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[] Just the facts: Watch CNN's Wolf Blitzer tell Nikki Haley that 'we don't have a political position' here This is especially juicy since CNN media hall monitors Oliver Darcy and Brian Stelter seem to do nothing but watch Fox News during prime time (when Fox News is beating the stuffing out of CNN in the ratings) and complain about the content of the opinion shows, like those of]] Published:11/16/2019 4:12:41 PM
[Politics] Patrick Says He Wants to Be Everyone's President Former Massachusetts Gov. Deval Patrick is introducing himself to thousands of Democratic activists in California with the message that he's running to be the president for everyone, not just the party faithful.Patrick says that doesn't mean he's running on a moderate... Published:11/16/2019 4:12:41 PM
[Entertainment] At Theater J, Albee’s ‘Occupant’ takes a lifeless look at the life of Louise Nevelson The late sculptor looks back on her career in this contrived and starchy portrait of the artist. Published:11/16/2019 4:12:40 PM
[Entertainment] Real Housewives of New Jersey Stars Unite to Support Teresa Giudice Despite Drama Teresa Giudice, Melissa Gorga 40th BirthdaySure, there's some pretty intense drama between the stars of The Real Housewives of Jersey. But when the cameras are off, Teresa Giudice's cast mates have got her back. The...
Published:11/16/2019 4:12:40 PM
[worldNews] Iran's protests against gasoline price hike turn political: media Riot police and security forces clashed with demonstrators in Tehran and dozens of cities across Iran on Saturday, Iranian news agencies and social media said, as protests against a rise in gasoline prices turned political.
Published:11/16/2019 4:12:40 PM
[Markets] Baltimore City Hits 300 Homicides For 5th Consecutive Year Amid Murder Crisis Baltimore City Hits 300 Homicides For 5th Consecutive Year Amid Murder Crisis

Baltimore has just hit 300 homicides for the fifth consecutive year, reported The Baltimore Sun.

On a per-capita basis, Baltimore is one of the most dangerous cities in America. If you have plans on going to Baltimore for the holidays -- cancel them immediately -- that's because the city is imploding on itself, likely to get worse in the early 2020s. 

The murder crisis in Baltimore could hit a record this year. There are 47 days left, and as of Saturday morning, 301 homicides have been logged into The Baltimore Sun murder map -- as shown below: 

Homicides trends for the year are above average -- even in the "greatest economy ever," where President Trump continues to pump headlines detailing how black youth are doing better than they ever have. As to why anyone would believe government jobs data ahead of an election year is beyond us -- come to Baltimore, and you'll see first hand many of the inner cities stuck in a decades-long depression of extreme wealth inequality that has led to the collapse of economic mobility for hundreds of thousands of African Americans. 

The murder crisis isn't slowing down but rather accelerating into year-end. One would think because of seasonal factors, such as cold weather, that homicide trends would weaken -- but not this year -- it's likely total homicides for the year will range from 330 to 345. 

Baltimore Police Commissioner Michael Harrison told reporters on Thursday that the murder crisis is "ruining families and it's horrifying, and we're all disgusted by it." 

Harrison is right, the disgust among working-class families is so high that a massive exodus has been seen in the last several years as the city's total population has collapsed to 100-year lows. Many are fleeing for the suburbs, escaping death and destruction. 

Harrison, who previously served as New Orleans' police chief, told reporters last week that it could be several years before crime trends are reversed. 

He said a new deployment strategy in Baltimore had been implemented to address the "culture of violence" in the city affecting the youth.

So if you have holiday plans to visit Baltimore City -- please cancel them if you value your life. 

Tyler Durden Sat, 11/16/2019 - 17:00
Published:11/16/2019 4:12:40 PM
[Markets] NewsWatch: Seeing America again through new eyes In 2011, at 50, I took early retirement from my job as an air-traffic controller, left Texas and began traveling the world.
Published:11/16/2019 4:12:40 PM
[Uncategorized] Democrats Changed Impeachment Messaging From ‘Quid-Pro-Quo’ to ‘Bribery’ After Focus Group "workshopping their talking points and buzzwords for maximum impact and reach" Published:11/16/2019 4:12:40 PM
[Entertainment] Why Harry Styles Is the Male Pop Star We Need Right Now Harry StylesWhat did we do deserve Harry Styles? That's the question we've been ruminating on ever since the charming pop star kicked off his solo career with the release of his eponymous...
Published:11/16/2019 3:43:07 PM
[Entertainment] Judge says MASN should pay Nats based on MLB panel decision A judge has ordered lawyers for the Nationals and Orioles to submit a proposed judgment of what the Mid-Atlantic Sports Network should pay Washington for TV rights from 2012-16 based on the decision issued in April by an MLB arbitration panel Published:11/16/2019 3:43:07 PM
[125b42fb-a65b-5658-8e32-ed575fdec0ae] Deroy Murdock: Adam Schiff's impeachment show is off to a shaky start Impeachment testimony in the House has reflected hearsay and second- and third-hand information. In other words, rumors and gossip. Published:11/16/2019 3:43:07 PM
[worldNews] Paris police use tear gas, water cannon on 'yellow vest' protests anniversary Demonstrators torched cars and pelted police with stones and bottles and police fired tear gas and water cannon in Paris on Saturday as rallies to mark the first anniversary of the anti-government "yellow vest" demonstrations erupted into violence.
Published:11/16/2019 3:43:07 PM
[Football] Breaking: Kaepernick’s Kaper (Steven Hayward) Paul noted a couple days ago the very public “workout” publicity stunt of Colin Kaepernick, which was scheduled to go off at 3 pm eastern time today at Atlanta Falcons stadium. But suddenly this morning Kaepernick complained that the media were being overly restricted, and suddenly moved the event to a local high school and delayed the start time. ESPN reported about an hour ago: Colin Kaepernick’s NFL workout is Published:11/16/2019 3:43:07 PM
[Markets] Stablecoins 'Threaten Global Financial Stability', Fed Warns Stablecoins 'Threaten Global Financial Stability', Fed Warns

Authored by William Suberg via,

Stablecoins could “complement” other payment systems and improve conditions for consumers, but need constant checks, says the United States Federal Reserve.

In its November 2019 Financial Stability Report released on Nov. 15, the Fed highlights stablecoins and their potential impact on the U.S. and beyond.

image courtesy of CoinTelegraph

Fed: Unregulated stablecoins “pose risks”

Rather than dismissing the phenomenon, officials eye potential use cases for the future but insist any stablecoin must adhere to regulatory demands. 

“Innovations that foster faster, cheaper, and more inclusive payments could complement existing payment systems and improve consumer welfare if appropriately designed and regulated,” the report explains. 

At the same time, the Fed warns:

“However, the possibility for a stablecoin payment network to quickly achieve global scale introduces important challenges and risks related to financial stability, monetary policy, safeguards against money laundering and terrorist financing, and consumer and investor protection.”

It added rare official praise of Facebook’s embattled Libra concept, describing it as an example of stablecoins, which “have the potential to rapidly achieve widespread adoption.”

“A global stablecoin network, if poorly designed and unregulated, could pose risks to financial stability,” it states elsewhere.

Better fractional reserve coin?

The report comes as the Fed takes an increasing interest in digital currency. As Cointelegraph reported earlier this month, the central bank is currently looking for a dedicated research manager for the sphere, as China prepares to launch its state-backed digital currency.

At the same time, a former advisor to U.S. President Donald Trump revealed last month he plans to issue his own stablecoin, which is not fully backed by reserves.

U.S. lawmakers have sought to vet existing stablecoin offerings, notably market leader Tether (USDT), which currently faces a multibillion-dollar lawsuit that Bitcoin (BTC) figures have broadly dismissed.

This week, Fed chair Jerome Powell meanwhile admitted that the $23 trillion U.S. national debt was no longer “sustainable,” but that the consequences of not paying it off were not critical.

Tyler Durden Sat, 11/16/2019 - 16:30
Published:11/16/2019 3:43:07 PM
[] Libs circulating doctored photo of Rep. Elise Stefanik giving the finger after Marie Yovanovitch's testimony You can tell that Rep. Elise Stefanik hit a nerve during the impeachment hearings Friday, as George Conway and a bunch of follows are posting their donations to her opponent's campaign and celebrating already that she won't be reelected. Don't be too sure though; they tried to shut her]] Published:11/16/2019 3:12:13 PM
[] China created talking points for students whose parents were put into re-education camps Someone inside the Communist Party of China took a very brave decision to leak 400 pages of documents about the country's crackdown on ethnic minorities in the Xinjiang province to an American newspaper. The documents shed some light on the creation of the camps, showing they were a response to]] Published:11/16/2019 3:12:13 PM
[topics:things/flooding] Homeowners should 'befriend' their local river to be as knowledgeable as our ancestors, academics claim Published:11/16/2019 3:12:13 PM
[Politics] 'TooFarLeft' Trends on Twitter in Response to Obama Former President Barack Obama's warning against a "complete tear down" of the American "system" has drawn a rebuke from progressives on Twitter, taking "#TooFarLeft" viral on Twitter."Even as we push the envelope and we are bold in our vision, we also have to be rooted in... Published:11/16/2019 3:12:13 PM
[ba43d602-97d9-5a3d-a25a-8ab2a5ec2eaf] Teresa Giudice talks being a single parent, 'emotional' trip seeing Joe in Italy Teresa Giudice is still adjusting to being a single parent to four daughters. Published:11/16/2019 3:12:13 PM
[Aerospace] Army photogrammetry technique makes 3D aerial maps in minutes Aerial imagery is a common asset in military matters, but 3D maps can be difficult to collect on short notice without specialized equipment. This new photogrammetry technique from the Army Corps of Engineers, however, can make accurate 3D maps from ordinary aerial footage in just minutes. Photogrammetry is the process of comparing multiple photos of […] Published:11/16/2019 3:12:13 PM
[Politics] Nixon’s son-in-law Ed Cox says Trump will ‘fight right through’ impeachment “What I recognized in [Trump] from the start was that the same fire that burns in him burned in my father-in-law — political fires,” said Cox. Published:11/16/2019 3:12:13 PM
[worldNews] UK's Corbyn: Labour to exclude NHS, medicines from trade deals with U.S. UK opposition leader Jeremy Corbyn said the Labour Party will exclude Britain's National Health Service and medicines from trade deals with the United States, as he accused Prime Minister Boris Johnson of covering up "secret talks" on the NHS.
Published:11/16/2019 3:12:13 PM
[World] Ugg, Sorel & More Designer Boots to Conquer Any Cold Front Up to 50% Off E-Comm: SorelWe love these products, and we hope you do too. E! has affiliate relationships, so we may get a small share of the revenue from your purchases. Items are sold by the retailer, not E!. As...
Published:11/16/2019 3:12:13 PM
[Markets] Leaked Chinese Government Documents Prove Muslims Are Being Detained In Massive Numbers Leaked Chinese Government Documents Prove Muslims Are Being Detained In Massive Numbers

There's now substantial evidence - in the Chinese government's own words - that they are detaining Muslims in massive numbers.

403 pages of internal documents have been leaked to the New York Times that describe a clampdown in Xinjiang - a resource-rich territory located on the border of Pakistan, Afghanistan and Central Asia - where authorities have "corralled as many as a million ethnic Uighurs, Kazakhs and others into internment camps and prisons over the past three years."

In Xinjiang, Muslim ethnic minority groups make up more than half the region's population of 25 million. The largest group is the Uighurs. Beijing has fought with the Uighurs for decades, who have offered resistance to Chinese rule. 

The current crackdown began after a surge of antigovernment and anti-Chinese violence, including ethnic riots in 2009 in Urumqi, the regional capital, and a May 2014 attack on an outdoor market that killed 39 people just days before Mr. Xi convened a leadership conference in Beijing to set a new policy course for Xinjiang.

The Chinese government has called these camps "job training centers" to fight Islamic extremism, but the documents seem to confirm the coercive nature of the crackdown in the words of the Chinese government. 

The campaign is being called "ruthless and extraordinary". Senior party leaders are recorded ordering "drastic and urgent" action, including mass detentions. The leaked papers show how the country carried out its "most far-reaching internment campaign since the Mao era."

President Xi Jinping laid the groundwork for the camps during speeches to officials in Xinjiang in April 2014, after Uighur militants stabbed more than 150 people at a train station, killing 31. In his speech, Xi called for "an all-out struggle against terrorism, infiltration and separatism using the organs of dictatorship and showing absolutely no mercy.”

Xi also said: “The methods that our comrades have at hand are too primitive. None of these weapons is any answer for their big machete blades, ax heads and cold steel weapons. We must be as harsh as them and show absolutely no mercy.”

Xi also urged his party to "emulate aspects of America’s war on terror after the Sept. 11 attacks."

“We say that development is the top priority and the basis for achieving lasting security, and that’s right. But it would be wrong to believe that with development every problem solves itself,” Xi said in one speech. 

In another speech, he said: “After the United States pulls troops out of Afghanistan, terrorist organizations positioned on the frontiers of Afghanistan and Pakistan may quickly infiltrate into Central Asia. East Turkestan’s terrorists who have received real-war training in Syria and Afghanistan could at any time launch terrorist attacks in Xinjiang.”

The camps expanded rapidly in 2016 when Chen Quanguo was appointed new party boss for the region. He handed out Xi's speeches to stay on message and implored his officials to “round up everyone who should be rounded up.” Any local leaders that stood in Chen's way were immediately purged, including one official who was jailed.


And the leak suggests that there could be discontent from within the party. The Chinese, who often undertake policymaking under the cloak of secrecy, are certainly not known for leaking internal government documents.

Since 2017, hundreds of thousands of Muslims have been detained in Xinjiang. One leaked document describes how to handle minority students returning home to Xinjiang in summer 2017 to find that their relatives have been detained. The document says that students should be informed that their relatives are receiving “treatment”.

One document ordered: "Keep up the detentions. Stick to rounding up everyone who should be rounded upIf they’re there, round them up.

Officials in Eastern Xinjiang drafted the Q and A script and distributed the guide across the region, urging officials to use it as a model. 

The document says: “Returning students from other parts of China have widespread social ties across the entire country. The moment they issue incorrect opinions on WeChat, Weibo and other social media platforms, the impact is widespread and difficult to eradicate.”

Authorities suspected that the answers wouldn't work well with students and also supplied answers to follow up questions like: 

  • When will my relatives be released?
  • If this is for training, why can’t they come home?
  • Can they request a leave?
  • How will I afford school if my parents are studying and there is no one to work on the farm?

The guide recommends answers that get firmer in nature, eventually culminating telling students that their relatives have been "infected" by the "virus" of radical Islam and must be quarantined and cured. Even grandparents could not be spared, officials were told to say. 

One answer says: “If they don’t undergo study and training, they’ll never thoroughly and fully understand the dangers of religious extremism. No matter what age, anyone who has been infected by religious extremism must undergo study.”

Another says: “Treasure this chance for free education that the party and government has provided to thoroughly eradicate erroneous thinking, and also learn Chinese and job skills. This offers a great foundation for a happy life for your family.”

The authorities are using a scoring system to see who can be released from camps. Students are told that the system takes into account their daily behavior, which has a direct effect on when their relatives may be released.

“There must be effective educational remolding and transformation of criminals. And even after these people are released, their education and transformation must continue,” President Xi said during one trip to Xinjiang. 

You can read the New York Times' full longform piece, including all of the leaked documents, here

Tyler Durden Sat, 11/16/2019 - 16:00
Published:11/16/2019 3:12:13 PM
[World] How politicians in U.S. and U.K. frustrate the will of the voters

The Moody’s financial rating service has downgraded the United Kingdom’s credit outlook to “negative” because of what it calls “Brexit paralysis:” the paralytic effect Brexit has had in U.K. politics. The U.K.’s ruling elite has chosen not to do what the voters asked them to do and has been unable ... Published:11/16/2019 2:45:04 PM

[worldNews] Venezuela opposition rallies against Maduro to revive momentum Venezuela's opposition staged nationwide protests against President Nicolas Maduro on Saturday and called for a new wave of demonstrations to revive their stalled effort to topple the deeply unpopular ruling Socialist Party.
Published:11/16/2019 2:45:04 PM
[Markets] Goldman's Euphoria Indicator Just Hit An All-Time High: What Happens Next? Goldman's Euphoria Indicator Just Hit An All-Time High: What Happens Next?

With the S&P closing above 3,100 and the Dow sprinting higher in the last seconds of Friday trading to close above 28,000 for the first time ever, one can argue that the long awaited melt-up has finally arrived.

After a year of relentless retail and institutional outflows from equity funds yet which has seen a record buyback tide prop up the entire stock market (just last week BofA recorded its 6th busiest week on record for client buybacks, up 26% from the already record buyback pace in 2018 and making a mockery of the so-called buyback blackout period), equity flows are finally picking up as bond flows slow down. According to EPFR, flows into bond funds (+$4.2bn) slowed sharply this week from the very strong pace seen for most of this year ($10bn a week on average), while flows into equity funds (+$9.6bn) on the other hand remained strong for a third straight week, in contrast to the trend for almost a year (-$5bn a week since December) according to Deutsche Bank. Indeed, over the last three weeks, flows into equity funds ($33bn) overtook those into bonds ($23bn), for the first time since early December 2018 over comparable rolling three week periods.

Yet with most pieces in place to explain the melt up, there was one minor glitch in the matrix: even as US stocks soared in the past few weeks with just 2 down days the entire month of November, equity flows are rotating away from the US. Within equities, US (-$0.4bn) funds saw outflows this week which were more than offset by strong inflows into EM (+$3.2bn), Europe ($1.5bn) and funds with a global mandate (+$5.2bn). Within global funds in particular, Deutsche Bank noted that those which invest only outside the US saw very strong inflows ($3.1bn), their strongest since March of last year. Meanwhile, for European funds, inflows over the last four weeks have been the strongest since March of last year.

Actually, it's not just outflows from US stocks that doen't fit the narrative: recent US data has been unexpectedly disappointing, with the Citi US economic surprise index sliding back in the red after surging from deep negative in June, until it hit the most positive print in the past year at the end of September.

At the same time, various GDP Nowcasts and consensus estimates have tumbled, with the average Q4 GDP print now expected to come in at around 0.83%, down sharply from just last week's 1.25%.

Then there are US corporate earnings: according to Factset, with 92% of the companies in the S&P 500 reporting, the blended earnings decline for the index for the third quarter is -2.3%. Meanwhile, consensus EPS forecasts have tumbled in recent weeks, and Q4 EPS growth is now also in the red, suggesting US corporations are knee-deep in an earnings recession.

What is amusing, is Goldman strategist Alessio Rizzi summarizes these recent transformations, writing on Friday that "since the end of the summer, the baton has been passed from monetary policy to global growth, supporting a sharp re-rating of risky assets led by the underperformers in the first part of the year."

This is, in a word, laughable: not only has the baton not been passed to global growth, as US growth is once again backsliding, and Germany just escaped a recession by literally the smallest of possible margins growing at just 0.1% in Q3, the same dismal growth as Japan, but the latest Chinese data have been downright miserable, with GDP now expected to print below 6% and China's credit impulse just barely rebounding from cycle lows at a time when China's total credit injection was the lowest in years.

Perhaps what Rizzi meant to say is that the baton has been passed from monetary policy to NOT QE as investors has plowed into risk assets following the Fed's recent decision to buy $60 billion in T-Bills per month (which as both Bank of America last week, and Citi's Matt King on Friday now admit IS in fact, QE). Incidentally, anyone who wishes to understand what is really going on in the market is urged to read Matt King's latest "Has the monetary tsunami restarted?" (spoiler alert: yes).

Yet where the Goldman strategist is right is that as a result of the Fed's latest intervention, the bank's Risk Appetite Momentum indicator - also known as Goldman's "euphoria meter" - is now at all-time highs.

This is a problem, because while Goldman may have totally butchered the cause and effect of the recent NOT QE (but really QE)-driven meltup, where it does provide some actionable information is that record high levels of its Risk Appetite Momentum, those above 1, have historically signaled negative asymmetry for equity returns.

And while the sharp increase in risk appetite has likely been exacerbated by bearish positioning, the high RAI Momentum  suggests that investors have started to price in a bottoming of the growth slowdown, which thanks to the market's reflexivity, increases the risk of disappointments: after all, the catalyst for the Q4 2018 crash was the collapse in central bank liquidity and fears that the Fed would hike even more (obviously, all that ended in Q1 of 2019 after the market's mini bear market on Christmas Eve 2018).

There is another risk according to Rizzi - one where investors turn from overly bearish to overly bullish, or as he put it, as markets shift from TINA (there is no alternative) to FOMO (fear of missing out), "there is a risk of an overshoot vs. the data, especially as noise around growth is likely to remain high."

So far, early signs of FOMO are coming from the options market, where call options have been well bid. Indeed, after a record high at the end of September, implied volatility skew has declined sharply across assets, equity spot-vol correlation has become much less negative and call vs. put volume has risen materially.

That said, for now it appears that euphoria is largely confined to the near future with longer-term option pricing still pointing to a less constructive stance. To wit, "while 1m equity call skew has become more expensive, long-dated call skew still looks considerably cheaper."

In addition, equity put skew has only marginally declined and the volatility term structure is now very steep, as long-term volatility has materially lagged the decline in short-term vol. This suggests investors’ concerns over 2020 remain high, likely owing to the US political agenda - i.e., will Warren beat Trump in the 2020 presidential elections - and uncertainty around the growth upside.

Add to the above observed euphoria the fact pointed out at the very beginning of this article that investors are finally throwing in the towel on defensive positioning and rotating into risk assets, and one can correctly conclude that the latest melt up has arrived.

Goldman's Rizzi is not fully convinced just yet, noting that "overall positioning does not appear very bullish" but as he warns "with market prices moving sharply higher recently and our RAI Momentum indicator being at historical highs, the hurdle rate for further positive surprises that sustain the strong momentum seems to have increased."

As such, Goldman concludes that "a moderation in the pace of the ‘risk on’ move is now more likely, unless a more sizeable improvement in the macro and political outlook materializes", or, more accurately, unless the Fed doubles down on its NOT QE. Alternatively, it is quite possible that the blow-off top accelerates into year end without any justification - besides the Fed's latest massive liquidity injection which have boosted the Fed's balance sheet by nearly $300 billion in the past 2 months, a faster rate than that observed during QE3.

Incidentally, the last time we had a similar market melt-up was in late January 2018, just before vol sellers overextended themselves, resulting in the overnight annihilation of the entire inverse VIX ETN complex, and the market collapsed. Back then, however, the Fed and other central banks were actually on hiatus from explicitly supporting risk assets; this time, however, with the Fed and ECB once again engaging in full-blown debt monetization, a sudden loss of confidence in risk assets - and by extension central banks - could prove catastrophic, especially with a record number of investors shorting the VIX...

... potentially setting up the biggest VIX short squeeze in history.

Tyler Durden Sat, 11/16/2019 - 15:30
Published:11/16/2019 2:45:04 PM
[Politics] Sprite commercial has a LOT of transgender/gay stuff, but not anyone actually drinking Sprite! Coca Cola is next up in the contest for which corporate can out-woke the others, with this bizarre entry with moms helping their kids bind their breasts and dress up like drag . . . Published:11/16/2019 2:15:43 PM
[Uncategorized] David Gibson of Gibson’s Bakery has passed away One of the owners of Gibson's Bakery and a named plaintiff in the lawsuit against Oberlin College, David passed away at home early this morning surrounded by family after a battle with pancreatic cancer. Published:11/16/2019 2:15:43 PM
[Entertainment] Aaron Carter Focusing on Helping Mom Amid His Own Personal Turmoil Aaron Carter, Instagram LiveAaron Carter is focusing on nursing his mother back to health, as he deals with his own personal struggles. The 31-year-old singer and former child star had recently traveled to his...
Published:11/16/2019 2:15:43 PM
[0a19bb6d-95c1-5f03-bdf8-7907a6569cf1] Celine Dion weighs in on the 'Titanic' door debate Celine Dion is the latest Hollywood star to weigh in on one of the biggest movie debates in cinematic history. Published:11/16/2019 2:15:43 PM
[Markets] "Voters Don't Want To See Crazy Stuff" - Obama Asks WTF Are 2020 Democrats Doing "Voters Don't Want To See Crazy Stuff" - Obama Asks WTF Are 2020 Democrats Doing

Former President Obama cautioned 2020 Democratic candidates not to move too far to the left, as messages of sweeping societal and government transformations risk turning off the party's moderate base, according to the New York Times.

"Even as we push the envelope and we are bold in our vision, we also have to be rooted in reality," said Obama - who told a room of wealthy liberal donors: "Even as we push the envelope and we are bold in our vision we also have to be rooted in reality."

"The average American doesn’t think we have to completely tear down the system and remake it."

Obama joins House Speaker Nancy Pelosi, former Florida Senator Bill Nelson, and other moderate Democrats in his implicit warning over plans by Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) who have called for a "political revolution" and "big structural change" with ideas that would eliminate private health insurance and place a moratorium on deportations according to The Hill.

The comments marked an extraordinary entrance into the primary contest by the former president, who has been careful to avoid even the appearance of influencing the direction of the race.

His remarks offered an implicit critique of Senators Bernie Sanders and Elizabeth Warren, who have urged voters to embrace “political revolution” and “big, structural change,” as well as proposals once widely considered to be left to the liberal fringes of the party, including court packing and decriminalizing illegal border crossings. -NYT

"I don't think we should be deluded into thinking that the resistance to certain approaches to things is simply because voters haven't heard a bold enough proposal and if they hear something as bold as possible then immediately that's going to activate them," added Obama. "There are a lot of persuadable voters and there are a lot of Democrats out there who just want to see things make sense. They just don’t want to see crazy stuff. They want to see things a little more fair, they want to see things a little more just. And how we approach that I think will be important."

In April, the former president said "One of the things I do worry about sometimes among progressives in the United States — maybe it’s true here as well — is a certain kind of rigidity where we say, 'Uh, I’m sorry, this is how it’s going to be,' and then we start sometimes creating what’s called a 'circular firing squad,' where you start shooting at your allies because one of them has strayed from purity on the issues," adding "And when that happens, typically the overall effort and movement weakens."

In early November, Pelosi suggested that 2020 Democrats may strike out against Trump with ultra-liberal policies that may fire up coastal leftists, but may not go over well elsewhere.

"What works in San Francisco does not necessarily work in Michigan,"Pelosi said in a wide-ranging interview with Bloomberg. "What works in Michigan works in San Francisco — talking about workers’ rights and sharing prosperity."

Bill Nelson, meanwhile, also said earlier this month that if Warren or Sanders become the party's nominee in 2020 that Democrats would effectively be ceding Florida to Trump.

"The answer is yes," said Nelson - a Biden supporter who narrowly lost his re-election in 2018. "I say this with the greatest respect and admiration and friendship for those other senators who embrace Medicare for All. But the hard reality is, it is going to be a stretch too far for the Democrat candidate."

And while Obama is now cautioning 2020 progressives against straying too far left, he's still not endorsing his former VP Joe Biden, the moderate Democratic frontrunner.

Tyler Durden Sat, 11/16/2019 - 15:00
Published:11/16/2019 2:15:43 PM
[Markets] Dow closes above 28,000 — its first thousand-point milestone clearance in 90 trading days The Dow Jones Industrial Average marks history on Friday— carving out its first breach of a psychological milestone since mid July, as equity benchmarks mounted an assault on records on the back of hope for progress in U.S.-China trade negotiations. Published:11/16/2019 2:15:43 PM
[Markets] The Margin: One viral Reddit poster explains how the Apple Card fails compared to other cards One viral Reddit poster explains how the Apple Card fails compared to other cards
Published:11/16/2019 2:15:43 PM
[] Ace of Spades Pet Thread H/T Legally Sufficient *** Good afternoon Morons, Lurkers and Pets. Thank you for cruising to the almost world famous Ace of Spades Pet Thread. Kick back for a couple of hours and enjoy the world of pets. The Ace of... Published:11/16/2019 2:15:43 PM
[] Obama vs. Sanders and Warren: "The average American doesn’t think that we have to completely tear down the system" I am just not mentally prepared to see this guy, of all people, emerge as the person who strangles single-payer in its crib at a moment when lefties have not one but two top-tier candidates championing the idea in the primary.

I mean, I'm still recovering from learning that O]] Published:11/16/2019 1:45:03 PM

[Politics] Bernie Ups Calif. Presence Amid Biden, Warren Absence The decisions by former Vice President Joe Biden and Sen. Elizabeth Warren, D-Mass., to skip a weekend gathering of thousands of fervent California Democrats less than three months before voting begins have frustrated and puzzled some party leaders. Published:11/16/2019 1:45:03 PM
[Impeachment] Quigley on evidence: Hearsay edition (Scott Johnson) I observed earlier this week that there is a classic satire of democratic politics struggling to get out from the House’s impeachment inquiry. It was only yesterday that the Obama administration refused to provide lethal military aid to the Ukraine. Now the provision of lethal military aid appears to have become a holy sacrament in the evolving Democratic orthodoxy, one with its own martyrs and rites and hymns. You know, Published:11/16/2019 1:45:02 PM
[Gaming] ‘Magic: The Gathering’ game maker exposed 452,000 players’ account data The maker of Magic: The Gathering has confirmed that a security lapse exposed the data on hundreds of thousands of game players. The game’s developer, the Washington-based Wizards of the Coast, left a database backup file in a public Amazon Web Services storage bucket. The database file contained user account information for the game’s online […] Published:11/16/2019 1:45:02 PM
[8a13b3c8-5c02-589e-b50d-a527965f36c4] Nina Shea: Lebanon’s Christians threatened, need US help If Lebanon plunges into civil war, Christians there would be left without protection. America must back protesters demanding government reforms. Published:11/16/2019 1:45:02 PM
[worldNews] Bushfires rage across Australia's east and west as danger rises Dozens of wild fires burned across broad swaths of Australia's east and west on Saturday and firefighters scrambled to shore up defenses ahead of hotter weather and stronger winds expected to bring more danger in the coming days.
Published:11/16/2019 1:45:02 PM
[Markets] Personal Politics, Public Impeachment, Persuasion, And Post-Apocalyptic Planning Personal Politics, Public Impeachment, Persuasion, And Post-Apocalyptic Planning

Authored by Doug “Uncola” Lynn via,

One of my primary concerns regarding the forthcoming economic chaos and societal breakdown is that there will be nowhere to run and nowhere to hide. As normalcy bias evaporates like tears on dehydrated sunken cheeks, hungry neighbors and pre-collapse friends and acquaintances will soon assimilate into zombie hoards and come knocking like its Halloween.

What are you going to do? Shoot them?

Regardless, saying “I told you so” or “I tried to warn you, but you didn’t listen” will not be an effective deterrent. Furthermore, the resultant chaos will also deliver local strongmen and gangs ready to thieve and plunder amidst widespread violence and starvation.

In such a scenario, any lone bananas are sure to be skinned.

Are you ready?

Because very few will have the opportunity to bug out to a remote location and surprisingly, an isolated cabin in the woods, or a fenced-off hidden homestead in a rural area may not be best after all.  Take it from Fernando Ferfal Aguirre, who survived the economic collapse in Argentina.  In his book, “Surviving the Economic Collapse”, he described geographic areas as like organisms dying; where the extremities perish first. Aguirre identifies the urban areas as the safer places to work, trade, and live; with the rural areas as targets for roving gangs to raid and set up camp out of the reach of city services, police, and fire departments.

Therefore, since we know the endgame, what if we could parlay that into building trust with others now?   Perhaps entire regions could be fortified in a balkanized America, simply by reorganizing current civil administrations.  All that would be required would be for the heads of select institutions and agencies to work in coordination, quickly, and decisively as the proverbial excrement collides into the whirling flabellum. Roving bands, gangs, cartels, and feral feds, might then decide to move on to easier targets.

But any micro- constitutional republics must become self-sufficient very quickly; or at least before “every man for himself” requires a strongman to maintain order.

So, in the meantime, how can we attempt to convert the unconverted? How can we wake up the sleeping sheeple and lead them into the ideological promised land prior to any cataclysmic post-apocalyptic tribulations?

These are the questions.

Years ago, I wrote an article on “How to Woo a Moonbatted Snowflake outlining a prospective strategy for red-pilling our blue-pilled friends. Accordingly, over the last several days, I’ve utilized my online blogging experience and three-dimensional relations to hone what I believe might be another effective strategy. So I had breakfast with a socialist physician friend and tested my new tactic. My desire was to overcome the left-rightdichotomy by establishing commonality toward the goal of achieving a political rapport. Then, I could potentially close the deal and wake him up.

So far, in its early stages, the strategy has worked pretty well with one test subject. Overall, I am pleased with the results. Better to have friends than enemies in the post-apocalypse and that’s what’s at stake in my opinion.

I chose a socialist who self-identifies as a liberal because I knew he would be one of the more difficult to convert of all my friends and acquaintances. First, we made small talk and eventually our conversation drifted into current events and, in particular, a text exchange I had on Tuesday November 12, 2019 with one of our RINO (Republican In Name Only) friends who identifies as a Republican. The RINO sent me the following meme this last Tuesday, or the day before the “public” congressional impeachment hearings on President Donald Trump’s alleged malfeasance in Ukraine:

Consequently, the following is a screenshot of our ensuing text exchange. The RINO’s messages are boxed in green and mine is in gray.

Of course, the main point here is that I said impeachment would implode and, the next day, on Wednesday November 12, 2019 – the collapse started. The fatal blows were delivered by Republican Devin Nunes in his opening statements, Ohio Republican Jim Jordan’s ridiculing of the Democrat’s supposed “star witnesses” and, especially, when Texas Republican John Ratcliffe asked acting Ukraine Ambassador William Taylor and U.S. State Department drone George Kent the following question:

So, in this impeachment hearing today where we impeach presidents for treason or bribery or other high crimes, where is the impeachable offense in that call?

Their answer? Crickets.

I commented to the socialist how the RINO always projects concern for my emotional state every time I refuse to accept his faulty premises. 

To which the socialist said:  “We have hope that you will wake up someday when it comes to Trump and the Republicans”.

“But”, I said, “That’s strange because I sent the RINO a link to an article on Tuesday that was not very flattering of Trump”.

The socialist replied: “My Dad used to be a Republican until he came to his senses in his old age. We have the same hope for you”.

And this is where I began my latest approach.

I said:  “It seems to me so much of this left-right dichotomy is comparable to watching a football game while the roof is on fire. Ya know?”

Of course, he nodded because Trump.  I continued: “I know this is where you will once again call me a tinfoil-hat-wearing conspiracy theorist, but did you know Abraham Lincoln predicted a day when America would be taken over by corporations?

He smiled and asked if I saw a series called “Continuum” on Netflix that was about corporations ruling the world. I replied that I had not seen that one, but the films “Rollerball” and “Network” came to my mind regarding that subject (I am older than him).

Next, I mentioned how Woodrow Wilson, the 28th President of the United States, referenced powerful men who were afraid to speak “condemnation” of a concentric inner circle consisting of even more powerful men:

Since I entered politics, I have chiefly had men’s views confided to me privately. Some of the biggest men in the U.S., in the field of commerce and manufacturing, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.

– Woodrow Wilson, “The New Freedom” (1913).

Then I commented on how former President Dwight D. Eisenhower warned of the “Military Industrial Complex” in his farewell address and on John F. Kennedy’s “Secret Society”  speech delivered just 100 days after Ike’s.

Next, I spoke of the creation of the Federal Reserve in 1913 and mentioned the book “The Creature from Jekyl Island” before saying that I viewed Wall Street and Main Street as distinctly separate constructs.

At this, the socialist commented on how only the rich ever got richer.

I then stated how I believe some things are worth conserving like the U.S. Constitution, and how I was grateful that I was able to grow up in, at least, the fading light of Norman Rockwell’s America.

“Sure”, I continued, “You might say that blacks were treated badly in the 1950s, but leftists today have coopted civil rights when, in truth, it began in the churches of Montgomery County, Alabama. Ya know?”

At this, the socialist paused and seemed like he was going to say something but, then, just slightly nodded.

Next, I mentioned how Watergate reporter Carl Bernstein, after leaving the Washington Post, wrote a 25,000-word cover story in Rolling Stone magazine in October 1977 on how the mainstream media has coordinated “hand in glove with the Central Intelligence Agency” (CIA).  I chose Bernstein because I thought he might find him more accessible than any potential “conspiracies” regarding “Operation Mockingbird”.

I furthermore shared how I’ve watched politics closely from the times of Jimmy Carter’s gas lines, hostages in Iran, Ronald Reagan, “Borked” Supreme Court nominees, a thousand points of light, a new world order, blue dresses, hanging chads, and lost friends from drunken tirades over Benghazi.

I told him how I was a patriotic neocon in the wake of September 11, 2001 and that I agreed with George the Younger that it was better for us to kill them over there than them killing us over here.  I mentioned how I disagreed with one of my politically independent friends who said it was a mistake for us to invade Iraq over “weapons of mass destruction”.

The socialist smiled, and added:  “They weren’t there”.

I replied:  “Nope. Yet, even after that, I swore to my friend that we had the Iran mullahs shaking in their slippers before Democrat Harry Reid, as Senate Majority leader in 2007, exclaimed to the world that the U.S. had lost the war in Iraq.

“That really pissed me off”, I said, “But, still, I was fooled and my friend was right.”

The socialist looked at me seriously. It seemed he appreciated my candidness and was curious as to where I might be going with all this.

So I continued.

I commented how the same media outlets that tricked us with “weapons of mass destruction” are now being used by the Military-Industrial Complex as “weapons of mass distraction”. In other words, the same corporate media who tricked me with non-existent WMD’s fooled him with Russian collusion.

“Trump was elected on the platform of immigration and trade”, said I.  “But just as Bush II doubled the national debt and Obama doubled debt once more, so, too, do the deficits grow under Trump. The bankers always win.”

To which the socialist mentioned tax cuts as the reason for Trump’s exploding deficits and our discussion drifted into other economic topics.

Eventually, I asked him:  “What if Trump was meant to be a wrecking ball? I mean, think about it. All of our institutions are now failing – the media, the FBI and Department of Justice, Congress, and even U.S. elections.  What happens in 2020 if Trump says illegal immigration turned Texas blue and contests the results? Civil war?”

I could see the socialist thinking about that one. He added:  “The extremes on both sides are the problem.  Maybe what we need is a new Centrist Party”.

“But really…”, I stated, “there are two primary dynamics at play.  Globalism, or rather, centralized power via the United Nations as opposed to constitutional national sovereignty. In that regard, then, the globalists must destroy America. Do you see?”

He just looked at me blankly, but I could see the wheels turning. Maybe he liked that idea. I didn’t ask. Instead, I kept going.

“What if the Trump Show was reality TV?” I asked.  “Because he talked about financial bubbles as a candidate, but now, as president, he has taken complete ownership of the financial markets. If the economy crashes, Warren or Sanders or one of the current Democratic Party primary contenders will likely win the presidency. And if they do and then try to take the guns, then that could spark a civil war as well. Ya know?”

I added that I thought Trump was either 1.) real and trying to drain the swamp, 2.) real and unwittingly serving as a scapegoat for the global financial elite or 3.) a Judas Goat working in conjunction with the globalists.

The socialist responded by saying that he thought Trump was just an asshole using the presidency for his personal financial gain and that he would hate Trump no matter what party he represented. “He used to be a Democrat, you know.”

I then mentioned how the infamous underworld attorney, Roy Cohn, Trump’s mentor, once said in an interview that Trump was the closest thing to a genius he’d ever seen on earth.

To which the socialist responded by saying:  “He may be a marketing genius, but that’s it.”

We then talked about how Hillary Clinton benefited from super-delegates in 2016 in order to steal the nomination from Bernie Sanders.  He said he thought Bernie would have beat Trump.

In turn, I replied: “So if that was rigged, maybe the powers-that-be wanted Trump to win.”

He nodded to that and this is where we stopped for the day.  All in all it was a good conversation and we avoided the left-right talking points and positions.

At some point, however, I want to take it to new levels and I do believe he may be receptive. 

We’ll see.

It is my intention to eventually mention the secret CIA initiative revealed by former United States Naval Intelligence Briefing Team member William Cooper.  In his 1991 book “Behold a Pale Horse”, Cooper described a plan by the CIA to utilize drugs and hypnosis on mental patients in order to coerce them into shooting children in schools.  The project was meant to inflame the antigun lobby and cause middle-class Americans to beg their government “protectors” into obliterating the 2nd Amendment.

– Cooper, Milton William. (1991). “Behold a Pale Horse”, Light Technology Publications, page 225

If the socialist is receptive, I might explain to him some of the mass killing event timelines as described in my August 2019 article “Politicians Promote Murder, Mayhem, & Terror to Propagandize Political Agendas & Consolidate Power”; some of the more recent examples, of course, taking place prior to the 2018 Midterm Elections.

Just after the Democrats bared their collective asses during the Kavanaugh Hearings, right on schedule, an anti-semitic white nationalist shot up a synagogue in Pittsburgh and a Republican, with “Make America Great Again” stickers on his white van, was arrested for mailing explosive devices to President Trump’s most prominent political opponents.

Then, later, immediately after Special Counsel Robert Mueller’s pathetic testimony before Congress on July 24, 2019 – the following occurred:

 – On Sunday July 28, 2019 suspect Santino William Legan, 19, used an AK-47 rifle to murder three people and maim 13 others at a garlic festival in Gilroy, California. 

– Six days later, on Saturday August 3, 2019, at a Walmart in El Paso Texas – Patrick Crusius, 21, used an AK-47 rifle to kill 24 people; injuring 22 more. 

– And the very next day, on Sunday August 4, 2019 Connor Stephen Betts, 24, used a .223-caliber rifle to murder 10 people and wound at least 27 others.

And, the most recent shooting?  It occurred at Saugus High School in Santa Clarita California on November 14, 2019; the day of this writing and, obviously, the day after the public impeachment hearings collapsed on live television.

What a way to change the narrative, because, today, the Santa Clarita shooting had been the leading story on AM radio top-of-the-hournewsbreaks as well as populating the twitter feeds of Democratic Party leaders.

These events quite often appear to unveil in similar ways:  There are shots fired, followed by eyewitness accounts of more than one shooter.  Then, the YouTube videos of those reporting on multiple attackers will be scrubbed from the internet.

Within hours, the murderers will be reported to be extremely troubled, if not insane, and likely on psychotropic drugs, as several people claim they all “saw it coming”, or, in some instances, saying they were completely surprised that the person they knew could massacre so many.

Additionally, prophetic postings placed prior on social media by the shooter will be revealed – but most always after it’s too late. And, typically, of course, an AR-type rifle, or semi-automatic handgun will have been used and most often with larger-capacity magazines.  And, quite often, a manifesto of some sort is discovered.

Then, finally, like the sun rising after a long dark night, the political establishment will loudly crow like over-caffeinated roosters about “doing something” so “it never happens again”.

Every time.

The national narrative has been changed as if by explosive remote control; the ensuing gun debate will further divide the country as it mobilizes the Political Left and Right; as President Trump is once again placed under tremendous political pressure to move against guns.  In so doing, he loses the support of his base.

Yet, in spite of all these outcomes, can anyone PROVE these timely massacres are false flags?  Of course not.  Because bullshit fills the air while the world turns. To the victims and their families, please accept my condolences. And Epstein didn’t kill himself.

Tyler Durden Sat, 11/16/2019 - 14:30
Published:11/16/2019 1:45:02 PM
[Politics] Sprite commercial has a LOT of transgender/gay stuff, but not anyone actually drinking Sprite! Coca Cola is next up in the contest for which corporate can out-woke the others, with this bizarre entry with moms helping their kids bind their breasts and dress up like drag . . . Published:11/16/2019 1:45:02 PM
[Apps] This Week in Apps: Apple’s vaping app ban, Disney+ gets installed, apps gear up for Black Friday Welcome back to This Week in Apps, the Extra Crunch series that recaps the latest OS news, the applications they support, and the money that flows through it all. What are developers talking about? What do app publishers and marketers need to know? How are politics impacting the App Store and app businesses? And which […] Published:11/16/2019 1:12:21 PM
[Entertainment] Teresa Giudice Opens Up About Her and Daughters' Emotional Reunion With Joe and Christmas Plans Teresa Giudice, Joe Giudice, Daughters, Gia, Milania, Gabrielle, Audriana, Italy, InstagramFollowing a short but emotional family trip to Italy to reunite with Joe Giudice, Teresa Giudice says she is happy her husband is no longer behind bars, and opens up about how his absence and the...
Published:11/16/2019 1:12:20 PM
[Education] Grade School Cancels Traditional ‘First Thanksgiving Day’ Play Over ‘Sensitivity’ Worries

The following article, Grade School Cancels Traditional ‘First Thanksgiving Day’ Play Over ‘Sensitivity’ Worries, was first published on Godfather Politics.

A Wisconsin elementary school cancelled its traditional "First Thanksgiving Day" play performed by first graders over PC worries of "racism."

Continue reading: Grade School Cancels Traditional ‘First Thanksgiving Day’ Play Over ‘Sensitivity’ Worries ...

Published:11/16/2019 1:12:20 PM
[worldNews] Venezuela's Guaido calls for new wave of protests against Maduro Venezuelan opposition leader Juan Guaido on Saturday called on supporters to lead a new wave of protests against President Nicolas Maduro, who has held on to power despite an economic crisis and aggressive U.S. sanctions.
Published:11/16/2019 1:12:20 PM
[topics:things/dogs] English dog breeds fall foul of their foreign cousins Published:11/16/2019 1:12:20 PM
[Markets] Marijuana Stocks Go Up In Smoke Amid Disastrous Earnings Marijuana Stocks Go Up In Smoke Amid Disastrous Earnings

Marijuana investors realize their investments in Canopy Growth, Tilray, Cronos, and Aurora Cannabis are going up in smoke after the latest round of earnings, reported The Wall Street Journal

2019 has been a wake-up call to the millennial investor, many of whom went out on the risk curve and piled all their savings into pot stocks. 

In the last eight months, ETFMG Alternative Harvest ETF has lost 56% of its value amid disappointing earnings reports via companies it holds in its basket. 

Shares of Canopy Growth slid last week, has a 6.85% weight in MJ, after revenue in Q3 plunged and missed Wall Street expectations after guiding lower. Shares of Canopy Growth have crashed 41% this year.

Cronos (7.18% weight in MJ) and Tilray (7.76% weight in MJ), also plunged last week amid disappointing earnings. Year to date, their shares are down 72% and 34%, respectively. 

Canopy Growth CEO Mark Zekulin told analysts Thursday during a conference call that "It's been a challenging couple quarters in the cannabis sector." 

Zekulin said the future is bright, but short-term challenges persist. "There is still an emerging global cannabis opportunity with hundreds of billions of dollars across medical, pharmaceutical, CBD and recreational cannabis," he added. 

Todd Harrison, Founding Partner and CIO of CB1 Capital, said the implosion of pots stocks this year could rival past bubbles he's traded. 

"Been trading 30 yrs and I've seen a lot of hate. Tech stocks during the dot-com implosion. Home-builders during the housing crisis. Bank stocks into teeth of the GFC. IDK if #cannabis is there yet; but it's close." 

The saving grace for marijuana investors is apparent, a Democrat would need to win the presidential election next year, considering all candidates on the left support legalizing marijuana at a federal level, which could double the cannabis industry. 

As for now, the pot bubble has imploded and perhaps could suggest market liquidity is becoming scarce.  

Tyler Durden Sat, 11/16/2019 - 14:00
Published:11/16/2019 1:12:20 PM
[Uncategorized] ‘Oil-Rich’ Iran Imposes Fuel Rationing as U.S. Sanctions Bite Oil rationing, fuel price hike trigger anti-regime protests across Iran Published:11/16/2019 1:12:20 PM
[topics:things/metoo] France to bar film companies that don't meet strict new sexual harassment rules Published:11/16/2019 12:41:41 PM
[Politics] College Football Open Thread: Week 12 It’s week 12 in college football and there are only a few Top 25 matchups, the biggest of which is #4 Georgia traveling to #12 Auburn. We also have #10 Oklahoma visiting . . . Published:11/16/2019 12:41:41 PM
[Politics] College Football Open Thread: Week 12 It’s week 12 in college football and there are only a few Top 25 matchups, the biggest of which is #4 Georgia traveling to #12 Auburn. We also have #10 Oklahoma visiting . . . Published:11/16/2019 12:41:41 PM
[worldNews] Iran's fuel protests turn political: state media Riot police and security forces clashed with demonstrators in Tehran and dozens of cities across Iran on Saturday, Iranian news agencies and social media said, as protests against a rise in gasoline prices turned political.
Published:11/16/2019 12:41:41 PM
[Markets] Elizabeth Warren’s ‘mug of billionaire tears’ costs $25 and is one of the hottest-selling items on her campaign website Elizabeth Warren’s cup of “Billionaire Tears” has become one of the hottest selling items on the Massachusetts senators' presidential campaign web site, claim people familiar. Published:11/16/2019 12:41:41 PM
[Entertainment] Blake Lively Deletes All Her Instagram Posts Except For One ESC: Best Dressed of the Week, Blake LivelyWhat happened to Blake Lively's Instagram? Where did all of her Ryan Reynolds pictures go? The actress's 25.8 million followers might be wondering why she's gone dark on...
Published:11/16/2019 12:41:41 PM
[Markets] The Free Money Bubble Is About To Burst The Free Money Bubble Is About To Burst

Authored by Michael Pento via,

Recently, there has been a parade of central bankers along with their lackeys on Wall Street coming on the financial news networks and desperately trying to convince investors that there are no bubbles extant in the world today. Indeed, the Fed sees no economic or market imbalances anywhere that should give perma-bulls cause for concern. You can listen to Jerome Powell’s upbeat assessment of the situation in his own words during the latest FOMC press conference here. The Fed Chair did, however, manage to acknowledge that corporate debt levels are in fact a bit on the high side. But he added that “we have been monitoring it carefully and taken appropriate steps.” By taking appropriate steps to reduce debt levels Powell must mean slashing interest rates and going back into QE. The problem with that strategy being that is exactly what caused the debt binge and overleveraged condition of corporations in the first place.

Global central banks have abrogated the free market and are in the practice of repealing the business cycle and ensuring stocks are in a permanent bull market. Massive and unrelenting money printing is the “tool” that they use. The good old USA had its central bank cut rates to 0 percent by the end of 2008 to combat the Great Recession; and that paved the way for the EU to join the free-money parade by 2016. In fact, the Band of Japan had already been at the zero-bound range years before. This means much of the developed world has been giving money away gratis for the better part of a decade.

And now central banks actually want you to believe that multiple years' worth of global ZIRP has somehow left asset prices devoid of any significant distortions. All is normal here, or so we are told. So, I thought it would be prudent to shed some light on a few of those glaring imbalances that should be obvious to all except a debased central banker. To be blind to them screams of incompetence or mendacity--or both.

  • Forty percent of Europe's investment grade corporate debt offers a negative yield and there are at this time $15 trillion worth of sovereign debt globally with a negative yield as well.

  • The valuation of equities in the U.S. is now for the first time ever 1.5 times its phony and free-money-goosed GDP.

  • Yet, at the same time S&P 500 margins and earnings are shrinking.

  • The U.S. has increased its business debt by 60 percent since the Great Recession--it now totals $16 trillion, which is an all-time high in nominal terms and as a percent of GDP.

  • Much of this debt has been used to buy back stock and reduce share counts to boost EPS. Corporate buybacks, which were illegal in the U.S. before 1982, will breach $1 trillion this year. As far as the Fed is concerned, issuing a record amount of debt to buy back stocks at record high valuations is just fine.

According to the BIS, 12 percent of businesses in the developed world have become zombies--having to issue new debt just to pay the interest on existing debt—this figure is also at a record. The average interest rate on the U.S. 10-year Treasury Note prior to the Great Recession was about 7 percent. Today, this rate is a lowly 1.8 percent.

It appears central banks are completely oblivious to the global bond bubble even though they are its very progenitor. For further examples, back in the European debt crisis of 2012, the borrowing costs for the insolvent countries known as the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) shot up to the thermosphere. The Greek 10-year Note hit a yield of 40 percent and caused the economy to crash under the weight of its mountain of debt and skyrocketing servicing costs. This led to an explicit and partial debt default of its obligations and a humongous European Central Bank bond-buying program that promised “to do whatever it takes” to bring down yields. The Greek 10-year yield is now just 1.6 percent, even though the country's National debt to GDP ratio has actually increased from 159 percent in 2012, to just under 200 percent today. How can this be? The answer is, Greek debt is once again in a gargantuan bubble, but this time around it is now and forever on the life support of ECB counterfeiting. It is the same story in Portugal. Its 10-year Note yield shot up to an untenable 16 percent in 2012. But through the magic of the printing press it is now just under 0.25 percent. As incredible as that rate is, it exists even though Portugal’s National debt to GDP ratio is still over 120 percent; just about the same level it was back in 2012 when the market caused its rate to skyrocket.

The U.S. deficit increased by 26 percent y/y and is now $1 trillion per annum. The annual deficits are projected by the CBO to be at least $1.2 trillion for the next decade. That is, if everything goes perfectly fine in the economy and rates stay at historic lows--and there is never another recession. For Mr. Powell and company, all this is viewed as being completely normal.

In addition, history has proved throughout the centuries that once an economy has more than a 90 percent total debt to GDP ratio, its economic growth becomes impaired. The total in the U.S. is now 330 percent, in the EU it is 450 percent, and Japan has over 600 percent total debt to GDP. How did the entire developed world become so debt-disabled? The answer is simple: artificial interest rates provided by central banks have incentivized, facilitated and enabled governments to issue massive amounts of debt with impunity. Again, according to central bankers there is nothing to see here.

These are just a  few of the many examples of market distortions arising from central banks artificially pushing yields into the sub-basement of history. Now they have destroyed the market-based pricing of fixed income and equities across the globe. These markets have now become wards of the state forever and ever amen.

The sad truth is that the entire artificial and tenuous construct of markets is predicated on interest rates that perpetually fall and never increase. As long as this baneful dynamic is in place, asset bubbles grow bigger, and debt levels rise. Thus, making the economy increasingly more dependent on lower and lower interest rates. The problem is most central banks have already arrived at the zero-bound range and/or are in various stages of QE. Even the horrific Fed only has one and half percentage points from running out of ammo to reduce borrowing costs and is already printing $60 billion per month in QE. And yes, that is exactly what it should be called. Hence, when (not if) the next economic contraction begins, money markets will once again freeze and the record number of zombie companies will begin laying off millions of employees as a result of being shut out of the credit market. Then, the global bubble in junk corporate debt will crater and cause panic in equity markets like never before in history.

According to the Fed and the deep-state on Wall Street, all is completely normal.

The China stock bubble burst 12 years ago, and the Shanghai exchange is still down 50 percent from that high. Japan's bubble burst 30 years ago, and investors are still down 40 percent. Global central banks have set the table for a record implosion of markets and the major U.S. averages are by far the most overvalued. This is why it is imperative to model the dynamics in credit markets to ensure you can participate in the upside of stocks while the charade lasts. But most importantly, also avoid getting slaughtered like a passively managed pigeon once interest rates spike and the global credit bubble finally bursts.

Tyler Durden Sat, 11/16/2019 - 13:30
Published:11/16/2019 12:41:41 PM
[Quick Takes] Former CNN Commentator Calls for Abolition of Prisons in Speech at St. Olaf College “The chaos of Donald Trump isn’t just that he ushered in a set of policies that were entirely, bizarrely, disturbingly hostile to vulnerable people” Published:11/16/2019 12:41:41 PM
[Markets] Key Words: Kissinger says failure to mend U.S.-China trade relations would be ‘worse than the world wars that ruined European civilization’ Henry Kissinger, the former U.S. Secretary of State and national-security adviser under Presidents Richard Nixon and Gerald Ford, had dire warnings about the inability of the U.S. and China to resolve their differences on international trade.
Published:11/16/2019 12:41:41 PM
[856677b7-d216-58fd-8ca4-e40947fdbfe2] Fans accuse Janet Jackson of lip-syncing at concert, walk out in protest Janet Jackson fans are not happy with the singer. Published:11/16/2019 12:41:41 PM
[] Saturday Gardening Thread, International Edition [KT] Greetings to our gardeners, putterers and those who admire their handiwork! Today we are focusing on submissions from out of the country. Toucan Sam sent in the beautiful photo above and writes: Meanwhile in Costa Rica, we are transitioning... Published:11/16/2019 12:41:41 PM
[Sport Headlines] England In Bid To Score 10 Tonight Against Kosovo There was confidence aplenty running through the England squad this morning, as they woke up early to prepare for their 'academic' Euro 2020 qualifying game against Kosovo. The corresponding fixture at Wembley, recently, ended in a 5-3 England wi... Published:11/16/2019 12:11:18 PM
[Entertainment] Inside Channing Tatum and Daughter Everly's Fun Trip to Las Vegas Channing TatumChanning Tatum is a cool dad! The 39-year-old actor returned from his three-month social media hiatus on Friday night to post on his Instagram Story adorable photos and videos of a fun...
Published:11/16/2019 12:11:18 PM
[worldNews] Polls close in Sri Lanka presidential poll marred by violence Polls have closed in Sri Lanka where elections were held on Saturday for a new president of the tourism-dependent island nation still struggling to recover from the Easter Sunday militant attacks which killed more than 250 people.
Published:11/16/2019 12:11:18 PM
[Markets] The big worries facing stock investors in 2020, according to Citi’s top equity strategist In our call of the day, MarketWatch speaks to Citigroup’s chief U.S. equity strategist, Tobias Levkovich, who lays out his big concerns for stock markets in 2020. Published:11/16/2019 12:11:18 PM
[topics:things/road-cycling] Duck eggs destroyed after Mallards 'posed danger to cyclists' Published:11/16/2019 12:11:18 PM
[Markets] Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts

With protests and unrest raging in multiple hot spots around the globe from Latin America to Hong Kong to Lebanon and Iraq, it could be Iran's turn to join in. 

Amid a fresh price hike in gasoline — the latest in a string of woes to hit the sanctions ravaged Iranian economy, ultimately making life miserable for the common populace — rare mass protests have broken out in multiple cities

Image source: RFERL/Iranian social meida 

Protests and clashes with police began Friday when petrol prices suddenly rose by at least 50% after government subsidies on it were slashed. Government statements said the plan is to divert the funds in order to make cash payments to low-income households. 

In essence Tehran authorities dubiously claim they were forced to "free up money" to assist the poor; however, it appears more drastic scrambling as Tehran struggles to find global purchasers to offload its oil. 

And as of Saturday Reuters Persian reports that gas prices have tripled, taking millions of angry middle class demonstrators to the streets across the country.

The BBC reports that the protests are fierce enough to have already led to at least two deaths and multiple injured as demonstrations are active in at least a dozen cities:

One person was killed during protests in the central city of Sirjan. State news agency Irna said there were clashes with police when protesters attacked a fuel storage warehouse and tried to set fire to it.

Several more people were injured. A protester also died in the city of Behbahan.

Other cities were also affected including the capital, Tehran, Kermanshah, Isfahan, Tabriz, Karadj, Shiraz, Yazd, Boushehr and Sari.

The AP reported that while at the start of this week drivers were allotted up to 250 liters a month at the pump at at a controlled 10,000 rials per liter, as of Friday that changed drastically to an allowance of 60 liters (or 13 gallons) of petrol a month at 15,000 rials ($0.13; £0.10) a liter. Additional liters after that cost 30,000 rials. 

In response, one protest method has been for motorists to turn off their vehicles in the middle of busy streets, blocking traffic and adding the frustration of security forces. 

Meanwhile, Iranian state media has admitted that violent clashes with police are underway. As Deutsche Welle reports of the official statements:

In the city of Sirjan in central Iran, demonstrators tried to set a fuel warehouse on fire in protests that police described as "severe."

The semi-official news agency INSA reported that one civilian was killed and several others injured.

Acting governor Mohammad Mahmoudabadi said some people had exploited the "calm gathering" and had destroyed public property and damaged fuel stations. He added it was unclear whether the victim had been shot dead by security forces who were "trying to bring back calm to the city."

There are also reports that protesters have begun targeting banks, after video was posted online of what appears to show the Central Bank In Behbahan, Iran being engulfed in flames as demonstrators chant.

Brief local news coverage of the bank building going up in flames:

In the below video now circulating widely among Iranian opposition activist accounts, live gun fire is heard as both protest and police lines scatter. 

Security forces appear to be retreating into a police headquarters amid an attacking crowd. And what sounds like live ammo is then fired by police defenders of the HQ.

On Saturday the protests have appeared to get more confrontational, as police were filmed using riot control measures against crowds, and with some unconfirmed reports of live fire being used, as has been the case over the past month in neighboring Iraq. 

Tyler Durden Sat, 11/16/2019 - 13:00
Published:11/16/2019 12:11:18 PM
[] 'Did Beto go MAGA?' Beto O'Rourke's entered a different race (and people have questions about the hat) When Robert Francis "Beto" O'Rourke dropped out of the 2020 race we were frankly a bit relieved to get a bit of a break from his over-the-top rhetoric about climate change, guns and everything else. But O'Rourke has since entered a different race:

There are some things to process there: Published:11/16/2019 11:41:19 AM

[worldNews] Prince Andrew says he does not recall meeting Epstein accuser Britain's Prince Andrew said that he had no recollection of ever meeting an American woman who alleges she was forced to have sex with him when she was underage.
Published:11/16/2019 11:41:18 AM
[Politics] Fox News’ Kennedy said Trump was tweeting like a ‘BIG DUMB BABY’ at Yovanovitch Lisa Kennedy on The Five dissented significantly from MAGA-world yesterday when she said he was tweeting like “a big dumb baby” during the questioning of Yovanovitch. Yikes. I would have thought that . . . Published:11/16/2019 11:41:18 AM
[Politics] Fox News’ Kennedy said Trump was tweeting like a ‘BIG DUMB BABY’ at Yovanovitch Lisa Kennedy on The Five dissented significantly from MAGA-world yesterday when she said he was tweeting like “a big dumb baby” during the questioning of Yovanovitch. Yikes. I would have thought that . . . Published:11/16/2019 11:41:18 AM
[369c7508-b305-5be9-b332-5a829f5d0fc2] Paul Batura: It’s National Fast Food Day – Enjoy and remember good times with a side of fries It's National Fast Food Day. Yes, we Americans eat too much of the stuff for our own good. But visits to the Golden Arches remind me of my dad. So maybe it's not so bad -- in moderation. Published:11/16/2019 11:41:18 AM
[Markets] Medicare-For-All "Socialism" Is Just Another Racket Medicare-For-All "Socialism" Is Just Another Racket

Authored by Charles Hugh Smith via OfTwoMinds blog,

The entire system of health needs to be re-organized from the ground up, and funding the rackets will only speed the collapse of the system.

The core problem with "socialist" proposals such as Medicare-for-All is that they don't actually fix what's broken--they just expand existing rackets such as the healthcare/sickcare racket, the higher education racket, and so on.

Let's start by separating "real socialism" (state ownership of the means of production) from "faux socialism" (the state borrows trillions of dollars to fund self-serving public-private rackets).

The basic idea of classic socialism is that state ownership of the means of production enables the state to harvest the surplus production and invest it in the public good. If the state is organized as a democracy, then the public gets a say in defining "the public good" and changing course if the national surplus is being mal-invested or diverted into the hands of the few under the guise of "the public good."

What's being labeled "socialist" in present-day U.S.A. is nothing more than the state borrowing from future generations to fund profiteering rackets today. It's hardly a secret that the U.S. spends twice as much per person on healthcare but trails the pack of other developed nations in actual health. (See infographic below for the facts, which I have discussed here for 14 years.)

Problem #1 is robust health isn't profitable, while managing chronic lifestyle diseases and pushing needless/harmful medications and procedures are immensely profitable.

Problem #2 is the external costs of destructive but oh-so-profitable products are not paid by either producers or consumers at the point of purchase. The tobacco industry offers an example of this decoupling of "price discovery" and externalities that manifest years or decades later.

Selling tobacco was and is an enormously profitable venture, but only because the full costs of tobacco use manifest many years after the products are purchased and consumed, and these costs do not fall on the tobacco producers but on the consumers (who suffer terrible health consequences and early death), and on the healthcare system and society at large, which must absorb the staggering direct cost of dealing with the diseases caused by tobacco addiction and the indirect costs of lost productivity and early death.

For every $1 of profit the tobacco companies earned, $100 of future external costs were imposed on the consumers of tobacco and society at large. If the full external costs were levied at the point of sale, tobacco would be extremely expensive, and if the true risks had been advertised as heavily as the products themselves, the tobacco companies' liability exposure would have made the packaging and selling of tobacco an unprofitable business.

To maintain profitability, the tobacco companies engaged in a decades-long campaign to mask the real-world health consequences of using their products. The goal was three-fold: hide the well-known consequences of tobacco addiction, maintain that tobacco wasn't addictive, and maintain that it wasn't unhealthy, decoupling the sale of tobacco from the eventual costs.

The same dynamic is in play with America's food industry. Garbage in, garbage out: garbage "food" in, garbage health out.

This plays perfectly into sickcare's PR, which is that there is a magic handful of oh-so-profitable pills one can swallow to "fix" all the disorders caused by a garbage diet and near-zero fitness. And in case your doctor didn't adequately explain the wunnerful benefits of the magic handful of oh-so-profitable pills, Big Pharma helpfully spends billions of dollars on ads to promote a magical-thinking belief that some new med or procedure will "fix" complex, inter-connected metabolic disorders created by poor diet and an absence of fitness.

Medicare-for-All is simply a way to fund the racket as painlessly as possible, which is to borrow from future generations to fund profiteering rackets in Big Ag, Big Pharma, Big Packaged Food/Fast Food, and so on--the equivalents of Big Tobacco.

Just as smokers were encouraged to kill themselves without being aware of the eventual consequences of tobacco addiction, consumers of highly processed foods are killing themselves without being aware of the eventual consequences.

The promoters of Medicare-for-All offer a Band-Aid to fund the racketeering nature of U.S. healthcare: we're gonna tax the billionaires and they'll pay for the racket. It would be comical if it wasn't so painfully obvious that in our pay-to-play political circus, any new tax bill will be larded with exceptions and loopholes.

Let's say the "tax the rich" proposals raise $50 billion -- woohoo. But this is a drop in the bucket of additional costs incurred by Medicare-for-All, which could easily top $500 billion a year.

Nobody pushing Medicare-for-All dares connect the dots between garbage in, garbage out lifestyles and an unsustainably costly healthcare system of gargantuan waste, fraud, shameless profiteering, needless/harmful med and procedures, etc., a system which consumes twice as much money per person as our developed-world competitors for a measure of national health that is, if we're honest with ourselves (gasp), actually declining.

The entire system of health needs to be re-organized from the ground up, and funding the rackets will only speed the collapse of the system.

U.S. Healthcare Spending, courtesy of Peter G. Peterson Foundation

*  *  *

My recent books:

Will You Be Richer or Poorer? Profit, Power and A.I. in a Traumatized World (Kindle $6.95, print $11.95) Read the first section for free (PDF).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($6.95 (Kindle), $12 (print), $13.08 ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 (Kindle), $8.95 (print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 (Kindle), $15 (print) Read the first section for free (PDF).

*  *  *

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Tyler Durden Sat, 11/16/2019 - 12:30
Published:11/16/2019 11:41:18 AM
[Markets] After nailing a call for a pullback in June, Canaccord’s Dwyer predicts another S&P 500 slide Cannacord Genuity strategist Tony Dwyer is once again predicting an S&P 500 retracement. He explains why. Published:11/16/2019 11:19:02 AM
[Volokh Conspiracy] [Eugene Volokh] "Bad Writing Does Not Normally Warrant Sanctions, but We Draw the Line at Gibberish" A line from Judge Diane Sykes' opinion a week ago in McCurry v. Kenco Logistics Services, LLC; see pp. 11-16 for more details. The opinion closes with: Because we have a duty to "maintain public confidence in the legal profession" and "protect[] the integrity of the judicial proceeding," we confronted [lawyer Jordan T.] Hoffman about… Published:11/16/2019 11:19:02 AM
[In The News] ‘Lying Trash’: George Conway Attacks GOP Rep Elise Stefanik

By Chuck Ross -

George Conway, the husband of White House senior adviser Kellyanne Conway and a harsh critic of President Trump, called Republican Rep. Elise Stefanik “lying trash” on Saturday, and urged voters to support her Democratic challenger. Conway, a Republican attorney, was seemingly miffed by Stefanik’s battles this week with Rep. Adam ...

‘Lying Trash’: George Conway Attacks GOP Rep Elise Stefanik is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/16/2019 11:19:02 AM
[171844cf-ad5a-57b7-acd4-7e3417ace307] Bravo announces new series 'The Real Housewives of Salt Lake City' The franchise is growing! Published:11/16/2019 11:19:02 AM
[topics:places/nottingham] Homeless charities call for greater awareness of people sleeping in wheelie bins after two men almost killed in treacherous floodwater Published:11/16/2019 11:19:02 AM
[Markets] Zelensky "Loves Your Ass": Hearsay-Gate Intensifies Over Trump-Sondland Call Zelensky "Loves Your Ass": Hearsay-Gate Intensifies Over Trump-Sondland Call

House Democrats have teed up their next 'gotcha' that will surely bring down Trump; a US official overheard a phone call between the president and his top diplomat in Europe in which Trump was told that the president of Ukraine "loves your ass" - after which Trump, whose voice carries, asked "So he's gonna do the investigation?"

Pack it up boys, Trump's done!

Overheard by US Embassy in Ukraine official David Holmes, the alleged conversation took place just one day after the infamous July 25 phone call at the heart of the impeachment, in which President Trump politely asked Zelensky to investigate the Bidens and political matters relating to the 2016 US election.

What's more, Holmes salts the geopolitical wound - suggesting Trump is simply grabbing Ukraine by the pussy and doesn't actually care about the country.

According to Holmes, Sondland replied “he’s gonna do it,” adding that Zelenskiy will do “anything you ask him to.”

Holmes said he later asked Sondland if the president cared about Ukraine, and Sondland said Trump did not “give a s--- about Ukraine.

“I asked why not, and Ambassador Sondland stated that the president only cares about ‘big stuff,’” Holmes testified, according to the document posted by CNN. “I noted that there was ‘big stuff’ going on in Ukraine, like a war with Russia, and Ambassador Sondland replied that he meant ‘big stuff’ that benefits the president, like the ‘Biden investigation.”’ -Bloomberg

Hear that Volodomyr?

Holmes told House Investigators this latest tidbit of 'damning hearsay' in a closed-door session Friday (which was promptly leaked). Now, the State Department employee is now set to peddle this latest scandal du jour in public testimony next week.

Why is it a "gotcha?" According to Bloomberg the conversation, held in an open-air restaurant on an unsecured phone (another gotcha) - "could yield the most direct evidence yet that the president himself pressured a foreign power to conduct politically motivated investigations."

This, despite an actual transcript of the phone call revealing no such 'pressure,' and Zelensky publicly saying the same. And now we learn Zelensky 'loves Trump's ass,' which would suggest Trump wouldn't have to apply pressure at all.

As Democrats continue to frame Trump's investigation requests as impeachable election meddling - a 'high crime and misdemeanor' - nobody seems to care about getting to the bottom of what the Bidens did in Ukraine.

Tyler Durden Sat, 11/16/2019 - 12:00
Published:11/16/2019 11:19:02 AM
[Markets] NewsWatch: Seeing America again through new eyes In 2011, at 50, I took early retirement from my job as an air-traffic controller, left Texas and began traveling the world.
Published:11/16/2019 11:19:02 AM
[Uncategorized] Santa Clarita school shooter dies from self-inflicted wound Detectives searching for motive in attack that killed two students Published:11/16/2019 11:19:02 AM
[2019 News] School Cancels First Grade Thanksgiving Play Over ‘Sensitivity’ Concerns School Cancels First Grade Thanksgiving Play Over ‘Sensitivity’ Concerns.  Maybe if they have transvestite pilgrims and Indians it will be OK? Published:11/16/2019 11:19:02 AM
[] To the Democrats Marie, Not Elise, was yesterday's star [KT] Good morning! I ran across some additional takes to add to Ace's posts from yesterday, regarding how these two women were treated at yesterday's hearing. The hearing was an amazing political exercise. Not in a good way. Ace sets... Published:11/16/2019 11:19:02 AM
[topics:places/iran] One dead in Iran fuel protest after government hikes pump prices up to 50 per cent Published:11/16/2019 10:42:07 AM
[] Film review: The King

You're the eldest son of a king you despise, you hate the politics of the day, and all you want is peace amongst men. How do you end up a battle lord whose main claim to glory is a massive military victory -- that might turn out to be not]] Published:11/16/2019 10:42:07 AM

[] CNN analyst Susan Hennessey says Rep. Elise Stefanik 'trashed her reputation' at the impeachment hearing (here's the translation) As we told you during yesterday's House Intelligence Committee impeachment inquiry hearings, Republican Rep. Elise Stefanik did some serious trampling all over Adam Schiff and the Democrats' preferred narrative. Here are just a couple of examples:

And with that, CNN analyst Susan Hennessey spotted a woman who should have stopped]] Published:11/16/2019 10:42:07 AM

[Issues] Pro-Life Activist Will Appeal Planned Parenthood Undercover Video Verdict

The pro-life activist who exposed Planned Parenthood's organ harvesting operation is planning to appeal a jury's verdict in favor of the abortion giant.

The post Pro-Life Activist Will Appeal Planned Parenthood Undercover Video Verdict appeared first on Washington Free Beacon.

Published:11/16/2019 10:42:06 AM
[d2ae7303-d113-5b3f-9dae-f1c31323e798] Big Machine Records closes offices early due to safety threats amid Taylor Swift feud: report The feud between Big Machine Records and its former musician Taylor Swift is escalating quickly.  Published:11/16/2019 10:42:06 AM
[GBLT] [VIDEO] John Burk helps explain the lunacy behind transgenderism

It’s a couple of years old, but John Burk gives a cute, clear-eyed, generally kind look at the mental derangement that is so-called transgenderism.

The post [VIDEO] John Burk helps explain the lunacy behind transgenderism appeared first on Bookworm Room.

Published:11/16/2019 10:42:06 AM
[Adam Schiff] The Yovanovitch farce (Paul Mirengoff) I want to add two points to the ones Scott makes about the testimony of Marie Yovanovitch. First, Yovanovitch had nothing of significance to say about issues relevant to impeachment. Second, her testimony was an attempt by Adam Schiff to play the identity politics card. Yovanovitch was not the ambassador to Ukraine during the period when the Trump administration withheld military aid. She has no knowledge as to why the Published:11/16/2019 10:42:06 AM
[Opinion] Adam Schiff’s Exhaustive Impeachment Hearings Were a Flop

By James Ledbetter -

Since Day One the impeachment hearings were never must-see TV. Sure, it was interesting and substantive at times, which would be complimented if this were some sort of graduate school seminar about the lonely lives and confusing experiences of far-flung diplomats. The hearings were designed to make you feel sympathy ...

Adam Schiff’s Exhaustive Impeachment Hearings Were a Flop is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/16/2019 10:42:06 AM
[worldNews] Chinese soldiers help clean up Hong Kong streets, but violence flares again China's People's Liberation Army (PLA) soldiers in shorts and t-shirts appeared in Hong Kong streets on Saturday, helping residents clean up debris after anti-government protests blocked roads.
Published:11/16/2019 10:42:06 AM
[Entertainment] Get Ready for The Real Housewives of Salt Lake City Real Housewives, Kelly Dodd, Teresa Giudice, Dorinda Medley, Kenya Moore, Gizelle BryantOrange County. New York City. Atlanta. New Jersey. DC. Beverly Hills. Miami. Potomac. Dallas. And now...Salt Lake City. The Real Housewives franchise is expanding. Bravo fixture Andy...
Published:11/16/2019 10:42:06 AM
[Markets] Is The Fed Directly Monetizing US Debt? Is The Fed Directly Monetizing US Debt?

Authored by Chris Martenson via,

The Federal Reserve is now directly monetizing US federal debt.

Sure, it’s not admitting to this. And it’s using several technical jinks and jives to offer a pretense that things are otherwise.

But it’s not terribly difficult to predict what’s going to happen next: the Federal Reserve will drop the secrecy and start buying US debt openly.

At a time, mind you, when US fiscal deficits are exploding and foreign buyers are heading for the exits.

How It’s Supposed to Work

Here’s how it’s supposed to work when the US government issues new debt:

  1. If the US Treasury needs to raise new funds, it announces an upcoming auction of US Treasury bills/notes/bonds.

  2. A date for the auction is set.

  3. Various participants bid for those bills/notes/bonds (including ‘regular folks’ like you and me if we’re using the government’s Treasury Direct program).

  4. At a later date, the Fed can buy those US Treasury bills/notes/bonds. The various holders of that debt submit offers to sell, and the Fed (presumably) selects the best offers on the best terms.

The Federal Reserve, under no conditions, buys Treasury paper directly.  The Federal Reserve’s own website still maintains that this is the case:


There are two important claims plus one assertion I’ve highlighted in there, each in a different color:

  1. Yellow: Treasury securities may “only be bought and sold in the open market.”

  2. Blue: doing otherwise might compromise the independence of the Fed.

  3. Purple: the Fed mostly buys “old” securities.

So according to the Fed: it’s independent, it follows the rules set forth in the Federal Reserve Act of 1913, and it mostly buys “old” Treasury paper that the market has already properly priced in a free and fair system.

But that’s not really what’s going on…

What’s Actually Happening

It’s now clear that something spooked the Fed badly in September.

We still don’t know what exactly went on, but the Repo market blew up. While this was a clear sign that something big was amiss, the Fed has not yet explained what the cause was, who needed to be bailed out, or why.

And it’s not going to anytime soon. It recently announced that its records on the matter are going to be sealed for at least two years.

While the Fed is ostensibly a public institution, and yes transparency should be extremely important — at least to maintain the appearance that it’s being careful with public monies — the Fed is prioritizing secrecy here.

Whatever’s going on has been serious enough for the Fed to openly lie. And not just in regards to the repo market.

“It’s not QE!” Fed chair Jerome Powell recently declared upon relaunching an asset purchase program that has already expanded the Fed’s balance sheet by hundreds of billion of dollars.

Given all the secrecy, obfuscation and lies, the Fed is now in clear violation of the spirit of the Federal Reserve Act of 1913.

Recall from above that the Fed “only buys Treasury securities in the open market”, meaning from other banks and financial institutions.  That’s how the Federal Reserve Act of 1913 is written:

(Source – the Fed)

Let’s walk through an example that connects the dots here.

Just know that this is but a single example out of many.

Data point #1   

Each and every Treasury offering comes with an identifying number called a “CUSIP” number (referring to the Committee on Uniform Securities Identification Procedures).

On October 31st, 2019 the Treasury Department held an auction for a series of 8-week T-bills with the CUSIP number 912796WL9.

November 5th, 2019 those T-bills were “issued”, meaning that was the actual date that they were to become active.  Before that date, nobody had possession of them and nobody was earning interest on them:

From the Treasury Offering Announcement above, on November 5, 2019, $40 billion of CUSIP number 912796WL9 were issued to the market.

It’s worth pointing out that no money changes hands on auction day (Oct 31 in this instance). It only does when the bills are issued (Nov 5 in this case).

Data point #2

Looking at the Federal Reserve’s website, we can see what they bought and when (but not for how much).

There we find that very same T-bill with the CUSIP 912796WL9 showing up as having been purchased by the Fed Nov 5, 2019 — the very date of its issuance:


The Fed bought more than $4 billion of this CUSIP.  If these T-bills were out in the “open market” they weren’t there for long. At most, less than a day before the Fed scooped them up.

Does it really matter if a big bank sits ever-so-briefly between the Fed and the Treasury debt it buys?

Maybe to a trial lawyer seeking to get a guilty client off on a technicality. But this certainly doesn’t qualify as “old” paper.

This is the Fed buying huge amounts of very freshly minted – not even a day old! – government paper using the power of its electronic printing press.

What’s the practical difference between the Fed buying this directly from the US government and buying it same day it issues from a big bank?

Virtually nothing — except the big bank probably took home a very hefty paycheck for conducting this “service” as a middleman.  Later JP Morgan, et al., can report magnificent “profits” from their ”trading activities”, which amounted to little more than calling the Fed the week before and asking how many $billions of these Treasury bills they wanted.

Just a temporary middleman who, if only skimming a single basis point (1/100 of a percent), would have gotten $400,000 in “trading profits”  for holding onto a big pile of government paper for less than a single day, with a guaranteed buyer with infinitely deep pockets already lined up.  Great work if you can get it, eh?

But not very fair. Nor even remotely in line with the spirit of the Federal Reserve Act. Or what capital markets are supposed to be about. Or the Fed’s actual mandate.

The summary here is this: the Fed is buying US government paper on the day it’s issued.

The Fed is directly monetizing US debt.

Which means…

MMT is Already Here!

The debate over whether or not MMT (“Modern Monetary Theory” see here for background and discussion) should or should not happen is now moot.

It’s already here.

Over the past year, the US government has spent ~ $1.3 trillion more than it took in.  To cover the shortfall, it had to raid the Social Security piggy bank for (another) $276 billion and tap the “markets” for another $1.1 trillion.

If not MMT, what other name should we give a program where the US government spends $1.3 trillion more than it takes in and the Federal Reserve covers the shortfall by by purchasing US government debt on the day of issuance?

Does it matter if the US government issues it out of thin air, or if the Fed creates the same cash money out of thin air?  Does it really matter in the slightest what the precise mechanisms is if the results are identical?

I would argue they don’t matter in the slightest.

All that remains now is to argue over what to spend all that fresh cash on.

Sure, some might like to debate whether we should be doing this or not. But the reality is: there’s little point in arguing over whether something should happen if it’s already happening.

Now all that’s left to debate is how much larger or smaller the Fed’s government debt monetization efforts might be.

Further, we might debate exactly what the government is spending all that money on.  Or what the repercussions will be of the dangerous monetary road we’re now careening down.

But I’m not aware of any particular representative of mine even being aware of the situation, let alone concerned.


This is a very serious and extremely important conversation to have. But it’s not being had at all.

During Jay Powell’s last news conference, the Chairman of the Federal Reserve (and defender and champion of the largest wealth transfer to the rich in world history) was not asked a single question on this topic.

Nobody asked anything about the extreme and accelerating wealth and income gaps, both direct outcomes of the Fed’s policies.

Nobody expressed concern about the Fed’s secretive actions, its direct debt monetization, or its violation of the Federal Reserve Act.

The US media is toothless. I assume today’s journalists are simply too afraid of losing their jobs to speak truth to power, and have slipped into quiet acceptance of a mere stenographer’s role.

“Yes, Mr. Powell, you’ve reversed course and have started lowering interest rates again, and have resumed growing the Fed’s balance sheet via new QE. Oh yes, you’re right, it’s ‘not QE’. How silly of me. But despite those emergency measures, the economy is ‘in a good place’ and we all should be super optimistic? Got it. Yes, sir — very inspiring. Anything else?”

You’d think, given the enormous troubles that tend to follow central bank debt monetization that there’d be some curiosity on the topic, but no.  No pushback from the media or Congress, direct or tangential.

Meanwhile the Fed has tossed a mind-boggling $285 billion of permanent new money into the “markets” over the past couple of months, and is conducting daily operations that put additional tens of billions of dollars of short-term money into the markets as well.

All while claiming everything is fine.

Sure doesn’t feel that way, does it?

In Part 2: Why The Risk Of A Correction Is So High Right Now, we demonstrate why the faith today’s investors are placing in the Fed’s ability to push prices ever-higher is dangerously overextended.

Stock gains have already zoomed way ahead of the Fed’s recent excess liquidity measures, and it will not take much to topple them.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access).

Tyler Durden Sat, 11/16/2019 - 11:30
Published:11/16/2019 10:42:06 AM
[Quick Takes] Two Chemistry Professors in Arkansas Arrested on Suspicion of Making Meth "arrested on suspicion of manufacturing methamphetamine and use of drug paraphernalia" Published:11/16/2019 10:42:06 AM
[Volokh Conspiracy] [Eugene Volokh] Do Courts Sometimes Lack Jurisdiction Over Torts Physically Committed in the State? An interesting question now being litigated in Vermont federal court. Published:11/16/2019 10:42:06 AM
[Markets] Everyone is bullish on stocks all of a sudden — here’s why you shouldn’t be Some money managers may be experiencing a fear of missing out, which could juice stocks in the short term.
Published:11/16/2019 10:42:06 AM
[3f7c9ba1-5e00-5c2f-b3e2-4e0e32667487] Singer calls flight attendant 'racist' after incident onboard put a flight attendant on blast after there was an issue on a recent flight he took. Published:11/16/2019 10:11:41 AM
[structure:news/uk-news] Oscar Wilde ring 'stolen in Hatton Garden heist' found by art detective Published:11/16/2019 10:11:41 AM
[Markets] About 55% of wealthy investors are bracing for a ‘significant drop’ in stocks before the end of 2020, UBS survey shows Even as the market ascends to new heights, wealthy investors are bracing for a turbulent period that could produce a “significant drop” in equity benchmarks in the near term. Published:11/16/2019 10:11:41 AM
[Political Cartoons] Warren’s Struggles – Al Goodwyn Cartoon

By Al Goodwyn -

Warren’s Struggles – Al Goodwyn Cartoon is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/16/2019 10:11:41 AM
[Uncategorized] Kellyanne Conway’s NeverTrump husband calls Elise Stefanik “lying trash” Conway ".@EliseStefanik is lying trash. Please give to her opponent, @TedraCobb" Published:11/16/2019 10:11:41 AM
[Entertainment] Serena Williams' Tribute to Alexis Ohanian on 2-Year Anniversary Will Melt Your Heart Serena Williams, Alexis OhanianHappy anniversary, Serena Williams and Alexis Ohanian! The 38-year-old tennis star and the 36-year-old Reddit co-founder are celebrating their second wedding anniversary on Saturday....
Published:11/16/2019 10:11:41 AM
[2019 News] Yovanovitch committed perjury at impeachment hearing Former ambassador Yovanovitch committed perjury at impeachment hearing yesterday. And the perjury was exposed under questioning by Republican Rep. Elise Stefanik. Now, coming as it did on the same day that Roger Stone was found guilty in a court of law for basically THE VERY SAME THING, it’s fair to ask why perjury laws never […] Published:11/16/2019 10:11:41 AM
[worldNews] Cuba cries foul as doctors head home from Bolivia The first of around 700 Cuban doctors were scheduled to fly home from strife-torn Bolivia on Saturday as officials railed against what they charged was slander and mistreatment by Bolivia's conservative interim government.
Published:11/16/2019 10:11:41 AM
[Markets] Ex-CIA Chief Petraeus: Saudis "Running Out Of Money" & Urgently Need Aramco IPO Cash Ex-CIA Chief Petraeus: Saudis "Running Out Of Money" & Urgently Need Aramco IPO Cash

Late this week Gen. David Petraeus, retired four-star Army general and former head of the CIA, appeared on CNBC and proclaimed that Saudi Arabia is “gradually running out of money.”

In the Thursday interview he addressed the on-again, off-again IPO of state-run oil company Aramco as well as Mohammed bin Salman's initiative to diversity the kingdom's economy over the coming decade to reduce oil dependency. Addressing the degree to which MbS' own success and survival is tied to the IPO, the ex-CIA director explained:

“It’s a fact that Saudi Arabia is gradually running out of money, they’d be the first to acknowledge that the sovereign wealth fund has been reduced, it’s somewhere below $500 billion now,” Petraeus, who's also currently chair of the KKR Global Institute, told the CNBC host as they spoke in Abu Dhabi.

“The (budget) deficits each year, depending on the price of Brent crude, can be anywhere from $40 to $60 billion depending on some of their activities in countries in the region.”

“The bottom line is that they need the money, they need that outside investment that is crucial to delivering ‘Vision 2030’ which cannot be realized without outside investment, this is just one component of a number of different initiatives that they’re pursuing to try to attract that outside investment,” he added.

The pessimistic assessment also came on the heels of the close of Riyadh's Future Investment Initiative (FII), or 'Davos in the Desert' — which though largely boycotted by the big names last year (including Petraeus himself as KKR Chairman) over the murder of journalist Jamal Kashoggi, saw Wall Street and international political leaders return in droves this year. 

And speaking of the grisly death and dismemberment of Kashoggi on Oct. 2, 2018 at the Istanbul consulate at the hands of a Saudi hit team on orders that no doubt were straight from the top (MbS, according to the UN and CIA), Gen. Petreaus described it as a mere "misstep"

According to the interview

He said there had been some “missteps — some of them truly grievous, the horrific murder of (Saudi journalist Jamal) Khashoggi being foremost among those” but added that “at the end of the day, we all want Saudi Arabia to succeed, and for that to happen Vision 2030 is some element of that.”

Of course there's also the Saudi-led war on Yemen, now in its fifth year which has claimed over 100,000 lives by most estimates. This was carefully avoided in the interview. 

His comments on Saudi Aramco underscored how much is riding for the kingdom on the IPO — that it needs to be hugely successful: "The bottom line is again, they need the money. They need that outside investment..." he said. As we explained weeks ago the outlook is bleak:

Once again reports are out that Saudi Aramco is said to be pushing its mammoth IPO top completed by the end of this year (reportedly relying more on Saudi and MidEast regional investors).

The kickoff, originally scheduled for Oct. 20, was delayed after Aramco got mixed feedback from international investors. Bloomberg reports that Aramco now plans to press on with the listing plans by relying more on investors from Saudi Arabia and other parts of the Middle East to buy its shares, the people said, asking not to be identified because the information is private.

The Saudis plan to release some shares to the public starting in December in a continuing effort to attract outside investors. 

Tyler Durden Sat, 11/16/2019 - 11:01
Published:11/16/2019 10:11:41 AM
[Markets] The New York Post: Prince Andrew should talk to cops, not media: Virginia Giuffre’s lawyer Prince Andrew should talk to police — not reporters — a lawyer for Jeffrey Epstein-victim Virginia Roberts Giuffre said.
Published:11/16/2019 10:11:41 AM
[UK Headlines] Children In Need 2019 Final Totals In Children In Need, the annual nationwide event to raise cash for needy children, surpassed all previous records last night, when more than £47million was collected throughout Great Britain and Northern Ireland. Promoted by a five-hour telethon feat... Published:11/16/2019 9:40:54 AM
[Politics] Cocaine-Carrying Texas Dem Turns Himself In

Texas Democratic state representative Alfonso "Poncho" Nevárez turned himself in Thursday after a video surveillance camera captured him dropping a cocaine-filled bag at the Austin-Bergstrom International Airport.

The post Cocaine-Carrying Texas Dem Turns Himself In appeared first on Washington Free Beacon.

Published:11/16/2019 9:40:54 AM
[worldNews] Bolivian police battle with Morales supporters, death toll jumps Clashes between security forces and Bolivian coca farmers loyal to ousted former President Evo Morales left as many as eight dead and more than 100 injured late on Friday, the regional ombudsman told Reuters, prompting Morales to decry a "massacre."
Published:11/16/2019 9:40:54 AM
[CIA] Aaron Maté: The Brennan Dossier (Scott Johnson) We await the administration of justice to the wrongdoers who perpetrated and peddled the Obama administration’s Russia hoax. RealClearInvestigations continues to chronicle the wrongdoing in an important series of studies, of which Aaron Maté’s “The Brennan Dossier: All About a Prime Mover of Russiagate” is only the most recent. Maté has written for a variety of left-wing outlets, but this is nevertheless a first-rate column consistent with the high level Published:11/16/2019 9:40:54 AM
[Markets] German Farmers Block Hamburg In Revolt Against Globalist Environmental Regulations German Farmers Block Hamburg In Revolt Against Globalist Environmental Regulations

Authored by Paul Joseph Watson via Summit News,

German farmers are blocking roads in Hamburg with their tractors to protest against environment regulations as the rural revolt against globalism spreads across Europe.

4,000 tractors arrived in Hamburg yesterday in a massive rebuke to what protesters assert is government bullying amidst efforts to impose Green New Deal-style control measures.

Regional environment ministers were meeting to discuss plans to ban certain weed killers and fertilizers, something that farmers insist will kill their livelihoods.

Placards displayed on the tractors included one that read, “No farm, no food, no future,” with farmers expressing their fury at being blamed while their contribution to the economy is ignored and ministers refuse to engage in dialogue with them.

“The rules, which are coming from the German government, are so hard for us that we can’t work on our farms,” Klaus-Peter Lucht, Vice President of the regional Farmers Association, told RT.

“We can’t make good crops. We can’t have good fodder for the dairy [cows].”

The kilometer long convoys of tractors caused “considerable traffic disruption” across the city, according to authorities.

Hamburg is just the latest site of a rural revolt against globalism that is sweeping Europe.

Last month, thousands of Dutch farmers descended on the Netherlands capital to protest against a government proposal that livestock production be slashed by up to 50% in the name of preventing global warming.

Demonstrators were angry that the same restrictions they may be hit with will not apply to the aviation industry.

The Yellow Vest movement in France, which is set to mark its first anniversary this weekend, also began as a backlash against onerous gas tax hikes and other regulations impacting rural workers.

*  *  *

My voice is being silenced by free speech-hating Silicon Valley behemoths who want me disappeared forever. It is CRUCIAL that you support me. Please sign up for the free newsletter here. Donate to me on SubscribeStar here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown.

Tyler Durden Sat, 11/16/2019 - 10:30
Published:11/16/2019 9:40:54 AM
[3ff73507-40b2-52d3-84d4-62e78bed3167] Don Brown: Trump’s pardon of Army Lt. Clint Lorance on wrongful war crime conviction serves justice Army Lt. Clint Lorance, who has spent the past six years in the military prison at Fort Leavenworth in Kansas, is a free man today. He was released late Friday after getting life-changing phone call from President Trump and Vice President Mike Pence and receiving a full pardon for his wrongful second-second degree murder conviction. Published:11/16/2019 9:40:53 AM
[Markets] The Number One: There’s a good chance you’re kicking yourself if you majored in this in college Barack Obama, during one of his addresses to the nation when he was president, said, “The most important skill you can sell is your knowledge.” To wit, late-night TV host Jimmy Fallon quipped: “Or as English majors working at Starbucks put it, ‘No it’s not.’”
Published:11/16/2019 9:40:53 AM
[World] Key Words: AARP exec: ‘OK, millennials …. we’re the people that actually have the money’ The “OK, boomer” retort has infuriated a lot of people — including boomers.
Published:11/16/2019 9:40:53 AM
[Politics] Obama WARNS Dem candidates that they’re TOO EXTREME for Americans! I’m not sure who red-pilled Barack Obama but all of a sudden he’s making way more sense than he ever did when he was in office. Case in point – he’s now . . . Published:11/16/2019 9:20:42 AM
[Markets] It’s great the stock market is setting records, but it’s not because the economy is great Stocks on Wall Street have soared to fresh record highs, but it’s not because the economy is flashing a big thumbs-up sign. Far from it. Published:11/16/2019 9:20:42 AM
[Markets] Vladimir Putin Sums Up The New World Order In 5 Words Vladimir Putin Sums Up The New World Order In 5 Words

Russian President Vladimir Putin succinctly summarized the shifting tectonic plates of geopolitics.

First he explained the status quo...

"The Dollar enjoyed great trust around the world. But, for some reason, it is now being used as a political weapon to  impose restrictions."

Then Putin explained the consequences...

"Many countries are now turning away from the Dollar as a Reserve Currency."

And ultimately what happens...

"US Dollar will collapse soon."

And just like that, it was gone. Remember "nothing lasts forever"...

As Bloomberg reports, Russia's central bank has been the largest buyer of gold in the past few years.

Source: Bloomberg

Of course, Putin is not the first (and won't be the last) to suggest the end is nigh for the dollar...

The World Bank's former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

"The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. "The solution to this is to replace the national currency with a global currency."

Warren Buffett once explained that "for 240 years it’s been a terrible mistake to bet against America, and now is no time to start."

We don't mean to rain on his parade too much, but the following charts suggest time is ticking, as the world transitions from dollars to non-fiat reserves...

Source: Bloomberg

Tyler Durden Sat, 11/16/2019 - 09:55
Published:11/16/2019 9:20:42 AM
[Markets] Google could be your wealth manager one day if lawmakers sign off The sky’s the limit for Google if they are able to launch their checking account service
Published:11/16/2019 9:20:42 AM
[worldNews] Climate activists block Geneva airport's private-jet terminal Climate-change activists blocked Geneva airport's private jet terminal on Saturday in protest against what they said is an absurd form of transport.
Published:11/16/2019 9:20:42 AM
[Opinion] Impeachment Hearings: The Worst Circus Show On Earth

By Jim Clayton -

“I heard it from a friend, who heard it from a friend who heard it from another you were messing around”- Reo Speedwagon. The above verse from Reo Speedwagon’s song could describe the current state of the Impeachment Hearings by the Dems in their latest attempt to overthrow Trump. Everything ...

Impeachment Hearings: The Worst Circus Show On Earth is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/16/2019 9:20:41 AM
[Markets] "The Bubble's Already Popped": Peter Schiff Warns "Ignore What The Fed Says, Look At What They Do" "The Bubble's Already Popped": Peter Schiff Warns "Ignore What The Fed Says, Look At What They Do"

Authored by Mac Slavo via,

Financial expert Peter Schiff says that people should ditch the dollar. And not just the dollar; all fiat currencies.  Instead, he says people should be buying gold, a “real safe haven” asset.

The real driver behind the rise of gold prices is the world’s central banks’ buying spree, says Peter Schiff of Euro Pacific Capital.

“All of this is very bullish for gold and so rather than simply selling bonds people should be buying gold because they need to get out of the dollar,” says Schiff. 

“In fact, they need to get out of the fiat currencies in general and seek a real safe haven – and that’s gold,” he adds.

Back at the end of October, Schiff has also said that the stock market bubble had already popped, according to RT. (fwd to 18:20)

The Federal Reserve planned to inject $60 billion per month into the U.S. economy which is showing signs of a slowdown.

“Just ignore what they say and look at what they do,” Peter Schiff of Euro Pacific Capital tells Boom Bust. 

“They are trying desperately to keep the air from coming out of this bubble but it’s not going to work,” he said, explaining that “The bubble has already popped.”

According to Schiff,

 “the only question is how fast is that air going to come out and when the market is going to figure out that the game is over, understand what the Fed has been doing, and the true nature of this bubble economy…”

What Could Pop The Everything Bubble?

Schiff also added that the most recent interest rate cut is a “desperate attempt to keep the air from coming out of the bubble, to maintain false consumer confidence.” Consumers are confident the economy is a disaster, he says, adding that they don’t have any money, they have lousy jobs, no savings, and are loaded down with debt.

“But, as long as they keep on borrowing money to buy stuff that they can’t afford with money they don’t have, for some reason they remain optimistic…” The Fed plays into this, Schiff says.

Tyler Durden Sat, 11/16/2019 - 09:20
Published:11/16/2019 8:40:30 AM
[038b3877-27ef-5add-8c3a-985a7655ee07] Sarah Ferguson praises ex Prince Andrew for tell-all interview: He's 'a true and real gentleman' Prince Andrew sat down for a "no-holds-barred interview" interview this week during which he discussed his friendship with now-deceased sex offender Jeffrey Epstein. Published:11/16/2019 8:40:30 AM
[worldNews] Catholic devotees in Thailand join choir for visit of Pope Francis A choir formed of Catholic devotees training to join the church in Thailand were rehearsing on Saturday ahead of the visit of Pope Francis next week.
Published:11/16/2019 8:40:30 AM
[Politics] Obama WARNS Dem candidates that they’re TOO EXTREME for Americans! I’m not sure who red-pilled Barack Obama but all of a sudden he’s making way more sense than he ever did when he was in office. Case in point – he’s now . . . Published:11/16/2019 8:40:30 AM
[activism] Here’s Why Millennials Are the Holistic Wealth Generation Millennials have realized that the traditional notion of wealth needs to be redefined. Published:11/16/2019 8:40:30 AM
[Quick Takes] UNC Charlotte Students Say They Feel ‘Unsafe’ After School Hires Former Gitmo Commander for Security "We do not feel safe with an accused human rights violator on our campus!" Published:11/16/2019 8:40:30 AM
[] 'Enough already'! Stacey Abrams declares the Electoral College 'racist and classist' (and people have thoughts) Stacey Abrams, the self-declared rightful governor of the state of Georgia in spite of having come up over 50,000 votes short, spoke at the National Press Club yesterday. During her speech, Abrams went above and beyond the call of duty to help the Democrats keep a narrative going just in]] Published:11/16/2019 8:12:29 AM
[Politics] 'Far Left'? There's No Such Thing in This Democratic Party By Ted Rall

America has lots of leftists. Forty percent of voters say that they would prefer to live in a socialist country than a capitalist one.

Published:11/16/2019 8:12:28 AM
[Markets] Chinese Soldiers Deployed Onto Street Of Hong Kong To "Help Clean Up" Chinese Soldiers Deployed Onto Street Of Hong Kong To "Help Clean Up"

Dozens of People's Liberation Army (PLA) soldiers were spotted on the streets of Hong Kong's Kowloon Tong neighborhood on Saturday afternoon, cleaning up bricks and roadblocks left behind by pro-democracy protestors, according to broadcaster Radio Television Hong Kong (RTHK). 

This was the first time PLA soldiers have entered the streets of the city since the violent protests began in June.

The soldiers, unarmed, dressed in olive T-shirts with a Chinese flag on the sleeves, used buckets and brooms for about one hour to clean up streets around the barracks in Kowloon Tong, RTHK said.

One PLA soldier told the South China Morning Post that their actions weren't related to any direct orders from the Government of Hong Kong. 

"We initiated this! 'Stopping violence and ending chaos' is our responsibility," he said, quoting a phrase used by President Xi Jinping.

So far, there hasn't been any official statement from the Government of Hong Kong about PLA soldiers on the streets. 

According to Article 14 of the Garrison Law, PLA soldiers are permitted to enter the streets of Hong Kong to assist with disaster relief or maintaining public order if requested by the local government. 

On Thursday, President Xi broke his silence over the chaos in the city at the 11th BRICS Summit in Brazil. 

President Xi said the violent protests in Hong Kong threatened the rule of law and social order, which has sent the city into crisis. 

"We will continue to firmly support the chief executive in leading the Hong Kong Special Administrative Region government to govern in accordance with the law, firmly support the Hong Kong police in strictly enforcing the law, and firmly support the Hong Kong judicial bodies in severely punishing the violent criminals in accordance with the law," he said. 

If violent protests persist, it could be entirely possible that PLA soldiers are re-deployed with riot control gear and weapons. 

Hong Kong has recently entered a technical recession. The city is on the verge of financial collapse. 

Tyler Durden Sat, 11/16/2019 - 08:32
Published:11/16/2019 8:12:28 AM
[World] Bernie Sanders heads to East L.A. for a rally as part of his outreach to young Latinos

Bernie Sanders is holding a rally in East L.A., part of his overall strategy to mobilize Latinos, particularly younger voters, to help him win California's Democratic primary.

Published:11/16/2019 8:12:28 AM
[big tobacco] Menthol Prohibition Would Criminalize Communities of Color Never mind that there’s zero evidence that menthol cigarettes are uniquely bad for smokers’ health. Published:11/16/2019 8:12:28 AM
[Markets] The Margin: This stockpicking app beat the S&P 500 by 4x last quarter — for investors born in the summer of 1997 The fate of your portfolio is written in the stars. Or at least it can be, if Daniel Greenberg and the professional pranksters behind the “Bull and Moon” investing app have their way.
Published:11/16/2019 8:12:28 AM
[Economic Theory] Labour’s ‘free broadband’ would come at a heavy price

The Labour Party has set out plans “to deliver fast and free full-fibre broadband for all by bringing parts of BT into public ownership and creating a new British Broadband public service”. This is a bad idea. There is no doubt that wider availability of better broadband would be a ‘good thing’. As well as … Continue reading "Labour’s ‘free broadband’ would come at a heavy price"

The post Labour’s ‘free broadband’ would come at a heavy price appeared first on Institute of Economic Affairs.

Published:11/16/2019 7:44:26 AM
[] Epstein's guards turned down a plea deal Jeffrey Epstein may have shuffled off this mortal coil, but his story is far from over. (Much to the continued consternation of many of his friends and associates, I'm sure.) It's now being reported that two of the guards who were responsible for checking in on the prisoner every half]] Published:11/16/2019 7:44:25 AM
[8d128e8d-65e5-51e9-8ba9-576f1e5d3ab2] Cal Thomas: This subject is critical for democracy. So how come our kids don't know about it? According to reports, the teaching of U.S. history to American students lags behind all other subject matters. Published:11/16/2019 7:44:25 AM
[Sports] NBC Cuts Patriotic Segments of NFL Football Theme Song

The following article, NBC Cuts Patriotic Segments of NFL Football Theme Song, was first published on Godfather Politics.

NBC recently re-made its 'Sunday Night Football' intro theme, but the new theme eliminated all mentions of America and any patriotic references.

Continue reading: NBC Cuts Patriotic Segments of NFL Football Theme Song ...

Published:11/16/2019 7:44:25 AM
[worldNews] 'Black Pete' protests planned as Dutch children hail St Nicholas Anti-racism campaigners planned protests in cities across the Netherlands on Saturday as Dutch children anticipated the annual arrival of St. Nicholas and a blackface character who traditionally accompanies him.
Published:11/16/2019 7:44:25 AM
[e28a48c5-2137-5ff7-a8b1-b0eab453aaaf] 'Teen Mom' star Jenelle Evans in talks to return to MTV series: report "Teen Mom 2" star Jenelle Evans may be making a dramatic return to the MTV reality show. Published:11/16/2019 7:44:25 AM
[Markets] With Dow, S&P 500 at record highs, investors are ignoring a ‘material deterioration’ in the global economy Neither corporate profits nor economic data have yet to corroborate the ongoing rally and rotation in U.S. stocks, so the market may be getting ahead of itself and be due for a pullback, analysts and investors told MarketWatch. Published:11/16/2019 7:44:25 AM
[Markets] Market Snapshot: With Dow, S&P 500 at record highs, investors are ignoring a ‘material deterioration’ in the global economy Neither corporate profits nor economic data have yet to corroborate the ongoing rally and rotation in U.S. stocks, so the market may be getting ahead of itself and be due for a pullback, analysts and investors told MarketWatch.
Published:11/16/2019 7:44:25 AM
[chief people officer] Q&A With Cindy Robbins, Marc Benioff’s Ex-HR Chief Who Closed Salesforce’s Gender Pay Gap "As women, you need to know why you earned that seat... you got invited to the first meeting, and then it’s your responsibility to stay in that room." Published:11/16/2019 7:44:25 AM
[] Saturday Morning Coffee Break *** Saturday morning. That can only mean at least one thing. Some items that didn't get their fair share of attention here at the AoSHQ this past week.... Published:11/16/2019 7:44:25 AM
[] FIREWORKS: Jim Jordan vs. Adam Schiff is the one clip you should watch from Friday's impeachment inquiry ICYMI, GOP Rep. Jim Jordan delivered the good in the second day of testimony, getting Amb. Marie Yovanovitch to admit that she or anyone else at the U.S. Embassy in Kiev did anything to prevent Ukrainian government officials from meddling in the 2016 election:

Rep. Jordan then went on to list all]] Published:11/16/2019 7:11:39 AM

[Politics] Kamala Harris wins farmworker endorsement; Bernie Sanders lands support from teachers and nurses unions

Kamala Harris is endorsed by the United Farm Workers labor group. Bernie Sanders wins the backing of the Los Angeles teachers union and nationwide nurses union.

Published:11/16/2019 7:11:39 AM
[House of Representatives] The yammering of Yovanovitch (Scott Johnson) Former United States Ambassador to Ukraine Marie Yonaavitch was the star witness served up by the Democrats in the show trial that is to preface their adoption of impeachment articles against President Trump. The Democrats are bound and determined to impeach Trump over something. The Russia hoax was foiled. Although it is not invented out of whole cloth, the Democrats’ current impeachment production looks to me like Russia hoax 2.0. Published:11/16/2019 7:11:39 AM
[Entertainment] Czech filmmaker Vojtech Jasny dies at age 93 Vojtech Jasny, a filmmaker who belonged to the new wave of Czechoslovak cinema in the 1960s, has died at age 93 Published:11/16/2019 7:11:39 AM
[Uncategorized] Freedom of the Press Week in Higher Education Your weekly report on campus news. Published:11/16/2019 7:11:39 AM
[ABC] How ‘Brooklyn Nine-Nine’ Continues to Survive Despite Low Ratings The NBC sitcom scored an unlikely renewal earlier this week thanks to its secret weapon. Published:11/16/2019 7:11:39 AM
[Markets] Market Extra: Here are 5 things to know about the surge in Fed mortgage bond buying The Federal Reserve is back to buying billions worth of mortgage bonds each month, but here’s why that doesn’t mean the central bank is stockpiling more of this type of debt on is balance sheet.
Published:11/16/2019 7:11:39 AM
[Markets] Swedish Police Respond To Shocking Rising Crime Levels By Inviting Gang Leaders For Pizza Swedish Police Respond To Shocking Rising Crime Levels By Inviting Gang Leaders For Pizza

Authored by Paul Joseph Watson via Summit News,

Swedish authorities in Malmö, where violent crime and grenade attacks continue to soar, responded by inviting local gang leaders for a friendly chat over some pizza.

Yes, really.

Explosions in Malmö, which is home to several no go zone migrant ghettos, are becoming commonplace, with the city suffering three blasts in the space of just 24 hours earlier this month.

An alarming 29 per cent of residents in Malmö say they have been victims of of crimes against an individual.

According to Wilhelm Agrell, professor of intelligence analysis at Lund University, the situation is so dire that it threatens the power monopoly of the Swedish state.

The vast majority of the unrest is driven by rival drug gangs made up of second and third generation immigrants.

Instead of taking bold measures to fight the gangs, Malmö police invited 12 gang leaders, 9 of whom turned up, to have a friendly chat over some pizza.

The gang leaders were told that they were “most at risk of being injured or killed,” a sympathetic message which suggested police cared more about their welfare than that of their victims.

Malmö Chief of Police Stefan Sentéus later said he “really appreciated” the gang leaders attending the meeting.

The whole farce was dubbed “Operation Snowflake,” with critics asking why the gang leaders weren’t arrested.

“First they abuse and rob us, and then we taxpayers pay for their damn pizza!” commented one respondent.

Back in 2017, the media attempted to ridicule me for pointing out Sweden’s massive problems with violent crime and integration in no go zone migrant areas.

Not so funny now is it?

*  *  *

My voice is being silenced by free speech-hating Silicon Valley behemoths who want me disappeared forever. It is CRUCIAL that you support me. Please sign up for the free newsletter here. Donate to me on SubscribeStar here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown.

Tyler Durden Sat, 11/16/2019 - 08:10
Published:11/16/2019 7:11:39 AM
[Entertainment] Mike "The Situation" Sorrentino and Wife Lauren's Holiday Gift Guide 2019 E-Comm: HGG, Mike We love these products, and we hope you do too. E! has affiliate relationships, so we may get a small share of the revenue from your purchases. Items are sold by the retailer, not...
Published:11/16/2019 6:44:42 AM
[ai] How Goldman Sachs Can Regain User Trust After Apple Card Discrimination The incident should serve as a warning to invest more in anti-bias tools. Published:11/16/2019 6:44:41 AM
[worldNews] Palestinian rockets, Israeli airstrikes jolt tenuous Gaza truce Palestinian militants fired two rockets deep into southern Israel from Gaza on Saturday, and the Israeli military responded with a number of air strikes on militant targets, shaking an already tenuous truce.
Published:11/16/2019 6:44:41 AM
[storytype:standard] Rodney Reed granted stay of execution from US court amid celebrity pressure Published:11/16/2019 6:44:41 AM
[Markets] Homelessness In Germany On The Rise; Migrants Hit Hardest Homelessness In Germany On The Rise; Migrants Hit Hardest

The number of homeless people in Germany jumped over 4% between 2017 and 2018 - an increase of approximately 30,000 people, according to government figures cited by DW.

Some 678,000 people in 2018 did not have permanent accommodation, up from 650,000 in 2017, according to Germany's BAG, a nationwide consortium aimed at helping the homeless. Of that number, 41,000 are out on the streets.

"Compared to the previous year 2017 this means an increase in the total annual figure of 4.2%," Werena Rosenke, head of the BAG, said on Monday. -DW

What's more, Germans with migrant backgrounds are experiencing higher rates of homelessness at 5.9% vs 1.2% for natives.

According to BAG head Rosenke, factors which may account for this include a decrease in affordable housing, cuts in social housing and an increase in poverty. "Without homes for the homeless and without a well thought-through system of prevention in every community, we will not be able to tackle homelessness and the housing shortage," she said.

A July study revealed that most homeless people in Germany live in shelters, with nearly 50,000 living on the streets instead. 75% of the homeless are single men, while 22,000 children are homeless.

Demonstrators marched through Berlin in April 2019 to protest skyrocketing rent increases — rents have doubled over the last decade in cities like Berlin. Protesters demanded the government take control of thousands of apartments from large property companies such as Deutsche Wohnen and Vonovia.

The debate on homelessness in Germany reached a fever pitch in the winter of 2018, when nine homeless people died due to the cold. -DW

According to the report, Germany needs "between 80,000 and 100,000 new council flats every year, and another 100,000 new affordable apartments."

Tyler Durden Sat, 11/16/2019 - 07:35
Published:11/16/2019 6:44:41 AM
[Entertainment & Gossip] Greta Thunberg To Host Return Of The Weakest Link After a break from viewers' television screens of exactly two years, the quiz show, 'The Weakest Link', is to make a comeback, with Swedish environmental activist Greta Thunberg acting as the host. The show, involving 16 team members, revolves aro... Published:11/16/2019 6:14:16 AM
[topics:people/the-royal-family] Lawyer for victims calls on Prince Andrew to face questions in court about sex offender Jeffrey Epstein Published:11/16/2019 6:14:15 AM
[Markets] Resolving Creeping Communism: "We're More Socialist Than We Think" Resolving Creeping Communism: "We're More Socialist Than We Think"

Authored by Alasdair Macleod via,

The thirtieth anniversary of the fall of the Iron Curtain coincides with a popular resurgence of communism and a drift into more socialism. A collective amnesia sees a return of the Soviet Union’s failed policies in a Marxist Labour party in Britain. Increasing socialism is expressed by US Democrats contending for the primaries.

This article explains the basic economic fallacies common to both. It clarifies why state ownership of the means of production does not resolve the problem of economic calculation in a socialist economy. It also explains the errors in socialistic condemnation of free markets.

And finally, it points out that very few of us realise we are more socialist than we think when we endorse government control of possibly our most important common commodity, which is our everyday money. But there is a simple solution: stop accommodating crony capitalists.


This week saw the thirtieth anniversary of the breeching of the Berlin Wall. The elapse of time means most people younger than their mid-forties fail to understand what it was all about. Indeed, many folk older than that will have forgotten that the reason the Berlin Wall fell was because the communist states in eastern Europe and the old Soviet Union were no longer able to suppress their people. And the people were suppressed because suppression of personal freedom is central to communism, the creed that says people must make sacrifices for the common good. Besides the passage of time, the uncomfortable part which makes people want to forget its horrors is that communism is the both the basis and the final destination of modern socialism.

Ever since Lenin and his Bolsheviks obtained power, they forced communism on the Russian population. People lost the rights to their property and their personal freedom, both of which became the property of the state. They were commanded by planners, administrators and bureaucrats as to what they could and could not do. In the absence of personal incentives, the Soviet economy went downhill rapidly, and the bureaucrats faced with allocating economic resources ended up creating surpluses of unusable and unwanted goods, and shortages of what were wanted. In their efforts to correct this mess, the people who communism claimed to free from the yoke of the bourgeoisie were blamed and accused of insubordination and either shot or deported to the gulags. In the USSR alone it is estimated that between twenty and sixty million people died of starvation, in the gulags, or were executed.

People lived in constant fear of the secret police and their informants. It was hardly surprising that the fall of the Berlin Wall was a scene of much rejoicing and the visual manifestation of freedom regained.

The reason we should remember how Marxist and Stalinist communism affected ordinary people is they are being offered a choice to vote for it again. In the UK, hard-line Marxist-Leninists control the main opposition party, and from what one can see from the Eastern side of the Atlantic, various Democratic Party contenders for the presidency are offering a softer version of the same socialist creed to their supporters.

Some observers claim our collective amnesia on such important matters is due to a cycle of human behaviour, but more likely it is due to an astonishing level of public ignorance, not helped by the poor quality of debate at the political level. The reason Theresa May bodged her general election in 2017 is she did not address the destructive delusions of the Labour Party’s Marxists, which can only be explained by ignorance of why Marxism is so economically disastrous. She will have either forgotten the real reason for those joyous scenes in Berlin thirty years ago or failed to understand the message. While being a paid-up Tory notionally in favour of free markets, in common with many other Tory MPs her politics appear to be those of a controlling Christian socialist, in common with the political mainstream in the EU.

She was not alone, and the entire British political establishment, like a pale imitation of the politburo, had become a managerial class believing more in itself than in democratic accountability. This, not trade, is the central issue behind Brexit. And it is still true of America’s deep state, despite President Trump’s democratic mandate and his attempts to change it. It is a condition that pertains in any government that claims the sacrifice of personal freedom is in the interest of the common good.

The problem with Marx and his half-baked ideas

At its bedrock modern socialism is based on Marxism, which despite all evidence of its viciousness retains widespread support. Not only do university students everywhere have a tendency to support fervent socialism, but in the UK, pollsters estimate a substantial majority of university lecturers prefer a Marxist Labour party compared with the Conservatives. It’s no wonder that for many decades the Soviet KGB so effectively recruited their useful idiots and spies from the UK’s top universities.

It seems extraordinary that in defiance of history and the advance of philosophical knowledge anyone should be so delusional to believe in the politics of Karl Marx, the founder of modern communism and the basis of modern socialism. More than anyone, through wrong-headed ideas he bears responsibility, indirectly admittedly, for the deaths of an estimated one hundred million people in the last century, and at one time the severe suppression though economic and social servitude of fully one third of the world’s population. And if you also include those who have suffered under the yoke of Marxist-inspired modern socialism, the philosophy that says the state is more important than the individual, you could argue nearly the whole world is under Marx’s destructive influence today.

His philosophical stance was comprehensively set out in one of his earlier works, A Contribution to the Critique of Political Economy, published in 1859. The fundamental principle behind Marxism is stated early in the preface, where he defines his deduction from the Hegelian dialectic: “It is not the consciousness of men that determines their existence, but their social existence that determines their consciousness.” In other words, social organisation takes precedence over the individual, and it therefore follows that the individual is subordinate to the social organisation.

Marx argued that it followed from this logic that the classes which formed on the back of material interests force members of those classes to think and act in their narrow class interests and not independently in their personal interest, there being no such thing. For Marx, ideologies evolved on class lines, where the interests of the minority, the bourgeoisie, dominated. And as the bourgeoisie profits from the labour of the proletariat, it is in their interest to keep the proletariat suppressed. The accumulation of wealth in the hands of the bourgeoisie was entirely due to the exploitation of the proletariat.

Marx’s world was a black and white one of haves and have-nots, the exploiters and the exploited. As Emmanuel Kant (1724-1804) put it, “If one man has more than necessary, another man has less”. The only way this apparent wrong could be righted would be through the collapse of the capitalist system, which led to these imbalances in the first place. The final solution was a classless society of the proletariat, handing them the means of production administered on their behalf by a revolutionary government. Headed, of course, by Marx himself.

Marxian dogma was and still is riddled with intellectually derived half-baked ideas. Partly, this was due to the state of human knowledge when Marx derived his scheme for world domination, which formed the basis of any dialectical debate. Darwin contemporaneously proposed his evolutionary theory, that Man had evolved from animals and was not a species apart favoured by God. This played neatly into Marxian philosophy and to this day Marxists are atheistic.

It was also before the development of psychology by Sigmund Freud and Josef Breuer. It was previously thought that all human brains were the same, just as we have other internal organs with specific functions within the body. The concept, that humans differed in their intelligence, their acuity, while commonly observed was unexplained by medical science. Even mental illness was believed to be a disorder emanating from the body and not the brain and suicides were routinely dissected to establish which organ was the cause. To Marx, drawing on Hegel’s dialectical approach, it could have seemed logical that we are all the same, and that the obvious social differences are down to our upbringing in one or the other class.

He never defined class, which is too slippery a concept to pin down. Instead, he separated humanity into the exploited majority, the proletariat, and the minority that controls the proletariat, the bourgeoisie. He expected the proletariat to eventually rebel, forcing the bourgeoisie into the lower class, to be ruled over by a socialist administration. He believed that this would happen, because under capitalism, he argued, the impoverishment of the workers was inevitable, leading to a workers’ revolution.

Yet, at the same time, he believed in the iron law of wages, most associated with David Ricardo. According to this law, wages were set by the availability of labour and the payments required to subsist. Higher wages than this basic level would lead to an increase in the availability of labour over time, while lower wages would reduce the labour pool. In this way, the cost of labour was expected to rebalance always at a subsistence level. Labour was regarded as a simple commodity, whose supply was regulated by its demand. However, Marx’s belief in the iron law of wages is at odds with his supposition that the proletariat would be gradually impoverished by the bourgeoisie. You cannot subscribe to both.

Subsequent improvements in economic knowledge and empirical evidence have disproved both theories anyway. Marx’s approach was to arrogantly assume workers are unthinking work-slaves, which they are not. They are individuals with individual aspirations and as their living standards improve those aspirations soar. And as Freud and Breuer showed later, they have brains separate from their physicality, with individual mental abilities that govern their needs and wants. Marx even despised the trade unions of the day, arguing that striking for higher wages was colluding with members of the bourgeoisie by negotiating with them, when instead they should be seeking their destruction.

His thinking had impatiently evolved from the proposition that the destruction of the bourgeoise class would occur naturally in time, to encouraging a violent class revolution to bring it about. Workers going on strike compromised both alternatives, and his personal ambitions of world leadership were threatened.

In some respects, modern ignorance over Marxism is worse than Marx’s own. Classical economics have evolved, thanks mainly to Carl Menger and his followers in the Austrian school, and today we have a greater understanding of the role of the consumer, not just as an end-user but also as an unconscious setter of prices and regulator of demand. And lest we forget, we have the certain knowledge not only that communism fails, but it leads to the impoverishment of the masses.

The economic issues, from which all others flow, need to be laid bare. Why communism of any sort fails and whether the same reasons for its failure apply to the Christian form of socialism predominant in the West are the two principal issues facing the electorates in the UK today and the US next year.

The basis of economic calculation

Fundamental to both Marxism and other forms of socialism is the theory that prices are set by costs, particularly of labour, and that the productive output of labour is an even quantity. Only then can it be assumed we are all equal. In reality, people always value some goods more than others, requiring higher pay to attract the labour required with its specific skills to provide them. The communists would have you believe that if the state deems it necessary, it can command greater quantities of evenly paid, evenly skilled human resources to that end. Alternatively, it can command the consumer not to buy goods in greater than expected demand by the expedient of rationing.

A labour theory of value is also the basis behind less obvious forms of socialism. It is the working assumption behind the provision of all government services and also professed to be the case by businessmen awarded government contracts and subsidies. Therefore, the pricing of services monopolised by governments and their allied providers is almost always supplied on a cost basis.

Consequently, governments and their agencies are poor providers of goods and services because they have no incentive to contain or reduce costs. Why the cost basis of prices is not the principal price determinant was proved by Carl Menger in the 1870s. Instead, he clearly demonstrated that prices are set by consumers exercising personal choice. This has always been resisted by statists, because it denies the possibility that prices can be calculated with certainty in advance.

A consumer’s preferences are the central issue. It is not just a question of price, but of priorities, desires and the satisfaction of a general uneasiness that drive consumer demand for goods and services. These are factors that continually change. Furthermore, price measured in monetary terms is a secondary issue, in this context being no more than a yardstick for comparison to facilitate consumer choices. The fact that consumers choose between goods tells us that goods are in effect priced against each other, with money being the temporary agent not only for transforming a producer’s output in the form of profits or salary into the items he or she wishes to consume, but for facilitating the choice between them as well.

When the true role of money is understood to be that of an agent, firstly as a facilitator for the division of labour and then of choice between consumer items, the impossibility of socialism to calculate prices becomes more obvious, even for the few state planners who understand that the cost basis cannot apply.

It takes great skill, experience and knowledge of specialist markets for a focused entrepreneur to foretell demand in his particular niche profitably. He risks his capital and commits his valuable time to supplying profitably his anticipation of market demand. Alternatively, a state administrator or bureaucrat is always unsuited to taking risks with state resources and cannot act in an entrepreneurial fashion. He has none of the qualifications necessary to get it right for one product, let alone the many the production of which he may be required to oversee.

Socialists counter this proposition by saying there is no reason the successful businessman can perform the same function for the state. In his concluding notes to The General Theory, even Keynes proposed the state should replace the saver as the provider of capital for the businessman. The businessman becomes beholden to the state, with his profit “obtained much cheaper than at present”. Clearly, the principal incentive which drives all successful entrepreneurs ends up under the control of the state, to be chipped away by politicians seeking favour from a proletariat envious of an entrepreneur’s success.

The greater the degree of socialism, the less likely an entrepreneur is likely to cooperate. And when the state owns the means of production, his incentive disappears altogether. Forced into a managerial role by the threat of being dispatched to a gulag or even executed cannot change this simple fact. He becomes a functionary whose interest is pure survival in a dysfunctional state system of production. In any event, he has no basis for estimating the value of his production.

Oskar Lange, a Polish economist of the communist era, accepted the evidence that socialism was unable to calculate consumer prices and proposed that markets be permitted to do so. But where he failed was not understanding that consumer prices in a free market also determine and set the value of their factors of production, which under Lange’s proposal would remain in the possession of the state. Thus, the distribution of productive resources in a socialist state would always lead to failures in the distribution of goods.

Lange’s error is typical of current attempts to find a compromise between capitalism and socialism, a mistake that is ignored or not understood by politicians of all stripes. The vast majority of those that advocate free markets do not do so entirely. And they fail to understand that the distribution of money itself is socialised, with its supply and interest rates being managed by an organ of the state, and not free markets.

The illusion that a compromise between socialism and free markets is possible is facilitated by the adaptability of ordinary people. They don’t fight City Hall; rather they find another way of doing things. It is impossible to track how their choices are affected by economic distortions imposed upon them by the state. But it is possible to demonstrate the counterfactual: that freed from statist intervention and over-bearing regulations an economy improves living standards for everyone considerably more rapidly than a state attempting to achieve it, even with the best intentions.

The complaint against capitalism

The socialist rant against capitalism is rarely a rant against free markets, except for committed socialists arguing that as a matter of principal the state should own the means of production. Most adherents, the Christian socialists, are driven more by a naïve desire for social fairness than a commitment to socialism per se. Theirs is a valid complaint against bankers and other businessmen who enrich themselves through their influence on government or gain government protection from competition through licensing and regulation. Instead of providing the goods and services demanded by consumers, these establishment capitalists prioritise their relationship with the state as a means of protecting and maximising their profits.

An apt description of this arrangement between the state and big business is crony capitalism. So long as there is a socialising political class, there will be businessmen seeking their share of the distributed cake. When a government hands out regional employment subsidies, a businessman will build a factory in a location to maximise the subsidy. Proximity to markets and other commercial factors become secondary considerations. Once the subsidised investment is made, he can then blackmail future politicians for more subsidies and government contracts by threatening to lay off workers if they don’t materialise. More subtly, he can advise politicians on industrial policy and regulation with the hidden objective of disadvantaging smaller competitors.

As the saying goes, an honest politician is one who, when he is bought, stays bought. And as long as the state is involved, a businessman can collude with his competitors to rig markets without fear of anti-trust litigation. In truth, the only valid complaint about capitalism is not about free markets, but about their corruption facilitated by the state.

The greatest corruption of free markets is through the socialisation of money. In a genuine free market, it is up to individual actors to decide their medium of exchange, and it is for this reason money in metallic form emerged to replace barter. Instead, since the first half of the twentieth century governments have taken for themselves the monopoly of money. Besides instances in war time, the first step in this global direction was when dollar convertibility into gold was suspended for Americans in 1933. Today, central banks abuse this monopoly by issuing it in whatever quantities they can get away with. Without their citizens’ knowledge or understanding central banks transfer wealth from them to itself, its government and their favoured cronies.

Monetary inflation is the precondition for financing the advancement of socialism. The inflationary argument is socialistic to the core, increasing the supply of money for the alleged common benefit while keeping quiet about the wealth transfer effect. The euthanasia of ordinary savers and their replacement as funding for investment by the state was a wish expressed by Keynes in his General Theory.[v] But it is pure socialism, already achieved through the destruction of personal savings, notably in America, the UK, most of Europe and by the damage through interest rate suppression to collective savings schemes such as pension funds.

And when the general level of prices rises, which is actually the manifestation of a currency’s loss of purchasing power, socialising governments justify their actions saying it stimulates us to consume. If prices rise so quickly as to expose this specious argument to the lowest intellects, it is then blamed on greedy profit-seeking capitalists.

Banks are licensed to create credit, which is simply another source of money, out of thin air, making bankers rich as a class and further stoking the public envy upon which socialism thrives. Despite this, the entire bureaucratic and administrative class of central planners have been taught that the socialisation of money is fully justified to address the shortfalls of capitalism, and by implication free markets. We are informed by its description that an uncontrollable cycle of business activity is proof that left to themselves free markets are economically destructive.

The truth is the economic destruction comes from a cycle of credit expansion emanating from the banks, augmented and encouraged by a central bank issuing base currency and suppressing interest rates. The financing of an economy is subverted by the imperative to finance government spending. Without the manipulation of money and credit and their replacement by sound money the cycle of credit and the symptoms suffered in the productive economy would simply cease.

These are problems created by socialism itself, but rarely found is the politician who fully understands it and is elected to address them. President Trump was mandated by a silent majority fed up with the federal socialising system, yet he calls for more credit creation and lower interest rates. His heart may have been in the right place, but he fails to understand that even the dollar is socialised.

The origin of the socialisation of money was born out of crony capitalism in banking, but it has been fully exploited by the socialists. Through the debasement of their currencies, it allows both Jeremy Corbyn and President Trump alike to advance their policies and proposals while concealing the hidden costs imposed on everyone.

The logical solution

The destination of socialism-lite is a continuing loss of freedom, both economic and personal. Ordinary people should count themselves lucky if the drift is contained, and more extreme versions towards communism prevented.

It is a fact of life that nearly the whole world is now socialistic to a greater or lesser degree. So ingrained is socialist redistribution that no politician can get elected on a mandate to reverse it. But a start can be made by attacking crony capitalism, which is the one justification above all others that persuades ordinary Christian democrats, the useful idiots recruited by Marxist fallacies, to abandon personal freedom in favour of a ruling state. It is the emotional justification for Marx’s division of the classes into the exploiters and the exploited, which if successfully addressed collapses the argument.

There is hope the point is understood by Britain’s current Prime Minister, when in June 2018 as Foreign Secretary he was reported at a private dinner to have said, “F--- business”, when questioned about his view of major businesses lobbying to prevent Brexit by threatening jobs and investment. It was interpreted differently by a socialistic media.

If Johnson is re-elected, and if this was not a purely Brexit-related comment, there is some hope this course of action will be undertaken. It would address the monopolistic tendencies of big business to disadvantage their smaller competitors. Small and medium size businesses generally make up a Pareto eighty per cent of any economy, so a policy of allowing them to secure the benefits of freer markets should turn out to be immensely popular. Only then can socialistic tendencies begin to be reversed, and the big prize tackled, the socialisation of money.

Tyler Durden Sat, 11/16/2019 - 07:00
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[Markets] Globalists Openly Admit To Population Control Agenda - And That's A Bad Sign... Globalists Openly Admit To Population Control Agenda - And That's A Bad Sign...

Authored by Brandon Smith via,

Eugenics and population control are long time hobbies of the financial elites. In the early 1900's, the Rockefeller Foundation and the Carnegie Institute were deeply involved in promoting Eugenics laws in the US. These laws led to the forced sterilization of over 60,000 American citizens in states like California and thousands of rejected marriage licenses. The Eugenics programs in the US were only a beta test though, as the Rockefellers then transferred their programs over to Germany under Hitler and the Third Reich in the 1930's, were a true widespread eugenics-based population control program was introduced.

The targets of population reduction were based on ethnic background, but also “mental intelligence” and economic status. The Carnegie Institute even established a “Eugenics Records Office” called Cold Springs Harbor Laboratory in 1904, which collected genetic data on millions of Americans and their families with the intent of controlling their numbers and erasing certain traits from the US population. The Cold Springs Harbor Laboratory still exists today and presents itself as a kind of philanthropic endeavor to help humanity.

Public knowledge of the globalists and their population control agenda was carefully swept under the rug in the US after the exposure of Nazi programs post-WWII. The word “eugenics” became a very ugly one and all the effort the elites put into promoting it as a legitimate science was ruined. However, they were not going to give up on their precious ideology.

In the late 1960's into the 1970's there was a resurgence of population control rhetoric coming out of globalist circles. Under the supervision of the UN and some related scientific groups, the Club Of Rome was formed. A prominent part of the Club of Rome's agenda was population reduction. In 1972 the group of “scientists” under the UN's direction published a paper called 'The Limits Of Growth', which called for greatly reduced human population in the name of “saving the environment”. This effort was directly linked to another agenda – the institution of a global government that could handle and enforce population controls on a wide scale.

The elites had found a new scientific front for their eugenics obsession: Climate science. In the early 1990's the Club Of Rome published a book called 'The First Global Revolution'. In it they state:

In searching for a common enemy against whom we can unite, we came up with the idea that pollution, the threat of global warming, water shortages, famine and the like, would fit the bill. In their totality and their interactions these phenomena do constitute a common threat which must be confronted by everyone together. But in designating these dangers as the enemy, we fall into the trap, which we have already warned readers about, namely mistaking symptoms for causes. All these dangers are caused by human intervention in natural processes. and it is only through changed attitudes and behaviour that they can be overcome. The real enemy then is humanity itself.”

The statement comes from Chapter 5 – The Vacuum, which covers their position on the need for global government. The quote is relatively clear; a common enemy must be conjured in order to trick humanity into uniting under a single banner, and the elites see environmental catastrophe, caused by mankind itself, as the best possible motivator. It also outlines the perfect rationale for population control – Mankind is the enemy, therefore, mankind as a species must be kept under strict supervision and his proliferation must be restricted.

The Club of Rome and the UN agenda have always been intimately connected. In the 1990's at the same time 'The First Global Revolution' was being published, UN assistant secretary general Robert Muller was publishing his manifesto which is now collected on a website called 'Good Morning World'. Muller argues that global governance must be achieved using the idea of “protecting the Earth” and environmentalism as the key components. Through fear of environmental Apocalypse, the public could be convinced to accept global government as a necessary nanny state to keep society from destroying itself.

In a paper titled 'Proper Earth Government: A Framework And Ways To Create It' Robert Muller outlines how climate change could be used to convince the masses of the need for global government. Integral to his plan were the introduction of a new “global religion”, and population controls.

It should come as no surprise that the UN established the Intergovernmental Panel On Climate Change (IPCC) and that this panel and it's offshoots are now at the forefront of the argument for population reduction. As we close in on the end date for the UN's Agenda 2030, which calls for a radical shift of human production from oil and other large scale energy sources into small scale “renewable energies”, there is only 10 years left for the globalists to achieve their goals if they hope to meet their announced deadline. This would require a violent change in human society and most of all industrialized nations.

The human population would have to be reduced dramatically in order to survive on the meager energy output of renewables alone. A disaster of epic proportions would have to take place soon so that the globalists could then spend the next decade using the resulting fear to convince the surviving population that global governance is needed. Without aggressive crisis and change most people would never go along with the UN's agenda, out of simple desire for self preservation. Even many leftists, once exposed to the true nature of carbon controls and population reduction, might have second thoughts when they realize they could be affected.

The key to understanding people who cheer for population control or population reduction is that these people always assume that THEY will be the survivors and inheritors of the Earth after the culling.  They never assume that they will be the one's put on the chopping block.

In 2019, the population agenda is being ramped into high gear and the public is being carefully conditioned over time to accept the idea that man-made climate change is real and population is the source of the problem.  Recently, a groups of scientists partially funded by something called the “Worthy Garden Club” claimed 11,000 signatures on a statement for the need for population reduction in the name of saving the Earth from global warming.

The statement cites all the same long debunked IPCC and UN climate change propaganda as the reasons why the Earth is on the verge of annihilation. The fact of the matter is, climate scientists have been consistently caught red handed manipulating their own data to show the intended outcome of global warming. They have even been caught trying to adjust their own data from 20 years ago in order to match it more closely to the rigged data they publish today.

The Worthy Garden Club is a strangely sterile group and there doesn't seem to be any list of their patrons and who funds them. However, the mainstream media was quick to pick up on the statement from the “11,000 scientists” and tie it to statements made by the UN's IPCC.

Population control has also been brought up consistently as an issue in the 2020 Presidential Election race. Bernie Sanders argued for birth control measures in poor countries. Elizabeth Warren promoted abortion by saying it was as safe as “getting your tonsils removed”. She has consistently promoted the carbon control agenda of the UN and was, interestingly, a member of the University Of Texas Population research Center in the 1980s. And, Green New Deal politicians are throwing their support behind the statements from the Worthy Garden Club on population reduction.

This is the first time I have seen the argument for population reduction used so blatantly and widespread in the mainstream media, and it suggests to me that a trend is forming. For years I have warned my readers that they will know when the globalists are about to pull the plug on the current system when they start talking about their criminality openly. When they admit to their agenda in a free way, this means they are close to a global reset and do not care anymore who knows about it. The openness of the plan to cut world population is becoming apparent.

Strangely, there has been little mention of the fact that the world population, in the west most of all, is actually in decline. Far from exploding beyond the Earth's capacity, people are barely having enough children to keep the current population stable. It would appear that the globalist agenda is already in motion. Through engineered economic disintegration, the population is being slowly reduced.  However, this slow decline may not be enough to satisfy the globalists.

How many people would the globalists like to kill off to achieve their utopian aspirations?  Well, globalist Ted Turner in a moment of honesty said when confronted by We Are Change that the population should be reduced to 2 billion down from 7 billion.

The primary issue here beyond the moral horror show of eugenics is, who gets cut? And furthermore, who gets to decide who gets cut? Who gets to decide if you can have children or not? Who gets to decide if you are allowed to access resources to produce and make a living or not? Who gets to decide if the global economy will sustain the population or not? Who pulls the trigger on the culling of the population?

As history has shown us, it is always the elites that end up in the position of deciding the fates of millions or billions. From the Rockefeller Foundation sterilization programs in the US in the early 1900's to the UN today, the globalists, a veritable death cult, are desperate to conjure a rationalization as to why they should be the ones to allow or deny human life based on lies like man-made climate change.  They don't believe in the climate change threat, THEY were the people that fabricated it.  So, what is the core reason behind all of this?

A reduced population completely dependent on limited energy sources might be easier to dominate.  But I have another theory – they are psychopaths looking for a socially justifiable way to kill as many people as possible. Why? because they enjoy it.

*  *  *

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Tyler Durden Fri, 11/15/2019 - 23:45
Published:11/15/2019 11:09:42 PM
[History] History, Holidays & Observances – November 16

A look at some of the history, holidays & observances on November 16 Holidays and Observances on November 16 Celebration of an icon of the Catholic Church in Lithuania, a near 400 year old artwork, Our Lady of the Gate of Dawn, canonically crowned by the Church in 1927 as Mother of Mercy. Flag Day […]

The post History, Holidays & Observances – November 16 appeared first on Bookworm Room.

Published:11/15/2019 11:09:42 PM
[Markets] "It's Cozy" - LA Imports Are Paying $800/Month To 'Live In A Coffin' "It's Cozy" - LA Imports Are Paying $800/Month To 'Live In A Coffin'

First it was the unaffordability of 'real' homes (combined with massive student loan debt) that spoiled the living-the-Dream narrative for America's young people.

Remember this 350-square foot studio in NYC that cost $645,000?

Then it was a shift to "tiny homes" - which became popular with millennials since their standard of living has collapsed.

But while they could virtue signal with solar panels and wind power systems, an eco-friendly bathroom, and a kitchen with everything needed to make avocado and toast, living in with post-industrial feel using an old shipping container for $37,000 was too much for many...

So 'podlife' sprung up on the coasts - as the housing affordability crisis deepened on the West Coast, a new style of living, one that reminds millennials of their college dormitory days, sprang up in cities across California.

But, residents were upset by having to adhere to house rules, one being that lights go out at 10 pm each night, and no guests are allowed inside.

And so, as AFP reports, young Americans flocking to LA and NYC are now resorting to "Capsule Living" as the only affordable option...

Inspired by the famous hotels in Japan, each room contains up to six capsules, described by residents as "cozy," containing a single bed, a bar for hanging clothes, a few compartments for storing shoes and other items and an air vent.

By most standards, the coffin-like accommodation is still not cheap - $750 per month plus taxes. That works out at around $800 and there are still rules... women and men sleep apart, and having sex is not an option.

For Dana Cuff, an architect and professor at the University of California, Los Angeles (UCLA), this type of community presents only a short-term solution.

"We basically need to be developing a huge range of options for the kinds of housing that are available," she said.

"To me, co-living pods... are symptoms of this deep need for a much greater range of housing alternatives."

Alejandro Chupina, 27, left home as a teenager because his parents did not support his career as an actor and musician.

"We have so many different amenities... for what we're paying, I feel like we're getting way more, in different ways," said the young man with a handlebar moustache, who can recite the musical "Hamilton" by heart.

We give the final word to Kay Wilson, who packed up her life in a hurry and moved to Los Angeles... only to find that what she paid in Pennsylvania for a nice studio apartment would only get her a 2.9-square-meter box in California.

"I sold all my belongings and I moved here to be in this pod... I'm finding comfort in being uncomfortable,"

The American Dream indeed...

Tyler Durden Fri, 11/15/2019 - 23:25
Published:11/15/2019 10:40:01 PM
[Politics] CNN: Giuliani Associate Believed He Was On 'Secret Mission' for Trump Two Soviet-born businessmen from Florida with ties to Rudy Giuliani had a private meeting with President Donald Trump last December, when they were tasked with "a secret mission" to pressure the Ukrainian government to investigate the Bidens, CNN reported Friday.In the days... Published:11/15/2019 10:07:54 PM
[worldNews] Sri Lankans vote for a new president to heal divisions after Easter attack Sri Lankans trickled into polling centers early on Saturday to choose a new president for the island-nation still struggling to recover from Easter Sunday attacks on hotels and churches that have heavily weighed on its tourism-dependent economy.
Published:11/15/2019 10:07:53 PM
[Markets] The "Officer-Friendly" Police Fantasy The "Officer-Friendly" Police Fantasy

Authored by James Bovard via The Future of Freedom Foundation,

Police in Tempe, Arizona, announced plans in July for a “positive-ticketing” campaign to pull over drivers who had violated no traffic laws. A Phoenix TV station reported that the police would give the people they targeted free soft-drink coupons for Circle K as a reward for their “good driving behavior.” Police in other areas have run similar programs in recent years but the TV news report on Tempe’s plan spurred a torrent of testy Tweets:

“Keep your hands on the wheel and don’t make any sudden moves while you are being rewarded, it could cost you your life.”

“We gunned him down…. well, he refused to stop for his coupon. Self defense. Case dismissed.”

“Um, WHAT?!? They better not stop me for driving legally cause that’s illegal! #harassment”

“What if you don’t stop?”

“Cops to profile for illegal immigrants under the guise of campaign to promote good driving.”

“There goes probable cause right out the window. Police state 101.”

“I would get a panic attack. My reward for driving well is not dying. That’s all I want.”

“Unless it’s a ruse to illegally search your vehicles. And if they notice anything out of line during the mock pullover you’ll be arrested.”

“What’s next? Are they going to start walking into people’s houses to congratulate them for not breaking the law?”

One commenter suggested he could be fined for “resisting a coupon” for free drinks.

A few months before its “positive ticketing campaign” announcement, Tempe police were harshly criticized after one of their officers shot a 14-year-old boy in the back, killing him as he was running away while holding a replica airsoft pistol. An Arizona ACLU employee summarized the situation on Twitter:

“Tempe cops: the community doesn’t trust us after we shot and killed an unarmed teen (sic) what do we do

Community: stop killing us


The Tempe Police Department responded to the uproar by issuing a statement stating that they never intended to pull over motorists without good cause. Instead, the free-coupon program would be targeted to pedestrians, bicyclists, and skateboarders. But the furious reaction of people across the nation signaled the profound distrust of police.

This is presidential campaign season, and Democratic presidential candidate Pete Buttigieg claims that he will be able to end the pervasive distrust of the police. In one of the first candidate debates, he said he is “determined to bring about a day when” any driver, white or black, has “a feeling not of fear but of safety” when he sees a police officer approaching.

And how would Buttigieg, the mayor of South Bend, Indiana, achieve this profound change? He has not yet detailed his panacea. Perhaps he believes that sensitivity training or racial consciousness-raising classes could do the trick. But Buttigieg has ignored the real source of the problem: politicians have given police so much power that citizens naturally fear them.

Arresting anyone

In 2001, the Supreme Court ruled that police can justifiably arrest anyone believed to have “committed even a very minor criminal offense.” That case involved Gail Atwater, a Texas mother who was driving slowly near her home but, because her children were not wearing seatbelts, she was taken away by an abusive cop whose shouting left her children “terrified and hysterical.” A majority of Supreme Court justices recognized that “Atwater’s claim to live free of pointless indignity and confinement clearly outweighs anything the City can raise against it specific to her case” — but upheld the arrest anyhow.

Justice Sandra Day O’Connor warned that “such unbounded discretion carries with it grave potential for abuse.” Unfortunately, there are endless pretexts for people to be arrested nowadays because federal, state, and local politicians and officials have criminalized daily life with hundreds of thousands of edicts. Capt. Steve Powell of the Colorado State Patrol commented, “Ninety percent of the cars out there are doing something that you can pull them over for. There are a jillion reasons people can be stopped — taillights, windshields cracked, any number of things.” Gerard Arenberg, executive director of the National Association of Chiefs of Police, told me in the 1990s, “We have so damn many laws, you can’t drive the streets without breaking the law. I could write you a hundred tickets depending on what you said to me when I stopped you.”

Justice O’Connor noted in her dissent that the Fourth Amendment “guarantees the right to be free from ‘unreasonable searches and seizures.’” But when politicians have enacted endless laws that make almost everyone a criminal, then the Fourth Amendment is practically null and void.

Asset-forfeiture laws give police sweeping arbitrary power over Americans’ wallets, cars, and homes. Indiana Solicitor General Thomas Fisher told the Supreme Court in 2018 that the government is entitled to confiscate cars that exceed speed limits by 5 miles per hour — a standard that would justify seizing most vehicles. Between 2001 and 2014, lawmen seized more than $2.5 billion in cash from 60,000 travelers on the nation’s highways — with no criminal charges in the vast majority of cases, the Washington Post reported.

Police have been trained to confiscate private property of drivers by absurdly claiming that “trash on the floor of a vehicle, abundant energy drinks, or air fresheners hanging from rearview mirrors” are signs of criminal activity. Blacks and Hispanics have been victimized far more often by such laws. Tenaha, Texas, police ran an operation that stopped and plundered almost anyone passing through their East Texas locale. The names of the court filings capture Tenaha’s voraciousness, such as State of Texas v. One Gold Crucifix. “The police had confiscated a simple gold cross that a woman wore around her neck after pulling her over for a minor traffic violation. No contraband was reported, no criminal charges were filed, and no traffic ticket was issued,” the New Yorker noted. If drivers “refused to part with their money, officers threatened to arrest them on false money laundering charges and other serious felonies,” an ACLU lawsuit charged. Tenaha police stopped a 27-year-old black man who worked as a chicken slicer in a Tysons plant in Arkansas and fleeced him of $3,900 after detecting him “driving too close to the white line.”

Subverting the Fourth Amendment

Police have gutted the Fourth Amendment with dogs that will give them a positive alert almost any time they seek a pretext to forcibly search someone’s vehicle. The fact that canines are sometimes trained to give false alerts is irrelevant as long as the government always wins. Canine alerts to currency are routinely used to justify seizures even though most U.S. currency has trace amounts of drug contamination. For 30 years, the courts have condemned the abuses based on currency seizures due to dog alerts. But the official robberies continue.

There is a long history of federal, state, and local officials partnering to fabricate pretexts to stop drivers. From 1992 through 2013, the Drug Enforcement Administration illegally commandeered the phone records of all Americans who called most of the foreign nations in the world, as USA Today revealed in 2015. To keep its phone-record seizures secret, the DEA partnered with local police to concoct phony reasons for traffic stops that sometimes included staging fake auto accidents and even car thefts. Why should citizens trust law-enforcement agencies that engaged in decades of systemic fraud? If bureaucrats and cops gave themselves an unlimited right to lie regarding the source of their evidence, what other lies have they permitted themselves in the war against any American who possesses substances of which politicians disapprove?

Uncle Sam has brought the surveillance state to the nearest police car dashboard. Federal grants have enabled many states and localities to equip police cars with license-plate scanners that provide plenty of bogus pretexts to harass hapless drivers.

License-plate readers often misread plates. Brian Hofer was pulled off Interstate 80 in California and handcuffed and held at gunpoint after his rental vehicle was misreported as stolen. Hofer commented in 2019, “I’m sitting ice-cold and saying nothing because I do not want any itchy trigger fingers.” With an error rate approaching 10 percent, license-plate readers effectively generate potentially thousands of false accusations each day.

Subverting the Second Amendment

Local officials exploit surveillance data to subvert the Second Amendment. John Filippidis was driving with his family through Maryland when he was pulled over by a Maryland transportation policeman outside a Baltimore tunnel. The policeman ordered Filippidis out of his car and angrily demanded to know where his gun was. Filippidis has a Right to Carry (RTC) permit from Florida — where he had left his firearm. Police spent hours questioning him and searching his minivan before permitting him to move on, leaving his wife and daughters utterly distraught. Maryland police have targeted and rigorously searched other out-of-state drivers with RTC permits (which Maryland does not recognize). Federal grants enabled Maryland to equip hundreds of police cars with license-plate scanners that create almost 100 million records per year detailing exactly where and when each vehicle travels.

The war on drugs and its endless crackdowns and intrusions spurred far more distrust of police but politicians learned nothing from its debacles. Sixteen states have raised the smoking age to 21, and there is a push (supported by Sen. Majority Leader Mitch McConnell) to dictate a federal smoking age of 21. Why not simply issue a federal mandate for an annual additional 10 million unnecessary confrontations between police and youth? Criminalizing private vices is the surest way to make law enforcement a public menace.

Citizens are wary of police cars in their rear-view mirrors because politicians and judges made average Americans legally inferior to anyone with a badge and a gun. Police almost always receive legal immunity when they unjustifiably shoot people — it is practically a perk of their job. The existence of video footage from dashboard cams and police cameras is helping to ravage the final remnants of police credibility in many areas. The pervasive cover-ups and lies that follow dubious killings by police do more to spur wariness than a million “Officer Friendly” public-service announcements can counteract.

The best way to encourage citizens to have “a feeling not of fear but of safety” when they see a cop is to repeal legions of laws empowering police to unjustifiably accost and wrongfully subjugate peaceful citizens. But that is unlikely to happen as long as most politicians are more interested in power than in domestic tranquility.

Tyler Durden Fri, 11/15/2019 - 23:05
Published:11/15/2019 10:07:53 PM
[Entertainment] Leah McSweeney Joins The Real Housewives of New York City Season 12 Leah McSweeneyThere's a new Housewife in the Big Apple. Leah McSweeney has joined the cast of The Real Housewives of New York City season 12. Bravo made it official at the first-ever BravoCon. Back...
Published:11/15/2019 9:37:36 PM
[ff4e4278-dd8c-5bc9-8133-51857e895916] Kate Beckinsale shoots down Jamie Foxx dating rumors Kate Beckinsale is setting the record straight on rumors that she and Jamie Foxx are dating. Published:11/15/2019 9:37:36 PM
[Markets] DARPA Seeks "Militarized Microbes" So They Can Spread Genetically-Modified Bacteria DARPA Seeks "Militarized Microbes" So They Can Spread Genetically-Modified Bacteria

Authored by Mac Slavo via,

The Pentagon’s DARPA (Defense Advanced Research Projects Agency) wants to be able to spread genetically modified bacteria as “explosives sensors.” The United States government could very well be looking into ways to militarize microbes.

The Pentagon has teamed up with Raytheon for this project, which seems like it should come straight out of a dystopian science fiction story. The government wants to develop a system capable of delivering genetically modified bacteria underground, according to a report by RT.

Initiated by DARPA, the same agency that led programs to create telekinetic super soldiers and weaponized robotic insects, the project seeks to “program two bacterial strains to monitor ground surfaces for explosive materials,” defense contractor Raytheon said in a joint press release with the Worcester Polytechnic Institute.

DARPA Can Exterminate Humanity: ‘You Could Feasibly WIPE OUT The Human Race’

DARPA Wants “Thought Controlled Weapons” By Finding Ways To “Read Soldiers’ Minds”

So the genetically modified bacteria are for your own good!

The first of the two strains, known as a “bio-sensor,” will “detect the presence or absence of explosives buried underground,” while the second will produce a “glowing light” in the event such materials are found. Remotely operated cameras or drones would then be sent to survey the area to find the glowing germs, and ultimately the buried explosives. –RT

We already know that some bacteria can be programmed to be very good at detecting explosives, but it’s harder underground,” said Raytheon researcher Allison Taggart. “We’re investigating how to transport the reporting bacteria to the required depth underground.”

Though the Pentagon claims it only plans to use the system for defensive purposes only, some may find the idea of militarized microbes off-putting while conjuring apocalyptic scenarios of a runaway genetically engineered superbug.

Insider Reveals How DARPA Will Control Our Minds: “If Even 20% Of This Is True…”

DARPA has undertaken some projects that should raise the alarm in many.  However, it almost seems as though we’ve reached a point where the masses don’t care what’s being done to them, in their name, and with the money stolen from them. And these are just a few of the things we know DARPA is working on.

No matter how paranoid or conspiracy-minded you are, what the government is actually doing is worse than you imagine.” ? William Blum, Rogue State: A Guide to the World’s Only Superpower

Tyler Durden Fri, 11/15/2019 - 22:25
Published:11/15/2019 9:37:36 PM
[Politics] LEAKED private testimony from David Holmes details call between Trump and Sondland So the leeeberals think they have a bombshell here. It’s the testimony from David Holmes, and I guess it proves a quid pro quo? Or, actually… it doesn’t. All it shows is . . . Published:11/15/2019 9:09:50 PM
[Politics] LEAKED private testimony from David Holmes details call between Trump and Sondland So the leeeberals think they have a bombshell here. It’s the testimony from David Holmes, and I guess it proves a quid pro quo? Or, actually… it doesn’t. All it shows is . . . Published:11/15/2019 9:09:50 PM
[Entertainment] Prince and Paris Jackson Share Memories of Dad Michael Jackson for Vogue Prince Jackson, Paris JacksonParis Jackson and Prince Jackson are keeping their father's legacy alive. Michael Jackson's eldest children represented him at Motown's 60th-anniversary celebration in Paris...
Published:11/15/2019 9:09:50 PM
[worldNews] China blocks visit by outspoken Australian lawmakers for study trip Two Australian lawmakers known for their outspoken criticism of the Chinese regime said they had been barred from visiting the country next month because of their "frankness about the Chinese Communist Party".
Published:11/15/2019 9:09:50 PM
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