http://www.zerohedge.com/fullrss2.xml/article/article/ww.icecapassetmanagement.com en Greenspan's "Irrational Exuberance" Warning In Context http://www.zerohedge.com/news/2014-09-20/greenspans-irrational-exuberance-warning-context <p>As the marginal investing bot continues to invest his marginal leveraged dollar-on-the-sideline on an equity market that, as Janet Yellen has explained to the poor, will create a &quot;wealth effect&quot; to sustain everyone through rainy days and retirement, we thought <strong>some context worthwhile</strong>. On December 5th 1996, Alan Greenspan - upon the recognition that equity market capitalization has bubbled to over 100% of nominal GDP - opined that investors had succumbed to &quot;irrational exuberance.&quot; Since then, that <strong>&#39;exuberance&#39; has become increasingly <em>rational </em>as the Fed pulls all its monetary-base expanding, deficit-funding, asset-purchases to keep the American Dream alive for a select (and shrinking) few</strong>...</p> <p>&nbsp;</p> <p>Irational-er and Irrational-er...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional1.gif"><img height="451" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional1_0.gif" width="600" /></a></p> <p>&nbsp;</p> <p>But adjusted for the reality of a fiat world, things look a little different since the dot-com collapse inspired The Fed...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional2.gif"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional2_0.gif" style="width: 600px; height: 451px;" /></a></p> <p>&nbsp;</p> <p>As is clear - since the financial crisis, stocks have become completely dependent upon The Fed</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional3.gif"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional3_0.gif" style="width: 600px; height: 487px;" /></a></p> <p>&nbsp;</p> <p>As The Monetary stock and flow indicate...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional4.gif"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional4_0.gif" style="width: 600px; height: 487px;" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional5.gif"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional5_0.gif" style="width: 600px; height: 487px;" /></a></p> <p>&nbsp;</p> <p>And relative to debt... stocks have gone nowherefor 90 years...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional6.gif"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_Irrataional6_0.gif" style="width: 600px; height: 487px;" /></a></p> <p><a href="http://www.thechartstore.com/"><em>Charts: The Chart Store</em></a></p> <p>*&nbsp; *&nbsp; *</p> <p><em>&quot;Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.<strong> But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade...</strong>&quot;</em></p> <p>&quot;How&quot; indeed, Alan, how indeed?</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="644" height="484" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140920_Irrataional1.gif?1411245611" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/greenspans-irrational-exuberance-warning-context#comments Alan Greenspan Irrational Exuberance Janet Yellen Japan Nominal GDP Reality Sat, 20 Sep 2014 22:33:42 +0000 Tyler Durden 494631 at http://www.zerohedge.com Meanwhile, Here's What The "Super-Rich" Are Rushing To Buy http://www.zerohedge.com/news/2014-09-20/meanwhile-heres-what-super-rich-are-rushing-buy <p>If you said shares of BABA, you'd be wrong. <a href="http://www.telegraph.co.uk/finance/commodities/11104055/Super-rich-rush-to-buy-Italian-Job-style-gold-bars.html">According to the Telegraph, </a>the exodus out of paper wealth and into hard assets is reaching a fever pitch as the "super-rich are looking to protect their wealth through buying record numbers of "Italian job" style gold bars, according to bullion experts."</p> <p>The numbers cited by the paper are impressive: <em><strong>the number of 12.5kg gold bars being bought by wealthy customers has increased 243% so far this year</strong></em>, when compared to the same period last year, said Rob Halliday-Stein founder of BullionByPost. <strong>"These gold bars are usually stored in the vaults of central banks and are the same ones you see in the film 'The Italian Job'," </strong>added David Cousins, bullion executive from London based ATS Bullion. </p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/goldbar_3042519a.JPG" width="291" height="233" /></p> <p>The sales of 1kg gold bars, worth about £25,000 each, have doubled during the three months ended August, when compared to the same period last year, Telegraph reports according to ATS Bullion sales figures.</p> <p>As a reminder, these are not some dinky, 1 oz coins that are being bought hand over fist: the bars which are made from pure gold and are worth more than £300,000 each at today's prices of $1,223 (£760) an ounce. </p> <p>That said, sales of the more popular, and far cheaper gold coins such as the quarter ounce sovereign and one ounce Krugerrand have also doubled this year, according to figures from BullionByPost. </p> <p>Mr Halliday-Stein said that while most customers arrange for secure storage of the larger bars in secret vaults operated by Brinks, <strong>some customers have taken physical delivery of the 12.5kg bars. </strong></p> <p>Would they be... <em>Chinese customers?</em><strong><br /></strong></p> <p>But, how is it possible that as the "super rich" are supposedly rushing to buy gold that gold prices are at 2014 lows? </p> <p>Simple: as the chart below shows, there is no better way to continue masking the demand for <em><strong>physical </strong></em>gold than to keep selling <em><strong>paper </strong></em>gold, in this case via its most liquid manifestation, the GLD ETF. It is this ETF that just saw the notional value of gold "holdings" backing the paper manifestation of its "<em>goldness"</em>, <strong>drop to just 776 tons, the lowest since 2008 and nearly half the maximum "holdings" of 1,353 tons reached in December 2012. </strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/gld%20tonnes.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/gld%20tonnes_0.jpg" width="600" height="439" /></a></p> <p>In fact, as if to punctuate what we said early yesterday about the <a href="http://www.zerohedge.com/news/2014-09-19/precious-metals-liquidated-make-room-alibaba-silver-four-year-lows">liquidation of precious metals in order to fund BABA purchases</a>, here is the percentage change in GLD holdings on a daily basis: yesterday's 1% drop in which some 8 paper tons of gold were firesold was a 1% drop in GLD holdings, and the second biggest daily drop in all of 2014...&nbsp;&nbsp;&nbsp; </p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/GLD%20NAV%20drop.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/GLD%20NAV%20drop_0.jpg" width="600" height="485" /></a></p> <p>... a drop which also pushed the price of paper gold to its lowest for 2014. And, a drop, which all those who are buying physical gold instead of paper, are thankful for.</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="291" height="233" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/goldbar_3042519a.JPG?1411248955" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/meanwhile-heres-what-super-rich-are-rushing-buy#comments Central Banks notional value Precious Metals Sat, 20 Sep 2014 21:44:25 +0000 Tyler Durden 494630 at http://www.zerohedge.com Military Plant In East Ukraine Devastated By Massive Explosion; Kiev Accuses Russia Of Using Tactial Nuke http://www.zerohedge.com/news/2014-09-20/military-plant-east-ukraine-devastated-massive-explosion-kiev-blames-accuses-russia- <p>Last night&#39;s headlines crowed in bright red flashing text that Russia and Ukraine had (once again) agreed a cease-fire and terms over the borders between the two nations. Perhaps not surprisingly, mere hours later, <strong>Ukraine is claiming that Russia has broken the truce... with the use of a tactical nuclear weapon at Luhansk airport</strong>. This comes on the heels of claims by the pro-Russia separatists that Kiev forces destroyed a massive military plant in Donetsk. Russia&#39;s defense ministry flatly denies the &#39;nuclear strikes&#39; adding that <strong>&quot;no reasonable person will take them seriously.&quot;</strong> This truce-breaking action has once again raised calls among Ukrainians for the nation to get its nuclear status back; something Russia is clearly strongly against.</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes4.jpg" style="width: 599px; height: 535px;" /></a></p> <p>Earlier in the day, <strong>a massive military facility in pro-Russian separatist-held Donetsk was destroyed</strong>. <a href="http://rt.com/news/189280-donetsk-explosives-plant-blast/">As RT reports,</a> a neighborhood official told Ukrainian 112 television that a shell hit the plant.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;There was a direct hit at the No 47 industrial explosives shop, where some explosives were present. It detonated and caused another explosion. Luckily it didn&rsquo;t hit the main storage facility where we have some 2.5 tons of explosives,&rdquo; said Ivan Prikhod&rsquo;ko, deputy chair of the local community council.</p> <p>&nbsp;</p> <p><iframe frameborder="0" height="315" src="//www.youtube.com/embed/xSyNusxBaFo" width="560"></iframe></p> <p><iframe frameborder="0" height="315" src="//www.youtube.com/embed/xSyNusxBaFo" width="560"></iframe></p> <p>&nbsp;</p> <p>He added that while the incident caused considerable damage, nobody was hurt.</p> <p>&nbsp;</p> <p>...</p> <p>&nbsp;</p> <p>There is no verified report about what kind of weapon hit the plant. But there are <strong>rumors of it being targeted by a Tochka-U tactical missile launched by Kiev&#39;s troops.</strong></p> <p>&nbsp;</p> <p><iframe frameborder="0" height="315" src="//www.youtube.com/embed/-QY4s1w4ons" width="560"></iframe></p> <p>&nbsp;</p> <p>&ldquo;According to our information, three Tochka-U missiles were fired and there you have it,&rdquo; a militia member who identified himself as codename &lsquo;Scorpio&rsquo; told RT.</p> </blockquote> <p><a href="http://en.itar-tass.com/russia/750516">Then, as ITAR-TASS reports,</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Ukrainian media earlier in the day quoted Geletei as telling one of the journalists that the Russian army had delivered two tactical nuclear strikes on the Lugansk airport from a self-propelled Tyulpan 2S4 mortar system, thus causing the Ukrainian troops to leave the area.</strong></p> <p>&nbsp;</p> <p>&ldquo;The strikes were so powerful that they demolished buildings completely from top to bottom,&rdquo; media reports quoted him as saying.</p> </blockquote> <p><a href="https://translate.google.de/translate?hl=de&amp;sl=ru&amp;tl=en&amp;u=http%3A%2F%2Finforesist.org%2Fpri-shturme-luganskogo-aeroporta-armiya-rf-ispolzovala-takticheskoe-yadernoe-oruzhie-geletej-dokument%2F">Adn as Inforesist notes,</a> this was <strong>confirmed by the Minister of Defense of Ukraine Valery Geletey during the return of the Ukrainian delegation from Poland</strong>.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>It is reported on your page in the Facebook Roman Bocskai.</p> <p>&nbsp;</p> <p>In particular,<strong> the forces of the Russian Federation made two impact of self-propelled mortar 2S4 &quot;Tulip&quot; in Lugansk airport</strong>. It is for this reason that our military had left him. Blows were so powerful that &quot;completely destroyed the building from the fifth floor to the basement&quot; - described the minister.</p> </blockquote> <p>The devastation at Luhansk Airport...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes1.jpg"><img height="399" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes1_0.jpg" width="600" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes2.jpg"><img height="383" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140920_ukrainenukes2_0.jpg" width="600" /></a></p> <p><em>h/t @L0ggol</em></p> <p>Which, <a href="http://en.itar-tass.com/russia/750516">as ITAR-TASS reports,</a> the Russian Defense Ministry flatly denied...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Ukrainian media reports said that Defence Minister Geletei had made this statement upon return from talks in Poland.</p> <p>&nbsp;</p> <p>&ldquo;The leadership of <strong><u>Ukraine should consider sending Geletei through a basic military training course where rookies learn the main effects of a nuclear explosion and its consequences</u></strong>,&rdquo; the Russian Defence Ministry said in what meant to be a jock.</p> <p>&nbsp;</p> <p><strong>&ldquo;Speaking seriously, Geletei&rsquo;s regular attempts to justify the failures of the punitive operation in the south-east of Ukraine by alleged actions of Russian army units look like paranoia. But no reasonable person will take them seriously,&rdquo;</strong> the ministry said.</p> </blockquote> <p>*&nbsp; *&nbsp; *<br />What is somewhat comical is that <strong>these incidents comes just hours after Friday&rsquo;s signing of an extended ceasefire deal between Kiev and rebel forces, which hopes to put an end to hostilities in eastern Ukraine</strong>. The deal includes pulling back all heavy weapons from cities and frontlines.</p> <p><strong>The blast happened just as a Russian humanitarian aid convoy was unloading elsewhere in the city</strong>. Some 200 trucks carrying 2,000 tons of aid crossed the border earlier on Saturday.</p> <p>NATO chimed in...</p> <ul> <li><strong>*UKRAINE HAS CEASE-FIRE `IN NAME ONLY,&#39; TOP NATO GENERAL SAYS:AP</strong></li> </ul> <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="583" height="439" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140920_ukrainenukes3.jpg?1411228770" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/military-plant-east-ukraine-devastated-massive-explosion-kiev-blames-accuses-russia-#comments headlines Poland Ukraine Sat, 20 Sep 2014 21:08:23 +0000 Tyler Durden 494620 at http://www.zerohedge.com Technical Outlook for the Dollar http://www.zerohedge.com/news/2014-09-20/technical-outlook-dollar <p>Technically, the dollar is finishing the quarter on strong footing. It has risen against all the major currencies. The New Zealand dollar has eclipsed the yen as the weakest of the major currencies. It is off 7% since end of June. The Canadian dollar is strongest of the majors, losing only 2.7%, and that is after this week's leading 1.2% advance.&nbsp;</p> <p>&nbsp;</p> <p>Neither the euro nor the yen have been able to sustain even modest upticks. &nbsp;Despite extended positioning, the bears do not appear to have had their fill. &nbsp; Into the weekend G20 meeting, there has been no official resistance to the euro and yen's depreciation. &nbsp; &nbsp;The poor participation in the ECB's new four-year lending facility (TLTRO) has boosted speculation that more aggressive measures will be needed to 1) revive lending and 2) bolster the ECB's balance sheet by the trillion euros Draghi mentioned.</p> <p>&nbsp;</p> <p>In Japan, BOJ Governor Kuroda welcomed the yen's decline, and pledged to provide more stimulus if needed. &nbsp;This is in the context in which the Federal Reserve's forecasts appear to have increased the risk of an earlier rate hike, and a US economy that is running a bit faster than appreciated. &nbsp; &nbsp;Q2 GDP will likely be revised (September 26) to something closer to 5% than 4% (from 4.2%) and estimates for Q3 GDP are creeping up as well.&nbsp;</p> <p>&nbsp;</p> <p>A note of caution may be in order for the euro. &nbsp;The multi-month lows set at the end last week were not confirmed by the RSI or MACD. &nbsp;This could be an early signal of a market losing momentum. &nbsp;However, the upside is not compelling, with new selling anticipated in the $1.3000-20 area. &nbsp;On the downside, the next key target is near $1.2750.&nbsp;</p> <p>&nbsp;</p> <p>The dollar reached almost JPY109.50 before the weekend. &nbsp;It has gone almost straight up since the JPY101-JPY103 four-month range was broken in late August. &nbsp;We had suggested potential toward JPY110. &nbsp; The market may grow cautious as this level is neared. &nbsp; A pullback would be seen as a new buying opportunity for dollar bulls. &nbsp;Downside support is near JPY107.80 to JPY108.00.</p> <p>&nbsp;</p> <p>The weakness in the yen will likely continue to help lift the Nikkei, which finally turned positive for the year just before the weekend. &nbsp; Since the dollar broke out of the range against the yen on August 20, the Nikkei has advanced by 6.2% to new multi-year highs. &nbsp;</p> <p>&nbsp;</p> <p>In an almost classic case of "buy the rumor, sell the fact", sterling fell two cents after initially rallying on new that Scotland will remain part of the Kingdom. &nbsp;It appears to have posted a shoot star pattern, a bearish candlestick formation. Recall sterling had rallied from the $1.6050 low on September 10 to $1.6525 shortly after it became clear that the unionists would win. &nbsp;It then proceeded to reverse lower. &nbsp;Initial support is seen a little below $1.6300, and there is a daily trend line that comes in just below $1.6250, in front of a retracement objective near $1.6235.&nbsp;</p> <p>&nbsp;</p> <p>The Canadian dollar looks interesting from a technical perspective. For those US dollar bulls looking for a currency to diversify into, the Canadian dollar may be attractive. The US dollar was turned back from CAD1.11 at the start of last week, and with the help of a stronger core inflation print, it dipped below CAD1.09 before the weekend. &nbsp;Trend line support, drawn off the mid-July and the early September lows comes in near CAD1.0875 at the start of the new week, which is just north of the 100-day moving average (~CAD1.0855). &nbsp; &nbsp;There are US dollar bearish divergences in the MACD, but that does not rule out some modest upticks toward CAD1.0980-CAD1.1020 &nbsp; &nbsp;The bottom of the range is CAD1.08.&nbsp;</p> <p>&nbsp;</p> <p>Since it tested the $0.9400 area on September 5, the Australian dollar has slumped 4.3% or nearly five cents. &nbsp; &nbsp;Immediate resistance is seen near $0.9000. &nbsp;Given Australia's interest rates it is expensive to be short when the downside momentum stalls. &nbsp;Weaker commodity prices and the China slowdown are often cited as factors that have sparked the dramatic drop in the Aussie. &nbsp; The Australian dollar appears to have carved out a large head and should pattern from April through early-September. &nbsp; The neckline was broken on September 9 near $0.9220. &nbsp;The minimum objective is just above $0.8900, and below there is $0.8850. &nbsp;Further a field, the 2014 low near $0.8660 from late-January beckons. &nbsp; &nbsp;</p> <p>&nbsp;</p> <p>Technical indicators are not generating strong signals in the Mexican peso. &nbsp;The US dollar appears in a new broader range of MXN13.00 to MXN13.30. &nbsp; We have a slight bias toward a stronger peso, and see that local stocks have performed better than the MSCI EM index recently, perhaps aided by strength of the US economy and somewhat better Mexican data. &nbsp;</p> <p>&nbsp;</p> <p>US 10-year yields edged single basis point higher last week. &nbsp;While the near-term risk extends toward 2.70%, many are talking about 2.65%, which corresponds to the 200-day moving average. &nbsp; Perhaps a sharp drop in the headline of August durable goods orders (September 25), as the July surge in Boeing orders is unwound, may encourage some backing off of the yield, but 2.55% may be the most that can reasonably be hoped for now.&nbsp;</p> <p>&nbsp;</p> <p>Observations based on the speculative positioning in the futures market:</p> <p>&nbsp;</p> <p>1. &nbsp;There was an unusually high number of significant position adjustments, which we have defined as a change of 10k of more contract in the gross position. &nbsp; This increase in activity has been observed in the spot market as well.</p> <p>&nbsp;</p> <p>2. &nbsp;The gross long euro position increased by 20.2k contracts to 79.6k. &nbsp;This seems to be a case of bottom picking. &nbsp;The net short position fell as a result of new longs entering the market rather than a bout of short covering. &nbsp;The gross short position fell by 200 contracts to 216.7k.</p> <p>&nbsp;</p> <p>3. &nbsp;The gross long yen position jumped by 20.3k contracts to 37.6k. &nbsp;This was the principle cause of the decline in the net short position to 83.2k contracts from 101k. &nbsp;The gross short position actually increased by 2.8k contracts to 120.8k.</p> <p>&nbsp;</p> <p>4. &nbsp;The gross long sterling position was cut by a 25.7k contracts to 55.6k. &nbsp;The gross short position grew by 7.6k contracts. &nbsp;This was sufficient to switch the net position to the short side (6.6k contracts) for the first time since last November.</p> <p>&nbsp;</p> <p>5. &nbsp;The gross long Australian dollar position was culled by 17.7k contracts to 55.6k. &nbsp;The gross short position increased by almost 1.5k contracts. &nbsp;The net long position was essentially halved to 22.1k contracts (from 41.2k).</p> <p>&nbsp;</p> <p>6. &nbsp;The gross short Mexican peso position rose by almost 15k contracts to 47.4k. &nbsp;The gross long position was trimmed by 1.6k to stand at 69.4k contracts.</p> <p>&nbsp;</p> <p>7. &nbsp;Speculators generally added to gross short currency futures positions, with the euro the main exception. &nbsp;The adjustment to the gross long position were more mixed.</p> <p>&nbsp;</p> <p>8. &nbsp;The net short US 10-year Treasury bond futures position fell to 6.8k contracts from 33.3k. &nbsp;This was mostly a product of 23.2k gross short positions being covered. &nbsp;The bulls added 3.3k contracts, which lifted the gross long position to 443.5k contracts.</p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="320" height="226" alt="" src="http://www.zerohedge.com/sites/default/files/images/user113905/imageroot/giant-maze.jpg?1411247008" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/technical-outlook-dollar#comments Aussie Australian Dollar Boeing Bond Canadian Dollar China Futures market Japan MACD New Zealand Nikkei Technical Indicators Yen Sat, 20 Sep 2014 21:02:37 +0000 Marc To Market 494629 at http://www.zerohedge.com GDP Watch: Summer 2014 Was World's Warmest Ever http://www.zerohedge.com/news/2014-09-20/gdp-watch-summer-2014-was-worlds-warmest-ever <p>Since weather has become the most crucial factor in forecasting economic growth, we thought it crucial to the future of central bank policy to note that <strong>Summer 2014 was officially the hottest one ever</strong>, <a href="http://www.washingtonpost.com/blogs/capital-weather-gang/wp/2014/09/18/june-july-august-set-record-for-warmest-summer-on-earth-says-noaa/">according to NOAA</a>. This of course means there is "pent-up" cold weather, which may explain the <strong>collapse in global growth expectations</strong>. However, this chatter about heat may surprise Americans (aside from those that live in the Western States) as the Mid-Atlantic and Northeast U.S. were running cooler than normal (thus concerns about growth). <a href="http://www.ncdc.noaa.gov/sotc/global/2014/8">According to NOAA’s records</a>, this is the <strong>38th consecutive August and 354th consecutive month with a global average temperature above the 20th century average</strong>.</p> <p>&nbsp;</p> <p><a href="http://www.washingtonpost.com/blogs/capital-weather-gang/wp/2014/09/18/june-july-august-set-record-for-warmest-summer-on-earth-says-noaa/">As The Washington Post reports</a>,</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>It was the warmest summer on Earth since records began in 1880, according to a monthly climate report by NOAA’s National Climatic Data Center.</strong></p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot1.gif"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot1_0.gif" width="600" height="381" /></a></p> <p>&nbsp;</p> <p>In addition, August 2014 was the warmest August on record for the globe, according to all three major organizations that track the earth’s temperature.</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot3.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot3_0.jpg" width="600" height="463" /></a></p> <p>&nbsp;</p> <p>Over land and ocean, NOAA reports that August ended 0.75 degrees Celsius above the 20th century average, while the summer months, June through August, were 0.71 degrees warmer than normal.</p> </blockquote> <p><strong>Which explains this...</strong> (as meteoreconomists downgrade growth expectations on the basis that hot summer means cold winter in the Keynesian mean-reverting world of weather prognostication)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot4.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot4_0.jpg" width="600" height="332" /></a></p> <p>&nbsp;</p> <p><strong>Global GDP growth plunged to cycle lows as the "hot" summer swept across the world.</strong></p> <p>But...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Over land, the high latitudes were incredibly warm compared to normal, in Siberia in particular. The sizzling heat in the western U.S. and Mexico drove up the temperature for the JMA analysis, while the eastern U.S. was cooler than average in all three analyses.</p> <p>&nbsp;</p> <p>The summer and August records may come as a surprise to the <strong>Mid-Atlantic and Northeast U.S., which were running cooler (and wetter) than normal according to both NASA and NOAA. </strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot4.gif"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/09/20140919_hot4_0.gif" width="600" height="464" /></a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>According to NOAA’s records, <strong>this is the 38th consecutive August and 354th consecutive month with a global average temperature above the 20th century average.</strong></p> </blockquote> <p>*&nbsp; *&nbsp; *<br /><span style="text-decoration: underline;"><strong>So prepare yourself for Q3 earnings excuses that it was not Goldilocks...</strong></span> in fact it was too hot to shop/spend/invest in capex in the West and too cold to buy iPhones in the East...</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="901" height="499" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140919_hot4.jpg?1411230405" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/gdp-watch-summer-2014-was-worlds-warmest-ever#comments Goldilocks Mexico NOAA Sat, 20 Sep 2014 21:01:23 +0000 Tyler Durden 494628 at http://www.zerohedge.com AP Reveals 8 Ways Obama's "Most Transparent Administration Ever" Blocks Information http://www.zerohedge.com/news/2014-09-20/ap-reveals-8-ways-obamas-most-transparent-administration-ever-blocks-information <p><em>"We have put in place the toughest ethics and transparency laws of any administration in history,"</em> President Obama proclaimed four short years ago... However, <a href="http://blog.ap.org/2014/09/19/8-ways-the-obama-administration-is-blocking-information/">as AP Washington Bureau Chief Sally Buzbee said recently</a>,<strong> the fight for access to public information has never been harder, and in fact, the problem extends across the entire federal government and is now trickling down to state and local governments</strong>. Here is Buzbee’s list of eight ways Obama's "most transparent" administration is making it hard for journalists to find information and cover the news...</p> <p>&nbsp;</p> <p>Remember, this is the most transparent and open administration ever...</p> <p><iframe src="//www.youtube.com/embed/OXWTdTnhebs" width="480" height="360" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>Though, it seems, <a href="http://blog.ap.org/2014/09/19/8-ways-the-obama-administration-is-blocking-information/">as AP reports,</a> that is simply not true...</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>1) As the United States ramps up its fight against Islamic militants, the public can’t see any of it.</strong> News organizations can’t shoot photos or video of bombers as they take off — there are no embeds. In fact, the administration won’t even say what country the S. bombers fly from.</p> <p>&nbsp;</p> <p><strong>2) The White House once fought to get cameramen, photographers and reporters into meetings the president had with foreign leaders overseas. <span style="text-decoration: underline;">That access has become much rarer. </span></strong>Think about the message that sends other nations about how the world’s leading democracy deals with the media:&nbsp; Keep them out and let them use handout photos.</p> <p>&nbsp;</p> <p><strong>3) Guantanamo: The big important 9/11 trial is finally coming up. But we aren’t allowed to see most court filings in real time</strong> — even of nonclassified material. So at hearings, we can’t follow what’s happening. We don’t know what prosecutors are asking for, or what defense attorneys are arguing.</p> <p>&nbsp;</p> <p><strong>4) Information about Guantanamo that was routinely released under President George W. Bush is now kept secret.</strong> The military won’t release the number of prisoners on hunger strike or the number of assaults on guards. Photo and video coverage is virtually nonexistent.</p> <p>&nbsp;</p> <p><strong>5) Day-to-day intimidation of sources is chilling. </strong>AP’s transportation reporter’s sources say that if they are caught talking to her, they will be fired. Even if they just give her facts, about safety, for example. Government press officials say their orders are to squelch anything controversial or that makes the administration look bad.</p> <p>&nbsp;</p> <p><strong>6) One of the media — and public’s — most important legal tools, the Freedom of Information Act, is under siege. </strong>Requests for information under FOIA have become slow and expensive. Many federal agencies simply don’t respond at all in a timely manner, forcing news organizations to sue each time to force action.</p> <p>&nbsp;</p> <p><strong>7) The administration uses FOIAs as a tip service to uncover what news organizations are pursuing. </strong>Requests are now routinely forwarded to political appointees. At the agency that oversees the new health care law, for example, political appointees now handle the FOIA requests.</p> <p>&nbsp;</p> <p><strong>8) The administration is trying to control the information that state and local officials can give out. </strong>The FBI has directed local police not to disclose details about surveillance technology the police departments use to sweep up cellphone data. In some cases, federal officials have formally intervened in state open records cases, arguing for secrecy.</p> </blockquote> <p>*&nbsp; *&nbsp; *</p> <p>If you like your transparency, in this case, you can't keep it!</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="354" height="438" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140920_sshh.jpg?1411230355" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/ap-reveals-8-ways-obamas-most-transparent-administration-ever-blocks-information#comments FBI FOIA Freedom of Information Act President Obama Transparency White House Sat, 20 Sep 2014 20:08:53 +0000 Tyler Durden 494627 at http://www.zerohedge.com Fear And Loathing In Scotland – Why The "NO"s Won & Lessons Learned From The Vote http://www.zerohedge.com/news/2014-09-20/fear-and-loathing-scotland-%E2%80%93-why-nos-won-lessons-learned-vote <p><em>Submitted by <a href="http://libertyblitzkrieg.com/2014/09/19/fear-and-loathing-in-scotland-why-the-nos-won-and-lessons-learned-from-the-vote/">Mike Krieger via Liberty Blitzkrieg blog</a>,</em></p> <p>Yesterday morning, as I sat down for my ritualistic dose of caffeine and began&nbsp;to write, I noticed that I had auspiciously&nbsp;planted myself&nbsp;in front of two older women from the UK. One was from Scotland, the other from somewhere else in the United Kingdom with an accent I couldn&rsquo;t quite place. The non-Scottish woman asked her friend for thoughts on the independence referendum. The Scottish woman replied that she would have voted &ldquo;YES,&rdquo; but that her friends were all voting &ldquo;NO.&rdquo; She said that <strong>&ldquo;they were afraid.&rdquo;</strong></p> <p>Upon overhearing this, I felt a pit form in my stomach. Almost all of the enthusiasm that I had for the day was immediately drained. Not only was I excited to see a historically defiant and proud people vote for independence, but yesterday marked the launch of the <strong><a href="http://libertyblitzkrieg.com/2014/09/18/introducing-liberty-blitzkrieg-contributors/">Contributor section</a></strong>&nbsp;of Liberty Blitzkrieg. It was a big day for me, yet all of a sudden it was as if the atmosphere suddenly evaporated and despair filled the air. <strong>Although no results had yet been reported, I knew the result. It was going to be NO.</strong></p> <p>I&rsquo;m pretty sure I have absolutely zero Scottish blood in me, but I felt a strong sense of pride and camaraderie with the rebellious northerners. <strong>They had a chance to really kickstart a peaceful process of political decentralization that would spread like brushfire across the world.</strong> From Caledonia to Catalonia. From Quebec to these United States. It would have been&nbsp;an unstoppable force. It would be humanity proudly waving a flag of liberty and saying we can be fully integrated within the world at large without being ruled from a centralized power far from where we live. This is my dream and vision for the future and I was hopeful the Scots could lead the way. <strong>Unfortunately, this did not happen.</strong></p> <p>In the wake of the results, I have witnessed&nbsp;a great deal of bitterness and anger&nbsp;about the vote. While I can relate to such sentiments, I try to take a much more constructive and optimistic approach to the future. First and foremost, we should all be proud that the vote happened at all. So many people within the so-called &ldquo;liberty movement&rdquo; are discouragingly extreme pessimists. While proclaiming to fight for liberty, many of them&nbsp;seem to think we are powerless in the face of the powerful. To them, the independence referendum is proof that nothing can ever be changed. I completely disagree with this perspective.</p> <p>The vote did&nbsp;happen, and the people of Scotland were given a choice. They said NO. I have always maintained that my vision of the future is not a world&nbsp;homogeneously looking like the type of community I personally want to live in, but rather a planet consisting of an almost infinite variety of different, autonomous, interacting, and prosperous communities. There will be so many choices, and such freedom of movement, that pretty much anyone of any disposition can find a place they feel they fit in and can call home. Nobody is ever subject&nbsp;to a life sentence within a&nbsp;particular&nbsp;political structure they had no role in creating just because they happened to be born there.</p> <p>So that&rsquo;s my vision, but how are we supposed to get there? Well for one thing, via powerful political movements such as the ones the Scots just pulled off. As a result of this movement, the people of Scotland were given a very important choice. A choice that 99.9% of the humans&nbsp;who have ever lived on planet earth have never had. This in itself is an important&nbsp;achievement. If the Scots voted NO, who am I or anyone else to say they made the right or wrong decision? They were given a real choice, a vote that actually mattered for once, and for that we should be encouraged. As I noted on Twitter yesterday:</p> <blockquote class="twitter-tweet" lang="en"><p>No matter the outcome, the vote in Scotland matters. A lot. We need more votes and referendums that actually matter in the U.S. as well.</p> <p>&mdash; Michael Krieger (@LibertyBlitz) <a href="https://twitter.com/LibertyBlitz/status/512686229955940352">September 18, 2014</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>Although I specifically mentioned the U.S., the above sentiment applies to the entire world. <strong>People everywhere should frequently hold direct referendums on specific issues that matter to them. </strong>The idea of representative democracy, in which we select&nbsp;some captured politician who will merely vote along the lines of special interests is outdated, immoral, childish and feudal. Recall <a href="http://libertyblitzkrieg.com/2014/04/16/new-report-from-princeton-and-northwestern-proves-it-the-u-s-is-an-oligarchy/"><strong>the Princeton study</strong></a> that showed the U.S. is an oligarchy where the will&nbsp;of the people have zero effect on policy. So clearly we already know the status quo is not working for the vast majority of people.</p> <p><strong>So with that big picture vision out of the way, are there any positives those who favor decentralization can take from Scotland&rsquo;s independence referendum other than the fact dedicated people actually made it happen? Yes, I believe there are many important takeaways, several of which are instructive going forward.</strong></p> <p>First, there&rsquo;s the fact that fear was a driving force behind the NO voters. Fear is something I spent a lot of time addressing in posts several years ago. Fear is necessary in a very small number of scenarios we face as humans, but it is unfortunately applied in myriad situations where it makes our&nbsp;situations worse, not better. Fear is what allows despots to take and retain power. Fear is what keeps you from living life and achieving your goals. Fear is paralyzing. Fear makes a people reject their own independence.</p> <p>Recall that the older lady yesterday (I would guess she was in her 70s) stated that her friends were all voting NO&nbsp;because they were &ldquo;afraid.&rdquo; This line took an increased level of significance for me later in the day as&nbsp;I was reading a lengthly <a href="http://www.telegraph.co.uk/news/uknews/scottish-independence/11081025/Scottish-independence-campaign-as-it-happened-18-September-2014.html">article in the UK Telegraph</a> and came across the following quote:</p> <p><img alt="Screen Shot 2014-09-19 at 10.09.11 AM" class="alignnone size-full wp-image-17137" src="http://libertyblitzkrieg.com/wp-content/uploads/2014/09/Screen-Shot-2014-09-19-at-10.09.11-AM.jpg" style="width: 600px; height: 116px;" /></p> <p>So with that in mind, it&rsquo;s important to ask, who was fearful and why?</p> <p>With the results now finalized, we have some definitive answers to this question. The post referendum <a href="http://lordashcroftpolls.com/2014/09/scotland-voted/">polling done by Lord Ashcroft</a> has been going around Twitter this morning, and the results are simply incredible. See below:</p> <p><img alt="Screen Shot 2014-09-19 at 10.28.56 AM" class="alignnone size-full wp-image-17142" src="http://libertyblitzkrieg.com/wp-content/uploads/2014/09/Screen-Shot-2014-09-19-at-10.28.56-AM.jpg" style="width: 599px; height: 233px;" /></p> <p><strong>The NO vote was entirely secured by overwhelming support from those aged above 55. </strong>In fact, the &ldquo;better together&rdquo; camp&nbsp;failed to win any of the age groups below&nbsp;55 years of age. For the 65+ crowd it was simply a blowout. 73% of them voted NO. So in a nutshell, old people filled with fear blocked independence. Similarly, fearful old people bailed out the banks in the U.S. several years ago, putting a nail in the coffin of the middle class and the youth generally. See what I am getting at here?</p> <p><strong>What we now know for certain is that old people in positions of wealth and power, and the&nbsp;ability to frighten others of their generation, is proving to be the most significant obstacle to global change.</strong> For those of us who wish to see paradigm shifting changes, this is a very positive realization. For starters, the older generation will gradually fade&nbsp;away, and the promises made to them via pensions will not be on the table for younger generations. Pensions were a huge issue for the 65+ crowd when it came down to their voting decisions. &nbsp;The <a href="http://www.bbc.com/news/uk-scotland-scotland-politics-26354467">BBC noted</a> that:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em><a href="http://www.bbc.co.uk/news/uk-scotland-scotland-politics-26102076">A recent BBC poll</a>&nbsp;found that pensions came second in a list of the 10 things that mattered most to voters &ndash; only the economy was deemed more important.</em></strong></p> </blockquote> <p>The economy and pensions. So basically old people on the way out felt like they had a reasonable handle on what to expect under the current regime, and didn&rsquo;t want to rock the boat. It&rsquo;s really as simple as that.</p> <p><strong>Going forward, the older generation problem will naturally resolve itself. So we know that the&nbsp;youth will be deciding the future. Thus, the real question becomes, what will influence the youth?</strong></p> <p>As a result of the horrific and self-interested choices of older generations, the youth will be left with a much more difficult and uncertain future. This is already happening, but it will worsen considerably following&nbsp;the next severe economic decline, likely to start in late 2015.</p> <p><strong>My biggest concern is that fear will be used to drive the&nbsp;passions of the youth, rather than constructive, positive influences. </strong>We know that fear is an extremely powerful driver, and it more often than not leads to disastrous decision making. There is no doubt that the youth will decide the future, but will their passions be driven by negative emotions like fear, or positive sentiments like creativity, compassion and community? Only time will tell, but&nbsp;its up to us to be aware of this dynamic, understand exactly what is at stake, and attempt influence the outcome as positively as possible.</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="447" height="517" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20140919_scot.jpg?1411230417" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/fear-and-loathing-scotland-%E2%80%93-why-nos-won-lessons-learned-vote#comments Twitter Twitter United Kingdom Sat, 20 Sep 2014 19:23:33 +0000 Tyler Durden 494626 at http://www.zerohedge.com HoNK To THe CHieF... http://www.zerohedge.com/news/2014-09-20/honk-chief <p><iframe src="https://www.flickr.com/photos/expd/15088556640/player/5d70d85453" height="680" width="1024" frameborder="0" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe></p> http://www.zerohedge.com/news/2014-09-20/honk-chief#comments Sat, 20 Sep 2014 19:18:32 +0000 williambanzai7 494625 at http://www.zerohedge.com Beware International Financialization and Global Dirigisme http://www.zerohedge.com/news/2014-09-20/beware-dangerous-global-dirigisme <p><strong id="docs-internal-guid-dd9112d2-9436-292b-aab2-f1601044f745" style="font-weight: normal;"><img src="http://www.valenciaplaza.com/bd/imagenes/imagen100612g.jpg" width="800" height="286" style="display: block; margin-left: auto; margin-right: auto;" /></strong></p> <div><strong style="font-weight: normal;"><br /></strong></div> <p style="line-height: 1.83333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: center;" dir="ltr"><span style="font-size: 12.7272720336914px; text-align: left; font-family: 'Lucida Grande', Verdana, sans-serif; line-height: 17.3333320617676px;">Courtesy of the&nbsp;</span><em style="font-size: 12.7272720336914px; text-align: left; font-family: 'Lucida Grande', Verdana, sans-serif; line-height: 17.3333320617676px;"><strong><a href="http://zirpqe.wordpress.com/" style="text-decoration: underline; color: #000000;">SlealthFlation</a></strong></em><span style="font-size: 12.7272720336914px; text-align: left; font-family: 'Lucida Grande', Verdana, sans-serif; line-height: 17.3333320617676px;">&nbsp;Blog:</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="color: #242424; font-family: Arial; font-size: 12px; white-space: pre-wrap; line-height: 1.83333333333333; background-color: transparent;">Like many of our readers, I clearly have a very hard time reconciling a U.S. stock market making new all-time-highs almost daily, especially in the face of what most economists consider to be a weak domestic economy with negligible growth prospects. &nbsp;Moreover, when you layover the thoroughly stalled and certainly weaker overall global economic picture, it’s even harder to rationalize. &nbsp;Finally, throw into the mix the gravity of threatening geopolitical tensions between the U.S. and Russia, the two nations with the largest stockpiles of tactical nuclear weapons on earth, as well as the disintegrating Middle East mayhem, and the market actually welcomes it. &nbsp;Something majorly does not add up, well, to this idiot anyways.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="https://lh3.googleusercontent.com/jlbSEkVJzDhyp6bR1Ekt-VJVdJaecxPPwwlNJM5V1shEPl8IFXYCEO1wt2ID57QJkoRwcg-9As2sCn0u_mB2oFld4KpMJhpkSnwqm8633i5TcIsemgQwXTxuWrw8HCRDZA" alt="14516383-3d-kleine-geschaftsleute-zeigen-marktwachstum-und-leistung-und-erfolgreiches-unternehmen" width="300" height="300" style="border: none; transform: rotate(0rad); float: left;" /></span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">I know, I know, I know the economy is not the stock market. &nbsp;What are you some kind of a clueless moron? &nbsp;But, let’s be honest with each other, the listed companies on the exchanges which make up the market in aggregate, do in fact represent the country’s economic condition at large.&nbsp;</span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Therefore, if the overall economy has poor growth prospects , it surely stands to reason that the markets, which are ostensible forward looking, should indeed reflect equity values which intrinsically measure the future earnings of those companies, which in large part have offered less than encouraging forward guidance. Therefore, if the overall economy has poor growth prospects, it surely stands to reason that the equity values which intrinsically measure the future earnings of those companies should in point of fact reflect that future weakness. Yet, we continue to achieve new highs almost daily? Some will tell you that it’s not so much the underlying value of the companies that is driving the market to new highs, but rather the Fed QE policy, printing ever free flowing funds which relentlessly increase financial asset values as the currency is consistently devalued, causing higher and higher prices. Well, if that were truly the case, wouldn’t rabid inflation be upon us in a general way, and thus reflected in all things cash buys? &nbsp;The debased money still seems to be holding its value against certain other goods, right? &nbsp;Not to mention that CPI is supposedly below 1% (rolls eyes). &nbsp;Still others will tell you that it’s the astounding technology advances of our times driving the productivity gains which are behind these sensational stock valuations. This I can partially buy into somewhat for several market sectors, at least where increased margins are concerned, but certianly not across the board. &nbsp;</span><span style="color: #242424; font-family: Arial; font-size: 11.8181819915771px; line-height: 20px; white-space: pre-wrap;"> Moreover, during the past several quarters overall revenues have slowed, which has clearly been reflected in softer earnings growth for the majority of companies. </span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="color: #242424; font-family: Arial; font-size: 11.8181819915771px; line-height: 20px; white-space: pre-wrap;">Yet, remarkably, the market continues making new highs, seeing nothing but clear skies above and continued smooth sailing ahead. &nbsp;Call me a stubborn, but this idiot remains increasingly skeptical. </span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">FWIW, what I genuinely see here is an entirely captured market being indirectly inflated by a complicit FED through&nbsp;it's </span><span style="color: #242424; font-family: Arial; font-size: 11.8181819915771px; line-height: 20px; white-space: pre-wrap;">multinational mega bank agents, whom also happen to be </span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">it's board members, is desperrately trying to keep an impaired monetray and financial system afloat at all costs. They have reduced&nbsp;</span><span style="color: #242424; font-family: Arial; font-size: 11.8181819915771px; line-height: 20px; white-space: pre-wrap;">the market to nothing more than a bill board and degraded </span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">themselves into foolish financial cheerleaders dubiously relying on a wealth effect that has yet to materialize. They also are well aware of the fact that the Nation's monumental fiscal debt burden can't tolerate normaized interest rates, and additionally, both the public and private pension retirement income streams demand a mininum of 7% returns to maintain solvency, all of which absolutely petrifies them. Where are they gonna get those required returns? The eviceratted treasury market? &nbsp;All these monetary degenerates are doing is blowing yet another asset bubble, just as all the previous ones then have blown since we entered to debt financed bubbleconomics Milenium. All I see from their suspect efforts are n</span><span style="font-size: 12px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ominal synthetic stock market gains, juiced by stock buy backs via zirp infested money, which is categorically not a productive conduit for economic growth.</span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> I mean really, all time highs with little to no median income growth and nearly 60 million Americans permanently on food stamps. &nbsp;To quote U.S. Open Champion John McEnroe; <em><strong> "You can't be serious!"</strong></em></span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; 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/UWIgM_b0_OKqA4MNY3GJA73-idEiJwpWEbnUyD9DqRoR8Svo1uMh5na_b2cWYPIviYjJoqhuNHJxh6t5GqBcCzhld1g2jpcWlR8-93sFHEmrV0YoXREnxjRyp8xVw7Ml0g" alt="20140307_progress" width="400" height="285" style="border: none; transform: rotate(0rad); float: right;" /></span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">If one dares to make the unfathomable hair-brained assumption that the market is quite possibly not reflecting and perhaps even blatantly misrepresenting economic reality, what can really be going on here? What’s really driving the ballistic buying binge? &nbsp;I realize that the momos and trendos among us don’t give a damn, as they continue to rake in coin via a market seemingly tailor made to reward their systematic approach to capital market's trading, almost as if it were specifically designed to entice and encourage their fabulous feeding frenzy. Now that their orginal sugar daddy has been repolaced by who's your Mommy, it seems reason enough to completely satisfy them. We, however, remain unconvinced, requiring more substantive fundamental answers to feel grounded in economic reality. What is really behind this seemingly illegitimate, and laughably ludicrous levitation? &nbsp;Well, open your mind to the matrix my friends, as we have an entirely spectacular answer for you all, which may well identify what is really operating behind the scenes. &nbsp;Brace yourselves, if it’s even remotely accurate, it is truly terrifying.</span></p> <h4 style="line-height: 1.3636363636363635; margin-top: 8pt; margin-bottom: 14pt;" dir="ltr"><span style="font-size: 15px; font-family: Georgia; color: #555555; background-color: transparent; font-weight: bold; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Behold our bold brash blather or bogus bloviated buffoonery, you decide:</span></h4> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="http://zirpqe.files.wordpress.com/2014/08/the-bank-for-international-settlements-at-night-photo-by-wladyslaw.jpg?w=900&amp;h=599" alt="The-Bank-For-International-Settlements-at-Night-Photo-by-Wladyslaw" width="340" style="float: left;" />Most of us will acknowledge that an International Banking Cabal is in full control of the major Central Banks which orchestrate the current monetary order that the globe’s financial system runs on. &nbsp;Moreover, you would have to have been living under a rock to not have noticed that, ever since the financial crisis of 2008, the political authorities leading the developed Nation’s of the world’s are now willfully subservient to their respective central banks, that inturn take their marching orders form the TBTF multinational financial institutions which own them. &nbsp;The crony currency club cabal’s overriding self serving interests are suposedly paramount to us all. Yet, this avaricious international banking cartel has no allegiance other then unto itself.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Astonishingly, even the once revered ideal of national sovereignty itself has had its wings effectively clipped by this elite banking class. Perhaps the most obvious example of the abject subjugation is the European Union, with its ECB imposed EURO hand cuffs firmly casting an iron grip around previously magnificent autonomous nations such as Italy and Spain, rendering them to a sad sorry state of subordinate EU foot stooldom. &nbsp;How thoroughly we have permitted the self seeking interests of those privileged few closest to the powerful money levers control our collective destiny. &nbsp;I dare say, many of you here seem to have acquiesced, and now actually welcome the money drug dealers. Beware my dear friends, as the pusher soon owns the junkie................</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">W</span><img src="http://static.infowars.com/2010/07/i/article-images/globetable.jpg" width="400" style="font-size: 1em; line-height: 1.3em; float: right;" /><span style="color: #242424; font-family: Arial; font-size: 12px; white-space: pre-wrap; line-height: 1.83333333333333; background-color: transparent;">e are beginning to genuinely believe that there may well exist self appointed elites running the deep state, acting as demigod’s directing our deferential dependency and counting on the deliberate demise of the U.S. dollar, nefariously orchestrating a bold and grand scheme to complete the outright capture of our entire universal monetary existence.&nbsp;It’s our contention that all of this supposed tumult on the ground in Ukraine, is none other than the globalist enspired ongoing destabilization of the world’s sovereign Nation states, designed to open the door for an IMF backed SDR new global monetary order. The well orchestrated intent of establishing total financial hegemony over the world, and the dominion of all its natural resources, including those that are human.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><img src="https://lh3.googleusercontent.com/EJtxoPLyXfjBFW3BsqDHk2F8eEtZ77AD3_PYWsavWIaRWxXSOCPiwq7MyTPYeLwmXEWzQHFun67zpu1mvr-2tcrg547N6K6IdF7kszaCwfHyhkzeOlpEs2rDmJO1ofzowQ" alt="9780805055764_p0_v1_s260x420" width="240" height="360" style="border: none; transform: rotate(0rad); float: left;" /></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span id="docs-internal-guid-17540cba-951b-e983-573a-2e592e570b2e">&nbsp;</span></p> <p style="line-height: 1.83333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">These depraved puppet masters already have the European nation states right where they want them via their EU/ECB headlock stranglehold. They have rendered China entirely dependent on an export based / low wage economic growth model, as they have done with all the BRICS. They have destabilized MENA to disembowel OPEC. The next two chess pieces to fall will first be the once mighty Russian queen, followed by the indisputable king USA. The last move is to undermine the United States’ Petro dollar reserve currency supremacy. This final checkmate will be achieved by initiating a disastrous energy war. They clearly desire and require a raging resource war to destabilize the USD. The current covert and $5 billion NGO supported destabilizing stratagem which manufactured and fomented riots in Kiev’s Maiden square, pitting Ukraine against Russia, is simply another carefully crafted conflict.</span></p> <p style="line-height: 1.83333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-size: 11px; font-family: Arial; color: #333333; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="color: #242424;">T</span></span><span style="font-size: 11px; font-family: Arial; color: #333333; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">he offensive globalist, who are beholden to the financial internationalists, have been relentlessly pressing Eastwards via US/EU/NATO expansionism with blatant encroachment, c</span><span style="color: #242424;"><span style="font-size: 12px; line-height: 1.83333333333333;">ompletely discarding the specicific agreement between Reagan and Gorbachev, which stipulated that after the dissolution of WarPac in Eastern Europe, NATO would refrain from encroaching onto any buffer states situated on Russia's immediate borders. </span></span></span><span style="font-size: 11px; font-family: Arial; color: #333333; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Additionally, overt economic warfare has now been clearly unleashed upon Russia by these mad men. Why? Due to the mere fact that mother Russia is simply safeguarding her considerable strategic and economic interests in a buffer region, bordering a state with which they have long standing historical ties and which holds significant ethnic Russian populations? This is a completely over the top act of destbilizing international adventurism and aggression. Who is really behind this folly and why?</span></p> <p style="line-height: 1.83333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 11px; font-family: Arial; color: #333333; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The overt economic warfare that has clearly been unleashed upon Russia by these mad men, due to the mere fact that mother Russia is simply safeguarding her considerable economic interests in a buffer region / bordering state with which they have long standing historical ties and which holds significant Russian populations, is a completely over the top destabilizing act of international adventurism. &nbsp;Putin certainly realizes that the Western financial Globalist are intent on further imposing their monetary / resource hegemony onto Russia. The Kremlin sees it and knows this is an existential conflict for Mother Russia. </span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: #ffffff; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">They tried in Iraq and failed, they tried with Iran and failed, they tried with Libya and failed, they tried with Syria and failed. &nbsp;Undaunted, they are now determined to pursue their rapacious agenda via Ukraine. &nbsp;The American people could quite possibly fall for this last scheme. The MSM has certainly been working overtime to paint that Putinator prick as a dreadfully dangerous despot intent on world domination. Pay attention America, the international bankers want war, same as it ever was.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The following piece written by </span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Brandon Smith</span><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> provides provocative historical evidence of the int’l banks’ lust for war:</span></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">&nbsp;</span><span style="font-size: 12px; font-family: Arial; color: #666666; font-style: italic; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">With the exception of a few revolutions, most wars are instigated and controlled by financial elites, manipulating governments on both sides of the game to produce a preconceived result. The rise of National Socialism in Germany, for instance, was largely funded by corporate entities based in the U.S., including Rockefeller giant Standard Oil, JPMorgan and even IBM, which built the collating machines specifically used to organize Nazi extermination camps, the same machines </span><a href="http://www.theguardian.com/world/2002/mar/29/humanities.highereducation" style="line-height: 1.83333333333333; font-size: 1em;"><span style="font-size: 12px; font-family: Arial; color: #333333; font-style: italic; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">IBM representatives serviced on site at places like Auschwitz</span></a><span style="font-size: 12px; font-family: Arial; color: #666666; font-style: italic; vertical-align: baseline; white-space: pre-wrap; background-color: transparent;">. As a public figure, Adolf Hitler was considered a joke by most people in German society, until, of course, the Nazi Party received incredible levels of corporate investment. This aid was most evident in what came to be known as the Keppler Fund created through the Keppler Circle, a group of interests with contacts largely based in the U.S.</span></p> </blockquote> <p style="line-height: 1.8333333333333333; margin-top: 23pt; margin-bottom: 31pt; margin-left: 23pt; margin-right: 15pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">George W. Bush’s grandfather, Prescott Bush, used his position as director of the New York-based Union Banking Corporation to launder money for the Third Reich throughout the war. After being exposed and charged for trading with the enemy, the case against Bush magically disappeared in a puff of smoke, and the Bush family went on to become one of the </span><a href="http://www.theguardian.com/world/2004/sep/25/usa.secondworldwar" style="text-decoration: none;"><span style="font-size: 12px; font-family: Arial; color: #333333; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">most powerful political forces</span></a><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> in America.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 23pt; margin-bottom: 31pt; margin-left: 23pt; margin-right: 15pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Without the aid of international conglomerates and banks, the Third Reich would have never risen to power.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 23pt; margin-bottom: 31pt; margin-left: 23pt; margin-right: 15pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The rise of communism in Russia through the Bolshevik Revolution was no different. As outlined in Professor Antony Sutton’s book Wall Street And The Bolshevik Revolution with vast detail and irrefutable supporting evidence, it was globalist financiers that created the social petri dish in which the communist takeover flourished. &nbsp;The same financiers that aided the Nazis…</span></p> <p style="line-height: 1.8333333333333333; margin-top: 23pt; margin-bottom: 31pt; margin-left: 23pt; margin-right: 15pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The two sides, National Socialism and communism, were essentially identical despotic governmental structures conjured by the same group of elites. These two sides, these two fraudulent ideologies, were then pitted against each other in an engineered conflict that we now call World War II, resulting in an estimated 48 million casualties globally and the ultimate formation of the United Nations, a precursor to world government.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 23pt; margin-bottom: 31pt; margin-left: 23pt; margin-right: 15pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #666666; background-color: transparent; font-weight: normal; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Every major international crisis for the past century or more has ended with an even greater consolidation of world power into the hands of the few, and this is no accident.</span></p> <p style="line-height: 1.8333333333333333; margin-top: 0pt; margin-bottom: 14pt; text-align: justify;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Are the very same aspiring financial globalists synthetically pumping the U.S. Stock and Bond markets to precariously unstable all time highs, under very dubious circumstances, serving the same age old nefarious ambitions? &nbsp;Could this have been orchestrated in order to create the most economic havoc possible once the plug is pulled on all USD denominated financial assets? The devastating simultaneous detonation of both the U.S. debt and equity markets ultra bubbles would decimate the USD and what was left of the public’s faith in the U.S. financial markets. Is this inconceivable idea really such a stretch? Could the conspiracy kooks actually be onto something? Once the rabid globalist successfully provoke a major resource war, the oil market will shoot straight through the roof, interest rates will spike, and a US stock market crash of epic proportion will ensue. &nbsp;After the dreadfully disastrous devastating dollar fall out, the entire world will be on its knees begging and pleading for the finacial internationalists at the IMF/BIS/WTO to come riding in to save the day. As a white knight of last resort, with their globally sponsored&nbsp;and </span><span style="color: #242424; font-family: Arial; font-size: 11.8181819915771px; line-height: 20px; white-space: pre-wrap;">pre-arranged </span><span style="color: #242424; font-family: Arial; font-size: 12px; white-space: pre-wrap; line-height: 1.83333333333333; background-color: transparent;">SDR currency regime at the ready to reset an entirely fabricated monumental monetary meltdown. Beware the International Banksters, or they will promptly have us eating out of their filthy hands. Their masterful maniacal mission mercilessly accomplished.</span></p> <p style="line-height: 1.83333333333333; margin-top: 0pt; margin-bottom: 14pt;" dir="ltr"><span style="font-size: 12px; font-family: Arial; color: #242424; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img src="http://zirpqe.files.wordpress.com/2014/08/banking-elite-infograph.png?w=756&amp;h=308" alt="Banking-Elite-infograph" width="650" style="display: block; margin-left: auto; margin-right: auto;" /></span></p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="419" height="419" alt="" src="http://www.zerohedge.com/sites/default/files/images/user85367/imageroot/Zimmy_0.jpg?1411239771" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/beware-dangerous-global-dirigisme#comments Bond BRICs Central Banks China CPI Eastern Europe Equity Markets European Union Germany Iran Iraq Italy John McEnroe Market Crash Meltdown Middle East None OPEC Reality Reserve Currency The Matrix Ukraine Sat, 20 Sep 2014 19:05:19 +0000 Bruno de Landevoisin 494624 at http://www.zerohedge.com Shocking Anti-Islam Ad Campaign Coming To New York City Buses And Subways http://www.zerohedge.com/news/2014-09-20/shocking-anti-islam-ad-campaign-coming-new-york-city-buses-and-subways <p>In a move that is certain to further escalate already stretched racial tensions in America's most cosmopolitan city, some 100 New York City buses will soon carry jarring anti-Islamic posters which feature photos of an ISIS beheading victim, his alleged executioner, Adolf Hitler, declare "Yesterday's moderate [Muslim] is today's headline" and proclaim "It's not Islamophobia, it's Islamorealism" as part of an "educational campaign." According to the <a href="http://www.nydailynews.com/new-york/shocking-anti-islam-ad-campaign-okd-mta-article-1.1945174?cid=bitly">NY Daily News</a>, the ads, paid for by flame-throwing blogger Pamela Geller, at a cost of $100,000, are intended as an “education campaign” to warn of the “problem with jihad” and Islamic sharia law, Geller said.</p> <p>Below are some of the ads which will soon grace 100 buses and at the entrances of the E. 59th St. station and the Columbus Circle station.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/arab%20ads%20NYC.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/arab%20ads%20NYC_0.jpg" width="600" height="633" /></a></p> <p>In one poster, a photo from the video in which U.S. journalist was killed is sits next to a photo of a British man suspected of being the militant behind the ISIS beheadings.</p> <p>A second ad contains a 1940s photo of a pro-Nazi Palestinian leader chatting with Adolf Hitler under the headline, “Islamic Jew-Hatred: It’s in the Quran.”</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Pam%20Geller.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Pam%20Geller_0.jpg" width="600" height="400" /></a></p> <p><em>Pamela Geller, creators of the anti-jihad subway ads, speaks at an MTA meeting two years ago.</em></p> <p>As <a href="http://english.alarabiya.net/en/media/advertising-and-pr/2014/09/20/NYC-busses-to-carry-anti-Islam-ads-.html">Al Arabiya reports</a>, the ads also target the Council on American-Islamic Relations, a civil rights group based in Washington D.C. by linking it to Hamas.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>“Geller is a known hater and there’s no law in this country that forces her to tell the truth,” Corey Saylor, a CAIR spokesman told the Daily news, adding that the group had considered suing Geller but did not think it was worth it. </p> <p>&nbsp;</p> <p>Geller's message, however, does not come unopposed and it is none other than new NYC Mayor de Blasio who spoke up against Geller's campaign: </p> <p>&nbsp;</p> <p>“These ads are outrageous, inflammatory and wrong, and have no place in New York City, or anywhere. These hateful messages serve only to divide and stigmatize when we should be coming together as one city,” New York City Mayor de Blasio told the U.S. daily.</p> <p>&nbsp;</p> <p>“While those behind these ads only display their irresponsible intolerance, the rest of us who may be forced to view them can take comfort in the knowledge that we share a better, loftier and nobler view of humanity," he said.</p> </blockquote> <p>The Metropolitan Transportation Authority admitted that the ads will offend public-transportation passengers but had no choice but to allow them. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>It tried to block Geller several years ago when she wanted to post ads in the subway that labeled enemies of Israel as “savages.”</p> <p>&nbsp;</p> <p>The MTA said the ads violated its “no demeaning” language policy. But a judge ruled that rejecting the ads violated Geller’s First Amendment rights.</p> <p>&nbsp;</p> <p>“If you read the court decision on this, our hands are tied,” said MTA spokesman Adam Lisberg.</p> </blockquote> <p>Following that battle, the MTA updated its policy to force all viewpoint ads like Geller’s to contain language clearly stating that the opinions expressed are not the transit agency’s. Geller’s new ads will contain the disclaimer. </p> <p>Because surely every stunned observer of the iconic picture of US journalist Foley about to be beheaded, plastered on NYC mass transit, will stop and carefully read all the way to the fine print. And some still wonder why the animosity between middle-eastern religious groups leads to ever rising animosity and ever greater bloodshed.</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="970" height="1024" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/arab%20ads%20NYC.jpg?1411236838" /> </div> </div> </div> http://www.zerohedge.com/news/2014-09-20/shocking-anti-islam-ad-campaign-coming-new-york-city-buses-and-subways#comments First Amendment Israel New York City None Washington D.C. Sat, 20 Sep 2014 18:32:20 +0000 Tyler Durden 494623 at http://www.zerohedge.com