http://www.zerohedge.com/fullrss2.xml/sites/default/files/images/user5/imageroot/2011/10/Food en President Trump Continues to Troll the Left Over Inaugural Crowd Size http://www.zerohedge.com/news/2017-01-24/president-trump-continues-troll-left-over-inaugural-crowd-size <p>For reasons beyond the scope of rational thinking, during confirmation hearings today for The Office of Management and Budget, Senator Jeff Merkley, shill from Oregon, produced a photograph from Obama's 2008 inauguration and compared it to a sparsely populated Trump one -- which was taken in the morning before the crowd had filled in, and asked Mick Mulvaney which crowd size was larger.</p> <p>Much to the delight of the chimped out media on the left, Mulvaney said Obama's crowd appeared to look larger.</p> <p>Ben Wehl from Politico was practically masturbating to the thought of Obama's crowd size in an article published today about the ordeal.</p> <p><a href="http://ibankcoin.com/flyblog/files/2017/01/Politico.png"><img src="http://ibankcoin.com/flyblog/files/2017/01/Politico.png" alt="Politico" width="400" height="117" class="alignnone size-full wp-image-63297" /></a></p> <p><iframe src="https://www.youtube.com/embed/8iHI1U-cPR0" width="560" height="315" frameborder="0"></iframe></p> <p>Alas, Trump, the consummate troller in Chief that he is, had to fuck with them -- twisting the knife inside of their soulless bodies -- ever so slowly, divinely, taking to Twitter to thank a photographer for sending him a picture of the inauguration -- which clearly showed a much larger crowd than the one being shilled around by the media-fags.</p> <p><a href="http://ibankcoin.com/flyblog/files/2017/01/Crowd.png"><img src="http://ibankcoin.com/flyblog/files/2017/01/Crowd.png" alt="Crowd" width="600" height="263" class="alignnone size-full wp-image-63298" /></a></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">A photo delivered yesterday that will be displayed in the upper/lower press hall. Thank you Abbas! <a href="https://t.co/Uzp0ivvRp0">pic.twitter.com/Uzp0ivvRp0</a></p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/823937936056008704">January 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>The media's response to being checkmated in such a glorious fashion was to nitpick over a small oversight by the photographer.<br /> <a href="http://ibankcoin.com/flyblog/files/2017/01/Media-1.png"><img src="http://ibankcoin.com/flyblog/files/2017/01/Media-1.png" alt="Media" width="600" height="100" class="alignnone size-full wp-image-63299" /></a></p> <p>Shills have to shill. They haven't a choice.</p> <p>Can we simply get this behind us, for the sake of unity, and admit that Trump did, indeed, have a much larger crowd than Obama?</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><strong>Content originally generated at <a href="https://ibankcoin.com/">iBankCoin.com</a></strong></p> http://www.zerohedge.com/news/2017-01-24/president-trump-continues-troll-left-over-inaugural-crowd-size#comments American people of German descent Business Climate change skepticism and denial Donald Trump Economy Mick Mulvaney office of Management and Budget Politics of the United States Shill The Apprentice Twitter Twitter Wehl WWE Hall of Fame Wed, 25 Jan 2017 00:09:18 +0000 The_Real_Fly 586431 at http://www.zerohedge.com Free Trade Versus "Free Trade" http://www.zerohedge.com/news/2017-01-24/free-trade-versus-free-trade <p><a href="https://mises.org/blog/free-trade-versus-free-trade"><em>Submitted by Peter Klein via The Mises Institute,</em></a></p> <div class="body-content clearfix"> <p>NPR featured an <a href="http://www.npr.org/2017/01/23/511165464/how-are-people-in-europe-reacting-to-trumps-rhetoric" target="_blank">unintentionally funny piece</a> this week on Donald Trump&#39;s views toward the EU and free trade. The guest, former US ambassador to the EU Anthony Gardner, rightfully criticized the president&#39;s view that &quot;protection will lead to great prosperity and strength,&quot; and called for continued global engagement by US companies and consumers.&nbsp;<strong>But he revealed, perhaps inadvertently, what political actors mean by &quot;free trade.&quot; &nbsp;</strong></p> <p>Specifically, Gardner expressed great skepticism towards the prospect of the US striking a bilateral free-trade deal with the UK, supposedly one of Trump&#39;s top objectives in his upcoming meeting with new Prime Minister Theresa May. Free-trade agreements are complex, Gardner informed us, and negotiating one will be neither easy nor quick.&nbsp;</p> <p>Why? <strong>To economists,</strong> free trade means the absence of government interference with trade: no tariffs, quotas, subsidies, or other interventions, explicit or implicit.<strong> </strong></p> <p><strong>To politicians,</strong> &quot;free-trade&quot; means a complex set of managed trade policies (Gardner even referred to the solemn obligation to &quot;write&nbsp;the rules for global trade,&quot; which in his mind is something either our government does or a foreign government does). Which imports will be taxed, and at what rates? Which exports will be subsidized, and at what levels? How will labor, environmental, and social policies be enforced by domestic and foreign governments? <strong><em>For government officials, countries are engaged in &quot;free trade&quot; when they agree on a complex package of explicit and implicit taxes and subsidies such that neither has a special advantage over the other, nor is disadvantaged relative to some other trading partner (however such advantages are defined).</em></strong></p> <p>As <a href="https://mises.org/library/nafta-myth">Murray Rothbard</a> once wrote,&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>If authentic free trade ever looms on the policy horizon, there&rsquo;ll be one sure way to tell. The government/media/big-business complex will oppose it tooth and nail.</strong></p> <p>&nbsp;</p> <p>We&rsquo;ll see a string of op-eds &ldquo;warning&quot; about the imminent return of the 19th century. Media pundits and academics will raise all the old canards against the free market, that it&rsquo;s exploitative and anarchic without government &ldquo;coordination.&rdquo;</p> <p>&nbsp;</p> <p>The establishment would react to instituting true free trade about as enthusiastically as it would to repealing the income tax.</p> </blockquote> <p><strong>&quot;In truth,&quot; as Rothbard noted,&nbsp;&quot;the bipartisan establishment&rsquo;s trumpeting of &#39;free trade&#39;&nbsp;since World War II fosters the opposite of genuine freedom of exchange.&quot;</strong> The Bretton Woods organizations (the World Bank and IMF) and modern trade agreements are based on the mercantilist ideas that exports make a country wealthy, imports make it poorer. (Indeed, Gardner in the interview above worried specifically that a collapse of the EU would make it harder for US manufacturers to sell their goods in Europe, but said nothing about the advantages to US and European consumers of a reduced supra-national government). <strong>That&#39;s why governments have little interest in genuine free trade.</strong></p> <p><em>About fifteen years ago I was part of a&nbsp;delegation of US officials on a fact-finding mission to Singapore, in advance of a potential US-Singapore bilateral free-trade agreement. (We all have skeletons in our closets.) </em></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>One of our tasks was to interview US businesspeople operating in Singapore to see if they thought the Singaporean government was unfairly subsidizing local companies at their expense. The idea was to use this as a bargaining chip: <strong>&quot;If you don&#39;t stop subsidizing your domestic manufacturers, we won&#39;t stop subsidizing ours.&quot; </strong>(Turns out the Singaporean government wasn&#39;t doing much to help its own companies, so the point became moot.)</p> <p>&nbsp;</p> <p><strong>It didn&#39;t seem to occur to anyone that, even if the Singaporean government were protecting its own firms, at the expense of its own consumers, the US would not be better off by subsidizing its own exports to Singapore, as mercantilist theory claims. </strong>The idea that the US should simply refrain from interfering in peaceful exchanges between US-based and Singapore-based entrepreneurs, investors, and consumers &mdash; i.e., support for free trade &mdash; was simply too crazy to contemplate.</p> </blockquote> </div> <p>&nbsp;</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="206" height="139" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170124_free.jpg?1485293435" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/free-trade-versus-free-trade#comments bargaining chip Business Donald Trump Economic ideologies Economic nationalism Economy European Union Export Free trade International Monetary Fund International trade Mercantilism Mises Institute Mises Institute Politics Singaporean government Subsidy Trade policy World Bank World Bank Wed, 25 Jan 2017 00:00:00 +0000 Tyler Durden 586422 at http://www.zerohedge.com Trump To Sign Executive Order Restricting Immigration From Seven Muslim Countries http://www.zerohedge.com/news/2017-01-24/trump-sign-executive-order-restricting-immigration-seven-nations <p>Having taken on the Keystone pipeline and America's struggling manufacturing sector in a flurry of executive actions on Tuesday, moments ago <a href="http://www.reuters.com/article/us-usa-trump-immigration-exclusive-idUSKBN1582XQ?il=0">Reuters reported</a>, citing several congressional aides and immigration experts briefed on the matter, that on Wednesday at the U.S. Department of Homeland Security, Donald Trump will sign several executive orders restricting immigration.</p> <p>Trump's orders are said to involve restricting access to the United States for refugees and some visa holders from seven mostly Muslim nations including Iraq, Iran, Libya, Somalia, Sudan, Syria and Yemen.</p> <p>According to CNN analyst Juliette Kayyem, the Department of Homeland Security is currently considering "ending Syrian refugee program and a suspension of Muslim majority country visas." </p> <p>"DHS was also asked to determine whether ending entire refugee program doable and favoring religious minorities in revamp," she added in a tweet.</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">1. weds fun? presently being vetted at DHS: the EOs ending Syrian refugee program and a suspension of Muslim majority country visas.</p> <p>— Juliette Kayyem (@juliettekayyem) <a href="https://twitter.com/juliettekayyem/status/823993447686279168">January 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">2. DHS was also asked to determine whether ending entire refugee program doable and favoring religious minorities in revamp.</p> <p>— Juliette Kayyem (@juliettekayyem) <a href="https://twitter.com/juliettekayyem/status/823993697012420609">January 24, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></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="1261" height="714" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/tump%20exec_0.jpg?1485300724" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/trump-sign-executive-order-restricting-immigration-seven-nations#comments American people of German descent Business Climate change skepticism and denial Donald Trump Donald Trump Government Iran Iraq Juliette Kayyem Politics Politics of the United States Reuters Social Issues Somalia The Apprentice Travel visa United States United States Department of Homeland Security US Department of Homeland Security WWE Hall of Fame Tue, 24 Jan 2017 23:34:04 +0000 Tyler Durden 586430 at http://www.zerohedge.com Cab Industry On Verge Of Collapse? Capital One's Taxi NPL Rate Soars Above 50% http://www.zerohedge.com/news/2017-01-24/cab-industry-verge-collapse-capital-ones-taxi-npl-rate-soars-above-50 <p>Having abandoned its venture to lend out <a href="https://www.bloomberg.com/news/articles/2015-05-19/capital-one-sued-by-taxi-finance-firm-jilted-for-uber">roughly $1 billion </a>to legacy Taxi "Medallion" drivers and businesses some two years ago, and shifting its backing over to Uber resulting in many unhappy drivers as <a href="https://www.law360.com/articles/674979/capital-one-sued-for-quitting-taxi-venture-backing-uber">well as a handful of lawsuits</a>, Capital One has nonetheless provided a useful spotlight into the troubled state of the traditional "yellow cab" industry by breaking out the details of its runoff commercial taxi medallion loan portfolio in its quarterly reports. </p> <p>And according to the latest, just released report (in which COF incidentally missed both the top and the bottom line, reported EPS and revenue of $1.45 and $6.60 billion, both below expectations), the US taxicab industry must be on the verge of collapse, <a href="http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjU3NTc4fENoaWxkSUQ9MzYzNjc5fFR5cGU9MQ==&amp;t=1">because in COF's Q4 report</a>, the company reported that while the size of its runoff Medallion "held for investment" loans tumbled by $83 million from $773MM to $690MM, it was the surge in the nonperforming loan rate that was the stunner: surging from 38.8% in Q3 to a whopping 51.5% in Q4, it suggests that legacy cab drivers in the US are not only barely making money, but are in financial dire straits.</p> <p>Of course, the irony is that the Medallion industry's biggest nemesis, Uber, is likewise burning through billions in venture capital cash every year in hopes of putting its legacy competitor out of business. And, if these Capital One numbers are any indication, it may soon succeed.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/01/15/Capital%20One%20taxi%20rate.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/01/15/Capital%20One%20taxi%20rate_0.jpg" width="500" height="330" /></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="820" height="541" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Capital%20One%20taxi%20rate.jpg?1485299483" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/cab-industry-verge-collapse-capital-ones-taxi-npl-rate-soars-above-50#comments Business Capital One Car sharing Medallion Taxicab The London Taxi Company Transport Transportation in New York City Transportation network companies Uber Uberisation Tue, 24 Jan 2017 23:12:19 +0000 Tyler Durden 586427 at http://www.zerohedge.com Central Bankers, Politicians, & Why Frank Zappa Was Right http://www.zerohedge.com/news/2017-01-24/central-bankers-politicians-why-frank-zappa-was-right <p><em><a href="http://www.macro-allocation.com/">Submitted by Paul Brodsky via Macro-Allocation.com,</a></em></p> <h2><u>Politics &amp; Investing</u></h2> <p><strong>Frank Zappa said politics is the entertainment branch of industry.</strong> We have noted that unprincipled centrists pose a threat to sustainability and have offended all by suggesting conservatives can be as economically impractical as progressives. That may not be how to win friends and influence people, but it does leave us free to objectively analyze political influences over economies and markets.</p> <h3><u>Central Banks</u></h3> <p><strong>They say politics is about making choices, and so the debate about whether central banks are political is a non-starter. They are. </strong>Central banks ultimately exist to ensure the safety and soundness of banks by avoiding credit deflation. They are primarily charged with the task of maintaining economic liquidity, which all political parties endorse. The question of whether they have partisan leanings is less important.</p> <p>Central bank policies are meant to steer broader populations towards popular perceptions they feel will sustain economies and asset prices &ndash; asset prices used to collateralize liabilities (i.e., bank assets). This modus operandi necessarily harms a portion of the population. For example, targeting inflation harms savers that do not want to risk their wealth in the markets and financial repression harms retirees living on fixed income. Crafting and executing monetary policy is a political act, choosing one constituency over another. Thus, central banks are political bodies and make choices that prioritize special interests over broad populations, in order of importance: <em><strong>1) bank profits; 2) pleasing legislative authorities that maintain their charters; 3) abiding by economic mandates constructed to please the first and second priorities, and; 4) promoting the economic hopes, dreams and wherewithal of the broad population.</strong></em></p> <p>An apolitical central bank would not have economic policies or mandates, but rather would exclusively oversee bank soundness and safety. This would imply central banks would have to occasionally limit bank balance sheet expansion (facetiously, what used to be called &ldquo;restricting credit&rdquo;). As bank and non-bank balance sheets became chock full of debt, they discovered that falling asset prices contemporaneously threatens output growth, credit deflation and bank solvency.</p> <p><strong>The credit crisis forced central banks to execute the first two priorities to the limit by re-liquefying their banking systems and giving cover to politicians otherwise at risk of taking the blame for it.</strong> The third and fourth priorities could no longer be met by dropping interest rates further or by creating more base money, so they resorted to emphasizing &ldquo;communications&rdquo;. Countless econometric models published by behavioral political economists and central bankers are based on the idea that growth and inflation are mostly derived from the expectation of them. Accordingly, central banks sought to increase capital spending and consumption by targeting inflation, which in turn diminishes the propensity to save. This benefitted investors and widened wealth and income gaps. Again, choices. It all seems political to us.</p> <h3><u>Politicians</u></h3> <p>The most visible form of politics that affects economies and markets comes directly from elected officials through promises of fiscal and regulatory initiatives and, occasionally, actual policy follow-through. <strong>Given the waning efficacy of the Fed&rsquo;s economic influence, Donald Trump&rsquo;s election could not have been better timed for equity investors. </strong>Confidence stemming from his ability to reduce regulations and taxes and enact fiscal growth initiatives produced a stock market rally. <strong>Let&rsquo;s look at perception and reality.</strong></p> <p>One of Mr. Trump&rsquo;s stated goals is to increase the US manufacturing base. Yesterday, he met with CEOs of manufacturing companies and asked for suggestions to increase revenues and US jobs. The result of his efforts may ultimately be legislation that reduces corporate taxes and increases import tariffs, which could improve manufacturing conditions in the US. But would his success be enough to move the needle?</p> <p>The graph below shows the growth of real output in the manufacturing sector since 1987. It grew in the 1980s during the first leg of the great secular leveraging period and even accelerated in the 1990s when emerging economies like China and the former Soviet bloc began participating in global trade. <strong>Two major dynamics brought about this growth: 1) the leveraging of household balance sheets, which gave US consumers increasing disposable income, and; 2) the ability of US manufacturers to use their rising stock prices and strong dollar as currency to buy cheap plant, equipment and labor abroad.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_MAI1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_MAI1_0.jpg" style="width: 600px; height: 303px;" /></a></p> <p><strong>It is interesting that since 1999, and especially since 2012, US manufacturing growth has struggled amid extraordinary globalization.</strong> We would argue this is because it is bumping up against the global cost structure of production, which includes lower cost economies with which the US cannot compete.</p> <p>The graph below puts a finer point on this. It shows the trend of US manufacturing as a percentage of US GDP. <strong>Since 2005, the contribution of manufacturing to the US economy has dropped from 13.1% to 11.7%</strong>. It is unclear whether we should be more concerned with the declining trend of manufacturing or the absolute low contribution level of manufacturing within the US economy.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_MAI2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_MAI2_0.jpg" style="width: 600px; height: 304px;" /></a></p> <p>US real GDP is about $17 trillion of which manufacturing is about $2 trillion. <strong>Doubling the manufacturing base to $4 trillion would be great on its own, but there are other considerations.</strong> First, total US dollar denominated debt is upwards of $60 trillion. Annual interest on that debt is about $3 trillion. Are we to believe that increasing the manufacturing base through deficit-funded fiscal initiatives and restrictive trade policies would increase real output? The excitement from renewing a sentimental part of the American narrative is politically compelling, but growing US manufacturing revenue and jobs would, at best, be small potatoes as an economic driver.</p> <p><strong>President Trump&rsquo;s initial emphasis on renewing the US manufacturing base is largely symbolic. </strong>Even if his administration were to successfully use tax incentives, protectionist measures and immigration policies to re-patriate factories and labor, and even if government were to spend big on fiscal stimulus, <strong>it still would not solve the structural leverage problem facing the US economy.</strong><strong> </strong></p> <p><strong>In fact, we think the process of bringing the US manufacturing base back through job-centric policies would actually reduce global trade and lower US GDP over time. </strong></p> <p><u><strong>Zappa was right, </strong></u>but a fresh approach to confidence-based politics that does not address major structural issues does not provide the basis for investor optimism.</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="882" height="447" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170124_MAI2.jpg?1485286508" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/central-bankers-politicians-why-frank-zappa-was-right#comments Business Central bank Central Banks China Credit Crisis Deflation Donald Trump Economy Economy of the United States Financial crisis of 2007–2008 fixed Great Recession Inflation Monetary economics Monetary Policy Presidency of George W. Bush Quantitative easing Reality US Federal Reserve Tue, 24 Jan 2017 23:10:00 +0000 Tyler Durden 586421 at http://www.zerohedge.com Tuesday Humor: Holland Introduces Itself To President Trump 'Bigly' http://www.zerohedge.com/news/2017-01-24/tuesday-humor-holland-introduces-itself-president-trump-bigly <p>As the whole world watched the inauguration of Donald Trump as the 45th president of the United States and heard his address that from now on it was "America first," the European nation of Holland asked politely "can you make The Netherlands second?" As they explain in the clip below, <strong><em>"because we realize it's better for us to get along, we decided to introduce our tiny country to you... in a way that will probably appeal to you the most."</em></strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"Our country was founded by William of Orange, who fought against the Spanish. The Spanish were total scumbags. They fought against us for 80 years but they could't beat us... couldn't do it. Total losers."</strong></p> <p>&nbsp;</p> <p>"We've got this scandalous tradition of Black Pete. It's the most offensive racist thing you've ever seen... you'll love it."</p> <p>&nbsp;</p> <p>"And we also have a disabled politician for you to make fun of..."</p> <p>&nbsp;</p> <p><strong>"We speak Dutch. It's the best language in Europe. It's got all the best words. All the other languages failed. Danish... total disaster. German... it't not even a real language, it's fake.."<em><br /></em></strong></p> </blockquote> <p>Enjoy...</p> <p><iframe src="https://www.youtube.com/embed/ELD2AwFN9Nc" width="560" height="315" frameborder="0"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="618" height="333" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170124_fantastic.jpg?1485295247" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/tuesday-humor-holland-introduces-itself-president-trump-bigly#comments American people of German descent Business Climate change skepticism and denial Donald Trump Donald Trump Netherlands Politics of the United States Social Issues The Apprentice United States WWE Hall of Fame Tue, 24 Jan 2017 22:45:00 +0000 Tyler Durden 586420 at http://www.zerohedge.com The Simple Reason Why the Global War on Cash Will Continue http://www.zerohedge.com/news/2017-01-24/simple-reason-why-global-war-cash-will-continue <p>India&rsquo;s cash ban continues to create problems&hellip;</p> <p>Here are a few of the headlines regarding this issue:</p> <p style="margin-left: 40px;"><span style="font-size:12px;"><strong><em>In Its Third Month, India&#39;s Cash Shortage Begins to Bite </em></strong>(NY Times)</span></p> <p style="margin-left: 40px;"><strong>Cash-ban distress leaves scant room for India budget giveaways (Times of India)</strong></p> <p style="margin-left: 40px;"><strong>Indian Bank&#39;s World-Beating Profit Growth at Risk on Cash Ban (Bloomberg)</strong></p> <p>A normal would see these developments and think &ldquo;the cash ban will probably be reversed&hellip; after all, it&rsquo;s having a negative impact on the economy.&rdquo;</p> <p>The only problem is that the political class is not comprised of normal people. And they don&rsquo;t care about the economy. All they care about is remaining in power.</p> <p><strong><u>Put another way, unless a policy results in getting kicked out of office, it&rsquo;s not considered a problem.</u></strong></p> <p>Just look at India, despite the clear evidence that banning some 86% of cash in circulation has been an economic disaster, the country is pushing forward by&hellip; banning more cash.</p> <p style="margin-left:.5in;"><strong><em><u>A high-level committee on digital payments has suggested a tax to discourage cash transactions</u></em></strong><em>, a cap on the maximum allowable limit for large-size cash transactions and a complete abolition of charges on card payments to incentivise digital transactions.</em></p> <p style="margin-left:.5in;"><em>Some of these recommendations of the Chandrababu Naidu-headed committee of state chief ministers could find a mention in the upcoming Union Budget on February 1. <strong><u>The recommendations seek to make digital transactions more cost effective and attractive than cash transactions. The committee has suggested a banking cash transaction tax on transactions of Rs 50,000 and above.</u></strong></em></p> <p><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: Economic Times of India.</em></p> <p>So, India banned small cash denominations, the economy tanks, and now India wants to tax LARGE transactions and put a cap on the limit of large-size cash transactions.</p> <p><strong><u>Again, for the political elite, no matter how awful a policy is, it&rsquo;s not considered a problem until someone is kicked out of office.</u></strong></p> <p>If you think plans are not underway for a similar cash ban in the US, you&rsquo;re mistaken. In the last 12 months everyone from the Chair of the Federal Reserve to former Treasury Secretaries have either trashed cash as an investment</p> <p>Indeed, we&#39;ve uncovered a secret document outlining how the Fed plans to ban physical cash and incinerate savings in the coming months.</p> <p>We detail this paper and outline t<strong><u>hree investment strategies </u></strong>you can implement</p> <p>right now to protect your capital from the Fed&#39;s sinister plan in our Special Report</p> <p><strong><em>Survive the Fed&#39;s War on Cash.</em></strong></p> <p>We are making <u>1,000</u> copies available for FREE the general public.</p> <p>To pick up yours, swing by&hellip;.</p> <p><strong><u><a href="http://phoenixcapitalmarketing.com/cash.html" title="http://phoenixcapitalmarketing.com/cash.html">http://phoenixcapitalmarketing.com/cash.html</a></u></strong></p> <p>Best Regards</p> <p>Graham Summers</p> <p>Chief Market Strategist</p> <p>Phoenix Capital Research</p> <p>&nbsp;</p> <p>&nbsp;</p> http://www.zerohedge.com/news/2017-01-24/simple-reason-why-global-war-cash-will-continue#comments Bank Business Cash Chandrababu Naidu-headed committee Economy Federal Reserve Federal Reserve System Financial transaction tax headlines India Repurchase agreement Systemic risk Transaction Tax US Federal Reserve Tue, 24 Jan 2017 22:43:41 +0000 Phoenix Capital Research 586426 at http://www.zerohedge.com President Obama's Average Approval Rating Was Worse Than Nixon's http://www.zerohedge.com/news/2017-01-24/president-obamas-average-approval-rating-was-worse-nixons <p>President Barack Obama had an <strong>average approval rating of 47.9% during his time in office</strong>, <a href="http://www.gallup.com/poll/202742/obama-averages-job-approval-president.aspx?g_source=Politics&amp;g_medium=newsfeed&amp;g_campaign=tiles">according to the Gallup poll</a>. That <strong>puts him behind Richard Nixon, who resigned, and George W. Bush,</strong> who saw his approval rating drop as low as 25% near the end of his term.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_Votes.jpg"><img height="632" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/01/23/20170124_Votes.jpg" width="558" /></a></p> <p><a href="http://www.cnsnews.com/news/article/terence-p-jeffrey/479-obama-had-lower-average-approval-rating-nixon-or-bush">As CNSNews.com&#39;s Terence Jeffrey reports</a>, that puts him ahead of only Gerald Ford (47.2 percent), Jimmy Carter (45.5 percent) and Harry Truman (45.4 percent). <a href="http://www.gallup.com/poll/202742/obama-averages-job-approval-president.aspx?g_source=Politics&amp;g_medium=newsfeed&amp;g_campaign=tiles"> Gallup, in an analysis released Friday,</a> published the average approval rating for all twelve presidents who have served since World War II. John F. Kennedy ranks highest with an average approval rating of 70.1 percent. He is followed by Dwight Eisenhower (65.0 percent), George H.W. Bush (60.9 percent), Bill Clinton (55.1 percent), Lyndon Johnson (55.1 percent), Ronald Reagan (52.8 percent), George W. Bush (49.4 percent), Barack Obama (47.9 percent), Gerald Ford (47.2 percent), Jimmy Carter (45.5 percent) and Harry Truman (45.4 percent).</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>After his first year,&rdquo;&nbsp;<a href="http://www.gallup.com/poll/202742/obama-averages-job-approval-president.aspx?g_source=Politics&amp;g_medium=newsfeed&amp;g_campaign=tiles">the Gallup analysis said of Obama&rsquo;s poll numbers</a>, &ldquo;he received sustained majority approval only once more during his first term in office. </strong>Fortunately for him, that came during his 16th quarter in office -- around the time he was re-elected in the fall of 2012. Shortly after his second term began, his support dipped back into the 40s and did not return to the majority level again until his final year in office.&rdquo;</p> </blockquote> <p><strong>Obama&rsquo;s lowest approval ratings coincided with events focused on the debt, employment and the Islamic State,&nbsp;<a href="http://www.gallup.com/poll/202742/obama-averages-job-approval-president.aspx?g_source=Politics&amp;g_medium=newsfeed&amp;g_campaign=tiles">Gallup reports</a>.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;At various points in his presidency his approval ratings dipped to 38%,&rdquo;&nbsp;</strong><a href="http://www.gallup.com/poll/202742/obama-averages-job-approval-president.aspx?g_source=Politics&amp;g_medium=newsfeed&amp;g_campaign=tiles">said Gallup</a>.</p> <p>&nbsp;</p> <p>&ldquo;This included in August and October 2011 after contentious negotiations over the debt ceiling limit and subsequent downgrading of the U.S. credit rating. Obama also failed to generate sufficient support for legislation designed to address the still-weak employment situation.</p> <p>&nbsp;</p> <p><strong>&ldquo;Obama&#39;s approval ratings also fell to 38% in September 2014, shortly after the Islamic State terrorist group released videos showing the beheadings of U.S. journalists captured overseas,&rdquo;</strong> Gallup said.</p> </blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="269" height="155" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170124_vote1.jpg?1485284604" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/president-obamas-average-approval-rating-was-worse-nixons#comments Barack Obama Barack Obama Bill Clinton Cancer survivors Conservatism in the United States Debt Ceiling Ford Gallup Gallup George W. Bush Gerald Ford Nationality Opinion poll Politics President Obama Progressivism in the United States ratings Ronald Reagan United States United States presidential approval rating Tue, 24 Jan 2017 22:20:00 +0000 Tyler Durden 586419 at http://www.zerohedge.com Sharia Standard May See Gold Surge http://www.zerohedge.com/news/2017-01-24/sharia-standard-may-see-gold-surge <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Sharia Standard May See Gold Surge In Value</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>"The introduction of a Sharia standard for gold will not only be good for investors but also for gold producing countries and even individual mining operations",</em>&nbsp;according to The National in an article published this morning.</p> <div class="mceTemp" style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"> <dl class="wp-caption alignnone" style="margin-bottom: 0px; max-width: 100%; width: 970px;"> <dt class="wp-caption-dt"><img src="http://www.thenational.ae/storyimage/AB/20170124/STORYGALLERY/170129595/AR/0/&amp;NCS_modified=20170124122819&amp;MaxW=960&amp;imageVersion=default&amp;AR-170129595.jpg" alt="Sharia Standard. Gold bars in a gold shop in Saudi Arabia. Gold has long played a role in Muslim society as a store of wealth. Fahad Shadeed / Reuters" width="960" height="639" style="height: auto; max-width: 100%; display: block;" /></dt> <dd class="wp-caption-dd" style="font-size: 14px; padding-top: 0.5em; margin-bottom: 0px; margin-left: 0px;">Gold bars in a gold shop in Saudi Arabia. Gold has long played a role in Muslim society as a store of wealth. Fahad Shadeed / Reuters</dd> </dl> </div> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>"The new&nbsp;<a href="http://www.goldcore.com/us/gold-blog/shariah-gold-standard-revolutionary-mobius/">Sharia gold standard</a>&nbsp;is very important as it allows Islamic investors to access and gain exposure to physical gold in a safer and more efficient manner,"</em>&nbsp;says Mark O’Byrne, the executive director at the bullion trader GoldCore in London.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>"It will increase the diversity of available Sharia gold-compliant investment products and spark greater emphasis on the role of physical gold coins and bars."</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">GoldCore research shows that if just 1 per cent of Islamic finance goes into gold, demand could increase by up to an enormous 1,000 tonnes a year. Even if demand comes in at half that it means the gold market will undergo a considerable shake-up.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Last month the Sharia Standard was approved as a collaboration between the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Islamic standard-setting body, and The World Gold Council (WGC) in London.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>"We launched the standard to enable greater access to gold for the Islamic investment community,"</em>&nbsp;says Natalie Dempster, the managing director, central banks and public policy at the WGC. Currently, the WGC is talking to Islamic financiers and product developers as well as scholars over how to put the standard into practice.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Much as it is in the rest of the world, gold has long played a role in Muslim society as a store of wealth and as a means to facilitate trade.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Above are excerpts from&nbsp;<em>'Gold set to surge on Sharia standard'&nbsp;</em>which was published in&nbsp;<em>The National</em>&nbsp;today.&nbsp;<em>The National</em>&nbsp;is a government-owned English-language daily newspaper published in Abu Dhabi, United Arab Emirates (UAE). It&nbsp;can be&nbsp;<a href="http://www.thenational.ae/business/economy/gold-set-to-surge-on-sharia-standard" target="_blank">read in full here</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">&nbsp;</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>News and&nbsp;Commentary</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.reuters.com/article/global-precious-idUSL4N1FE08K">Gold hits 2-mth high as dollar drops on Trump uncertainty (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.zerohedge.com/news/2017-01-23/usd-dumps-after-treasury-sec-nominee-mnuchin-warns-excessively-strong-dollar">USD Dumps After Treasury Sec Nominee Warns Of “Excessively Strong” Dollar (Zerohedge)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.bloomberg.com/news/articles/2017-01-22/yen-weighs-on-japan-shares-asia-stocks-tip-gains-markets-wrap">U.S. Stocks, Dollar Retreat as Trump Targets Trade (Bloomberg)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.reuters.com/article/us-global-markets-idUSKBN157023">Dollar unsettled, stocks subdued by Trump's protectionism (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://akipress.com/news:587958/">Mongolia to increase its gold reserves (AKI Press)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/01/Trump.Gold_.Trumpflation-650x360.jpg" style="height: auto; max-width: 100%;" /></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://dailyreckoning.com/top-10-donald-trump-tweets-gold/">Top 10 Donald Trump Tweets About Gold (Daily Reckoning)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.wsj.com/articles/central-banks-embrace-risk-in-era-of-low-rates-1485133603">Central banks embrace risk buying stocks and bonds in era of low rates (WSJ.com)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.journalinquirer.com/opinion/chris_powell/trump-s-megalomaniac-delusion-now-i-am-the-people/article_400da168-e17a-11e6-9fd4-67fca09b298c.html">Currency regime has run the world for 'America first' since 1945 (Journal Inquirer)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://foreignpolicy.com/2015/12/10/wall-street-to-washington-and-back-again-bernanke-revolving-door-federal-reserve/">Revolving door between big banks and Federal Reserve "is a time bomb" (ForeignPolicy.com)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://moneyweek.com/the-cringeworthy-celebration-of-warren-buffett/">The cringeworthy celebration of Warren Buffett (MoneyWeek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://info.goldcore.com/7-real-risks-to-your-gold-ownership" rel="attachment wp-att-5047"><img src="http://www.goldcore.com/news/wp-content/uploads/sites/16/2016/03/7RealRisksBlogBanner.jpg" alt="7RealRisksBlogBanner" width="822" height="430" style="height: auto; max-width: 100%;" class="alignnone wp-image-5047" /></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Gold Prices (LBMA AM)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">24 Jan: USD 1,213.30, GBP 972.22 &amp; EUR 1,130.07 per ounce<br />23&nbsp;Jan: USD 1,213.75, GBP 974.03 &amp; EUR 1,130.12 per ounce<br />20&nbsp;Jan: USD 1,199.10, GBP 974.87 &amp; EUR 1,127.03 per ounce<br />19 Jan: USD 1,203.35, GBP 976.76 &amp; EUR 1,129.34 per ounce<br />18 Jan: USD 1,212.50, GBP 984.91 &amp; EUR 1,134.78 per ounce<br />17 Jan: USD 1,217.50, GBP 1,003.59 &amp; EUR 1,141.65 per ounce<br />16 Jan: USD 1,202.75, GBP 997.56 &amp; EUR 1,135.40 per ounce<br />13 Jan: USD 1,196.35, GBP 978.85 &amp; EUR 1,123.25 per ounce<br />12 Jan: USD 1,206.65, GBP 984.39 &amp; EUR 1,135.82 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Silver Prices (LBMA)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">24 Jan: USD 17.10, GBP 13.73 &amp; EUR 15.92 per ounce<br />23&nbsp;Jan: USD 17.14, GBP 13.78 &amp; EUR 15.97 per ounce<br />20&nbsp;Jan: USD 16.89, GBP 13.73 &amp; EUR 15.87 per ounce<br />19 Jan: USD 16.95, GBP 13.75 &amp; EUR 15.89 per ounce<br />18 Jan: USD 17.12, GBP 13.93 &amp; EUR 16.01 per ounce<br />17 Jan: USD 17.00, GBP 13.91 &amp; EUR 15.87 per ounce<br />16 Jan: USD 16.82, GBP 13.94 &amp; EUR 15.87 per ounce<br />13 Jan: USD 16.76, GBP 13.76 &amp; EUR 15.74 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><br />Recent Market Updates</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.goldcore.com/ie/gold-blog/gold-price-trump/">-&nbsp;Gold Price To 2 Month High As Fiery Trump Declares New American Order</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/golds-gains-15-inauguration-years-since-1974/">-&nbsp;Gold’s Gains 15% In Inauguration Years Since 1974</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/turkey-axis-gold-end-us-dollar-hegemony/">-&nbsp;Turkey, ‘Axis of Gold’ and the End of US Dollar Hegemony</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-5-5-ytd-hard-brexit-cometh-weaker-dollar-trump/">-&nbsp;Gold Up 5.5% YTD – Hard Brexit Cometh and Weaker Dollar Under Trump</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/bitcoin-gold-outlook-safe-haven/">-&nbsp;Bitcoin and Gold – Outlook and Safe Haven?</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/physical-gold-will-trump-paper-gold/">-&nbsp;Physical Gold Will ‘Trump’ Paper Gold</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-lower-trump-presidency-strong-gains-akin-obama-inauguration/">-&nbsp;Gold Lower Before Trump Presidency – Strong Gains Akin To After Obama Inauguration</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-rallies-1207-trump-press-conference-shambles/">-&nbsp;Gold Rallies To $1,207 After Trump Press Conference Shambles</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/prince-owned-land-gold-bars-worth-800000/">-&nbsp;Prince Owned Land and Gold Bars Worth $800,000</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-price-gbp-4-brexit-uk-risks/">-&nbsp;Gold Price In GBP Up 4% On Brexit and UK Risks</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/2016-past-2017-prologue/">-&nbsp;2016 Past is 2017 Prologue</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-gains-currencies-2016-9-usd-13-eur-surges-31-5-gbp-2/">-&nbsp;Gold Gains In All Currencies In 2016 – 9% In USD, 13% In EUR and Surges 31.5% In GBP</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/trumps-twitter-140-characters-push-gold-1600oz-2017/">-&nbsp;Trump’s Twitter “140 Characters” To Push Gold To $1,600/oz in 2017?</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/us/gold-blog/sharia-standard-gold-uae/"><strong>www.GoldCore.com</strong></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><br /></strong></p> http://www.zerohedge.com/news/2017-01-24/sharia-standard-may-see-gold-surge#comments Abu Dhabi Auditing Organisation for Islamic Financial Institutions Bitcoin Business Central Banks Donald Trump Economy Federal Reserve Finance Gold Gold as an investment Gold bar Gold standard Hedge International trade Investment Money Newspaper Precious metals Reuters Saudi Arabia Security Turkey Twitter Twitter U.S. Securities and Exchange Commission US Federal Reserve Warren Buffett World Gold Council World Gold Council Tue, 24 Jan 2017 22:00:00 +0000 GoldCore 586371 at http://www.zerohedge.com A Look At Trump's Other Executive Orders Meant To Fix The "Incredibly Cumbersome, Horrible" Manufacturing Process http://www.zerohedge.com/news/2017-01-24/look-trumps-other-executive-orders-meant-fix-incredibly-cumbersome-horrible-manufact <p>It was a busy second day for President Donald Trump when in blitz of executive actions, in addition to the previously signed orders to expedite environmental review and approval of high-priority infrastructure projects meant to accelerate the Keystone XL and Dakota Access pipelines and to decree that any pipelines intended for the United States should be built in the country, he also signed three more longer-term and sweeping <strong>directives requiring American-made steel and changing the process of approving and regulating future pipeline and infrastructure projects.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/01/15/tump%20exec.jpg"><img height="283" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/01/15/tump%20exec_0.jpg" width="500" /></a></p> <p>&quot;Sometimes it takes many, many years and we don&rsquo;t want that to happen. If it&#39;s a &#39;no,&#39; we&#39;ll get a quick &#39;no.&#39; If it&#39;s a &#39;yes,&#39; it&#39;s like, let&#39;s start building,&quot; Trump said in an Oval Office signing ceremony that has already become a trademark of his short presidency.</p> <p>In reversing the Obama administration policy to disapprove the Keystone pipeline, Trump emphasized that the construction isn&#39;t a done deal. &quot;It&#39;s something that subject to a renegotiation of terms by us,&quot; he said. &quot;We&#39;ll see if we can get the pipeline built. A lot of jobs, 28,000 jobs.&quot;</p> <p>Environmental groups reacted quickly and vociferously, promising legal action and White House protests. &quot;President Trump wil live to regret his actions this morning,&quot; said Michael Brune of the Sierra Club, promising <strong>&quot;a wall of resistance the likes of which he never imagined.</strong>&quot;</p> <p>In total, Trump signed four&nbsp;<a href="http://www.usatoday.com/story/news/politics/onpolitics/2017/01/24/executive-order-vs-presidential-memorandum-whats-difference/96979014/">presidential memoranda</a>&nbsp;and one executive order.</p> <ul> <li>A <a href="https://www.documentcloud.org/documents/3410722-170124-ECKeystonePipeline-FINAL.html">memorandum expediting the Keystone XL Pipeline</a>, a proposed&nbsp;1,179-mile cross-border pipeline from Alberta to Nebraska. In&nbsp;unusual language referring to a specific private company in a presidential directive, Trump invited pipeline company, Transcanada, &quot;to promptly resubmit its application.&quot; He also ordered the secretary of State to make a decision within 60 days, fast-tracking existing procedural requirements.</li> <li>A <a href="https://www.documentcloud.org/documents/3410721-170124-ECDakotaPipeline-FINAL.html">memorandum directing the secretary of the Army</a> to &quot;review and approve in an expedited manner&quot; the Dakota Access Pipeline, a 1,172-mile pipeline from North Dakota to Illinois that has been the subject of heated protests by American Indian groups and environmentalists. Because the pipeline crosses waterways, it needs approval from the U.S. Army Corps of Engineers. Trump once owned stock in&nbsp;Energy Transfer Partners, the company building the pipeline, although his campaign said he sold off all individual stock holdings last August. Trump has not yet filed a financial disclosure report to confirm the sale.</li> <li>A <a href="https://www.documentcloud.org/documents/3410720-170124-ECAmericanPipelines-FINAL.html">memorandum requiring the secretary of Commerce</a> to come up with a plan to mandate American-made steel for all new, expanded or retrofitted pipelines in the United States. The plan is due in six months.&nbsp;&quot;Going to put a lot of workers, a lot of steelworkers, back to work,&quot; Trump said.</li> <li>A <a href="https://www.documentcloud.org/documents/3410723-170124-ECManufacturing-FINAL.html">memorandum to all federal agencies to review manufacturing regulations</a>. The secretary of Commerce is required to seek input from the public on how to streamline those rules for 60 days, with a report to Trump containing proposals 60 days after that.</li> <li>An <a href="https://www.documentcloud.org/documents/3410724-170124-ECPriorityInfrastructure-FINAL.html">executive order fast-tracking approval for &quot;high-priority infrastructure projects</a>.&quot; Under Trump&#39;s order, any governor or Cabinet secretary can ask for a project to be designated as high-priority. If the chairman of the White House Council on Environmental Quality approves, the project will go to the front of the line for any agency required to review and approve the project.</li> </ul> <p>&quot;This is the expediting of environmental reviews and approvals for high-priority infrastructure&nbsp;projects,&quot; Trump said. &quot;We can&rsquo;t be in an environmental process for 15 years if a bridge is falling down.&quot;</p> <p><iframe allowfullscreen="true" frameborder="0" height="304" marginheight="0" marginwidth="0" scrolling="no" src="http://www.usatoday.com/videos/embed/96991290/?fullsite=true" title="USA TODAY - Embed Player" width="540"></iframe></p> <p>&nbsp;</p> <p>&nbsp;</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="1261" height="714" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/tump%20exec.jpg?1485294713" /> </div> </div> </div> http://www.zerohedge.com/news/2017-01-24/look-trumps-other-executive-orders-meant-fix-incredibly-cumbersome-horrible-manufact#comments army Business Conservatism in the United States Dakota Access Pipeline Donald Trump Donald Trump Donald Trump presidential campaign Illinois Infrastructure Keystone Pipeline Obama Administration Obama administration Political positions of Donald Trump Politics of the United States Sierra Club TransCanada Corporation U.S. Army Corps of Engineers White House White House White House Council on Environmental Quality Tue, 24 Jan 2017 21:57:28 +0000 Tyler Durden 586418 at http://www.zerohedge.com