Revelations From The Torture Report – CIA Lies, Nazi Methods And The $81 Million No-Bid Torture ContractSubmitted by Tyler Durden on 12/10/2014 20:02 -0500
The U.S. government justifies all of its militaristic and other interventions overseas using this false narrative that it holds some sort of moral high ground. It should now be abundantly clear to everyone that this invented ethical position is a total fabrication. I can summarize my thoughts on this entire matter with the following: "If you're part of status quo, you can get away with anything. Murder, torture, theft of trillions. Until top guys are jailed it won't stop."
Today things for the former Goldman banker went from bad to worse, when as the FT reports, the ECB lost its "normal political cover" to make a bold decision, in fact the boldest decision in the ECB's history: one which could lead to a political and legal retaliation by Germany itself. The reason, as FT's Peter Spiegel explains, is that unlike previously when EU summits resulted in "greenlighting" blueprints which, if only on paper, enabled Draghi to proceed unconstrained, this time there was no such blank check compact. The bottom line, as Spiegel concludes, is that "Draghi won’t have the normal political cover he needs to make a bold decision early next year – a problem only compounded by the European Commission’s decision last month to put off the day of reckoning for France and Italy over whether they will face sanctions for failing to live up to the EU’s crisis-era budget rules."
While we were expecting that one-time "god of crude oil trading" would have a poor year as a result of his consistent bullishness on the crude space, we were quite astounded to learn, as Bloomberg first reported yesterday, that Andy Hall - the man whose name was for a decade legendary in the commodity space - would call it a day. And yet that pales in comparison to the WSJ report overnight than Phibro itself, Andy Hall's 113 year old employer currently owned by Occidental Petroleum after its sale by Citigroup, would liquidate in the US after it failed to buy a buyer, marking the end of an era.
Now that China is on the same boat as the rest of the world, and its stock market is a direct reflection of hopes for constant liquidity injections by the central banks, nothing could be better for stocks than bad news, which is precisely what it got. After the biggest crash in the Shanghai Composite in 5 years, what China got just the bad economic update it needed, when it reported a PPI of PPI (-2.7%, Exp. -2.4%), the 33rd consecutive decline and a CPI (1.4%, Exp. 1.6%), lowest since November 2009, when the big banks’ RRR rate stood at 15.5% vs. current 20%. And so hope of yet more PBOC interventions to halt China's deflation promptly reversed SHCOMP losses of over 4% on the session (at which point it was just shy of correction territory from recent highs hit just this week), and stocks surged to close up almost 3%, erasing half of yesterday's losses. This spike came despite reports Chinese regulators may limit brokerages' interbank borrowing.
On the wall of George Orwell's Ministry of Truth from his novel 1984 there were three slogans: "WAR IS PEACE, FREEDOM IS SLAVERY, IGNORANCE IS STRENGTH" It occurred to us that these apply just a little bit too well to the way the Washington, DC establishment operates. But there is a fourth slogan they need to add to the wall of Washington's Ministry of Truth. It is this: DEFEAT IS VICTORY!
If we're in a gold bear market, then answer these questions...
Many global macro factors are coming to a head. Downside in Treasury prices are at minimum limited this week. Treasuries are a safe haven, under-owned, under-loved, with pick up in yield to other sovereigns and denominated in a safer currency. Here is what is worrying the sell-side...
With interest rates near their lowest levels on record, they have nowhere to go from here "but up." This is the consensus of virtually all of the analysts and economists on Wall Street which currently suggests that rates will rise to 3.88% next year on the 30-year treasury. Is everyone still wrong?
Europe's banks are vulnerable in 2015 due to weak macroeconomic conditions, unfinished regulatory hurdles and the risk of bail-ins according to credit rating agencies ... Oh what a tangled web, we weave ...
- China’s Stocks Sink Most Since 2009 as Turnover Jumps to Record (BBG)
- Greek Stocks, Bonds Tumble (WSJ)
- China tightens LGFV funding screws (BBG)
- Crude Rebounds From Five-Year Low Amid Shale-Oil Spending Curbs (BBG)
- Sexual threats, other CIA methods detailed in Senate report (Reuters)
- U.S. Takes Security Precautions Overseas Ahead of CIA Report (WSJ)
- Light-Speed Treasury Trading Governed by Rules Dating to 1998 (BBG)
- Delhi to ban all internet taxi firms after Uber rape claim (Reuters)
- Supreme Group Fined $389 Million for Overcharging Pentagon (WSJ)
It wasn't just China's long overdue crash last night. In addition to the Shanghai Composite suffering its biggest plunge since August 2009, there has been a sharp slide in the USDJPY which has broken its uptrend to +∞ (and hyperinflation), and around the time Chinese gamblers were panicking, the FX pair tumbled under 120, although since then the 120 tractor beam has been activated. Elsewhere, the Athens stock exchange is also crashing by over 10% this morning on the heels of news that the Greek government has accelerated the process to elect the next president and possibly, a rerun of the drama from the summer of 2012 when the Eurozone was hanging by a thread when Tsipras almost won the presidential vote and killed the world's most artificial and insolvent monetary union. And finally, the crude plunge appears to have finally caught up with ground zero, with ADX General Index in Abu Dhabi plunging 3.5%, also poised for the biggest drop since 2009. In fact the only thing that isn't crashing (at least not this moment), is Brent, which did drop to new 5 year lows earlier under $66, but has since staged a feeble rebound.
Germans can’t get their gold reserves. Do how did the Dutch get their 122 tonnes of gold?
Is Germany being prevented from holding gold to prevent independent foreign policy action?
This problem is north of $9 trillion… literally than the economies of Germany and Japan COMBINED. And it's bursting NOW.
"The highly abnormal is becoming uncomfortably normal... There is something vaguely troubling when the unthinkable becomes routine."
Without doubt, the most memorable line from the latest quarterly report by the BIS, one which shows how shocked even the central banks' central bank is with how perverted and broken the "market" has become is the following: "The highly abnormal is becoming uncomfortably normal.... There is something vaguely troubling when the unthinkable becomes routine." Overnight, "markets" did all in their (central banks') power to justify the BIS' amazement, when first the Nikkei closed green following another shocker of Japanese econ data, when it was revealed that the quadruple-dip recession was even worse than expected, and then the Shanghai composite soaring over 3000 or up 2.8% for the session, following news of the worst trade data - whether completely fabricated or not - out of China in over half a year.