http://www.zerohedge.com/fullrss2.xml/sites/default/files/images/user5/imageroot/2011/10/Food%20stamps%20Aug.png/ltoddwood.com en Jim Grant: "Gold Is The Ultimate Inoculation Against Hair-Brained Central Bankers" http://www.zerohedge.com/news/2014-07-29/jim-grant-gold-ultimate-inoculation-against-hair-brained-central-bankers <p>"The <strong>central bank imposed interest rates are the source of global financial instability now and in the future</strong>," warns Grant's Interest Rate Observer's Jim Grant, adding that "The Fed... has manipulated us into a period of quite eerie stability and measured volatility." Grant believes, given the values (and aware of the risks) that <strong>Russian "stocks stand to do very well,"</strong> and also likes mining stocks as he warns credit markets are overvalued (especially sovereign debt). His conclusion, own gold as "it stands to benefit from the demonstrated, as opposed the theoretically likely, crack up of the [current] monetary arrangements."</p> <p>&nbsp;</p> <p>Gold, he explains, "is <strong>the ultimate inoculation against the hair-brained doctrine of modern central bankers</strong>."</p> <p><iframe src="http://player.theplatform.com/p/gZWlPC/vcps_inline?byGuid=3000296531&amp;size=530_298" width="530" height="298"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="286" height="266" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140729_grant.jpg?1406648396" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/jim-grant-gold-ultimate-inoculation-against-hair-brained-central-bankers#comments Jim Grant Sovereign Debt Volatility Tue, 29 Jul 2014 21:33:42 +0000 Tyler Durden 491973 at http://www.zerohedge.com Senior U.S. Intelligence Officers: Obama Should Release Ukraine Evidence http://www.zerohedge.com/news/2014-07-29/senior-us-intelligence-officers-obama-should-release-ukraine-evidence <p><em>Preface: With the shoot-down of Malaysia Airlines Flight 17 over Ukraine turning a local civil war into a U.S. confrontation with Russia, former high-level U.S. intelligence veterans urge President Obama to release what evidence he has about the tragedy and silence the exaggeration and rush to judgment. (The whole post is must-read; but we at Washington&rsquo;s Blog have added bolding for emphasis.)</em></p> <p><em>Signatory Bill Binney &ndash; the former senior technical director at the NSA, and a man who battled the Soviet Union for decades &ndash; tells <a href="http://www.washingtonsblog.com/">Washington&rsquo;s Blog</a>:</em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>In my analytic efforts to predict intentions and capabilities down through the years,&nbsp; I always made sure that I had multi-factors verifying what I was asserting.&nbsp; So far,&nbsp; I don&rsquo;t see that discipline here in this administration or the IC&nbsp; [i.e. the United States intelligence community].</p> </blockquote> <p><em>Posted with permission.</em></p> <p>MEMORANDUM FOR: The President</p> <p>FROM: Veteran Intelligence Professionals for Sanity (VIPS)</p> <p>SUBJECT: Intelligence on Shoot-Down of Malaysian Plane</p> <p>Executive Summary</p> <p>U.S.&ndash;Russian intensions are building in a precarious way over Ukraine, and we are far from certain that your advisers fully appreciate the danger of escalation. The New York Times and other media outlets are treating sensitive issues in dispute as flat-fact, taking their cue from U.S. government sources.</p> <p>Twelve days after the shoot-down of Malaysian Airlines Flight 17, your administration still has issued no coordinated intelligence assessment summarizing what evidence exists to determine <em><strong>who</strong></em> was responsible &ndash; much less to convincingly support repeated claims that the plane was downed by a Russian-supplied missile in the hands of Ukrainian separatists.</p> <p>Your administration has not provided any satellite imagery showing that the separatists had such weaponry, and there are several other &ldquo;dogs that have not barked.&rdquo; <strong>Washington&rsquo;s credibility, and your own, will continue to erode, should you be unwilling &ndash; or unable &ndash; to present more tangible evidence behind administration claims</strong>. In what follows, we put this in the perspective of former intelligence professionals with a cumulative total of 260 years in various parts of U.S. intelligence:</p> <p>We, the undersigned former intelligence officers want to share with you our concern about the evidence adduced so far to blame Russia for the July 17 downing of Malaysian Airlines Flight 17. We are retired from government service and none of us is on the payroll of CNN, Fox News, or any other outlet. We intend this memorandum to provide a fresh, different perspective.</p> <p>As veteran intelligence analysts accustomed to waiting, except in emergency circumstances, for conclusive information before rushing to judgment, we believe that the charges against Russia should be rooted in solid, <strong>far more convincing</strong> evidence. And that goes in spades with respect to inflammatory incidents like the shoot-down of an airliner. We are also troubled by the <strong>amateurish manner in which fuzzy and flimsy evidence has been served up</strong> &ndash; some it via &ldquo;social media.&rdquo;</p> <p><strong>As intelligence professionals we are embarrassed by the unprofessional use of partial intelligence informatio</strong>n. As Americans, we find ourselves hoping that, if you indeed have more conclusive evidence, you will find a way to make it public without further delay. In charging Russia with being directly or indirectly responsible, Secretary of State John Kerry has been particularly definitive. Not so the evidence. His statements seem premature and bear earmarks of an <strong>attempt to &ldquo;poison the jury pool.&rdquo;</strong></p> <p><strong>Painting Russia Black</strong></p> <p>We see an <strong>eerie resemblance</strong> to an earlier exercise in U.S. &ldquo;public diplomacy&rdquo; from which valuable lessons can be learned by those more interested in the truth than in exploiting tragic incidents for propaganda advantage. We refer to the behavior of the Reagan administration in the immediate aftermath of the<strong> shoot-down of Korean Airlines Flight 007 over Siberia on August 30, 198</strong>3. We sketch out below a short summary of that tragic affair, since we suspect you have not been adequately briefed on it. The parallels will be obvious to you.</p> <p>An advantage of our long tenure as intelligence officers is that we remember what we have witnessed first hand; seldom do we forget key events in which we played an analyst or other role. To put it another way, most of us &ldquo;know exactly where we were&rdquo; when a Soviet fighter aircraft shot down Korean Airlines passenger flight 007 over Siberia on August 30, 1983, over 30 years ago. At the time, we were intelligence officers on &ldquo;active duty.&rdquo; You were 21; many of those around you today were still younger.</p> <p>Thus, it seems possible that you may be learning how the KAL007 affair went down, so to speak, for the first time; that you may now become more aware of the serious implications for U.S.-Russian relations regarding how the downing of Flight 17 goes down; and that you will come to see merit in preventing ties with Moscow from falling into a state of complete disrepair. In our view, <strong>the strategic danger here dwarfs all other considerations</strong>.</p> <p>Hours after the tragic shoot-down on Aug. 30, 1983, the Reagan administration used its very accomplished propaganda machine to twist the available intelligence on Soviet culpability for the killing of all 269 people aboard KAL007. The airliner was shot down after it strayed hundreds of miles off course and penetrated Russia&rsquo;s airspace over sensitive military facilities in Kamchatka and Sakhalin Island. The Soviet pilot tried to signal the plane to land, but the KAL pilots did not respond to the repeated warnings. Amid confusion about the plane&rsquo;s identity &ndash; a U.S. spy plane had been in the vicinity hours earlier &ndash; Soviet ground control ordered the pilot to fire.</p> <p>The Soviets soon realized they had made a horrendous mistake. U.S. intelligence also knew from sensitive intercepts that the tragedy had resulted from a blunder, not from a willful act of murder (much as on July 3, 1988, the USS Vincennes shot down an Iranian civilian airliner over the Persian Gulf, killing 290 people, an act which President Ronald Reagan dismissively explained as an &ldquo;understandable accident&rdquo;).</p> <p>To make the very blackest case against Moscow for shooting down the KAL airliner, the Reagan administration s<strong>uppressed exculpatory evidence from U.S. electronic intercepts</strong>. Washington&rsquo;s mantra became &ldquo;Moscow&rsquo;s deliberate downing of a civilian passenger plane.&rdquo; <em>Newsweek</em> ran a cover emblazoned with the headline &ldquo;Murder in the Sky.&rdquo; (Apparently, not much has changed; <em>Time&rsquo;s</em> cover this week features &ldquo;Cold War II&rdquo; and &ldquo;Putin&rsquo;s dangerous game.&rdquo; The cover story by Simon Shuster, &ldquo;In Russia, Crime Without Punishment,&rdquo; would merit an A-plus in William Randolph Hearst&rsquo;s course &ldquo;<strong>Yellow Journalism</strong> 101.&rdquo;)</p> <p>When KAL007 was shot down, Alvin A. Snyder, director of the U.S. Information Agency&rsquo;s television and film division, was enlisted in a concerted effort to &ldquo;heap as much abuse on the Soviet Union as possible,&rdquo; as Snyder writes in his 1995 book, &ldquo;Warriors of Disinformation.&rdquo;</p> <p>He and his colleagues also earned an A-plus for bringing the &ldquo;mainstream media&rdquo; along. For example, ABC&rsquo;s Ted Koppel noted with patriotic pride, &ldquo;This has been one of those occasions when there is very little difference between what is churned out by the U.S. government propaganda organs and by the commercial broadcasting networks.&rdquo;</p> <p><strong>&ldquo;Fixing&rdquo; the Intelligence Around the Policy</strong></p> <p>&ldquo;The perception we wanted to convey was that the Soviet Union had cold-bloodedly carried out a barbaric act,&rdquo; wrote Snyder, adding that the Reagan administration went so far as to present a doctored transcript of the intercepts to the United Nations Security Council on September 6, 1983.</p> <p>Only a decade later, when Snyder saw the complete transcripts &mdash; including the portions that the Reagan administration had hidden &mdash; would he fully realize how many of the central elements of the U.S. presentation were false.</p> <p>The intercepts showed that the Soviet fighter pilot believed he was pursuing a U.S. spy aircraft and that he was having trouble in the dark identifying the plane. Per instructions from ground control, the pilot had circled the KAL airliner and tilted his wings to order the aircraft to land. The pilot said he fired warning shots, as well. This information &ldquo;was not on the tape we were provided,&rdquo; Snyder wrote.</p> <p>It became abundantly clear to Snyder that, in smearing the Soviets, the <strong>Reagan administration had presented false accusations to the United Nations, as well as to the people of the United States and the world</strong>. In his book, Snyder acknowledged his own role in the deception, but drew a cynical conclusion. He wrote, &ldquo;The moral of the story is that all governments, including our own, lie when it suits their purposes. The key is to lie first.&rdquo;</p> <p>The tortured attempts by your administration and stenographers in the media to blame Russia for the downing of Flight 17, together with John Kerry&rsquo;s unenviable record for credibility, lead us to the reluctant conclusion that the syndrome Snyder describes may also be at work in your own administration; that is, that <strong>an ethos of &ldquo;getting your own lie out first&rdquo; has replaced &ldquo;ye shall know the truth.&rdquo;</strong> At a minimum, we believe Secretary Kerry displayed unseemly haste in his determination to be first out of the starting gate.</p> <p><strong>Both Sides Cannot Be Telling the Truth</strong></p> <p>We have always taken pride in not shooting from the hip, but rather in doing intelligence analysis that is evidence-based. The evidence released to date does not bear close scrutiny; it does not permit a judgment as to which side is lying about the shoot-down of Flight 17. <strong>Our entire professional experience would incline us to suspect the Russians &ndash; almost instinctively. Our more recent experience, particularly observing Secretary Kerry injudiciousness in latching onto one spurious report after another as &ldquo;evidence,&rdquo; has gone a long way toward balancing our earlier predispositions</strong>.</p> <p><strong>It seems that whenever Kerry does cite supposed &ldquo;evidence&rdquo; that can be checked</strong> &ndash; like the forged anti-Semitic fliers distributed in eastern Ukraine or the photos of alleged Russian special forces soldiers who allegedly slipped into Ukraine &ndash; <strong>the &ldquo;proof&rdquo; goes &ldquo;poof&rdquo;</strong> as Kerry once said in a different context. Still, these misrepresentations seem small peccadillos compared with <strong>bigger whoppers</strong> like the claim Kerry made on Aug. 30, 2013, no fewer than 35 times, that &ldquo;we know&rdquo; the government of Bashar al-Assad was responsible for the chemical incidents near Damascus nine days before.</p> <p>On September 3, 2013 &ndash; following your decision to call off the attack on Syria in order to await Congressional authorization &ndash; Kerry was still pushing for an attack in testimony before a thoroughly sympathetic Senate Foreign Affairs Committee. On the following day Kerry drew highly unusual personal criticism from President Putin, who said: &ldquo;He is lying, and he knows he is lying. It is sad.&rdquo;</p> <p>Equally serious, during the first week of September 2013, as you and President Vladimir Putin were putting the final touches to the deal whereby Syrian chemical weapons would be given up for destruction, John Kerry said something that puzzles us to this day. On September 9, 2013, Kerry was in London, still promoting a U.S. attack on Syria for having crossed the &ldquo;Red Line&rdquo; you had set against Syria&rsquo;s using chemical weapons.</p> <p>At a formal press conference, Kerry abruptly dismissed the possibility that Bashar al-Assad would ever give up his chemical weapons, saying, &ldquo;He isn&rsquo;t about to do that; it can&rsquo;t be done.&rdquo; Just a few hours later, the Russians and Syrians announced Syria&rsquo;s agreement to do precisely what Kerry had ruled out as impossible. You sent him back to Geneva to sign the agreement, and it was formally concluded on September 14.</p> <p>Regarding the Malaysia Airlines shoot-down of July 17, <strong>we believe Kerry has typically rushed to judgment and that his incredible record for credibility poses a huge disadvantage in the diplomatic and propaganda maneuvering</strong> vis-a-vis Russia. We suggest you call a halt to this misbegotten &ldquo;public diplomacy&rdquo; offensive. If, however, you decide to press on anyway, we suggest you try to find a less tarnished statesman or woman.</p> <p><strong>A Choice Between Two</strong></p> <p>If the intelligence on the shoot-down is as weak as it appears judging from the fuzzy scraps that have been released, <strong>we strongly suggest you call off the propaganda war and await the findings of those charged with investigating</strong> the shoot-down. If, on the other hand, your administration has more concrete, probative intelligence, we strongly suggest that you consider approving it for release, <strong>even if there may be some risk of damage to &ldquo;sources and methods.&rdquo; Too often this consideration is used to prevent information from entering the public domain where, as in this case, it belongs</strong>.</p> <p>There have been critical junctures in the past in which presidents have recognized the need to waive secrecy in order to show what one might call &ldquo;a decent respect for the opinions of mankind&rdquo; or even to justify military action.</p> <p>As senior CIA veteran Milton Bearden has put it, <strong>there are occasions when more damage is done to U.S. national security by &ldquo;protecting&rdquo; sources and methods than by revealing them</strong>. For instance, Bearden noted that Ronald Reagan exposed a sensitive intelligence source in showing a skeptical world the reason for the U.S. attack on Libya in retaliation for the April 5, 1986 bombing at the La Belle Disco in West Berlin. That bombing killed two U.S. servicemen and a Turkish woman, and injured over 200 people, including 79 U.S. servicemen.</p> <p>Intercepted messages between Tripoli and agents in Europe made it clear that Libya was behind the attack. Here&rsquo;s an excerpt: &ldquo;At 1:30 in the morning one of the acts was carried out with success, without leaving a trace behind.&rdquo;</p> <p>Ten days after the bombing the U.S. retaliated, sending over 60 Air Force fighters to strike the Libyan capital of Tripoli and the city of Benghazi. The operation was widely seen as an attempt to kill Colonel Muammar Gaddafi, who survived, but his adopted 15-month-old daughter was killed in the bombing, along with at least 15 other civilians.</p> <p>Three decades ago, there was more shame attached to the killing of children. As world abhorrence grew after the U.S. bombing strikes, the Reagan administration produced the intercepted, decoded message sent by the Libyan Peoples Bureau in East Berlin acknowledging the &ldquo;success&rdquo; of the attack on the disco, and adding the ironically inaccurate boast &ldquo;without leaving a trace behind.&rdquo;</p> <p>The Reagan administration made the decision to give up a highly sensitive intelligence source, its ability to intercept and decipher Libyan communications. But once the rest of the world absorbed this evidence, international grumbling subsided and many considered the retaliation against Tripoli justified.</p> <p><strong>If You&rsquo;ve Got the Goods&hellip;</strong></p> <p>If the U.S. has more convincing evidence than what has so far been adduced concerning responsibility for shooting down Flight 17, we believe it would be best to find a way to make that intelligence public &ndash; even at the risk of compromising &ldquo;sources and methods.&rdquo; Moreover, we suggest you instruct your subordinates <strong>not to cheapen U.S. credibility by releasing key information via social media</strong> like Twitter and Facebook.</p> <p>The reputation of the messenger for credibility is also key in this area of &ldquo;public diplomacy.&rdquo; As is by now clear to you, in our view Secretary Kerry is more liability than asset in this regard. Similarly, with regard to Director of National Intelligence James Clapper, his March 12, 2013 Congressional testimony under oath to what he later admitted were &ldquo;clearly erroneous&rdquo; things regarding NSA collection should disqualify him.<strong> Clapper should be kept at far remove from the Flight 17 affair.</strong></p> <p>What is needed, if you&rsquo;ve got the goods, is an Interagency Intelligence Assessment &ndash; the genre used in the past to lay out the intelligence. <strong>We are hearing indirectly from some of our former colleagues that what Secretary Kerry is peddling does not square with the real intelligenc</strong>e. Such was the case late last August, when Kerry created a unique vehicle he called a &ldquo;Government (not Intelligence) Assessment&rdquo; blaming, with no verifiable evidence, Bashar al-Assad for the chemical attacks near Damascus, as honest intelligence analysts refused to go along and, instead, held their noses.</p> <p>We believe you need to seek out honest intelligence analysts now and hear them out. Then, you may be persuaded to take steps to <strong>curb the risk that relations with Russia might escalate from &ldquo;Cold War II&rdquo; into an armed confrontation</strong>. In all candor, we see little reason to believe that Secretary Kerry and your other advisers appreciate the enormity of that danger.</p> <p>In our most recent (May 4) <a href="http://consortiumnews.com/2014/05/04/needed-obama-putin-summit-on-ukraine/" target="_blank" title="memorandum">memorandum</a> to you, Mr. President, we cautioned that if the U.S. wished &ldquo;to stop a bloody civil war between east and west Ukraine and avert Russian military intervention in eastern Ukraine, you may be able to do so before the violence hurtles completely out of control.&rdquo; On July 17, you joined the top leaders of Germany, France, and Russia in calling for a ceasefire. Most informed observers believe you have it in your power to get Ukrainian leaders to agree. The longer Kiev continues its offensive against separatists in eastern Ukraine, the more such U.S. statements appear hypocritical.</p> <p>We reiterate our recommendations of May 4, that you remove the seeds of this confrontation by publicly disavowing any wish to incorporate Ukraine into NATO and that you make it clear that you are prepared to meet personally with Russian President Putin without delay to discuss ways to defuse the crisis and recognize the legitimate interests of the various parties. The suggestion of an early summit got extraordinary resonance in controlled and independent Russian media. Not so in &ldquo;mainstream&rdquo; media in the U.S. Nor did we hear back from you.</p> <p>The courtesy of a reply is requested.</p> <p>Prepared by VIPS Steering Group</p> <p>William Binney, former Technical Director, World Geopolitical &amp; Military Analysis, NSA; co-founder, SIGINT Automation Research Center (ret.)</p> <p>Larry Johnson, CIA &amp; State Department (ret.)</p> <p>Edward Loomis, NSA, Cryptologic Computer Scientist (ret.)</p> <p>David MacMichael, National Intelligence Council (ret.)</p> <p>Ray McGovern, former US Army infantry/intelligence officer &amp; CIA analyst (ret.)</p> <p>Elizabeth Murray, Deputy National Intelligence Officer for Middle East (ret.)</p> <p>Coleen Rowley, Division Counsel &amp; Special Agent, FBI (ret.)</p> <p>Peter Van Buren, U.S. Department of State, Foreign Service Officer (ret)</p> <p>Ann Wright, Col., US Army (ret); Foreign Service Officer (ret.)</p> <p><em>H/t: <a data-mce-="" href="http://consortiumnews.com/">Consortium News</a></em></p> http://www.zerohedge.com/news/2014-07-29/senior-us-intelligence-officers-obama-should-release-ukraine-evidence#comments FBI Fox News France Germany Middle East national intelligence national security New York Times None President Obama SPY Testimony Twitter Twitter Ukraine Vladimir Putin Tue, 29 Jul 2014 21:17:11 +0000 George Washington 491972 at http://www.zerohedge.com Boots On The Ground In Ukraine: "I Needed To See This For Myself" http://www.zerohedge.com/news/2014-07-29/boots-ground-ukraine-i-needed-see-myself <p><em>Submitted by <a href="http://www.sovereignman.com/trends/boots-on-the-ground-in-ukraine-i-needed-to-see-this-for-myself-14791/">Simon Black via Sovereign Man blog</a>,</em></p> <p><strong>Looking back over the past ten years, I can&rsquo;t even begin to describe all the experiences I&rsquo;ve had in Ukraine.</strong></p> <p>For a while, I actually owned a business based here. I&rsquo;ve been travelling here frequently for years. I still have many friends here. Some of our employees are based here. And Kiev is one of the cities in the world that I know best.</p> <p>Yet even after all of that, <strong>I still can&rsquo;t make heads or tails of this place.</strong></p> <p><strong>Consider this: by 2004, people in Ukraine were desperate from economic hardship and de facto mafia rule.</strong></p> <p>They held a runoff election in November of that year&ndash; an illusion of choice&ndash; between Viktor Yanukovich and Viktor Yushenko. Yushenko was viewed as the breath of fresh air. The &lsquo;change&rsquo; candidate.</p> <p>And when it became clear that Yanukovich had rigged the election in his favor, people went out into the streets to demand change.</p> <p>They called it the Orange Revolution. And it ended after two months of bloodshed when Yushenko, the &lsquo;good guy&rsquo; was finally sworn in as president. Happy days were to follow. Hope and change, all that jazz.</p> <p><strong>Fast forward a few years.</strong></p> <p>By 2010, Yushenko had proven himself to be an utter disappointment. Corrupt. Incompetent. Out of touch. When he ran for re-election that year, President Yushenko garnered a pitiful 5% of the vote.</p> <p>This is amazing when you think about it: the candidate that the people of Ukraine went out into the streets and spilled their blood for received just 5% of the votes in his re-election.</p> <p><strong>So who did the people elect that year? Viktor Yanukovich&hellip; the very person they had fought against in 2005.</strong></p> <p>Yanukovich was a known criminal. Literally, a convicted felon. Ukrainians spilled their blood fighting against him in 2004&hellip; then elected him President in 2010.</p> <p><u><strong>Unsurprisingly Mr. Yanukovich spent the next several years pillaging the country of every possible resource for his own benefit. And a few years later&ndash; revolution #2.</strong></u></p> <p>People went back out in the streets to fight against government forces and oust Yanukovich. Since then, the currency has tanked. Banks are nearly insolvent. GDP is falling. And there&rsquo;s insurrection in the East.</p> <p>Now they have a new President&ndash; a chocolate billionaire who formerly sat on the executive council of the Ukrainian central bank. And he&rsquo;s <a href="http://www.sovereignman.com/podcast/013-making-sense-of-ukraine-boots-on-the-ground-report-14788/">mobilizing the entire country to fight the rebels</a>, fight the Russians.</p> <p><strong>People are forced into serving in the very same government forces they were fighting against just months ago, all to re-annex a region of the country that isn&rsquo;t even of Ukrainian ethnicity.</strong></p> <p>The entire world is getting involved now. With the downing of MH-17, it has become impossible to stay neutral&hellip; and the US in particular is doing everything it can to escalate the situation.</p> <p><strong><u><a href="http://www.sovereignman.com/podcast/013-making-sense-of-ukraine-boots-on-the-ground-report-14788/" target="_blank">Actions have consequences.</a></u></strong></p> <p>And just as the assassination of Archduke Franz Ferdinand 100 years ago led politicians to make a series of pitiful, short-sighted decisions that led the world into the most destructive war it had ever seen, today&rsquo;s &lsquo;leaders&rsquo; are raising the stakes towards an even more destructive kind of war.</p> <p>This new kind of war is fought with bits and bonds rather than steel. But it&rsquo;s one that affects almost everyone on the planet.</p> <p><u><strong>Change is very clearly afoot. And it&rsquo;s time to start paying very close attention to the canary in the coalmine.</strong></u></p> <p>Just as I was in Iraq a few weeks ago to see the ISIS mess for myself, I had to come back to Ukraine and see what&rsquo;s happening with my own eyes.</p> <p><em><strong>Join me in our newest podcast episode to explore this further&ndash; what to watch out for, how it may unfold, and what you can do about it:</strong></em></p> <p><em>Click image to link to podcast</em></p> <p><a href="http://www.sovereignman.com/podcast/013-making-sense-of-ukraine-boots-on-the-ground-report-14788/" target="_blank"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_ukr.jpg" style="width: 589px; height: 299px;" /></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="589" height="299" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140729_ukr.jpg?1406652096" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/boots-ground-ukraine-i-needed-see-myself#comments Iraq Ukraine Tue, 29 Jul 2014 21:03:51 +0000 Tyler Durden 491971 at http://www.zerohedge.com Currency Wars Intensify As Russia Buys 18.6 Tonnes Of Gold In June http://www.zerohedge.com/news/2014-07-29/currency-wars-intensify-russia-buys-186-tonnes-gold-june <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Today’s AM fix was USD 1,307.50, EUR 972.84 and GBP 770.39 &nbsp;per ounce.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="white-space: pre;"> </span></span></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Yesterday’s AM fix was USD 1,305.00, EUR 971.20 and GBP 768.55 per ounce.</span></p> <p><span style="color: #222222; font-family: Calibri; font-size: 15px; line-height: 1.1500000000000001; white-space: pre-wrap;">Gold climbed $2.30 or 0.18% yesterday to $1,305.10/oz and silver rose $0.12 or 0.58% to $20.62/oz.</span></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="https://lh3.googleusercontent.com/kpRFsPj7Z0t7rVyIYWDjNI91XHzHZOPxTjNts6PwWbK1x0780PiMPrvUIcCKayy5zBGeZJKeco4_ZZRLJRzDp1i6OpqgcuHVCMDsk-CWXBwwSAJDXxBBtcr0ePZeguaJQw" width="624px;" height="477px;" style="border: none; transform: rotate(0.00rad);" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Gold rose 0.4% in London this morning after </span><a href="http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore" style="text-decoration: none;"><span style="font-size: 15px; font-family: Calibri; color: #1155cc; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">gold in Singapore</span></a><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> traded sideways overnight. </span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Futures trading volume continues to increase and was almost double the average for the past 100 days for this time of day, Bloomberg data shows.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 19px; font-family: Arial; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="https://lh4.googleusercontent.com/LIDK6Q6hJOT-bAKk35dZ_xtGZeu6GggPUMf7uuGSPPVfw1crSIW81hlmcfonJTaBpT7yz05LeOygP8ryb-GuxXP0uRyzB-vqYEeP4677sS08_2L0AB18ahrX9wGhvPpNZQ" width="624px;" height="303px;" style="border: none; transform: rotate(0.00rad);" /></span><span style="font-size: 19px; font-family: Arial; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Gold in U.S. Dollars - 50, 100, 200 &nbsp;Simple Moving Averages (Thomson Reuters)</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Silver for immediate delivery rose 0.8% &nbsp;to $20.73 an ounce in London. Platinum was 0.1% lower at $1,486.82 an ounce. Palladium gained 0.3% to $883.63/oz and remains close to a 13 year nominal high of $889.75.</span><span style="font-size: 19px; font-family: Arial; color: #2d2b2c; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Geopolitical tension in Europe and in the Middle East is supporting gold. Israel's military pounded targets in the Gaza Strip on Tuesday after Prime Minister Benjamin Netanyahu said his country should prepare for a long conflict in the Palestinian enclave, squashing any hopes of a swift end to 22 days of fighting. </span></p> <p><span style="color: #2d2b2c; font-family: Calibri; font-size: 15px; line-height: 1.1500000000000001; white-space: pre-wrap;">Gaza residents reported heavy Israeli bombing in Gaza City. Israeli aircraft fired a missile at the house of a Hamas Gaza leader and flattened it before dawn. An Israeli military spokeswoman said 70 targets were struck in Gaza through the night. At least 30 people were killed in the assaults from air, land and sea, residents said, after a night of the most widespread attacks so far in the tiny enclave.</span></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The new sanctions are set to inflame relations further. They are on “key sectors” of Russia’s economy, U.S. Deputy National Security Adviser Tony Blinken said yesterday. Russia also signaled possible retaliation, announcing yesterday that it may ban imports of chicken from the U.S. and fruit from Europe because of concern about contamination.</span><span style="font-size: 19px; font-family: Arial; color: #2d2b2c; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 19px; font-family: Arial; color: #2d2b2c; background-color: #ffffff; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #2d2b2c; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Futures </span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">options expiration is over but we are not out of the woods yet and gold and silver could see more volatility this week ahead of key reports on gross domestic product on Wednesday and employment data on Friday. The Federal Reserve's chief policy making committee meets today and tomorrow and this could have another short term impact on prices.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 19px; font-family: Calibri; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Russia, </span><span style="font-size: 19px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Kazakhstan, Kyrgyzstan and Tajikistan</span><span style="font-size: 19px; font-family: Calibri; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Buy Gold - Bye Bye Petrodollar</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Russia continues to aggressively accumulate gold reserves. Its gold holdings increased again in June as the crisis in the Ukraine and relations with the West deteriorated.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Russian central bank officially increased its gold holdings by 16.8 tonnes to 1,094.8 tonnes in June, the IMF's International Financial Statistics report showed. In ounce terms, Russia increased its gold holdings by some 500,000 ounces, to 35.197 million ounces in June from 34.656 million ounces in May.</span></p> <p><strong style="font-weight: normal;"><br /></strong></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="https://lh5.googleusercontent.com/aVW-lkYUPv3k4AmURB_9e4umFN751PdQfO4R4xyyPhERxeIbXT2sWnWxZ3FbO2_c-UpV9p6nmUeHhlqica74pFXETz-wCertf8yVSY6GULDloRmMUqUeIUDjRg5bAQch3A" width="624px;" height="147px;" style="border: none; transform: rotate(0.00rad);" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Russia recently became the world's fifth largest bullion holder after the United States, Germany, Italy and France. </span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Importantly, China’s gold holdings, the world’s biggest store of wealth buyer of gold, haven’t been updated since March, 2009 and remain at just 33.89 million ounces or 1,054.1 tonnes and just 1% of their huge foreign exchange reserves. More than five years later, it is likely that China’s reserves have doubled or trebled as they quietly corner the global physical gold market.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">It is important to note that there remain doubts as to the integrity of the gold holdings of the U.S. and concerns that other countries national gold reserves could be encumbered, loaned or sold in the market. Indeed, the Bundesbank is having grave difficulty in having its gold reserves returned from the Federal Reserve in New York.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">So far in 2014, Russia has now bought substantially more than their entire annual gold production of nearly 1,500,000 ounces.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Russia was not the only central bank to diversify foreign exchange reserves, primarily held in dollars, into gold. Allies of Russia also bought gold in June. The central banks of Kazakhstan, Kyrgyzstan and Tajikistan, all Russian economic and military allies all accumulated gold in June. </span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><a href="http://info.goldcore.com/currency_wars_bye_bye_petro_dollar_buy_buy_gold_goldcore_insight_february_2013-0-0" style="text-decoration: none;"><span style="font-size: 15px; font-family: Calibri; color: #1155cc; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Currency wars</span></a><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> are set to intensify and the buying by the former Soviet states is another manifestation of this.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Russia’s foreign reserves fell $39 billion to $472 billion in June, data from the Russian central bank shows. Gold now accounts for 9.3% of the country’s reserves, according to the World Gold Council substantially less than the percentage of gold in fx reserves of the other leading gold owners.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Greece, Serbia, Mexico and Equador also diversifed and increased their gold reserves in June. </span></p> <p><strong style="font-weight: normal;"><br /></strong></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Turkey increased its holdings to 16.491 million ounces from 16.172 million ounces in May. It accepts gold in its reserve requirements from commercial banks and as payment from other sovereign nations such as Iran.</span></p> <p><strong style="font-weight: normal;"><br /></strong></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Germany, the second-biggest gold holder, lowered its holdings by a tiny 1,000 ounces to 108.805 million ounces from 108.806 million ounces.</span></p> <p style="line-height: 1.1500000000000001; margin-top: 0pt; margin-bottom: 0pt;" dir="ltr"><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Gold advanced the most in four months in June as fighting in Ukraine to Iraq and Israel boosted demand for a haven. Hedge funds and banks almost doubled net-long position in gold during June, U.S. Commodity Futures Trading Commission (CFTC) data show.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Gold’s safe-haven appeal is being driven by heightened tensions between Russia and the West over Ukraine and increasing concerns of financial and economic war and indeed of actual war.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Geopolitical risk in June likely prompted some central banks to further diversify their foreign exchange holdings and buy gold which is used to hedge against geopolitical, currency and credit risks.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="https://lh6.googleusercontent.com/dGwIZOavofQa0DvMWSJfYlS3oDOslrTMpsrC0Gzc-7YHWtW9epFtPee-jhQoi2HklqnJonufPmAS9IPeBSmNDI4t8jHkTc7IVxiuO_ez2aF87NXVpeH4IiMJUyg9Jna6Wg" width="376px;" height="319px;" style="border: none; transform: rotate(0.00rad);" /></span></p> <p><span style="font-size: 15px; font-family: Calibri; color: #222222; font-weight: bold; font-style: italic; vertical-align: baseline; white-space: pre-wrap;">Reserve Currencies In History - Dollar's Demise Cometh</span><span style="font-size: 15px; font-family: Calibri; color: #222222; font-weight: bold; font-style: italic; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; font-weight: bold; font-style: italic; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; vertical-align: baseline; white-space: pre-wrap;">Central banks continue to be buyers of gold at these attractive price levels. As sanctions, economic war and currency wars intensify we expect Russian and Russian ally buying of gold reserves and selling of dollars to intensify. Aggressive buying of gold and particularly silver by Russia will likely lead to defaults on the COMEX gold and silver futures exchanges and potentially an international monetary crisis.</span><span style="font-size: 15px; font-family: Calibri; color: #222222; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="font-size: 15px; font-family: Calibri; color: #222222; vertical-align: baseline; white-space: pre-wrap;">See important guide to Currency Wars here </span><a href="http://info.goldcore.com/currency_wars_bye_bye_petro_dollar_buy_buy_gold_goldcore_insight_february_2013-0-0"><span style="font-size: 15px; font-family: Calibri; color: #1155cc; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Currency Wars: Bye, Bye Petrodollar - Buy, Buy Gold</span></a></p> <p><span style="font-size: 15px; font-family: Calibri; color: #222222; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span></p> http://www.zerohedge.com/news/2014-07-29/currency-wars-intensify-russia-buys-186-tonnes-gold-june#comments Central Banks Commodity Futures Trading Commission Federal Reserve France Germany Greece Gross Domestic Product Iran Iraq Israel Italy Kazakhstan Mexico Middle East Moving Averages national security Reuters SWIFT Turkey Ukraine Volatility World Gold Council Tue, 29 Jul 2014 20:59:24 +0000 GoldCore 491970 at http://www.zerohedge.com Yellen Capital Humiliated After First Facebook And Now Twitter Surge Higher: TWTR's Quarter In Charts http://www.zerohedge.com/news/2014-07-29/yellen-capital-humiliated-after-first-facebook-and-now-twitter-surge-higher-twtrs-qu <p>Moments ago TWTR reported Q2 earnings which beat EPS expectations of a 1 cent loss, posting non-GAAP EPS of $0.02 (let's ignore that the GAAP EPS was actually <span style="text-decoration: underline;"><strong>-</strong></span><em><strong>$0.24</strong></em> and that GAAP Net Loss was $144.6 million, much worse than the $42.2 million a year ago, all driven by stock-based compensation expense, because clearly retaining employees is never a factor when calculating earnings). </p> <p>And yet, the stock has exploded by 30% after hours on what appears to be a super squeeze after hours, as the company also reported revenue of $312 million up from $139.3 million a year ago and some $54MM in EBITDA, up 461% Y/Y. This is just a little awkward for the Federal Reserve which some 2 weeks ago was warning about a bubble in social networking stocks, just before first Facebook and now Twitter have exploded higher on what can best be described as yet another massive short squeeze of those who decided to not fight the Fed on this one.</p> <p>Anyway, what everyone is looking for was the user metrics so here they are.</p> <p>Monthly Active Users: 271 million, up 24% Y/Y, vs expectations of 267MM. Recall that this is where TWTR had a big miss last quarter.At the same time, US growth was +3 million users to 60 million, the same as in Q1, and a modest improvement from previous quarters.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20MAUs.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20MAUs_0.jpg" width="600" height="374" /></a></p> <p>Twitter's preferred non-GAAP metric, Timeline views, was 173 million, up 15% from a year ago, even if the US number of 47 million was only a 1 million sequential increase from Q1, less than the 5 million increase from Q4, if certainly an improvement from that big drop between Q3 and Q4.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/Timeline%20views.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/Timeline%20views_0.jpg" width="600" height="366" /></a></p> <p>The one place where Twitter stumbled was in Timeline Views per MAU because while the first rose, the second rose faster, leading to a decline in the overall metric on a Y/Y basis, and Y/Y and sequential for the US.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/Timeline%20View%20to%20MAUs.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/Timeline%20View%20to%20MAUs_0.jpg" width="600" height="374" /></a></p> <p>Still, far more important were revenue and EBITDA.This is how they did in Q2:</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20revenue_0.jpg" width="600" height="383" /></p> <p>And EBITDA:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20EBITDA.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20EBITDA_0.jpg" width="600" height="391" /></a></p> <p>&nbsp;</p> <p>And finally, revenue per 100 timeline views saw a solid 100% increase Y/Y from $0.80 to $1.60, the closest comparable metric to the trusty old CPM. However, at $3.87 for the US, we doubt there will be much upside opportunity going forward.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20ad%20revenue%20timeline%20views.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/TWTR%20ad%20revenue%20timeline%20views_0.jpg" width="600" height="388" /></a></p> <p>Finally, and perhaps most importantly, Twitter announced that less than 5% of all accounts are fake: a claim most will certainly take with a huge grain of salt. </p> <p>For now, however, the momentum chasing algos are loving the stock which is up 30% after hours. So will Yellen Capital upgrade the social networking space after these two embarrassments, or will she keep her "Strong Sell" rating" Stay tuned for the FOMC announcement tomorrow afternoon...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_YELLEN.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_YELLEN_0.jpg" width="600" height="561" /></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="1203" height="749" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Timeline%20View%20to%20MAUs.jpg?1406666040" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/yellen-capital-humiliated-after-first-facebook-and-now-twitter-surge-higher-twtrs-qu#comments After Hours Federal Reserve GAAP Momentum Chasing Twitter Twitter Tue, 29 Jul 2014 20:34:29 +0000 Tyler Durden 491969 at http://www.zerohedge.com All of the Countries which the U.S. “Regime Changed” – Iraq, Afghanistan and Libya – Have Descended into Brutal Chaos http://www.zerohedge.com/news/2014-07-29/all-countries-which-us-%E2%80%9Cregime-changed%E2%80%9D-%E2%80%93-iraq-afghanistan-and-libya-%E2%80%93-have-descende <h3 style="color: #000099;">Quantifying the Effects of Regime Change</h3> <p>Since 2001, the U.S. has undertaken regime change in Iraq, Afghanistan and Libya.</p> <p>All 3 countries are now in <em>chaos</em> &hellip; and extremists are <em>more in control than ever</em>.</p> <h3 style="color: #000099;">Iraq</h3> <p>In Iraq, hardcore Islamic jihadis known as ISIS have taken over much of the country &ndash; shown in red as the new &ldquo;Islamic State&rdquo; or self-described caliphate &ndash; <a href="http://www.washingtonsblog.com/2014/07/isis-taking-iraq-using-captured-american-weapons.html" title="using captured American weapons">using captured American weapons</a>:</p> <p style="text-align: center;"><img alt="http://heavyeditorial.files.wordpress.com/2014/06/territorial_control_of_the_isis-svg.png?w=640&amp;h=489" class="decoded aligncenter" height="603.6" src="http://heavyeditorial.files.wordpress.com/2014/06/territorial_control_of_the_isis-svg.png?w=1580&amp;h=1206" width="790" /></p> <p>USA Today notes: &ldquo;<a href="http://www.usatoday.com/story/news/world/2014/07/28/iraq-divided-into-three-states/13165519/?utm_source=feedblitz&amp;utm_medium=FeedBlitzRss&amp;utm_campaign=usatoday-newstopstories" target="_blank" title="Iraq is already splitting into three states">Iraq is already splitting into three states</a>&ldquo;.</p> <p>Christians are being rounded up and killed, and Christian leaders in Iraq say the end of Christianity in Iraq is<a href="http://www.independent.co.uk/news/world/middle-east/iraq-crisis-bishop-of-baghdad-warns-end-could-be-very-near-for-christianity-after-isis-takeover-9630554.html" target="_blank" title=" “very near”"> &ldquo;very near&rdquo;</a>. But as we documented in 2012, Saddam Hussein &ndash; for all his faults &ndash; was a <a href="http://www.washingtonsblog.com/2012/08/u-s-government-is-prosecuting-christians.html" title="secular leader who tolerated Christians">secular leader who tolerated Christians</a>.</p> <h3 style="color: #000099;">Libya</h3> <p>Libya has also descended into absolute chaos.&nbsp;&nbsp; We <a href="http://www.washingtonsblog.com/2012/11/why-did-cia-director-petraeus-suddenly-resign-and-why-was-the-u-s-ambassador-to-libya-murdered.html" title="reported">reported</a> in 2012:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Al Qaeda is now largely in control of Libya.&nbsp; Indeed, Al Qaeda flags were <a href="http://www.washingtonsblog.com/2011/11/did-we-overthrow-gaddafi-just-to-replace-him-with-al-qaeda.html" title="in control of Libya">flown over the Benghazi courthouse</a> once Gaddafi was toppled.</p> </blockquote> <p>(This is &ndash; again &ndash; in contrast to <a href="http://www.washingtonsblog.com/2012/08/u-s-government-is-prosecuting-christians.html" title="toleration of Christians under Gadaffi">toleration of Christians under Gadaffi</a>.)</p> <p>The Guardian <a href="http://www.theguardian.com/commentisfree/2014/mar/24/libya-disaster-shames-western-interventionists" target="_blank" title="noted">noted</a> in March:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>According to Amnesty International, the &ldquo;<a href="http://www.amnestyusa.org/news/news-item/libya-three-years-on-gaddafi-era-laws-used-to-clamp-down-on-free-expression" target="_blank" title="mounting curbs on freedom of expression are threatening the rights Libyans sought to gain">mounting curbs on freedom of expression are threatening the rights Libyans sought to gain</a>&ldquo;. A repressive Gaddafi-era law has been amended to <strong>criminalise any insults to officials or the general national congress (the interim parliament)</strong>. One journalist, Amara al-Khattabi, was put on trial for <strong>alleging corruption</strong> among judges. Satellite <strong>television stations deemed critical of the authorities have been banned, one station has been attacked with rocket-propelled grenades, and journalists have been assassinated</strong>.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Ever since the fall of [Gadaffi&#39;s] dictatorship, there have been stories of <strong>black Libyans being treated en masse as Gaddafi loyalists and attacked</strong>. In a savage act of collective punishment, 35,000 people were driven out of Tawergha in retaliation for the brutal siege of the <a href="http://www.theguardian.com/world/2011/mar/23/libya-allied-air-strikes-misrata" target="_blank" title="anti-Gaddafi stronghold of Misrata">anti-Gaddafi stronghold of Misrata</a>. The town was trashed and its inhabitants have been left in what human rights organisations are calling &ldquo;deplorable conditions&rdquo; in a Tripoli refugee camp. Such forced removals continue elsewhere. <strong>Thousands have been arbitrarily detained without any pretence of due process; and judges, prosecutors, lawyers and witnesses have been attacked or even killed</strong>. Libya&rsquo;s <a href="http://english.alarabiya.net/en/News/middle-east/2014/02/09/Libyan-former-prosecutor-general-shot-dead.html" target="_blank" title="first post-Gaddafi prosecutor general, Abdulaziz Al-Hassadi, was assassinated">first post-Gaddafi prosecutor general, Abdulaziz Al-Hassadi, was assassinated</a> in the town of Derna last month.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>When residents of Benghazi &ndash; the heartland of the revolution &ndash; protested against militia rule in June last year, 32 people were killed in what became known as &ldquo;Black Saturday&rdquo;. In another protest in Tripoli last November, 46 died and 500 were injured.</p> <p>Under militia rule, <strong>Libya is beginning to disintegrate</strong>. Last summer forces under the command of the <a href="http://www.theguardian.com/world/2014/mar/16/libya-partition-looms-fight-oil-tanker" target="_blank" title="warlord Ibrahim Jadran took control of eastern oil terminals">warlord Ibrahim Jadran took control of eastern oil terminals</a> &hellip;. These forces which <strong>hijacked a oil tanker</strong> this month, prompting threats from Libya&rsquo;s prime minister that it would be bombed until US forces captured it this weekend. Clashes have broken out in Jadran&rsquo;s home town of Ajdabiya. In painful echoes of Iraq&rsquo;s nightmare, a <strong>car bomb exploded at a Benghazi military base last week and killed at least eight soldiers</strong>, and Libya&rsquo;s <strong>main airport was shut on Friday after a bomb exploded on its runway</strong>.</p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>One of the great perversities of the so-called war on terror is that fundamentalist Islamist forces have flourished as a direct consequence of it</strong></span>. Libya is no exception, even though such movements often have little popular support. <strong>The Muslim Brotherhood and other elements are better organised than many of their rivals</strong>, helping to remove the prime minister, push through legislation, and establish alliances with opportunistic militias.</p> <p>&nbsp;</p> <p>Ominously, <strong>Libya&rsquo;s chaos is spilling across the region</strong>. The country is awash with up to 15 million rifles and other weapons, and a report by the UN panel of experts this month found that &ldquo;<a href="http://www.reuters.com/article/2014/03/10/us-libya-crisis-un-idUSBREA291OV20140310" target="_blank" title="Libya has become a primary source of illicit weapons">Libya has become a primary source of illicit weapons</a>&ldquo;. These arms are fuelling chaos in 14 countries, including Somalia, the Central African Republic, Nigeria and Niger.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p><strong>There is a real prospect of the country collapsing into civil war or even breaking up</strong>. Unless there are negotiated settlements to its multiple problems, Libya will surely continue its descent into mayhem, and <strong>the region could be dragged into the mire with it</strong>.</p> <p>&nbsp;</p> <p>No wonder western governments and journalists who hailed the success of this intervention are so silent. But here are the consequences of their war, and they must take responsibility for them.</p> </blockquote> <p>28-year CIA veteran Paul Pillar &ndash; who rose to be one of the agency&rsquo;s top analysts &ndash; <a href="http://consortiumnews.com/2014/05/21/libyan-regime-change-worsened-chaos/" target="_blank" title="wrote">wrote</a> in May:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Just when one might have thought the mess in Libya could not have gotten worse, it has.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Saudi Arabia and several other Arab states have <strong>evacuated their diplomats from Libya</strong>, the United States is preparing for possible evacuation of U.S. personnel, and <strong>the country appears on the brink of a larger civil war</strong>.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Those in Libya closest to being called secular liberals seem to be associated with military officers of the <span style="text-decoration: underline;"><strong>old</strong></span> regime.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>The intervention already has <strong>negatively affected U.S. interests</strong>, particularly in providing a disincentive to other regimes to do what Gaddafi did in negotiating an end to involvement in terrorism and an end to production of unconventional weapons.</p> </blockquote> <p>And things have only <a href="http://www.reuters.com/article/2014/07/28/us-libya-security-idUSKBN0FW09720140728" target="_blank" title="gotten">gotten</a> <a href="http://www.ibtimes.com/libyan-capital-tripoli-descends-chaos-foreigners-are-fleeing-libya-1640942" target="_blank" title="worse">worse</a> since then.</p> <p>(It should be remembered that the U.S. helped sew the seeds of chaos in several ways.&nbsp; Not only did we engage in direct military intervention against Gadafi, but also &ndash; as <a href="http://www.washingtonsblog.com/2014/04/confirmed-u-s-armed-al-qaeda-topple-gaddaffi.html" title="confirmed by a group of CIA officers">confirmed by a group of CIA officers</a> &ndash; <em>armed Al Qaeda</em> so that they would help topple Gaddafi.)</p> <h3 style="color: #000099;">Afghanistan</h3> <p>Opium production is at an <a href="http://www.washingtonsblog.com/2013/11/us-drug-afgahnistan-opium.html" title="all-time high">all-time high</a> under the American occupation of Afghanistan.</p> <p>And the New York Times reports this week that the Taliban are currently making huge gains in Afghanistan &hellip; in some cases expanding even <a href="http://mobile.nytimes.com/2014/07/27/world/asia/taliban-making-military-gains-in-afghanistan.html?_r=0&amp;referrer=" target="_blank" title="beyond their traditional areas">beyond their <em>traditional</em> areas</a> of influence prior to 2001:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The Taliban have found success beyond their traditional strongholds in the rural south and are now dominating territory near crucial highways and cities that surround Kabul, the capital, in strategic provinces like Kapisa and Nangarhar.</p> </blockquote> <p>U.S. troops are just now leaving, and so the worst may be still to come.&nbsp; In addition &ndash; as we discuss below &ndash; the U.S. <em>previously</em> imposed regime change on Afghanistan &hellip; and the results were <em>bad</em>.</p> <h3 style="color: #000099;">History Repeats</h3> <p>The U.S. carried out regime change in Iran in 1953 &hellip; which led to radicalization in the country. Specifically, the CIA <a href="http://www.nytimes.com/library/world/mideast/041600iran-cia-index.html" target="_blank" title="admits">admits</a> that the U.S. overthrew the moderate, suit-and-tie-wearing, Democratically-elected prime minister of Iran in 1953. (He was overthrown because he had <a href="http://en.wikipedia.org/wiki/Mohammad_Mosaddegh" target="_blank" title="nationalized Iran’s oil">nationalized Iran&rsquo;s oil</a>, which had previously been controlled by BP and other Western oil companies). As part of that action, the CIA <a href="http://www.nytimes.com/library/world/mideast/041600iran-cia-index.html" target="_blank" title="admits">admits</a> that it hired Iranians to pose as Communists and stage bombings in Iran in order to turn the country against its prime minister.</p> <p>If the U.S. <em>hadn&rsquo;t</em> overthrown the moderate Iranian government, the fundamentalist Mullahs would have <em>never taken over</em>. Iran has been known for thousands of years for <a href="http://www.washingtonsblog.com/2012/08/u-s-government-is-prosecuting-christians.html" title="tolerating Christians and other religious minorities.">tolerating Christians and other religious minorities.</a></p> <p>Hawks in the U.S. government been pushing for <em>another round</em> of regime change in Iran <a href="http://www.washingtonsblog.com/2011/11/neoconservatives-planned-regime-change-throughout-the-middle-east-and-northern-africa-20-years-ago.html" title="for decades">for decades</a>.</p> <p>Hillary Clinton and then-president Jimmy Carter&rsquo;s National Security Adviser have <a href="http://www.washingtonsblog.com/2012/09/sleeping-with-the-devil-how-u-s-and-saudi-backing-of-al-qaeda-led-to-911.html" title="both admitted on the record">both admitted on the record</a> that the U.S. <em>previously</em> carried out regime change in <span style="text-decoration: underline;">Afghanistan</span> in the 1970s by backing Bin Laden and the&nbsp;Mujahadin &hellip; the precursor to Al Qaeda.</p> <p>And look how <em>that</em> <a href="http://www.washingtonsblog.com/2011/06/al-qaeda-flying-planes-into-the-world-trade-center-and-pentagon-was-foreseeable.html" title="turned out">turned out</a>.</p> <h3 style="color: #000099;">Syria</h3> <p>The U.S. has heavily <a href="http://www.washingtonsblog.com/2014/07/57-years-ago-u-s-britain-approved-use-islamic-extremists-topple-syrian-government.html" title="backed the Islamic rebels in Syria">backed the Islamic rebels in Syria</a> in an attempt to implement regime change in that country.&nbsp; The result?</p> <p>As shown by the map above, they&rsquo;ve taken <a href="http://www.latimes.com/world/middleeast/la-fg-islamic-state-military-base-syria-20140725-story.html" target="_blank" title="a third">a third</a> of the country as part of their &ldquo;caliphate&rdquo;</p> <p>And the jihadis are now busily <a href="http://www.telegraph.co.uk/news/worldnews/middleeast/syria/10933851/Isis-crucifies-nine-people-in-Syrian-villages.html" target="_blank" title="crucifying">crucifying</a>, <a href="http://www.catholic.org/news/international/middle_east/story.php?id=56339" target="_blank" title="beheading">beheading</a> and <a href="http://www.washingtonsblog.com/2013/09/syrian-rebels-slit-throat-of-christian-man-who-refused-to-convert-to-islam-taunt-fiance-jesus-didnt-come-to-save-him.html" title="slitting the throats">slitting the throats</a> of Christians. (Yup, Syria was previously known for <a href="http://www.washingtonsblog.com/2012/08/u-s-government-is-prosecuting-christians.html" title="tolerating Christians">tolerating Christians</a>.)</p> <h3 style="color: #000099;">Haven&rsquo;t These Wars Made It <em>Safer </em>at Home?</h3> <p>But haven&rsquo;t all of these wars made it safer here at <em>home</em>?&nbsp;&nbsp; Nope &hellip; a <a href="http://www.csmonitor.com/USA/Military/2014/0728/US-is-no-safer-after-13-years-of-war-a-top-Pentagon-official-says" target="_blank" title="top Pentagon officials says">top Pentagon officials says</a> we&rsquo;re no safer &ndash; and perhaps <em>less safe</em> &ndash; after 13 years of war.</p> <p>As we&rsquo;ve pointed out for almost a decade, security experts &ndash; conservative hawks and liberal doves alike &ndash; agree that waging war in the Middle East weakens national security and increases terrorism. See <a href="http://www.foreignpolicy.com/articles/2010/10/18/it_s_the_occupation_stupid" target="_blank" title="this">this</a>, <a href="http://www.washingtonpost.com/wp-dyn/content/article/2006/09/23/AR2006092301130.html" target="_blank" title="this">this</a>, <a href="http://www.counterpunch.org/feingold09292005.html" target="_blank" title="this">this</a>, <a href="http://www.fromthewilderness.com/free/ww3/100102_against_war.html" target="_blank" title="this">this</a>, <a href="http://www.rand.org/news/press/2008/07/29/" target="_blank" title="this">this</a>, <a href="http://www.salon.com/news/opinion/glenn_greenwald/2010/10/12/terrorism" target="_blank" title="this">this</a> and <a href="http://www.salon.com/news/opinion/glenn_greenwald/2010/10/06/terrorism" target="_blank" title="this">this</a>.</p> <h3 style="color: #000099;">Regime <em>Support</em></h3> <p>But the U.S. doesn&rsquo;t always back regime change. Sometimes we work to <em>support</em> regimes &hellip;</p> <p>&hellip; Unfortunately, they tend to be some of <a href="http://www.washingtonsblog.com/2014/07/saudi.html" title="the most brutal tyrannies on the planet">the most brutal tyrannies on the planet</a>.</p> <p>Postscript:&nbsp; We can probably add Ukraine to the list of regime changed countries falling into chaos and murderous extremism, given that:</p> <ul> <li>The U.S. State Department spent <a href="http://www.youtube.com/watch?v=U2fYcHLouXY" target="_blank" title="more than $5 billion">more than $5 billion</a> dollars in pushing Ukraine away from Russia</li> </ul> <ul> <li>The U.S. ambassador to Ukraine (Geoffrey Pyatt) and&nbsp;assistant Secretary of State (Victoria Nuland) were recorded <a href="http://www.zerohedge.com/news/2014-02-06/fuck-eu-us-state-department-blasts-europe-revealed-alleged-mastermind-behind-ukraine" target="_blank" title="downfall of the former Ukraine government in a leaked recorder conversation with US assistant secretary of state, Victoria Nuland">plotting the downfall of the former Ukraine government in a leaked recording</a></li> </ul> <ul> <li><a href="http://www.cbsnews.com/news/us-victoria-nuland-wades-into-ukraine-turmoil-over-yanukovich/" target="_blank" title="Top-level U.S. officials">Top-level U.S. officials</a> literally <a href="https://www.google.com/search?q=nuland+handed+out+cookies+maidan&amp;client=firefox-a&amp;hs=CkB&amp;rls=org.mozilla:en-US:official&amp;channel=sb&amp;source=lnms&amp;tbm=isch&amp;sa=X&amp;ei=3ZDWU827KMX9iwKd0YDABw&amp;ved=0CAkQ_AUoAg&amp;biw=864&amp;bih=377" target="_blank" title="handed out cookies">handed out cookies</a> to <a href="http://ruptly.tv/site/vod/view/6876/ukraine-nuland-feeds-hungry-maidan-protesters-and-police" target="_blank" title="the protesters">the protesters</a> who overthrew the Ukrainian government</li> </ul> <ul> <li>The U.S. has been backing &ndash; <a href="http://www.washingtonsblog.com/2014/07/u-s-government-military-involved-ukraine-even-though-american-people-dont-want-us-get-involved-militarily.html" title="militarily as well">militarily as well</a> as monetarily &ndash; <a href="http://www.washingtonsblog.com/2014/05/america-switched-sides-now-backs-al-qaeda-nazis.html" title="the Neo-Nazis">the Neo-Nazis</a> who have <a href="https://www.google.com/search?q=site%3Awashingtonsblog.com+nazis+ukraine&amp;ie=utf-8&amp;oe=utf-8&amp;aq=t&amp;rls=org.mozilla:en-US:official&amp;client=firefox-a&amp;channel=sb" target="_blank" title="plunged the country into chaos">plunged the country into chaos</a></li> </ul> http://www.zerohedge.com/news/2014-07-29/all-countries-which-us-%E2%80%9Cregime-changed%E2%80%9D-%E2%80%93-iraq-afghanistan-and-libya-%E2%80%93-have-descende#comments Afghanistan Corruption Iran Iraq Middle East national security New York Times Saudi Arabia Somalia Ukraine Tue, 29 Jul 2014 20:08:04 +0000 George Washington 491968 at http://www.zerohedge.com Tumble Tuesday: Stocks Slide On Sanctions Blowback Fears, Dollar Jumps http://www.zerohedge.com/news/2014-07-29/tumble-tuesday-stocks-slide-sanctions-blowback-fears-dollar-jumps <p><strong>Equity markets were lifted on a sea of USDJPY stops this morning to open higher</strong> and press to the week&#39;s highs. Once 102.00 was achieved and Europe closed, headlines started to stall stock exuberance. The&nbsp; initial downturn was when BES cancelled its shareholder meeting, the dip was bought, then Europe unveiled its sanctions started to take stocks down and then the US unleashed a further round of sanctions targeted at banks and that <strong>dragged stocks to the lows of the day</strong>. Trannies were worst down 4 days in a row. This <strong>move merely caught stocks down to bond&#39;s less-than-exuberant day</strong>. Treasuries rallied with yields dropping 2-3bps on the day. <strong>The USD surged to 6-month highs</strong>, ending up 0.2% from Friday. Credit markets continue to sell off notably. VIX closed back above 13 (highest in 2 weeks). <strong>The Russell is -1.65% YTD and 4.5% in July (on course for worse month in over 2 years).</strong> It appears sanctions fears trumped turbo Tuesday and the pre-FOMC pump.</p> <p>&nbsp;</p> <p><u><strong>NOT OFF THE LOWS</strong></u></p> <p>&nbsp;</p> <p>USDJPY lifted to 102 and dragged stocks into the open... then when Europe closed, AUDJPY took over BUT when US sanctions hit, stocks dislocated...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD2_0.jpg" style="width: 600px; height: 314px;" /></a></p> <p>&nbsp;</p> <p>Bonds were not buying the USDJPY ramp...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD9.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD9_0.jpg" style="width: 600px; height: 313px;" /></a></p> <p>&nbsp;</p> <p>The Nasdaq remains green post MH17 headlines but the rest are fading fast...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD8.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD8_0.jpg" style="width: 600px; height: 372px;" /></a></p> <p>&nbsp;</p> <p>Trannies have been the hardest hit off the highs last week, down over 3.4% since Thursday highs...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD7.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD7_0.jpg" style="width: 600px; height: 606px;" /></a></p> <p>&nbsp;</p> <p>The Russell 2000 is the only red index for July (so far)...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD6.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD6_0.jpg" style="width: 600px; height: 587px;" /></a></p> <p>&nbsp;</p> <p>Credit continues to selloff...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD3_0.jpg" style="width: 600px; height: 310px;" /></a></p> <p>&nbsp;</p> <p>Notable demand for USDs today... against all majors...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD4_0.jpg" style="width: 600px; height: 316px;" /></a></p> <p>&nbsp;</p> <p>The USD hit 6-month highs...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD1_0.jpg" style="width: 600px; height: 310px;" /></a></p> <p>&nbsp;</p> <p>as bonds were bid aross the curve...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_EOD5_0.jpg" style="width: 600px; height: 319px;" /></a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p><em>Charts: Bloomberg</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="1279" height="661" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140729_EOD3.jpg?1406663513" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/tumble-tuesday-stocks-slide-sanctions-blowback-fears-dollar-jumps#comments Bond Equity Markets headlines NASDAQ Russell 2000 Tue, 29 Jul 2014 20:05:34 +0000 Tyler Durden 491967 at http://www.zerohedge.com The New York Times' Revenue Since Hiring Paul Krugman http://www.zerohedge.com/news/2014-07-29/new-york-times-revenue-hiring-paul-krugman <p>Things at the NYT are not going quite as planned. <a href="http://www.ft.com/intl/cms/s/0/6bc8a17a-1726-11e4-b0d7-00144feabdc0.html?siteedition=intl#axzz38lVOovNf">From the FT</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>A fall in advertising sales and stepped-up investment in digital products sapped second-quarter profit at the New York Times as the publisher <strong>forecast flat circulation revenue and further declines in advertising in the coming months.</strong></p> <p>&nbsp;</p> <p><strong>Net income of $9.2m, or 6 cents a share, was down 54 per cent from $20.1m, or 13 cents a share, a year ago</strong>. Adjusted operating profit, which strips out some one-time items including retirement costs and depreciation, fell 21 per cent to $55.7m.</p> <p>&nbsp;</p> <p>A trio of digital offerings – the NYT Now app, targeted at mobile users, a standalone opinion app and a higher-priced premium subscription service – helped lift circulation revenues in the quarter. But the company said subscriber growth for its website and core mobile app had flagged, <strong>and said it needed to do a better job of marketing its offerings to the right audiences.</strong></p> </blockquote> <p>Or another way of showing it, here are the NYT's revenues <a href="http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/paulkrugman/index.html">since hiring Paul Krugman </a>as an Op-Ed columnist. Correlation or causation?</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/NYT%20revenue.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/07-overflow/NYT%20revenue_0.jpg" width="600" height="417" /></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="802" height="558" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/NYT%20revenue.jpg?1406663522" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/new-york-times-revenue-hiring-paul-krugman#comments Krugman New York Times Paul Krugman Tue, 29 Jul 2014 19:52:29 +0000 Tyler Durden 491966 at http://www.zerohedge.com China's Billionaire Ex-National Security Chief Investigated For "Serious Disciplinary Violation" http://www.zerohedge.com/news/2014-07-29/chinas-billionaire-ex-national-security-chief-investigated-serious-disciplinary-viol <p>With an <strong>estimated net worth of $14 Billion, Zhou Yongkang</strong>, the man formerly in charge of China's vast security apparatus, was one of the nine most senior politicians in China until 2012. But now, <a href="http://www.bbc.com/news/world-asia-china-26349305?ocid=socialflow_twitter">as The BBC reports,</a> <strong>state media have announced he is being investigated for "serious disciplinary violation"</strong>, a term usually used to refer to corruption. The news ended months of speculation about his fate as numerous people in his sphere of influence are either under investigation or <strong>have been sentenced to death</strong>. This move confirms Xi Jinping's determination to root out corruption but could also be seen, given Zhou's influence, as an effort to <strong>eliminate a center of power in China's factional political system</strong>.</p> <ul> <li><strong>*CHINA STARTS PROBE OF EX-SECURITY CHIEF ZHOU YONGKANG: XINHUA</strong></li> </ul> <p>As Bloomberg reports,</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Today’s move represents a tightening grip on power by China’s President Xi Jinping</strong>, following his appointment as military chief and head of national security and economic-reform panels. It may also represent an effort to eliminate a center of power in China’s factional political system, according to Dali Yang, a professor of political science at the University of Chicago.</p> <p>&nbsp;</p> <p>...</p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>“Zhou was a very influential figure who built up a powerful empire, and Xi wants to ensure that the power of the center should not be under threat,” </strong></span>Yang said by phone before the announcement. “By cracking down on corruption and abuse of power, Xi plays to the base in the party.”</p> <p>&nbsp;</p> <p>Investigating Zhou, the nation’s former security chief, <strong>sends the signal that even the highest political elite aren’t immune from a campaign to root out the corruption that Xi says threatens the party’s hold on power.</strong> Party leaders have promised to target both “tigers and flies” in the power hierarchy.</p> </blockquote> <p><a href="http://www.bbc.com/news/world-asia-china-26349305?ocid=socialflow_twitter"><em>The BBC profiles the Billionaire...</em></a></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Zhou Yongkang was one of the nine most senior politicians in China until 2012, but has now fallen from grace.</strong></p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>State media have announced he is being investigated for "serious disciplinary violation"</strong></span>, a term usually used to refer to corruption. The news ended months of speculation about his fate.</p> <p>&nbsp;</p> <p><strong>Many of his aides and close associates have already been sacked or investigated</strong> for allegedly breaching party discipline and other misdemeanours in recent months.</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_zhou.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_zhou_0.jpg" width="600" height="587" /></a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p><strong>Zhou Yongkang also enjoyed a very close working relationship with another very senior fallen politician Bo Xilai</strong>, who is now in jail.</p> <p>&nbsp;</p> <p>When Mr Bo was the party boss of Chongqing and launched the "singing red songs and hard crackdown on criminals" campaign to boost his credentials, Mr Zhou showed up in the city in 2010 to sing its leader's praises.</p> <p>&nbsp;</p> <p>Zhou Yongkang married twice, and one of his sons with his first wife is Zhou Bin, born in 1972 and a high-profile oil and gas executive. According to Hong Kong press, <strong>Zhou Bin was arrested in December 2013 on corruption charges</strong>.</p> </blockquote> <p>*&nbsp; *&nbsp; *</p> <p>Of course, Xi needs some promise to hold on to as he folded on economic reform by unleashing QE.</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="634" height="620" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140729_zhou.jpg?1406662243" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/chinas-billionaire-ex-national-security-chief-investigated-serious-disciplinary-viol#comments China Corruption Hong Kong national security Tue, 29 Jul 2014 19:30:08 +0000 Tyler Durden 491965 at http://www.zerohedge.com President Obama To Explain How These New-New Sanctions Will Really Make Putin Mad - Live Feed http://www.zerohedge.com/news/2014-07-29/president-obama-explain-how-these-new-new-sanctions-will-really-make-putin-mad-live- <p>We are sure President Obama must be <a href="http://www.zerohedge.com/news/2014-07-29/eu-announces-new-washington-pleasing-russia-wristslap-sanctions"><strong>happy that the European leaders finally stepped in line behind him</strong> and layered new goldilocks sanctions on Russia</a>. With business leaders on both sides of the Atlantic urging him not to, for fear of the dreaded 'boomerang' from Putin (which has already been targeted at <a href="http://www.zerohedge.com/news/2014-07-21/msftibm-boomerangd-russia-retaliates-prepares-cease-imports-us-it">MSFT, IBM</a>, <a href="http://www.zerohedge.com/news/2014-07-25/russia-ban-several-mcdonalds-burgers-including-royal-and-filet-o-fish">MCD</a>, <a href="http://www.zerohedge.com/news/2014-07-18/russian-sanctions-retaliation-escalates-dumps-intelamd-and-now-foreign-cars">INTC, AMD, and car manufacturers</a>), President Obama is set to explain how his <strong>new-new sanctions (which include several Russian banks including VTB, Russia's second largest ) and will be the message that Putin needs to leave</strong>, fold to NATO, handover everything, and retire to the Gulag. Yet, oddly enough, Gazprom is once again missing from the sanctions list. The whole market is sliding heading into his speech (including the Russian ETF). <a href="http://www.zerohedge.com/news/2014-05-23/russia-has-prepared-confidential-retaliation-document-ukraine-prepares-hold-nato-acc"><em>We await the retaliation.</em></a></p> <p><a href="http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140729.aspx">Treasury announces new sanctions...</a><em><br /></em></p> <ul> <li><strong>*LEW SAYS VERY IMPORTANT EUROPE IS TAKING ACTION ON SANCTIONS</strong></li> <li><strong>*LEW: SANCTIONS SEND RUSSIA MESSAGE THAT BEHAVIOR `UNACCEPTABLE'</strong></li> <li><strong>*LEW: WITH SANCTIONS RUSSIA WILL HAVE FLAT OR NEGATIVE GROWTH</strong></li> <li><strong>*U.S. SANCTIONS VTB BANK, BANK OF MOSCOW</strong></li> <li><strong>*U.S. SANCTIONS RUSSIAN AGRICULTURAL BANK</strong></li> <li><strong>*U.S. SANCTIONS UNITED SHIPBUILDING CORPORATION (UKRAINE)<br /></strong></li> </ul> <p><span style="text-decoration: underline;"><strong>VTB Bank is Russia's largest bank</strong></span></p> <p><span style="text-decoration: underline;"><strong>The sanctions list includes 4 Chinese nationals and 16 Iranian shipping companies.</strong></span></p> <p>But don't worry:</p> <ul> <li><strong>*LEW: SANCTIONS WILL HAVE MINIMAL IMPACT ON U.S. ECONOMY</strong></li> </ul> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_costs.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140729_costs_0.jpg" width="600" height="317" /></a></p> <p>Live Feed (Obama due to speak at 1510ET)</p> <p><object width="480" height="300" data="http://www.whitehouse.gov/sites/default/modules/wh_multimedia/EOP_OVP_player.swf" type="application/x-shockwave-flash"><param name="data" value="http://www.whitehouse.gov/sites/default/modules/wh_multimedia/EOP_OVP_player.swf" /><param name="allowScriptAccess" value="always" /><param name="wmode" value="opaque" /><param name="bgcolor" value="#FFFFFF" /><param name="scale" value="showall" /><param name="quality" value="best" /><param name="align" value="l" /><param name="allowfullscreen" value="true" /><param name="play" value="false" /><param name="menu" value="false" /><param name="loop" value="false" /><param name="flashvars" value="player=http://www.whitehouse.gov/sites/default/modules/wh_multimedia/EOP_OVP_player.swf&amp;src=rtmp://cp68969.live.edgefcs.net/live/WHLive1@4853&amp;scaleMode=stretch&amp;link=http://www.whitehouse.gov/live/president-obama-delivers-statement-situation-ukraine-0&amp;path_to_image=http://www.whitehouse.gov/sites/default/themes/whitehouse/img/facebook_bubble.gif&amp;width=480&amp;height=300" /><param name="src" value="http://www.whitehouse.gov/sites/default/modules/wh_multimedia/EOP_OVP_player.swf" /></object><!-- LIVE CHAT --><!-- LIVE CHAT --></p> <div style="background-color: #282828; width: 480px; font-size: 10px; font-family: Arial, Helvetica, Sans-Serif;"> <div style="border-top: solid 1px #666666; margin: 0 10px; height: 40px; display: block;"> <div style="background: url(http://www.whitehouse.gov/sites/default/themes/whitehouse/img/facebook_bubble.gif) no-repeat; padding-top: 13px; height: 30px; float: left;"><a href="http://apps.facebook.com/whitehouselive/" style="text-decoration: none; color: #ababab; margin-left: 28px;">JOIN THE LIVE CHAT</a></div> <div style="padding-top: 13px; height: 30px; float: right;"><a href="http://www.whitehouse.gov" style="text-decoration: none; color: #ababab;">VISIT WHITEHOUSE.GOV</a></div> </div> </div> <!-- END LIVE CHAT --><!-- END LIVE CHAT --><p>&nbsp;</p> <p>&nbsp;</p> <p>We can't help but sense the Europeans are back-peddling a little...</p> <ul> <li><strong>*EU RUSSIA SANCTIONS DON'T COVER SYNDICATED LOANS, OFFICIAL SAYS</strong></li> <li><strong>*EU SANCTIONS COVER LIMITED NO. OF RUSSIAN BANKS, OFFICIAL SAYS</strong></li> </ul> <p>Then there's this...</p> <ul> <li><strong>*NEW EU SANCTIONS TO LAST FOR INITIAL PERIOD OF 12 MONTHS</strong></li> </ul> <p>Quickly followed by this...</p> <ul> <li><strong>*EU TO ASSESS IMPACT ON EU ECONOMY IN SANCTIONS REVIEW: OFFICIAL</strong></li> <li><strong>*EU TO WEIGH RUSSIA'S BEHAVIOR IN REVIEWING SANCTIONS: OFFICIAL</strong></li> </ul> <p>So if Putin goes crazy with retaliation, we'll fold?</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="398" height="295" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140729_obama.jpg?1406658898" /> </div> </div> </div> http://www.zerohedge.com/news/2014-07-29/president-obama-explain-how-these-new-new-sanctions-will-really-make-putin-mad-live-#comments Goldilocks President Obama Ukraine Tue, 29 Jul 2014 19:02:01 +0000 Tyler Durden 491964 at http://www.zerohedge.com