instead of terrorist or Islamist. &#39;People struggling to enter Europe&#39; is favored over &#39;migrant&#39; or &#39;refugee.&#39; While it&#39;s true that many struggle to enter Europe, it is accurate to point out that they are, in fact, immigrants or refugees.&quot;</p> </blockquote> <p>To be sure, the AP Stylebook does not carry the same weight or authority as the <a href="https://counterjihadreport.com/the-sacred-texts-of-islam/" target="_blank">Quranic texts</a> on which radical Islamists base their jihadist actions and totalitarian aims. It does constitute, however, a cultural decree that has turned religious in its fervor. It gives a glimpse, as well, into the intellectual tyranny that has pervaded liberal Western thought and institutions.</p> <p><strong>The main facet of this PC tyranny, so perfectly predicted by Orwell, is the inversion of good and evil -- of victim and victimizer. In such a universe, radical Muslims are victimized by the West, and not the other way around. This has led to a slanted teaching of the history of Islam and its conquests, both as a justification of the distortion and as a reflection of it.</strong></p> <p>As far back as 2003, the <a href="http://www.meforum.org/559/islam-and-the-textbooks" target="_blank">Middle East Forum reported</a> on the findings of a study conducted by the American Textbook Council, an independent New York-based research organization, which stated:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;[Over the last decade], the coverage of Islam in world history textbooks has expanded and in some respects improved.... But on significant Islam-related subjects, textbooks omit, flatter, embellish, and resort to happy talk, suspending criticism or harsh judgments that would raise provocative or even alarming questions.&quot;</p> </blockquote> <p><strong>Thought-control is necessary for the repression of populations ruled by despotic regimes.</strong> That it is proudly and openly being used by self-described liberals and human-rights advocates in free societies is not only hypocritical and shocking; it is a form of aiding and abetting regimes whose ultimate goal is to eradicate Western ideals. The relationship between the two must be recognized for what it is: a marriage made in hell.</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="587" height="297" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_orwell.png?1503535096" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/two-new-totalitarian-movements-radical-islam-and-political-correctness#comments American Textbook Council Anti-Stalinist left AP Stylebook British people Fox News Gatestone Institute George Orwell George Orwell Hamas Happy Talk Hizballah Iran ISIS Islam and politics Islamism Literature Middle East Middle East Forum Nineteen Eighty-Four Politics Religion Totalitarianism Thu, 24 Aug 2017 06:00:00 +0000 Tyler Durden 602218 at http://www.zerohedge.com Visualizing The Countries Most And Least Accepting Of Migrants http://www.zerohedge.com/news/2017-08-23/visualizing-countries-most-and-least-accepting-migrants <p>According to&nbsp;<a href="http://www.gallup.com/poll/216377/new-index-shows-least-accepting-countries-migrants.aspx?g_source=World&amp;g_medium=newsfeed&amp;g_campaign=tiles" target="_blank">new research from Gallup</a>, many countries on the frontlines of&nbsp;<a href="https://www.statista.com/topics/4046/migration-in-europe/" target="_blank">Europe&#39;s migration crisis</a>&nbsp;are among the <strong>least-accepting countries worldwide for migrants</strong>.</p> <p><a href="https://www.statista.com/chart/10804/the-countries-most-and-least-accepting-of-migrants/">Statista&#39;s Nial McCarthy notes</a> that the research found that Macedonia, Montenegro, Hungary, Serbia, Slovakia and Croatia which are <strong>all along the Balkan route for asylum seekers recorded the lowest scores for accepting migrants</strong>.</p> <p><a href="https://www.statista.com/chart/10804/the-countries-most-and-least-accepting-of-migrants/" title="Infographic: The Countries Most And Least Accepting Of Migrants | Statista"><img alt="Infographic: The Countries Most And Least Accepting Of Migrants | Statista" height="813" src="https://infographic.statista.com/normal/chartoftheday_10804_the_countries_most_and_least_accepting_of_migrants_n.jpg" width="600" /></a></p> <p><em>You will find more statistics at <a href="https://www.statista.com/">Statista</a></em></p> <p><strong>Iceland was at the opposite end of the scale, scoring 8.26 out of 9.0.</strong> It was followed by New Zealand and Rwanda.</p> <p>Germany which has taken in huge numbers of refugees in recent years came 23rd overall with 7.09.&nbsp;<strong><a href="https://www.statista.com/topics/805/immigration-migration/" target="_blank">The United States</a>&nbsp;came 18th with 7.27.</strong> The United Kingdom came a distant 38th for migrant acceptance, scoring only 6.61 out of 9.0.</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="736" height="432" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170823_mig.png?1503533640" /> </div> </div> </div> http://www.zerohedge.com/news/2017-08-23/visualizing-countries-most-and-least-accepting-migrants#comments Asylum seeker Cultural globalization Demography Forced migration Gallup Germany Hungary Iceland New Zealand Politics Refugee Slovakia Social Issues Statista United Kingdom Thu, 24 Aug 2017 05:00:00 +0000 Tyler Durden 602217 at http://www.zerohedge.com