Once upon a time America fought a great war to rid the world of the Nazis, but now we have become just like them. In fact, I would venture to say that the Nazification of the United States is pretty much complete. As you will see below, we have a heavily socialized economy where tax rates are out of control and lots of freebies are given out just like the Nazis did. And just like the Nazis, our society has become highly militarized and our government has become increasingly obsessed with watching, tracking, monitoring and controlling the general population. But more than anything else, all of the pageantry and beauty in our society masks an evil which has grown to a level that is almost unspeakable. The other day, my wife and I were watching some footage of the beautiful parades and celebrations that were held in Germany before World War II, and they certainly were very impressive. But under the surface, a great evil was growing. Just because something happens behind closed doors does not make it okay, and just like the Nazis, our society is about to learn an exceedingly painful lesson in that regard.
When the global economy is doing well, the amount of stuff that is imported and exported around the world goes up, and when the global economy is in recession, the amount of stuff that is imported and exported around the world goes down. It is just basic economics. Governments around the world have become very adept at manipulating other measures of economic activity such as GDP, but the trade numbers are more difficult to fudge. Today, China accounts for more global trade than anyone else on the entire planet, and we have just learned that Chinese exports and Chinese imports are both collapsing right now. But this is just part of a larger trend. As I discussed the other day, British banking giant HSBC has reported that total global trade is down 8.4 percent so far in 2015, and global GDP expressed in U.S. dollars is down 3.4 percent. The only other times global trade has plummeted this much has been during other global recessions, and it appears that this new downturn is only just beginning.
Submitted by Tyler Durden on 10/20/2015 - 14:16 With less than two weeks until a possible debt ceiling "accident" and with investors dumping T-Bills at near record pace, Ron Paul rages that any delay in, or opposition to, raising the debt ceiling will inevitably be met with hand-wringing over Congress’ alleged irresponsibility. But the real irresponsible act would be for Congress to raise the debt ceiling.
Soon to be used on you...
On today’s Liberty Report, we covered the US government’s assassination program. You’ll surely recall when President Obama issued an executive order that said the President has the authority to assassinate even American citizens at his own discretion.
Well, a very important report was issued by The Intercept that gave us a view at how horrendous the US drone program is in practice. The report was from a whistleblower who showed that during a five month period of drone strikes in Afghanistan, 90 percent of the people killed were not the intended targets.
This is very dangerous territory. The immorality should be extremely obvious. But there are also the unintended consequences and blowback that end up flying back like boomerangs.
Submitted by Tyler Durden on 10/20/2015 - 12:27 "It was like ‘Hey,…. its Crackas With Attitude.’ He was like ‘What do you want?’ We said ‘2 trillion dollars hahhaa, just joking. 'How much do you really want?' 'We just want Palestine to be free and for you to stop killing innocent people.'"
Submitted by Tyler Durden on 10/20/2015 - 13:55 "We wish that Iran would change its policies and stop meddling in the affairs of other countries in the region, in Lebanon, Syria, Iraq and Yemen. We will make sure that we confront Iran's actions and shall use all our political, economic and military powers to defend our territory and people."
Submitted by Tyler Durden on 10/20/2015 - 13:41 Many of the systems we take for granted are historical accidents. Either based on legacy systems hundreds of years old (higher education) or assembled in a short-term, ad hoc fashion (post-1940 national defense/ national security), these systems have expanded into vast patronage systems that are completely out of touch with 21st century needs, costs or realities. The U.S. healthcare system was not planned; it is largely accidental.
Submitted by Tyler Durden on 10/20/2015 - 13:19 While stocks surge ingloriously on the back of a credibility-less Fed (and hope that PBOC, ECB, BoJ will unleash QE-moar), S&P 500 forward earnings expectations are down 15 days in a row - that is the longest losing streak since the financial crisis. In fact, S&P 500 earnings expectations are down over 2% year-over-year. The last time earnings growth expectation swung from positive to this negative was August 2008.
Tesla Tumbles After Consumer Reports Yanks Its "Best Car Ever" Recommendation, Now Says It Has "Poor Reliability"Submitted by Tyler Durden on 10/20/2015 - 13:00 In what is truly historic flip flop, just a month after Consumer Reports said the Tesla Model S is the best car it has ever tested, the agency has not only yanked its original review, but has come out with what is clearly a hitjob sponsored by another highest bidder, aimed squarely at Elon Musk's overpriced science experiment.
Submitted by Tyler Durden on 10/20/2015 - 12:46 Anecdotal evidence from press reports, survey data and positioning data all agree on one point: very few people believe that the recent rally could actually be for real. With a pullback underway, we now have a chance to judge its nature – this should soon tell us if the recent rally was just another fluke or if it retains the potential to become a more sustained advance.
Submitted by Tyler Durden on 10/20/2015 - 12:13 Stocks of “vice” industries like alcohol and tobacco are showing leadership – that hasn’t always been good news for the market.
Submitted by Tyler Durden on 10/20/2015 - 12:05 While this morning's dead cat bounce pressed WTI Crude up to almost $47 (Dec contract), it has been an almost non-stop downswing since China reported GDP. This morning's chaos in the T-Bills market appears to have spooked algos out of risk-on positions and broken WTI Crude back to a $45 handle...
Submitted by Tyler Durden on 10/20/2015 - 11:50 Less than two weeks ago, when previewing the upcoming debt ceiling battle which is shaping up to be far more contentiously than most expected, we said to "keep an eye on T-Bill yields for the turning point when the market decides this situation is becoming serious." And while things turned "serious" yesterday, moments ago the bond market officially entered into "panic" territory.
Submitted by Tyler Durden on 10/20/2015 - 11:16 For the biggest, and most criminal, cover up by a Japanese government in recent history, the irradiated chickens are coming home to roost and earlier today Japan finally acknowledged the first "possible casualty" from radiation at the wrecked Fukushima nuclear power plant, a worker who was diagnosed with cancer after the crisis broke out in 2011.
Submitted by Tyler Durden on 10/20/2015 - 11:15 “In an as-yet unreleased statement circulated to the BBC, myself and others, the UN Office on Drugs and Crime (UNODC), which has shaped much of global drug policy for decades, call on governments around the world to decriminalise drug use and possession for personal consumption for all drugs.”
Submitted by Tyler Durden on 10/20/2015 - 11:07 Just as we noted last night, when IBM's dismal earnings were unleashed upon a frantic market, there was only one thing that could save stocks.. USDJPY 120!!
But it seems the "juice" has run out...
Here is a little pro tip that applies to every aspect of life.
Never stop reading. Ever.
I know, broad and vague, but this week I want to use a quote from an otherwise useless article to keep you filled in on rumblings about silver that are coalescing into a much larger story.
It should come as no surprise that people involved in finance are utterly hopeless news junkies. Half of our job is to constantly read, and we’re always taking that portion of work home.
We’ll read just about anything to find that one nugget of information that is worth remembering.
One advantage of living on the Left Coast is election night. You get the most time to both absorb the results, and still have time to comment on those results — and yet get to bed at a decent time.
The despicable, traitorous, illegal government of Stephen Harper is gone. The Liberal Party has literally risen-from-the-grave to form a majority government, under the son of a former Prime Minister. While such “dynasties” are common in many other nations, this is the first time that this has ever occurred in Canada.
by Bix Weir, Road to Roota:
Re: Illegal Silver Eagle Allocation Operation
It has come to my attention that your continual limits on the allocation of US Silver Eagles since June 2015 is once again in violation of the American Silver Eagle bullion program Title II of Public Law 99-61 (Liberty Coin Act) codified as 31 U.S.C. § 5112(e)-(h) which requires that US Silver Eagles be produced “in quantities sufficient to meet public demand.”
The current limitation placed on US Silver Eagles is NOT due to limited manufacturing capabilities of the US Mint facilities but rather due to a supposed shortage of silver planchets (blanks) coming from the official suppliers to the US Mint.
What is a “negative event” in the financial world? Or in Wall Street parlance, “bad news?” By definition, it should be something deemed to diminish an asset’s – or asset class’ – outlook. By that logic, financial markets have discounted bad news for hundreds, if not thousands of years. That is, until abusive financial technology enabled the commandeering of said “discounting process.” Which, as it turns out, has not only created historic levels of wealth disparity, but “deformed” economic activity so dramatically, the world has been left with unprecedented levels of overcapacity, in both the public and private sectors, and history’s largest ever debt load.
Since the artificial “boom” the global economy enjoyed in the post-gold-standard-abandonment-era peaked at the turn of the century – particularly after the financial system, under unprecedented stress from Central banks’ 2000-2007 attempts to “rescue” the economy from recession, broke in 2008, covert (and overt) government control of financial markets has all but destroyed their ability to discount “good” and “bad” news.
The Money GPS:
America’s ambassador to Libya was pleading for extra security personnel two months before his 2012 death at the hands of terrorists, according to a newly released cable. The Hillary Clinton-run State Department turned him down flat.
Ambassador Christopher Stevens and three other Americans were killed in the Sept. 11, 2012 attack on the U.S. compound in Benghazi, Libya. The House Select Committee on Benghazi was formed to investigate the attack.
“Overall security conditions continue to be unpredictable, with large numbers of armed groups and individuals not under control of the central government, and frequent clashes in Tripoli and other major population centers,” Stevens wrote.