Wednesday, November 30, 2016

In Apology Letter to Reddit Users, Huffman Calls The Donald Users ‘Toxic’, ‘Behaving Badly’, Threatens Action and Outright Ban

The CEO of Reddit issues and apology and declaration of war, all at once!

Caught On Tape: Man Steals $1.6 Million Bucket Full Of Gold In Midtown Manhattan In Broad Daylight

Police released footage on Tuesday of what may be the luckiest theft in recent history. In the clip, a man brazenly swipes an 86-pound bucket full of gold worth $1.6 million from the back of an unattended armored truck on West 48th Street in the Diamond District on Sept. 29 in broad daylight.

I guess they don't have hot tar and feathers in India...

Angry Mobs Lock Up Indian Bankers As Cash Chaos Soars: "We Are Fearing The Worst"

Bankers are bracing for long hours and angry mobs as pay day approaches in India. "We are bracing ourselves for payday and fearing the worst," the chief executive officer at Laxmi Vilas Bank said, concerned the situation has gotten out of control.

Obama Creates New Al-Qaeda Out of Thin Air to Justify His Somalia War

by Michael Krieger, Liberty Blitzkrieg:
An article published in The New York Times this past Sunday perfectly demonstrates how out of control and unconstitutional America’s foreign policy has become. It highlights the latest war being perpetrated by the Obama administration, which is expanding with very little scrutiny from the press or the government branch supposedly in charge of waging war, the U.S. Congress.
The latest growing battlefield is in Somalia, and it threatens to spiral out of control just like so many other undeclared war zones before it. From the NY Times:
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UBS Warns "One-Sided" Sentiment Is Pure Contrarian Indicator, Upside Limited

"It’s been a long time since we had such a relatively clear and one-sided picture on the sentiment side, which we can just describe as tactical contrarian and too complacent."

Carrier Issues Statement On Trump Deal: "Incentives Offered Were An Important Consideration"

"The incentives offered by the state were an important consideration.... This agreement in no way diminishes our belief in the benefits of free trade and that the forces of globalization will continue to require solutions for the long-term competitiveness of the U.S. and of American workers moving forward."

A Tale Of Two Job Markets (Or Why The Elites Couldn't See A Trump Win Coming)

With the economic expansion in its eighth year, over 15 million jobs added since the post-recession low in employment, and a steady decline in the jobless rate from its recessionary high of 10% to under 5%, many mainstream economists were convinced that the U.S. economy was in good shape. That misconception, at least where jobs are concerned, is a key reason so many were stunned by this month’s election verdict.

A Second Look At The OPEC Deal: Here's What Can Go Wrong

The price of oil soared today on hopes that the "historic" OPEC production cut deal is credible and sustainable. There is, however, much that can go wrong with the deal. Here are some observations.

University Stuns World: Pledges To Support Free Speech, "Censorship Is Not The Answer"

Did the politically-correct insanity just reach its tipping point? Just weeks after a notably politically-incorrect Donald Trump was swept to victory in the US election,'s Kieran Corcoran reports a university has pledged to end its culture of censorship and no-platforming, and has instead pledged to defend free speech, declaring, rather shockingly, "censorship is not the answer."

The War On Cash Is Happening Faster Than We Could Have Imagined

The political and financial establishments want you to willingly get on board with the idea of abolishing, or at least reducing, cash. And they’re pumping out all sorts of propaganda to do it, trying to get people to equate crime and corruption with high denominations of cash. Simply put, the data doesn’t support their assertion.

Steven Mnuchin Roils Bond Markets With Suggestion Of 100 Year Treasury Bond

Barely having confirmed he will be Donald Trump's nominee for Treasury Secretary, Steven Mnuchin proceeded to roil the bond market when the former Goldman banker told CNBC he would look at extending the maturity of future Treasury issuance, hinting at 50 and 100 Year bonds, which promptly sent long-term US bond yields surging by the most since the turmoil following Trump’s election victory.

November To Remember - Unprecedented Month In Markets Ends Weak

Jill Stein Files Official Recount Petition In Michigan

Jill Stein continues along with her one-person recount crusade by filing an official petition in the state of Michigan...which will change absolutely nothing.

The Last Ride Of The Unemployment Rate

After eight years of trying to see recovery where there was none, the constant spin of sunshine will very likely disappear on January 20. It is ironic in one sense since it is this very disparity between mainstream “reporting” and actual economic conditions that contributed to the Trump victory in the first place.

Multiple Simultaneous Threats: Nexit Next?

The nannycrats in Brussels face yet another attack on the anti-immigration front: Geert Wilders’ Far-Right party is topping the polls in the Netherlands.

Gold Extends Losses Below $1200 As Dollar Soars

Gold futures prices dropped to $1,171 this morning as the dollar surged into the European closed and the OPEC deal sent oil prices spiking. The precious metal is now unchanged since October 2014, but as UBS notes with the break of the 2012 downtrend in US inflation expectations but expecting a pullback in yields into Q1, it should be just a question of time to see a new bounce/rally starting in gold/gold mines.

Trump Reportedly Considering Sarah Palin To Run Veterans' Affairs

Following chatter that former Alaska governor Sarah Palin was in line for Interior Secretary, ABC News reports that President-Elect Trump is considering her to lead Veterans Affairs.

Mortgage Refinancings Collapse To 2016 Lows As Rates Top 4.00%

Mortgage applications tumbled 9.4% from the prior week as mortgage rates soared above 4.00% to the highest level since July 2015. The biggest driver of the decline in mortgage demand was a 16% crash in refinances - tumbling to their lowest level since the first week of January (a seasonally dismal time).

Beige Book Finds Modest Economic Slowdown: Strong Dollar "Headwinds" Cited

The Fed's latest Beige Book released Wednesday found seven regional Fed districts reporting economic activity as growing at a modest or moderate pace, a decline from 11 in the last report, with strong dollar headwinds among one of the more frequently cited reasons for the weakness.

When The First Small Piece Of Shit Finally Sticks...

So could it really be that after years of stonewalling, Draghi, the ECB and the cabal of central bankers and regulators, are finally being dragged blinking in to the light?

Six Narratives On The Ascendancy Of Trump

Perhaps the masses have (finally!) reached the point where the pain of maintaining the status quo now exceeds that of breaking it.

Peter Schiff: Look for Fed to Return to QE with Trump’s Economic Plans

by Peter Schiff, Schiff Gold:
Peter Schiff recently appeared on CNBC’s “Future’s Now” program to discuss what the Federal Reserve will likely do during a Donald Trump presidency. Peter said he sees a rate hike in December as too little too late given the ineffectual level of interest the economy has seen over the last several years, and because of the accelerated rate of inflation that’s taking place.
While the Fed is likely to raise the nominal funds rates in December, real interest rates will continue to fall because they’re being outpaced by inflation. Also thrown into the mix are other countries’ central banks, which will also likely raise their rates as well.
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Doug Casey on the Coming Collapse of the World’s Biggest Economy

by Doug Casey, International Man:
Nick Giambruno: The entire European Union is looking shakier by the day. Donald Trump’s victory—which shocked Europe’s political and media elite—gives Eurosceptic parties, the Continent’s populists, even more political rocket fuel. What’s your take?
Doug Casey: The Social Democratic, Christian Democratic, Socialist, Communist, and similar parties have ruled Europe since the end of World War 2. They’re all pretty similar in that they promote massive welfare benefits, strong labor unions, large state bureaucracies, very high taxes, strict regulations, and an atmosphere of Cultural Marxism. Then, every few generations, the voters react and install a “fascist” regime. These keep most of the socialist characteristics, but tend to be supported by, and friendly to, Big Business. That, and they add on nationalism, xenophobia, and militarism.
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by Piper McGowin, The Daily Sheeple:
Is Turkey testing out a new kind of aircraft/weaponry or running a military exercise they don’t want people to know about?
Dozens of people reportedly witnessed UFOs in the skies above at least 12 major Turkish cities this weekend followed by reports of a loud explosion sound or sonic boom.
The sightings and the sound was caught on camera by numerous people:
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First the War on Cash, then the War on Gold

by Jim Rickards, DailyReckoning:
The global elites are using negative interest rates and inflation to make your money disappear. The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates.
One way to avoid negative interest rates is to go to physical cash.. They can’t impose negative interest rates on cash.
In order to prevent people from using that option, the elites have launched a war on cash, as recent events have borne out. The war on cash is old news, but it is escalating rapidly…
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Paul Craig Roberts-Dollar Should Be Reduced Already to the Level of Toilet Paper

from Greg Hunter:

On holding physical gold and silver, economic expert and journalist Dr. Paul Craig Roberts, who holds a PhD in economics, says, “Anyone who has surplus funds should be holding gold and silver because the dollar should be reduced already to the level of toilet paper. The Federal Reserve’s balance sheet has exploded. It’s grown so much. So, you have this massive increase in supply of money, but not in goods and services.

European President Begs EU Leaders Not to Hold Referendums … Because Voters Might Choose to LEAVE

from Washington’s Blog:
European Commission president Jean-Claude Juncker recently begged EU leaders not to hold votes on whether to leave the EU … because they may PASS:
Regarding referenda on EU membership, I think it is not wise to organize this kind of debate, not only because I might be concerned about the final result but because this will pile more controversy onto the huge number already present at the heart of the EU.
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Trump Reportedly Considering Sarah Palin To Run Veterans' Affairs

Following chatter that former Alaska governor Sarah Palin was in line for Interior Secretary, ABC News reports that President-Elect Trump is considering her to lead Veterans Affairs.

Here Are The Details From The OPEC Production Cut Deal

The much anticipated headline is out and, as Bloomberg reports, OPEC has reached a deal agreeing to cut oil production by 1.2 million barrels per day to 32.5mmbpd from the current level of 33.6mmbpd. This would be OPEC's first production cut since 2008.

Goldman's President Gary Cohn Said To Be Considering Departing Firm

Just a day after Goldman COO Gary Cohn unexpectedly met with Donald Trump, he is now said to be "weighing a future outside the firm" the WSJ reports. According to Dow Jones, the bank's "Number 2", who met with Trump on Tursday, has had conversations in recent months about leaving the bank.

Russia Refuses To Disclose From What Level It Will Cut Production; Will Cut "Only Gradually Due To Technical Issues"

Today's "OPEC deal" snowjob continued with the statement by Russian energy minister Novak, who moments ago have a press conference in which he praised the production cut conclusion, however, two key aspects of Russia's contribution to the non-OPEC stood out.

University Stuns World: Pledges To Support Free Speech, "Censorship Is Not The Answer"

Did the politically-correct insanity just reach its tipping point? Just weeks after a notably politically-incorrect Donald Trump was swept to victory in the US election,'s Kieran Corcoran reports a university has pledged to end its culture of censorship and no-platforming, and has instead pledged to defend free speech, declaring, rather shockingly, "censorship is not the answer."

Here Is OPEC Production Cut Table, And It Has An "Error"

Shortly after the conclusion of today's Vienna meeting, OPEC released the following table which lays out the breakdown of what the current reference production level is by nation, as well as the proposed adjustment to get to a 1.2 million barrel per day reduction, as well as the "pro forma" production number that will be effective on January 2017.

Household Debt Hits $12.4 Trillion As Subprime Loan Delinquencies Hit Highest In 6 Years: NY Fed

The latest household debt data, which shows debt rose to $12.4 trillion in Q3, suggest some notable deterioration in the performance of subprime auto loans. This translates into a large number of households, with roughly six million individuals at least ninety days late on their auto loan payments

Nancy Pelosi Retains House Minority Leadership Position

After a long-fought battle between Nancy Pelosi (D-CA) and Tim Ryan (D-OH) for leader of the House minority party, as expected, Pelosi has emerged the victor.  Seems the Democrats learned very little from the 2016 Presidential election cycle.

Oil Soars 9% As OPEC Deal Details Emerge

As the details of the OPEC 'deal' emerge during the press conference, WTI Crude prices have just burst through $49 stops (from 11/22 highs) and are up 9% on the day.

FX Markets Are Turmoiling

The US Dollar index is soaring, up most in a week as OPEC events and the London Fix ripple through FX markets. Yen, Euro, and Aussie Dollar are all plunging...

Wall Street Reacts To Steve Mnuchin Choice For Treasury Secretary

Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with Goldman, buying/selling the former Indy Mac.

Decade Of Negative Real Interest Rates: Who Benefited?

Simple... not you!

Oil Mixed After Biggest Cushing Build Since March 2015

Following last night's API reported surge in product and Cushing inventories, DOE confirmed massive builds in Cushing (biggest since March 2015) and Distillates (biggest since Jan 2016). Of course, with all eyes on Vienna the price action is tough to discern. Production rose very modestly.

Goldman Raises S&P Target To 2,400 On "Trump Hope"

"Hope" will dominate through 1Q 2017 as S&P 500 climbs by 9% to 2400 according to a just released revised forecast by Goldman Sachs. The firm adds that "instead of our baseline adjusted EPS growth of 5% to $123, growth could accelerate to 11% and reach $130, which would support a P/E multiple above 18x." However, Goldman warns that "Fear" is likely to pervade during 2H and S&P 500 will end 2017 at 2300, roughly 5% above the current level.

Stocks Stall As Oil Recouples After VIX Chaos Sparks New Record Highs

VIX has been gapping around like a penny stock all morning with multiple slams producing an exuberant equity open (supported by soaring oil prices) but for now selling pressure is back as Oil and Stocks recouple.

Atlanta Fed Slashes Q4 GDP Estimate From 3.6% To 2.4%

When we looked at the latest disappointing spending data this morning, we warned that GDP would likely be weakned, however we had no idea by just how much. The answer was revealed moments ago courtesy of the Atlanta Fed, which updated its GDPNow model and said that its forecast for real GDP growth in the fourth quarter of 2016 is 2.4 percent on November 30, down from 3.6 percent on November 23.

Pending Home Sales Stall Even Before Mortgage Rates Spiked

Pending Home Sales rose just 0.2% YoY in October, among the weakest of the year. This is made more troublesome since these sales occurred before the election, before the mortgage rate exploded higher and before mortgage applications collapsed...

'Communist Party' Protesters Burn American Flags In New York After Trump Tweet

Protected by their constitutional freedoms, Reuters reports that a small group of hard-left activists burned foot-long U.S. flags outside the Trump International Hotel in New York on Tuesday, in an angry response to a tweet by President-elect Donald Trump that flag-burners should face legal consequences.

Chicago PMI Smashes Estimates, Prints At 57.6, Highest Since January 2015 Despite "Falling Labor Demand"

The surge in strong economic data continued moments ago when the Chicago PMI printed at a whopping 57.6, surging from last month's 50.6, and print not only above the consensus estimate of 52.5, but also above the highest forecast provided by 32 economists. This was the highest print since January 2015. Still, despite higher orders and output, demand for labor fell.

Vienna Shocker: Indonesia Suspended From OPEC


Official Recount Petition Filed In Nevada By Rocky De La Fuente; Vows Florida Recount Up Next

"My only interest is to create a nationwide awareness of the vulnerability of our election system and to do everything possible to assure that your vote counts for the candidate for whom it is cast."

What’s Ahead in the Trump Hate Wars? Watch this Movie from His Chief Strategist

by Pam Martens and Russ Martens, Wall St On Parade:
On Sunday, November 13, 2016, President-elect Donald Trump named Stephen K. Bannon as his Senior Counselor and Chief Strategist in the White House. Newspapers across America focused on Bannon’s background as an executive at the right-wing Breitbart News. But Bannon’s more revealing role is that of a seasoned propaganda filmmaker, churning out documentaries that target liberals as haters of America while his films are actually being financed by billionaires who like their plutocracy just the way it is.
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Juncker Pleads With Austria's Hofer: "No Referendums"

European Commission President, Jean-Claude Juncker issued a warning to Austrian presidential candidate Norbert Hofer, regarding referendums. Simply put, the will of the people must be suppressed.

What Happens “If the Boom Ends with a Bang?”

by Wolf Richter, Wolf Street:
OECD frets about Canada’s House Price Bubble
In its economic outlook released today, the Organisation for Economic Cooperation and Development (OECD) is generally gung-ho about the Canadian economy, and practically bubbling over with new enthusiasm for the global economy. It now expects global growth to accelerate from 2.9% this year to 3.3% in 2017 and to 3.6% in 2018. Call it the “Trump effect” gone global.
But for Canada, despite its hunky-dory economy due to the “moderately expansionary policy stance in the 2016 federal budget,” the OECD has a stark warning: “House prices, housing investment and household debt are very high, posing financial stability risks.”
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by C. Ervana, via The PHASER:
Andrew Breitbart left an eerie message about John Podesta before he died: Podesta was the GATEKEEPER to a secret world the average person knows little about. It has to do with child trafficking among elite circles, and Hillary’s “33,000” emails may be the tip of the iceberg into a massive crime syndicate.
C. Ervana has discovered new Wikileaks from a “global intelligence” firm called Stratfor that unveil bizarre and disturbing details: that the firm is closely linked to Hillary and appears to be involved in trafficking. In several of the Stratfor emails there are key terms of “pizza” “hotdog” and “waitress.” Like the Podesta emails, there appears to be a pattern to the language used in the Stratfor emails: it is encoded with key words and phrases. Based on research, “pizza” and “hotdog” may be street terms related to trafficking children, and “waitress” may be a street term related to trafficking women. In the Podesta emails, there is strong that “Pizza” is related to a child. This is disturbing for several reasons: Pope Francis was depicted at a “pizza party” for Tony Podesta; and 2 women were arrested in North Korea while reporting on human trafficking. A picture of these two women with a child was sent to Podesta, Huma Abedin, and others at the State Department. The file was entitled “pizza.”
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The Stage Has Been Set, Obama Hands Over A Healthy Economy To Trump?

from X22Report:

Turkey Has Declared War On Syria – Does This Mean That World War 3 Is About To Erupt In The Middle East?

by Michael Snyder, The Economic Collapse Blog:
Turkish President Recep Tayyip Erdogan has just announced that the only reason Turkish military forces have entered northern Syria is to “end the rule of the tyrant al-Assad”. By publicly proclaiming that Turkey intends to use military force to overthrow the regime of Syrian President Bashar al-Assad, Erdogan has essentially declared war on the Syrian government. Of course this puts a member of NATO in direct military conflict with Russia, since Russia is working very hard to prop up the Assad regime. If all-out war breaks out between Turkey and Russia, could that be the spark that causes World War 3 to erupt in the Middle East? And once Turkey and Russia start fighting, would the United States and the rest of NATO be dragged into the conflict?
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The Future of the Eurozone Could Be Decided on December 4th in Austria and Italy

by Jeff Berwick, The Dollar Vigilante:
Is this the most important time in the EU’s history?
Italy and Austria take votes at the beginning of December that could destabilize or even end the euro and the EU itself.
This is part of a destabilizing trend that we’ve long noted and anticipated, some 16 months ago with the destruction of the EU’s Schengen agreement that used to stand for free-travel throughout Europe.
The two potential upheavals are the Italian referendum and the Austrian election, both of which are set to occur on the same day, December 4th.
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Washington’s Secret War on Syria

by Martin Berger, New Eastern Outlook:
It goes without saying that the so-called Syria’s civil war is the most dangerous and destructive crisis on the planet. Hundreds of thousands have already perished in this conflict, while around ten million Syrians have been displaced since early 2011.
To start this conflict and then keep its fires burning the US and its Satellites have spent billions of dollars. It’s curious that the New York Times has recently uncovered the criminal role that the CIA played in the Syrian war, reporting that members of the Obama administration have told them that Saudi Arabia is sponsoring the absolute majority of overseas unannounced overseas wars, to keep the role played in them by Washington a secret. At times the US and Saudi Arabia would share their intelligence, while in some cases Riyadh just hand out large sums of money to CIA operatives, without asking any questions.
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This Is What A Professional Disinformation Campaign Looks Like

from ZeroHedge:
Today Wikileaks published in searchable format more than 60 thousand emails from private intelligence firm HBGary. As Wikileaks reported on its website, “the publication today marks the early release of US political prisoner Barrett Brown, who was detained in 2012 and sentenced to 63 months in prison in connection with his journalism on Stratfor and HBGary. Coinciding with Mr Brown’s release from prison WikiLeaks is publishing a searchable index of the HBGary emails. WikiLeaks published the Stratfor emails in 2012.”
For those who missed it five years ago, the story behind the leak is fascinating.
The HBGary emails are from four email accounts of key people from HBGary and HBGary Federal. HBGary was founded in 2003 by Greg Hoglund to provide cyber security-related services to corporate clients. A separate entity, HBGary Federal, was managed by Aaron Barr to do similar work for government agencies and so had staff with security clearances and worked with companies such as Booz Allen Hamilton (one of the contractors Edward Snowden worked for).
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