• Steve H. Hanke
    02/11/2016 - 16:08
    The burgeoning literature contains a great deal of hype, which validates the 95% Rule: 95% of what is written about economics and finance is either wrong or irrelevant.

SPY

SPY
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Snowden Vindicated As Judge Slams "Unconstitutional, Orwellian" NSA Bulk Spying





"This court simply cannot, and will not, allow the government to trump the Constitution merely because it suits the exigencies of the moment,

 
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"No QE For You!": ECB May Cut "Lifeline" To Portugal After Socialists Overthrow Government





In what sounds like the plot of a McCarthy-era propaganda spy novel, the Socialists and Communists have overthrown the government in Portugal. That means it's time for the troika to start pushing back against the undesirables by threatening the country with financial ruin. Just call it "tough love." 

 
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China Sends Fighter Jets To Island, Demands No Mention Of "Contentious Issues" At Summit





On the heels of Washington's move to send a guided missile destroyer to Subi Reef, Beijing has now moved its fighter jets closer to the Spratlys in what certainly looks like an effort to "deter" any further "meddling" by the US and its regional allies. 

 
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Iran Buys Jets From UK To Fly Spy Commandos To Syria In Violation Of Nuke Deal





In what amounts to a contravention of the recently inked nuclear deal, Iran has reportedly purchased passenger jets from the UK and is now using them to transport The Quds Force to the front lines in Syria. 

 
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The "War On Terror" Is The Hoax Foundation Of The Police/Spy State





The “war on terror” was a hoax. Americans were deceived by policymakers, who are pursuing a hegemonic agenda. The American people were too trusting and too gullible and, consequently, Americans were easily betrayed by Washington and by the presstitute media. The populations of the eight countries and Washington’s vassals are stuck with the consequences of Washington’s evil, vicious, and illegal actions. And Americans are stuck with the police/spy state and militarized police who murder three Americans each day and brutalize countless others.

 
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The Unhackable iPhone Has Been Compromised: "Intelligence Agencies Can Intercept Calls, Messages, & Access Data"





iPhone maker Apple claimed last month that their latest iteration of the wildly popular handheld device was unhackable. But as we already know from recent hacks of Department of Defense computers, essential domestic grid infrastructure computers, and even NASA’s in-orbit spacecraft, in the digital age nothing is ever really secure. After offering a $1 million bounty, cyber security firm Zerodium confirms a hacker group has successfully compromised Apple's iOS 9. Here’s the kicker: the exploit is remote, so it can be launched on your phone without you even knowing about it.

 
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Untangling America From The American Empire





For America to come home and untangle itself from the Imperial Project, it will have to do more than not meddle in everyone else's affairs; it will have to learn to live within its means--what it earns from producing goods and services, not what it skims from global financialization.

 
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Bullish Fund Flows Return With A Vengeance: Largest Equity Inflow In 6 Weeks; Money Put Into Bonds, Commodities





The bullish fund flows are back. This is how Bank of America summarizes the latest EPFR capital flow sentiment: "Loving Wall Street: $15bn equity inflows + $5bn HY/IG inflows + 6 straight weeks of commodity inflows = investors are "risk-on."

 
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Eventually The Weight Becomes Too Much To Bear





The “equal-weight” S&P 500 has dropped to near 3-year lows versus the cap-weighted version. Previous such events under similar conditions occurred at inauspicious times.

 
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'Celebrating' 14 Years Since America Kissed Its Freedoms Goodbye





If you haven’t already, now’s the time to get out your party hats to celebrate the 14th anniversary of the USA PATRIOT Act. You know about the law, I’m sure; passed barely six weeks after the 9/11 attacks, the USA PATRIOT Act is one of the most sweeping, liberty-destroying pieces of legislation in American history.

 
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Fear Of The Walking Dead: The American Police State Takes Aim





While 'zombies' may be the personification of our darkest fears, they embody the government’s paranoia about the citizenry as potential threats that need to be monitored, tracked, surveilled, sequestered, deterred, vanquished and rendered impotent. Why else would the government feel the need to monitor our communications, track our movements, criminalize our every action, treat us like suspects, and strip us of any means of defense while equipping its own personnel with an amazing arsenal of weapons? For years now, the government has been carrying out military training drills with 'zombies' as the enemy. “We the people” or, more appropriately, “we the zombies” are the enemy in the eyes of the government.

 
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It's On: Obama Sends Destroyer To Chinese Islands, China Vows Military Response





Update: According to reports in on Monday evening, the USS Lassen has indeed sailed within 12 nautical miles of China's islands in the Spratlys.  

For weeks, the US was rumored to plan a "freedom of navigation" exercise in the contested Spratly islands which, as we’ve pointed out several times this month, amounts to sailing by China's man-made outposts just to see if the PLA will shoot. Moments ago, the wires lit up with news that President Obama has green-lighted the exercise. The USS Lassen, a guided-missile destroyer, is now set to sail within 24 hours.

 
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Frontrunning: October 26





  • European shares slip as easing expectations fade (Reuters)
  • Valeant and Pharmacy More Intertwined Than Thought (WSJ)
  • The Pawn Isolated: Valeant, Philidor and the Annals of Fraud (WSJ)
  • Strongest Afghan Quake Since 1949 Triggers Search for Survivors (BBG)
  • EU Agrees To Tighten Border Controls And Slow Migrant Arrival (AP)
  • Volkswagen Suspends More Employees (WSJ)
  • Volkswagen Loses Global Sales Lead to Toyota Amid Diesel Scandal (BBG)
 
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