en Here's Why The New DNC Chair Is About To Make Bernie Supporters Just As Angry <p><strong>Meet Donna Brazile - interim party chair </strong>after Debbie Wasserman Schultz (DWS) resignation over Wikileaks-email-leaked proof confirming months of accusations that she had put her thumb on the scales in favor of presumptive nominee Hillary Clinton...</p> <p><a href=""><img src="" width="286" height="231" /></a></p> <p>&nbsp;</p> <p>The only problem is... <a href="">a quick search of Wikileaks leaked DNC email database shows</a>... Brazile is exactly the same as DWS - clearly demonstrating bias against the Sanders' camp...</p> <p><a href=""><img src="" width="600" height="594" /></a></p> <p>&nbsp;</p> <p>And rejecting Sanders' efforts to battle the rigged super-delegate system as "another lunacy"...</p> <p><a href=""><img src="" width="600" height="649" /></a></p> <p>&nbsp;</p> <p>So now, following Bernie's statement with regard DWS' resignation...</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">JUST IN: Bernie Sanders statement on the resignation of DWS: <a href=""></a></p> <p>— Kyle Griffin (@kylegriffin1) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><p>We suspect,<strong> Sanders' supporters will be screaming for more blood (and rightfully so) and the deeply-rigged nature of today's body politik spews to the surface once again.</strong></p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Donna Brazil swiftly corrects Jake tappert when wrongly suggests she supports <a href="">#HillaryClinton</a> WHOOPS!! Awkward???? <a href=""></a></p> <p>— DCSportNut (@DCSportNut) <a href="">January 24, 2016</a></p></blockquote> <script src="//"></script> <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="231" alt="" src="" /> </div> </div> </div> Bernie Sanders Brazil Twitter Twitter Sun, 24 Jul 2016 22:08:49 +0000 Tyler Durden 567021 at Presenting "Putin's Useful Idiot": Anyone Who Disagrees With The Establishment <p>This weekend we once again got confirmation that <strong>any time</strong> the generic narrative spectacularly falls apart, and the "establishment" is caught with its pants down (or, in the case of the DNC, engaging in borderline election fraud leading to what the FT just described as "<a href="">Democrats in turmoil</a>") what does it do? Why <strong>blame Putin </strong>of course<strong>, </strong>and more specifically his "<strong>useful idiots", </strong>and hope the whole thing blows over quickly.</p> <p>Not convinced? Here is the proof.</p> <p><a href=""><img src="" width="500" height="252" /></a></p> <p><a href=""><img src="" width="500" height="516" /></a></p> <p><a href=""><img src="" width="500" height="537" /></a></p> <p><a href=""><img src="" width="500" height="540" /></a></p> <p><a href=""><img src="" width="500" height="465" /></a></p> <p><a href=""><img src="" width="500" height="570" /></a></p> <p>&nbsp;</p> <p>And of course:</p> <p><a href=""><img src="" width="500" height="370" /></a></p> <p><em>h/t <a href="">@Bryan MacDonald</a></em><a href=""></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="1800" height="213" alt="" src="" /> </div> </div> </div> Sun, 24 Jul 2016 21:58:43 +0000 Tyler Durden 567015 at Celebrating 45 Years Of Phony Money <p><em><a href="">Authored by Bonner &amp; Partners&#39; Bill Bonner</a> (<a href="">annotated by Acting-Man&#39;s Pater Tenebrarum</a>),</em></p> <h3><span style="text-decoration: underline;"><strong>$300 Trillion in Debt</strong></span></h3> <p>After&nbsp;our <a href="">trip to Las Vegas</a>, we spent one night in Baltimore and then got on another airplane. Standing in line, unpacking bags, getting zapped by X-ray machines &ndash; it has all become so routine we almost forget how absurd it is.</p> <p>&nbsp;</p> <p style="text-align: center;"><img alt="A TSA agent waits for passengers to pass through a magnetometer at Los Angeles International Airport (LAX) on November 22, 2010 in Los Angeles, California. Some passengers are subjected to Advanced Imaging Technology AIT scanners that see through clothing to photograph the entire body to reveal undisclosed objects. Increasing use of the scanner at airports by the Transportation Security Administration (TSA) is being met with outrage by many US travelers. Passengers who refuse an X-ray scan are required to undergo an intimate pat down by TSA agents." class="aligncenter wp-image-45925 size-full" height="360" src="" width="640" /></p> <p style="text-align: center;">Get ready to be <a href="">invaded</a>, citizen&hellip;</p> <p><span id="more-45922">&nbsp;</span></p> <p><strong>While armies of TSA agents pat down grandmothers and Girl Scouts, ex-soldiers take aim at the police&hellip; nutcases run down tourists with delivery trucks&hellip; and a fellow with a grudge against gays nearly wipes out an entire nightclub.</strong></p> <p>We feel so lucky. It is not every generation that gets to witness so many grotesque things at once. Stocks are at an all-time high. Bond yields are at an all-time low. And never have so many people owed so much to so few.</p> <p><em>Dear readers may accuse us of &ldquo;belaboring the subject.&rdquo; Or of &ldquo;beating a dead horse.&rdquo; But in today&rsquo;s&nbsp;Diary, we&rsquo;re going to lay on the whip again. This horse isn&rsquo;t dead at all. He&rsquo;s got the bit in his teeth &ndash; and is running wild. Stick with us here&hellip;</em></p> <p><u><em><strong>According to our friend Richard Duncan&rsquo;s latest estimate over at Macro Watch, world debt has climbed to $300 trillion. That&rsquo;s up from roughly $200 trillion before the 2008 financial crisis. In the world&rsquo;s five major economies, it has doubled since 2002.</strong></em></u></p> <p>Now, the whole shebang depends on debt. All of this debt is calibrated in &ldquo;money,&rdquo; which is the most extraordinary thing of all. The key to understanding today&rsquo;s economy is to realize that money isn&rsquo;t wealth and today&rsquo;s dollar isn&rsquo;t even money.</p> <p>&nbsp;</p> <p style="text-align: center;"><a href="" target="_blank"><img alt="1-debt distribution" class="aligncenter wp-image-45923" height="467" src="" width="640" /></a></p> <p style="text-align: center;">G-10 distribution of debt as a percentage of GDP (note that a lot of UK debt is financial debt, which is partly a result of London&rsquo;s importance as a global financial center) &ndash; click to enlarge.</p> <p>&nbsp;</p> <h3><u><strong>Real Limits</strong></u></h3> <p>Normally, money is just a way of keeping track of wealth. It&rsquo;s like a clock. <strong>A clock isn&rsquo;t the same as time; it just measures it.</strong> The Parasitocracy &ndash; led by central banks &ndash; pretends that adding more money to the system will make people richer.</p> <p>That&rsquo;s why they have lowered interest rates to zero and below: to make it easy for people to borrow money. <strong>But adding money is a scam. It&rsquo;s like slowing down the clock to make the day seem longer.</strong></p> <p><em><strong>&ldquo;There are real limits&hellip; real laws, that cannot be modified,&rdquo; </strong></em>said economist and author George Gilder in Las Vegas over the weekend. &ldquo;The most important is time.&rdquo;</p> <p>&nbsp;</p> <p style="text-align: center;"><img alt="12109143_10153644062379417_1863326510450484797_n" class="aligncenter wp-image-45927" height="479" src="" width="640" /></p> <p style="text-align: center;">Say hello to time&hellip; its passage is an extremely important element in human action. As Mises notes:<em> &ldquo;The concepts of change and of time are inseparably linked together. Action aims at change and is therefore in the temporal order. Human reason is even incapable of conceiving the ideas of timeless existence and of timeless action. He who acts distinguishes between the time before the action, the time absorbed by the action, and the time after the action has been finished. He cannot be neutral with regard to the lapse of time.&rdquo;</em></p> <p>&nbsp;</p> <p><strong>At least, the old, pre-1971 dollar was real money; it was anchored in the reality of time.</strong> It takes time to build real wealth. You have to work. Save. Invest. And most important, learn. And it takes time to dig gold out of the ground, too. And gold &ndash; like digital currency bitcoin &ndash; becomes harder and harder to get as time goes on.</p> <p><strong>The easy surface deposits are mined first.</strong> Then, if you want more gold, you have to go farther and farther, deeper and deeper, at ever greater expense in resources and time. The only real wealth is knowledge, says Gilder. And the only real growth is learning. <strong>Anything else is a fraud.</strong></p> <p>&nbsp;</p> <h3><u><strong>Real Money</strong></u></h3> <p>In 1971, President Nixon &ndash; aided and abetted by economist Milton Friedman &ndash; cut the dollar off from its natural limits. No longer tethered to gold, the gate was flung open&hellip; and the horse ran off.</p> <p><u><em><strong>&ldquo;Gold is part of the real world &ndash; limited by time,&rdquo; </strong></em></u>Gilder explained. <strong>Gold is real money. &nbsp; But this new money was different. It was &ldquo;unmetered,&rdquo; says Gilder. And it was very popular with the feds, the Deep State, and the world improvers.</strong></p> <p>Unlike the old money, the feds could control it and decide who gets it. And they could use their cronies in the financial industry to distribute around the economy &ndash; as they wanted.</p> <p><strong>Before 1971, the feds had their hands tied &ndash; by real money.</strong> They couldn&rsquo;t create gold. And they couldn&rsquo;t print too many of their gold-backed dollars. They had promised to redeem foreign central banks every $35 they created with an ounce of gold. They didn&rsquo;t have an infinite amount of gold. So, they had to be careful.</p> <p>&nbsp;</p> <p style="text-align: center;"><img alt="An-image-from-one-of-the-Bank-of-England-gold-vaults" class="aligncenter wp-image-45924" height="361" src="" width="640" /></p> <p style="text-align: center;">The former anchor of the monetary system: an image from the Bank of England&rsquo;s gold vaults.</p> <p>&nbsp;</p> <p><strong>The system was self-correcting. If Americans spent too much money on foreign goods, too many dollars would travel abroad. This put our gold stock at risk if foreign governments decided they preferred U.S. gold to U.S. paper money.</strong></p> <p>Gold was the base of the world monetary system, so a reduction in the gold stock was also a reduction in the money supply. Money responds to the law of supply and demand like everything else. As the money supply fell, the price of money (interest rates) rose. Higher interest rates then reduced spending, bringing the economy back in balance.</p> <p><u><em><strong>In the pre-1971 economy, it was Main Street &ndash; productive U.S. industry &ndash; that produced wealth and accumulated real dollars. After 1971, it was Wall Street that controlled access to the new counterfeit money &ndash; and made sure it captured much of it.</strong></em></u></p> <p>The new system gave the feds the &ldquo;flexibility&rdquo; they were looking for. <strong>But it completely changed the nature of our money and our economy. </strong>Instead of rewarding the people who produced wealth, the new economy gave its hugs and kisses to the people who mongered debt and shuffled financial claims.</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="535" height="277" alt="" src="" /> </div> </div> </div> Bank of England Bitcoin Bond Central Banks Foreign Central Banks Las Vegas Main Street Milton Friedman Money Supply new economy Reality Sun, 24 Jul 2016 21:35:00 +0000 Tyler Durden 567004 at Democrats Accuse Russia Of Hacking DNC Server To Help Donald Trump <p>In the aftermath of the <a href="">fallout from the DNC server hack</a>, the Democrats have been scrambling how to redirect public anger (especially among Bernie Sanders supporters) from the revelations that not only did the Democratic party try everything in its power to <a href="">sabotage Bernie Sanders presidential </a>bid, but also colluded with various "impartial" media outlets as well as <a href="">breach fundraising rules </a>in the process. </p> <p>And, as of this morning, it appears that the solution they have decided upon is not to explain or even justify the scandalous actions, but to simply blame Russia for the hack. </p> <p>Moments ago Hillary's campaign manager, Robby Mook, appeared on CNN and as David Axelrod pointed out, suggested that Russians are behind the DNC hacking.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Wow, <a href="">@HillaryClinton</a> manager Mook goes full bore on <a href="">@realDonaldTrump</a>-Russia tie on <a href="">@CNNSotu</a>. Suggests Russians behind DNC hacking.</p> <p>— David Axelrod (@davidaxelrod) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><p>&nbsp;</p> <p>This is specifically what he said (highlights ours):</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"What is <em><strong>disturbing </strong></em>to us is that&nbsp;<em><strong>experts</strong></em> are telling us that Russians broke into the DNC, stole these emails and other <em><strong>experts</strong></em> are now saying that the <strong>Russians are now releasing these emails for the purpose of actually helping Donald Trump</strong>. I don't think it's coincidental that these emails were released on the eve of our convention here and that's <em><strong>disturbing</strong></em>."</p> </blockquote> <p>The clip in question:</p> <blockquote class="twitter-video"><p dir="ltr" lang="en">Clinton campaign manager on DNC leak: Experts say "Russians are releasing these emails" to help Trump <a href="">#CNNSOTU</a> <a href=""></a></p> <p>— CNN Politics (@CNNPolitics) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><p>&nbsp;</p> <p>Ah yes, the old "<em>Russians are helping Donald Trump</em>" strawman, as confirmed by "experts." The same Donald Trump who the media lambasted in November of last year <a href="">that he had never actually met Vladimir Putin </a>during a 60 Minutes episode, as he had previously claimed.&nbsp; </p> <p>Oddly, Mook found nothing "disturbing" about the revelations that Hillary was the DNC's chosen candidate from the start, or the allegations that there was unethical collusion with the media, or that the DNC may have broken fundraising rules to boost Hillary's campaign. </p> <p>Nothing disturbing about that. What is far more disturbing is that "the Russians" hacked the DNC's server. Perhaps by that logic it is also disturbing that "the Russians" also hacked Hillary's own email server. Of course, they would never be able to hack a personal, home server with no outside protection; but instead it was child's play to penetrate the official, firewalled server of the entire Democratic organization. </p> <p>Except... there is a problem with this "<em>disturbing</em>", if very amusing, tangent.</p> <p>As <a href="">The Hill reported</a>, it wasn't some mysterious, Kremlin-based hacker/operator that provided the emails to Wikileaks. It was the Romanian hacker Guccifer 2.0 (not to be confused with the original Romanian hacker Guccifer, aka Marcel Lazar, who is currently in US custody and whose email revelations over a year ago unleashed the scandal involving Hillary's email server in the first place), well-known for previously leaked hundreds of internal DNC memos on his own website. </p> <p>It is the same Guccifer 2.0 who, following allegations that he was working for Russia, conducted the following <a href="">interview with Motherboard </a>where he said the following:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Motherboard: So, first of all, what can you tell me about yourself? Who are you?</strong></p> <p><em>Guccifer 2.0: i'm a hacker, manager, philosopher, women lover. I also like Gucci! I bring the light to people. I'm a freedom fighter! So u can choose what u like!</em></p> <p><strong>And where are you from?</strong><br /><em>From Romania.</em></p> <p>&nbsp;</p> <p><strong>Do you work with Russia or the Russian government?</strong></p> <p><em>No <span style="text-decoration: underline;"><strong>because I don't like Russians and their foreign policy. I hate being attributed to Russia.</strong></span></em></p> <p>&nbsp;</p> <p><strong>Why?</strong></p> <p><em>I've already told! Also I made a big deal, why you glorify them?</em></p> <p>&nbsp;</p> <p><strong>Tell me about the DNC hack. How did you get in?</strong><br /><em>I hacked that server through the NGP VAN soft, if u understand what I'm talking about.</em></p> <p>&nbsp;</p> <p><strong>So that was your entry point, what happened next?</strong><br /><em>I used 0-day exploit of NGP VAN soft then I installed shell-code into the DNC server. it allowed me to intrude into DNC network. They have Windows-based domain architecture. then I installed my Trojans on several PCs. I had to go from one PC to another every week so CrowdStrike couldn't catch me for a long time. I know that they have cool intrusion detection system. But my heuristic algorithms are better.</em></p> <p>&nbsp;</p> <p><strong>When did you first hack them?</strong></p> <p><em>Last summer.</em></p> <p>&nbsp;</p> <p><strong>And when did you get kicked out?</strong><br /><em>June 12, when they rebooted their system.</em></p> <p>&nbsp;</p> <p><strong>And why did you hack the DNC in the first place?</strong><br /><em>DNC isn't my first deal.</em></p> <p>&nbsp;</p> <p><strong>Who else have you hacked?</strong></p> <p><em>Follow my blog and u'll know! I can't tell u now about all my deals. My safety depends on it.</em></p> <p>&nbsp;</p> <p><strong>OK, I understand. But why did u target DNC? why are you interested in them?</strong></p> <p><em>Lazar began this deal and I follow him! I think we must fight for freedom of minds, fight for the world without Illuminati</em></p> <p>&nbsp;</p> <p><strong>Lazar?</strong></p> <p><em>Marcel Laz?r [The original Gufficer]</em><strong><br /></strong></p> </blockquote> <p>The interview then continued in Romanian to prove that the alleged hacker indeed spoke the language. </p> <p>Needless to say, it is a stretch to attribute the actions of a lone, copycat hacker, who "hates" being attributed to Russia and who doesn't like "Russians and their foreign policy."</p> <p>As for Trump being a secret plant for the KGB, one can make a far more "<em>disturbing" </em>assertion that it is Clinton, not Trump, who is in the Russians' pocket. As the <a href="">WSJ recalled in late 2015</a>, it was Clinton, not Trump, that was paid $500,000 to make Russian problems go away:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The Russian government was opposed to sanctions. At the time, the Obama administration was attempting to reset relations with Russia. The State Department rebuffed the request from Congress. “We…do not support such a measure <strong>at this time,” a department official wrote to one senator.</strong> </p> <p>&nbsp;</p> <p><strong>A few weeks later, Bill Clinton participated in a question-and-answer session at a Renaissance Capital investors conference. He was paid $500,000. </strong>After the appearance, <strong>Mr. Clinton received a personal thank-you call from Vladimir Putin, then the Russian prime minister, the government news agency TASS reported</strong>.</p> </blockquote> <p>Renaissance Capital is one of <a href="">Russia's largest investment banks.</a> </p> <p>We wonder if the press (at least those who do not need DNC pre-clearance what to write about as "<a href=""><em>per the agreement"</em></a>) will inquire about the factual transcript of what Bill Clinton said, that he got a "personal thank you" from Putin in 2010? We doubt it - far more likely is that instead of focusing on the real implications of the DNC hacking scandal, namely the corruption and collusion revealed inside the Democratic party, a far more important "story" will be what is emerging as a "<em><strong>vast left-wing conspiracy"</strong></em>, namely how Putin will annex the US if and when Trump, who "experts" will soon elevate to status of KGB spy to spike the narrative, becomes president. </p> <p>Because that is what - according to <em>experts</em> - is what is truly "disturbing"</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="464" height="304" alt="" src="" /> </div> </div> </div> Bernie Sanders Corruption Donald Trump Obama Administration Renaissance Romania SPY Vladimir Putin Sun, 24 Jul 2016 21:21:41 +0000 Tyler Durden 566975 at "Billionaires For Billary": Mike Bloomberg Will Endorse Hillary <p>First <a href="">The Koch Brothers switch sides</a> and now <strong>Michael Bloomberg backs Clinton</strong> as it appears America&#39;s oligarchy is showing its true colors as <strong><em>&#39;Billionaires for Billary&#39;</em></strong> emerge from the RNC woodwork...</p> <p><a href=";smid=nytcore-iphone-share&amp;_r=0&amp;referer="><em>As The NY Times reports,</em></a> <strong>Michael R. Bloomberg, who bypassed his own run for the presidency this election cycle, will endorse Hillary Clinton in a prime-time address at the Democratic convention </strong>and make the case for Mrs. Clinton as the best choice for moderate voters in 2016, an adviser to Mr. Bloomberg said.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The news is an unexpected move from Mr. Bloomberg, who has <strong>not been a member of the Democratic Party since 2000;</strong> was elected the mayor of New York City as a Republican; and later became an independent.</p> <p>&nbsp;</p> <p><a href=""><img height="234" src="" width="361" /></a></p> <p>&nbsp;</p> <p>But it<strong> reflects Mr. Bloomberg&rsquo;s increasing dismay about the rise of Donald J. Trump</strong> and a determination to see that the Republican nominee is defeated.</p> <p>&nbsp;</p> <p>...</p> <p>&nbsp;</p> <p>Mr. Bloomberg will vouch for Mrs. Clinton<strong><em> &ldquo;from the perspective of a business leader and an independent,&rdquo;</em></strong> said Howard Wolfson, a senior adviser to Mr. Bloomberg.</p> <p>&nbsp;</p> <p><em><strong>&ldquo;As the nation&rsquo;s leading independent and a pragmatic business leader, Mike has supported candidates from both sides of the aisle,&rdquo; </strong></em>Mr. Wolfson said. &ldquo;This week in Philadelphia he will make a strong case that the clear choice in this election is Hillary Clinton.&rdquo;</p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>In the past, Mr. Bloomberg has rebuked Democrats for attacking Wall Street &mdash; a part of his record that may sit uneasily with liberal Democrats, and especially with the supporters of Senator Bernie Sanders of Vermont who are already smarting from his defeat.</strong></span></p> <p>&nbsp;</p> <p>Mr. Bloomberg has been quiet about the presidential race in recent months. But in the past he has criticized Mr. Trump in stark terms, describing him as a threat to American security.</p> <p>&nbsp;</p> <p>Mr. Bloomberg, who served for 12 years as the mayor of New York, has<strong> never addressed a political convention in a partisan capacity.</strong> He appeared at the 2004 Republican convention in New York in his role as mayor of the host city.</p> <p>&nbsp;</p> <p><strong>He endorsed Mr. Obama for re-election in 2012, writing in a column that his views on climate change had been the decisive factor.</strong></p> </blockquote> <p><a href="">As we concluded previously</a>, <span style="text-decoration: underline;"><strong>the question regarding Trump as President would be</strong></span>: <strong><em>&nbsp;</em></strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong><em>would he sell the government (perhaps at low prices to his friends and at high prices to his enemies) for various prices (as Clinton already has done &mdash; sold it to both her friends&nbsp;and&nbsp;her &lsquo;enemies&rsquo; &mdash; but which sales she now only needs to&nbsp;deliver on); </em></strong></p> <p>&nbsp;</p> <p><strong><em>or would he, instead,&nbsp;refuse&nbsp;to sell it, and actually try&nbsp;to run the U.S. government for and on behalf of the American public?</em></strong></p> </blockquote> <p>He has no actual record in public office; so, there&rsquo;s no way of answering that question, unless and until he becomes President. But if Hillary Clinton becomes President, then&nbsp;<a href="" target="_blank">the outcome would be much more certain</a>, because she already has&nbsp;<a href="" target="_blank">a lengthy record in &lsquo;public&rsquo; service</a>. <strong><em>It&rsquo;s one that&nbsp;<a href="" target="_blank">the Kochs [and Bloomberg] probably appreciate very much</a>. </em></strong><em>(</em><em>And especially&nbsp;</em><em><a href="" target="_blank">Hillary&rsquo;s record as the U.S. Secretary of State</a>&nbsp;is informative about the type of President she would make. Her real priorities are clear by her actions, though not at all by her words. By contrast, Trump&rsquo;s priorities are, and might long remain, a mystery.)</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="361" height="234" alt="" src="" /> </div> </div> </div> Bernie Sanders New York City Sun, 24 Jul 2016 21:10:00 +0000 Tyler Durden 567000 at Peak Oil 'Demand' & The Duelling Narratives Of Energy Inventories <p>Crude oil inventories in the U.S. have fallen 23.9 million barrels since the end of April, but, as Bloomberg notes, oil bulls counting on further declines are fighting history. <strong>Over the past five years refiners&#39; crude demand has fallen an average of 1.2 million barrels a day from the peak in July to the low in October.</strong></p> <p><a href=""><img height="299" src="" width="600" /></a></p> <p>&nbsp;&quot;The rough part will be once refineries start going into maintenance,&quot; said Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management. <strong><em>&quot;We aren&rsquo;t drawing down inventories very fast and the pressure on prices will increase.&quot;</em></strong></p> <p>But, as <a href="">Alhambra Investment Partner&#39;s jeffrey Snider notes,</a><em><strong> the significance of crude and gasoline inventory (and price) changes is the difference in narratives and what is supporting them. </strong></em></p> <p><span style="color: #000000;"><strong>While there is a direct relationship between the steepness of contango in the oil futures curve and the amount of crude siphoned from the market to storage, it is not an immediate one.</strong> When crude prices originally collapsed starting in late 2014, twisting the WTI curve from backwardation to so far permanent contango (of varying degrees), it wasn&rsquo;t until January 2015 that domestic inventories began their surge. And while oil prices rose through spring, flattening out again the futures curve and drastically reducing that contango, the spike in oil stocks didn&rsquo;t actually end until almost the end of last April.</span></p> <p><span style="color: #000000;"><strong>Given the &ldquo;dollar&rsquo;s&rdquo; <a href="">explicit seasonality</a>, combined with the usual intra-year swings of crude itself, it isn&rsquo;t surprising to find the process repeated almost exactly a year later. </strong>This time it happened in two separate events, the latter of which was a near replica of the start to 2015. The futures curve was pressed into deep contango after October 2015, and sure enough oil inventories spiked again in early January 2016. And like last year, though the futures curve would begin to flatten out again starting February 12, oil storage levels continued to build until the end of April.</span></p> <p><img alt="ABOOK July 2016 WTI Oil Inventory" class="aligncenter size-full wp-image-39462" height="361" src="" width="641" /></p> <p><span style="color: #000000;">In the latest weekly update from the US EIA, reported crude stocks have fallen again for the ninth consecutive week (and 10 out of the last 11). Last year, starting at the same week, inventories fell for eight straight weeks and 13 out of 15 until mid-August. <strong>The shift back toward contango in the WTI curve this year also hasn&rsquo;t yet forced its way into crude inventories, and if last year&rsquo;s conditions still apply, as it appears they do, then we shouldn&rsquo;t expect that to occur until August or perhaps September (whatever natural crude seasonality).</strong></span></p> <p><span style="color: #000000;"><u><strong>Instead, it is gasoline inventories that are somewhat concerning at the moment. </strong></u>Gasoline stocks remain hugely elevated but in the past few weeks they have increased again perhaps &ldquo;early&rdquo; in comparison to the usual seasonal pattern. The summer &ldquo;driving season&rdquo; typically finds gasoline inventories falling from levels built up in the winter. This year compared to 2015 finds not only higher overall inventories but a possible suggestion of unseasonably high levels on top of it.</span></p> <p><img alt="ABOOK July 2016 WTI Gas Inventory Last 2" class="aligncenter size-full wp-image-39460" height="361" src="" width="641" /></p> <p><span style="color: #000000;">It is difficult to say whether there is any significance in the difference as analyzing seasonality in gasoline or crude is an inexact art, to put it mildly. At the very least, however, <strong>the continued high level of gasoline inventory in potentially significant seasonal deviation suggests the very real possibility that (economic) demand remains unusually soft over and above the &ldquo;rising dollar&rsquo;s&rdquo; already soft demand.</strong></span></p> <p><img alt="ABOOK July 2016 WTI Oil Gasoline Inventory to Oct" class="aligncenter size-full wp-image-39458" height="361" src="" width="641" /></p> <p><img alt="ABOOK July 2016 WTI Gas Inventory" class="aligncenter size-full wp-image-39461" height="361" src="" width="641" /></p> <p><span style="color: #000000;"><strong>The imbalance may correct itself over the coming weeks, or it may continue to suggest more sluggishness where there isn&rsquo;t supposed to be any. </strong>While waiting on crude oil inventory to start reflecting contango in the WTI curve, this might be the only current fundamental element to weigh on crude prices as the futures curve continues to sink.</span></p> <p><img alt="ABOOK July 2016 WTI July" class="aligncenter size-full wp-image-39464" height="341" src="" width="641" /></p> <p><span style="color: #000000;">The front month contract rolled forward to September 2016 as August came off the board, so there is some calendar roll to factor in the chart above that can be visually misleading. In other words, the drop in the curve isn&rsquo;t as sharp in the past two days as it might appear. But it is still falling with more action at the front, and the steepening since June 8 is still increasing.</span></p> <p><span style="color: #000000;"><u><strong>The significance of crude and gasoline is the difference in narratives and what is supporting them. </strong></u>Stock prices at record highs, or near them, is likely being driven by renewed hope for monetary policy wherever it may strike, all the while forgetting how patently ineffective past monetary policy has been. The energy sector and the renewed drop in the futures curve (the whole curve, though more so at the front) is remembering the consequences of monetary policy that doesn&rsquo;t work while at the same time finding still little evidence that anything has changed (and some evidence that if something has changed it is only further in the &ldquo;wrong&rdquo; direction). <em><u><strong>Stocks once more trading, though <a href="">much less enthusiastically</a>, on what &ldquo;should be&rdquo;; energy trading on what actually is. All that is also a replay of last year, specifically last July.</strong></u></em></span></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="965" height="481" alt="" src="" /> </div> </div> </div> Backwardation Contango Crude Crude Oil Monetary Policy Sun, 24 Jul 2016 20:45:00 +0000 Tyler Durden 567001 at With Italy's Bank Stress Test "A Near-Term Risk", Who Is Most Exposed? <p>With the S&amp;P500's relentless surge, once which even Goldman is no longer able <a href="">to contain its amazement at what it has dubbed </a>an unprecedented multiple expansion (the other two times that saw a comparable increase in forward multiples ended with the Black Monday crash of 1987 and the 2000 dot com crash, respectively), it appears as if nothing matters: fundamentals, technicals, geopolitics, or frankly any newsflow aside from what central banks may (or may not) do in the near future. Still, as Deutsche Bank reminds us, one key risk-event is coming up in the form of the European Banking Authority’s stress test results that will be released on July 29 which "present another near-term risk to markets." </p> <p>As Italy's <a href="">Il Sole 24 reported earlier today</a>, Monte dei Paschi capital is most “at risk” in the stress tests, citing preliminary indications of tests that will be released on July 29.&nbsp; Perhaps in an attempt to difuse fears of upcoming bank failures, the paper reported that the other 4 Italian banks - Intesa, Banco Popolare, UBI, UniCredit - "show resilient capital level under stressed scenario."</p> <p>It's a different issue entirely whether markets will believe the story, especially since over the past month, there has been a focus on Italian banks as DB's Dominic Konstam puts it. </p> <p>But while we are confident that any European stress test will be a joke (as they have been in the past, some riotously so) inquiring minds wonder who is most at risk... just in case the ECB decides that it is finally time for some "contagion." DB conveniently answers:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>As of the end of March 2016, international exposure to the Italian banking sector was $90 billion, according to BIS data. This amount represents a reduction from $120 billion at the end of 2014 and is drastically lower compared to the $300 billion of total exposure in 2008. By country, the amount of exposure to Italian banks owned by the US is just 20%, or $18 billion. France, Germany and Spain own another 60% of that risk, totaling $56 billion. <strong>When public and private non-bank sectors are included, aggregate risk to Italy as a whole owned by rest of the world is $660 billion, with nearly half of that amount being concentrated in France.</strong></p> </blockquote> <p><a href=""><img src="" width="600" height="223" /></a></p> <p>In other words, after a several years' hiatus, should Italy "contage" shortly, attention may very soon shift to France once again...</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="473" height="350" alt="" src="" /> </div> </div> </div> Bank Failures BIS Central Banks Deutsche Bank France Germany Italy Stress Test Sun, 24 Jul 2016 20:18:20 +0000 Tyler Durden 567009 at DNC Chair Wasserman Schultz Announces Resignation Following Wikileaks Revelations, Will Join Clinton Campaign <p><em><strong>Update 1</strong></em>: In a quite shocking<em> &#39;beyond caring what the average joe thinks&#39;</em> move, Hillary Clinton just announced that <strong>Debbie Wasserman Schultz will serve as an honorary chair on Clinton&#39;s campaign</strong>.</p> <p>Hillary<strong> Clinton is thanking her &quot;longtime friend&quot; Debbie Wasserman Schultz</strong> after the Florida congresswoman&#39;s decision to step down as chair of the Democratic National Committee.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;I am grateful to Debbie for getting the Democratic Party to this year&#39;s historic convention in Philadelphia, and<strong> I know that this week&#39;s events will be a success thanks to her hard work and leadership,&quot; </strong>she said.</p> <p>&nbsp;</p> <p><em><strong>&quot;There&#39;s simply no one better at taking the fight to the Republicans than Debbie--which is why I am glad that she has agreed to serve as honorary chair of my campaign&#39;s 50-state program to gain ground and elect Democrats in every part of the country, and will continue to serve as a surrogate for my campaign nationally, in Florida, and in other key states.&quot;</strong></em></p> </blockquote> <p>Her full statement::</p> <p><a href=""><img alt="" height="264" src="" width="499" /></a></p> <p><a href="">As ABC reports</a>, Clinton responded after Wasserman Schultz agreed to step down as chair at the end of this week&#39;s Democratic National Convention.<strong>The move came after the publication last week of some 19,000 hacked emails, some of which suggested the DNC was favoring Clinton during the primary season.</strong></p> <p>*&nbsp; *&nbsp; *</p> <p>As we detailed earlier, it seem Bernie Sanders has the last laugh, following a CNN report that his archnesmsis, <strong>Debbie Wasserman Schultz, is resigning as chair at the end of the Democratic National Convention</strong>. The DNC&#39;s official statement makes no mention of her involvement in smears and collusion exposed by the Wikileaks emails.</p> <p>As The Washington Post reports, <strong>she had faced growing pressure to resign Sunday in the aftermath of the release of thousands of embarrassing internal email exchanges</strong> among Democratic officials, an episode that has pitched the party into turmoil on the eve of a convention that was promised to showcase unity.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;I would ask her to step aside,&quot; </strong>David Axelrod, a former adviser to President Obama, said on CNN of Debbie Wasserman Schultz. <strong>&quot;I would ask her to step aside, because she&#39;s a distraction on a week that is Hillary Clinton&#39;s week.&quot;</strong></p> <p>&nbsp;</p> <p>Other senior Democrats echoed that sentiment, speaking on condition of anonymity to discuss a sensitive internal matter. <strong>These Democrats indicated that the Clinton campaign would like the resignation to come Sunday.</strong></p> </blockquote> <p>And sure enough...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">JUST IN: Democratic National Committee Chair Debbie Wasserman Schultz will step down after the upcoming DNC <a href=""></a></p> <p>&mdash; CBS Evening News (@CBSEveningNews) <a href="">July 24, 2016</a></p></blockquote> <script async src="//" charset="utf-8"></script><p>Full Statement:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;<strong>Going forward, the best way for me to accomplish those goals is to step down as Party Chair at the end of this convention</strong>. As Party Chair, this week I will open and close the Convention and I will address our delegates about the stakes involved in this election not only for Democrats, but for all Americans.<strong> We have planned a great and unified Convention</strong> this week and I hope and expect that the DNC team that has worked so hard to get us to this point will have the strong support of all Democrats in making sure this is the best convention we have ever had.</p> <p>&nbsp;</p> <p>&quot;<strong>I&#39;ve been proud to serve as the first woman nominated by a sitting president as Chair of the Democratic National Committee</strong> and I am confident that the strong team in place will lead our party effectively through this election to elect Hillary Clinton as our 45th president.&quot;</p> </blockquote> <p>Her replacement:</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">UPDATE: DNC Vice Chair Donna Brazile will serve as Interim Chair through the election after Debbie Wasserman Schultz steps down</p> <p>&mdash; CBS Evening News (@CBSEveningNews) <a href="">July 24, 2016</a></p></blockquote> <script async src="//" charset="utf-8"></script><p>&nbsp;</p> <p>Meanwhile, Bernie finally finds peace ...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">.<a href="">@BernieSanders</a> statement on DWS resigning <a href=""></a></p> <p>&mdash; arit john (@aritbenie) <a href="">July 24, 2016</a></p></blockquote> <script async src="//" charset="utf-8"></script><p>... although we doubt his supporters will be delighted that DWS is about to remain in Hillary&#39;s pocket as the &quot;honorary chair&quot; on her committee.</p> <p>So, &quot;Putin wins&quot;... if only <a href="">according to the failed attempt </a>to redirect the narrative to the &quot;Russian hack&quot; of the DNC Servers.</p> <p><img alt="" src="" style="width: 506px; height: 347px;" /></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="296" height="149" alt="" src="" /> </div> </div> </div> Bernie Sanders Florida President Obama Twitter Twitter Sun, 24 Jul 2016 20:01:23 +0000 Tyler Durden 567008 at Leaked Emails Confirm DNC Officials Planned Anti-Trump Protests <p>Once more conspiracy their becomes conspiracy fact as <a href="">suggestions of &#39;very professionally organized group of thugs&#39; causing trouble at Trump rallies </a>is confirmed with the WikiLeaks released of DNC emails <strong>revealing that DNC officials planned anti-Donald Trump protests</strong>.</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 303px;" /></a></p> <p><a href="Depending upon whom you speak with, peak oil is either a catastrophe waiting to happen or a far-off concern that has already been solved or will be soon. Frequently, peak oil is referred to as a myth. What you rarely hear is that peak oil is an empirical fact having already occurred in dozens of countries.">As we detailed at the time,</a> <strong>Donald Trump had no doubts about who was to blame for the shocking violence: organized &ldquo;thugs.&rdquo;</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Trump tweeted on Saturday:<span style="text-decoration: underline;"><em><strong> &quot;The organized group of people, many of them thugs, who shut down our First Amendment rights in Chicago, have totally energized America!&quot;</strong></em></span></p> <p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>Protesters at planned Chicago rally yesterday were &ldquo;very professionally done,&rdquo;</strong></span> Donald Trump says in Dayton, Ohio.</p> <p>&nbsp;</p> <p>... </p><p>&nbsp;</p> <p><span style="text-decoration: underline;"><strong>&ldquo;When they have organized, professionally staged wise-guys, we have to fight back&rdquo;</strong></span></p> </blockquote> <p>We said at the time that we were sure this would not be the last time &quot;organized&quot; protesters will suddenly appear en masse to provoke reactions and violently protest Trump&#39;s freedom of speech.. and it wasn&#39;t. <a href="">But now, as The Daily Caller reports</a>,</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>In multiple emails, DNC officials signed off and acknowledged the existence of two anti-Donald Trump protests in South Bend, IN and Billings, MT. </strong>The release of nearly 20,000 emails is the first in a WikiLeaks &ldquo;Hillary Leaks&rdquo; series.</p> <p>&nbsp;</p> <p>On April 29, a DNC press staffer, Rachel Palermo, alerted Eric Walker, deputy communications director, about a Facebook page for an anti-Trump protest on May 2 in South Bend. <strong>&ldquo;Whoo! Thanks to our interns for finding this out.&rdquo; Walker replies, &ldquo;I like it, as long as the students feel safe getting involved. I imagine this demo will be nicer than the one in San Fran today.&rdquo;</strong></p> <p>&nbsp;</p> <p>That day in San Francisco protesters blocked off roads to an event Donald Trump was hosting. <strong>The Republican nominee ended up having to jump down from the highway and sneak around back&nbsp;to enter.</strong></p> <p>&nbsp;</p> <p>In another other email chain also on April 29, titled &ldquo;Week-Ahead Notes &amp; Assignments,&rdquo; former DNC media booker Pablo Manriquez comments <strong>&ldquo;this should be fun&rdquo; in reference to the May protest.</strong></p> <p>&nbsp;</p> <p>University of Notre Dame, located in South Bend, is Manriquez&rsquo;s alma mater. A DNC official wrote,<strong> &ldquo;Pablo please reach out to any folks you think may be able to help.&rdquo;</strong></p> <p>&nbsp;</p> <p>Another protest that&rsquo;s directly mentioned in emails included one that occurred on May 26 in Billings, MT. The email is from May 20 and features notes on the &ldquo;week ahead.&rdquo;</p> <p>&nbsp;</p> <p>Both the Indiana and Montana protests were non-violent.<strong> The South Bend protest <a href="" target="_blank">had</a>&nbsp;&ldquo;some expletive laced chants,&rdquo; and protesters <a href="" target="_blank">carrying</a> Mexican flags. The Montana one <a href="" target="_blank">had</a> &ldquo;only a few&rdquo; protesters.</strong></p> <p>&nbsp;</p> <p><strong>Intern involvement with protests is mentioned twice in the leaked emails.</strong> DNC communications director Luis Miranda bemoaned photos of an empty anti-Trump protest in Washington, D.C. in one email chain.</p> <p>&nbsp;</p> <p>Miranda said: <strong><em><u>&ldquo;Going forward, when our allies screw up and don&rsquo;t deliver bodies in time, we either send all our interns out there or we stay away from it.. we don&rsquo;t want to own a bad picture.&rdquo;</u></em></strong></p> <p>&nbsp;</p> <p>Miranda was notified of the protests in an email by another DNC email chain titled <strong>&ldquo;Tv coverage of protest great.&rdquo;</strong> The original email notified the DNC communications director of the Indiana protest and a DNC staffer wrote, &ldquo;thanks to our interns for finding this out.&rdquo;</p> <p>&nbsp;</p> <p>DNC officials&nbsp;Brad Marshall, a chief financial officer, and Alan Reed, a compliance officer,&nbsp;also <strong>signed off on the use of Black Lives Matter organizer Deray Mckesson as a surrogate for Hillary Clinton.</strong></p> <p>&nbsp;</p> <p>Mckesson rose to prominence after being active in protests in Ferguson, MO and Baltimore, MD. He has yet to endorse a candidate and <a href="" target="_blank">said</a> protests are likely to happen at the upcoming Democratic Party convention.</p> </blockquote> <p>Which makes Hillary Clinton&#39;s post-violence email even more controversial...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Violence has no place in our politics. We should use our words and deeds to bring Americans together. <a href=""></a></p> <p>&mdash; Hillary Clinton (@HillaryClinton) <a href="">March 12, 2016</a></p></blockquote> <script async src="//" charset="utf-8"></script><p>As Fusion reported at the time,<em><strong> several things about the statement left people with a bad taste in their mouths. Chief among them were her invocation of the Charleston massacre and her lack of stated support for the protesters challenging Trump in Chicago</strong></em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1041" height="526" alt="" src="" /> </div> </div> </div> Donald Trump First Amendment Indiana Ohio Twitter Twitter Washington D.C. Sun, 24 Jul 2016 19:35:00 +0000 Tyler Durden 566996 at Meanwhile At The DNC In Philly... <p><a href="">As LA Times reporter </a>Matt pearce tweeted...</p> <p><a href=""><img src="" width="498" height="124" /></a></p> <p><a href=""><img src="" width="499" height="331" /></a></p> <p><a href=""><img src="" width="498" height="339" /></a></p> <p><a href=""><img src="" width="497" height="345" style="width: 579px; height: 402px;" /></a></p> <p><a href=""><img src="" width="499" height="325" style="width: 580px; height: 378px;" /></a></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Just walked through a crowd of at least a couple hundred liberals and still haven't seen a single Clinton sign. <a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">3 hours later, Ive seen 1 (see tweet below). To be fair, these are "protests" hence overwhelming Bernie contingency. <a href=""></a></p> <p>— Jacqueline Alemany (@JaxAlemany) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Spotted at the Bernie Sanders rally outside Philly city hall. <a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Tons. <a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="und"><a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="und"><a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Kristy Marshall, of Bellingham, Wash. "This was the one sign that spoke to me." <a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Rebecca Waring, of Baltimore: "I made this after I read the emails on Wikileaks. I was just horrified. So unfair." " <a href=""></a></p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Like, I literally just interviewed two lefty protesters from Youngstown, Ohio, who decided to skip the RNC last week and come to the DNC.</p> <p>— Matt Pearce (@mattdpearce) <a href="">July 24, 2016</a></p></blockquote> <script src="//"></script><p>&nbsp;</p> <p>... it would appear that the the Democratic Party is even more fragmented than the GOP.</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="1257" height="819" alt="" src="" /> </div> </div> </div> Bernie Sanders Ohio Twitter Twitter Sun, 24 Jul 2016 19:05:00 +0000 Tyler Durden 566995 at