- Shares fall on G20 disappointment, Fed hike worries (Reuters)
- China cuts reserve requirement ratio for fifth time since Feb. 2015 (Reuters)
- China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind (BBG)
- S&P 500 Futures Signal 2nd Day of Stock Losses; Valeant Slides (BBG)
- Valeant fundamental risks are too severe to suggest the stock is poised for a lasting rebound (WSJ)
The populist revolt fueling non-mainstream political movements in both Europe and the US flows from a single source: you can not fool all the people all the time. The central lie of our time is that governments can and should forcibly assume control of individuals’ lives, in the name of vague and always shifting greater goods. The Command and Control Futility Principle holds that governments and central banks can control one, but not all variables in a multi-variable system. The number of variables global governments and central banks have arrogated to their purported control has grown beyond measure. Breakdowns are visible everywhere, and as those failures exact their ever-increasing toll on the masses, the masses are pushing back.
It happens at the top of every tech cycle – everyone wants to be a tech company. We’re there now. Tech is clubby - if you’re not inside, you’re outside. But before you try to argue for a higher valuation for a public company just because it claims to be 'Tech', consider our seven point checklist – "You might be a tech company if..."
The U.S. government wants nothing short of total control. Tech executives who met with the Pentagon team [this week, said] that some of their requests have been “jarring.” In at least one case, the Pentagon spoke with several companies about tweaking their algorithms to promote certain types of content. “This is a Pandora’s box we won’t open.." said one Google representative.
America: This is Your Government.
America is crossing into a new era. Trump seems to have caught the wave, while Clinton seems to belong to yesterday. A note of caution: This establishment is not going quietly.
Nearly every single dominant superpower throughout history was eventually consumed by its unsustainable finances. This time is not different. The finances of the US government are obvious, as is the trend. We’re not talking about what ‘might happen’ or ‘could happen’. We’re talking about what IS happening. And this is not a consequence free environment.
- Fight night: Rubio, Cruz gang up on Trump in debate ploy (Reuters)
- Laid Bare in Shanghai: G-20 Tensions Over How to Spur Growth (BBG)
- China Flags Scope for Policy Stimulus, Tweaks Monetary Stance (BBG)
- Global Stocks Rise With Commodities as China Sees Room to Ease (BBG)
- Greece seeks to stem migrant flow as thousands trapped by border limits (Reuters)
The government says: “Just this once” and “Just this phone.” But the government knows those statements are not true; indeed the government has filed multiple other applications for similar orders, some of which are pending in other courts. Once the floodgates open, they cannot be closed, and the device security that Apple has worked so tirelessly to achieve will be unwound without so much as a congressional vote
Moments ago, the Permanent Committee on Intelligence launched a hearing on the topic of "World Wide Threats", whose unstated focus is whether Apple's encryption makes these threats worse.
For a minute, the century old, Japanese consumer electronics maker was saved. And then Terry Gou got a look at the books.
- Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
- China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
- Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
- China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
- Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)
On the face of it, The FBI vs Apple - the feverish momentum of American technocracy accelerating into the cavernous Orwellian entrenchment of the surveillance state - boils down to a single locked and encrypted iPhone 5S, used by radical jihadist Syed Rizwan Farook. However, as we are learning, the FBI and the federal government have a far more comprehensive end-game in mind than merely bolstering the prosecution of this one case.
- Shares fall with oil prices, yen in demand (Reuters)
- Trump's third straight win has rivals looking for answers (Reuters)
- How Marco Rubio Blunted Ted Cruz—and Boosted Donald Trump (BBG)
- Donald Trump Seals GOP Front-Runner Status With Nevada Win (WSJ)
- Fischer says no Fed plan to move to negative interest rates (Reuters)
- Lew Says Don't Expect `Crisis Response' From Group of 20 Meeting (BBG)