Obama Administration

The Pentagon has released an 1,176-page book of instructions on the "The Law Of War" detailing acceptable ways of killing the enemy. The manual also states that journalists can be labeled "unprivileged belligerents," an obscure term that replaces the Bush era "unlawful enemy combatant." The Obama Administration’s definition of "enemy combatant" was vague enough, basically meaning any male of a military age who "happens to be there," and this shift appears to make the situation even more dangerous.

President Barack Obama in 2014 said Mr. Gruber was “some adviser who never worked on our staff.” And then there's this:

“Thank you for being an integral part of getting us to this historic moment,” according to Sept. 9, 2009 email to Mr. Gruber from Jeanne Lambrew, a top Obama administration health adviser who worked at HHS and the White House. In a November 2009 email, she called Mr. Gruber “our hero.”

In a remarkable document, which is not posted at the English version of the website of the Constitutional Court of Ukraine, but which is widely reported outside the United States, including Russia, Poroshenko, in Ukrainian (not in English), has petitioned the Constitutional Court of Ukraine (as it is being widely quoted in English):  "I ask the court to acknowledge that the law ‘on the removal of the presidential title from Viktor Yanukovych' as unconstitutional.”

In principle, there could not be a more spectacular game-changer-in-waiting. A royal Saudi caravan offering tribute, in the form of incense, gold and myrrh (or higher oil prices)? No one knows, yet, how this will play out in the New Great Game in Eurasia, of which a major spin-off is Cold War 2.0 between the US and Russia. Putin and King Salman – very discreetly — had been in touch over the phone for weeks. The King’s son invited Putin to Riyadh. Accepted. Putin invited the King to Moscow. Accepted. But is this real life? Or smoke and mirrors? Who's allied with whom?

If the United States and China are supposed to be such “great friends”, why are both sides acting as if war is in our future? There were years of diplomatic troubles before Japan finally made the decision to launch a “surprise” attack on Pearl Harbor. Right now, it appears we are moving into a similar period of diplomatic trouble with China.

"Both the US and China have a vital interest in reaching an understanding because the alternative is so unpalatable," Soros wrote in an article for the New York Review of Books, with the danger imminent if Chinese economic reforms fail forcing President Xi Jinping to "foster some external conflicts to keep the country united and maintain himself in power." These "conflicts" would present themselves in the form of a Sino-Russo alliance which could draw the entire world into war.

With a small possibility that later today the Fed may hike rates for the first time in nearly a decade, and if not today then in 65 days (per the Bank of America countdown to the repeat of the "Ghost of 1937") at the September 17 meeting on which consensus has congregated as the historic rate hike day, there is one particular chart that if not readers, then certainly the Fed, should focus on: the near historic difference between the two primary inflation measures, core CPI and the Fed's preferred, core PCE which is now at the lowest level since the financial crisis.

For the first time since the Cold War, the US is set to store heavy military equipment in Eastern Europe in a stepped up effort to deter 'Russian aggression.' While this marks a very meaningful escalation in the standoff between Moscow and the US, one former NATO commander was quick to point out that "nothing is as good as troops stationed full time on the ground."

What’s the connection between the G7 summit in Germany, President Putin’s visit to Italy, the Bilderberg club meeting in Austria, and the TTIP – the US-EU free trade deal – negotiations in Washington?

• Razor-edge U.S. Congress vote to decide fate of Obama Pacific trade pact (Reuters)
• EU Readies for Default as Tsipras Drives Greek Finances to Brink (BBG)
• Greece Can’t Plan a Barbecue, Let Alone a Currency, Nielsen Says (BBG)
• IMF quits Greece talks amid ‘air of unreality’ as deal unravels (FT)
• Greece Counts Cost of One Man's Gamble (BBG)
• Merkel urges Greece and creditors to keep pushing for deal (Reuters)
• Fearful ECB starts countdown on Greek funding lifeline (Reuters)
• Greek stocks suffer further pummelling (FT)

If you still think that the establishment Republicans in Congress represent real opposition to President Obama’s policies, you’re either extremely brainwashed or extremely stupid. Honestly, we wonder what it will take for some people to wake up. How many times do you need to be used, abused and conned by slimy politicians before you can shake off your political Stockholm Syndrome? Today's example is from chief ObamaTrade proponent Paul Ryan who gaffed Pelosi-like when he admitted (with regard to the super-secret TPP) "It’s declassified and made public once it’s agreed to," in other words - “we have to pass the bill so that you can find out what is in it.”

Because centrally-planning the market and the double seasonally-adjusted economy was not enough, the Obama administration is now set to create a wealth-adjusted community utopia. According to The Hill, the administration is moving forward with regulations designed to help diversify America’s wealthier neighborhoods, such as building affordable housing in more affluent areas. The name of Obama's latest proposal to have the government centrally-plan your community? The Affirmatively Furthering Fair Housing rule. A name that only the person who penned the US Freedom Act could have come up with.

Moscow-based cybersecurity firm Kaspersky Lab has released a detailed report that outlines how spyware (which some suggest originated in Israel) was used to infiltrate the hotels that hosted the Iran nuclear negotiations. From the report: "Earlier this year, during a security sweep, Kaspersky Lab detected a cyber intrusion affecting several of its internal systems. Following this finding, we launched a large-scale investigation, which led to the discovery of a new malware platform. Notably, some of the new 2014-2015 infections are linked to the P5+1 events and venues related to the negotiations with Iran about a nuclear deal."

• Pope urges Putin to make 'sincere, great effort' for Ukraine peace (Reuters)
• Merkel Tells Tsipras It’s Time to Back Talk With Policy Action (BBG)
• 'Greek tragedy' needs happy ending now: EU's Moscovici (Reuters)
• Vulture Funds Circle Greece Targeting Europe’s Best Trading Bet (BBG)
• Germany against third aid program for Greece under any circumstances, says daily (Reuters)
• Biggest OPEC Members Pump Record Oil With Rally in Jeopardy (BBG)
• Greek ruling reversing pension cuts will cost state 1 to 1.5 bln euros (Kathimerini)
• China’s Former Security Chief Zhou Yongkang Sentenced to Life in Prison (WSJ)
• MSCI backs itself into corner on China share inclusion (Reuters)