AUG 13 SIT EC y POL
ZERO HEDGE
In a culture where vigilance is encouraged rather than
labeled paranoia, in a culture where productivity is enabled rather than
obstructed, in a culture where free thought is treated with interest rather
than disdain,government holds no value. The only people who
understand the true nature of government and still value the existence of an
overreaching state are the people who would like to take advantage of the
unchecked power such a state affords. We often call these people
“elitists.”They often call themselves elitists. Big government
serves only the interests of these elites. Everyone else is either a hapless
victim of it, a useful idiot in service of it, or a revolutionary opposed to
it.
[ Never coexist ?
1- No in the
mind of a naïve anarchist who reject the ABC of political science: A. State-Govt
is the basic organization for a NATION
to exist. B. The worse crime
against a Nation is the suppression of its State (Case in point Irak, Libya,
and now Syria. C. The worse political crime against democracy -in current times- is the practice of
“regime-Govt change” at the will of super-power nations (Case Chile and other
elected goverments).
2- The most advanced and rapid
periods of Econ-Pol & Social development have been achieved worldwide when
freedoms and central planning went hand-on-hand. The most amazing balance between both Freedom
& Central Planning was achieve in
America, during the Govt of FDR …. almost 40 years of continue development ..
without the booms & busrt of the neoliberal system.
3- Twisting & decrying the positive side of “elitism” inside any
elected goverment .. is another
idiocy of the anarchist. When a Govt
serves the interest of the few .. is
a symptom & evidence of any type of dictatorship ..
the worse: Nazism-fascism-falangism .. nothing to do with the best for all .. (the elite of qualified & effective State
manager) at the service of the whole nation and at the level of Econ-Pol & sociology. ]
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Heading into the China session, offshore Yuan signaled a 1%
devaluation was on the cards. Of course, all media eyes were focused on the
disaster in Tianjin but after 3 days of what was supposed to a 'one-off'
adjustment, The PBOC has in fact surprised with a modestly stronger fix
at 6.3975 from yesterday's 6.4010 Fix. That leaves the CNY Fix
devaluation to a 4.60% loss in 4 day. Of course, its a bit
hypocritical of Americans or Europeans to regard the Chinese as mean and nasty
and currency warriors because they're letting their currency adjust against a
constantly-devaluing dollar and euro. The US has been devaluing the dollar for
years, but that's a-ok for Western commentators, apparently. It
appears - judging by the opening devaluation and closing intervention - that
China is as set on crushing the herd of one-way carry traders as any
export-enhancing currency debasement.
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Neocon
'Godfather' Warns Against "Too Much Transparency" In Government.
Submitted by Tyler Durden on 08/13/2015..
"...Given that “transparency” has such positive
connotations, it is hard to imagine a reversal of these measures. But the
public interest would not be served if the internal deliberations of the US
Federal Reserve or the Supreme Court were put on CSPAN, as some have demanded."
[ THE REAL PROBLEM IS
"TOO MUCH CORRUPTION” .. from GOP neocons &
Hillary DEMs
]
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On
Monday, we got some color on Hillary
Clinton’s $350 billion plan to make college more
affordable. As
we recently noted,.. As we recently noted, "there’s no way
they’re going to pay it back.".. But at this point, extra funding is
backfiring. Half of young graduates are either unemployed or only working
part-time, which is a startling sign that the jig is up… College is in a
bubble, and it is going to pop soon...
[ From one fiasco to another .. Do you remember Hillary’s
health bubble fiasco? .. same circus again ]
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"John and Volcker discussed all the pitfalls of
Keynesian and monetarism and Volcker didn’t rule out an eventual collapse of
the dollar and second deflationary depression. I remember Volcker asking
John when he would begin dropping short term rates and John commented that rates
would have to drop soon or else the economy would fall off a cliff. It’s
interesting that it wasn’t long after our session that rates started to come
down. John Exter spelled out his scenario for Volcker and warned him of how
badly the Keynesian experiment would end if it went on for an extended period
of time. Volcker just sat there and listened and showed his concern."
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The last three times Asian currencies collapsed against the
US Dollar at this rate,the global financial system was shaken to the core.
With China piling on this time, we wonder - what happens next, as a tsunami of
deflation is exported towards the shores of the "we'll hike no matter
what" Fed's American shores...
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All of this raises an interesting question about the future
of the US dollar. Becauseif an economy as large and powerful as China’s has
had to concede defeat, does this mean that “King Dollar” will rule forever? No chance.
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These
11 CEOs Are The Most Overpaid Relative To Their Employees. Submitted by Tyler
Durden on 08/13/2015
Everyone knows the
disparity between CEO pay and worker pay is vast in America. Now, the SEC is
set to require companies to publish how much more their executives make than
their employees. According to Bloomberg, at least one of these 11 CEOs
"may have some explaining to do."
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New lows in
Mexico, Brazil, Peru, Chile, South Korea, Taiwan, Malaysia, Australia,
Indonesia, and Thailand... but apart from that - Fed rate hikes and
Yuan devaluation are irrelevant?
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SOCIALISM RISING? - Democrat "Confidence" Is
Soaring Relative To Republicans.
Submitted by Tyler Durden on 08/13/2015
As Bernie Sanders moves ahead of Hillary in one poll,
we thought it ironic that the wave of socialism is showing up in
American consumer confidence data...
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Which
States Will Suffer The Most From China's Devaluation?. by
Jim Quinn via The Burning Platform blog, S-by Tyler
Durden on 08/13/2015
In case you missed it, China has devalued their currency
for three consecutive days. The
devaluation has been just under 5% and it has caused markets around the world
to implode. This is just the beginning. They plan on devaluing their
currency by 10% in a desperate attempt to revive their floundering economy.
What they are really doing is crushing the economies of the US, Europe and
Japan as their companies have a harder time competing in world markets.
Without the tremendous increases in exports to China,
these states would be in far worse shape than they already are. When this devaluation is complete, the
companies in these states will be 10% less competitive. Their exports will
decline. When exports decline, companies fire workers.
Get ready. The fireworks are just beginning. Fourth
Turnings sure are entertaining.
Those who don’t think the US is heavily dependent on
China as a market are delusional. Check out this chart.
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Business
Inventories Surge Most In 29 Months, Sales Ratio Signals Recession Imminent.
Submitted by Tyler
Durden on 08/13/2015
Total business inventories for June rose 0.8% MoM - the
biggest rise since Jan 2013. Great
news for Q2 GDP as we stacked 'em high, but as sales lagged dramatically, the
inventory-to-sales ratio hit a new post-crisis high at 1.37, flashing a very
recessionary level going forward (dampening hype hope for Q3 GDP). Once
again it was autos that saw the biggest relative jump in inventories (+1.4%
MoM) relative to sales (-1.5%).
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Russia's
Lavrov Drops F-Bomb At Saudi-Syria Press Conference. by Tyler
Durden on 08/13/2015
Earlier this week,
Russian Foreign Minister Sergei Lavrov met with his Saudi counterpart Adel
al-Jubeir to discuss options for Syria’s future. At the post-meeting press
conference, Russia's top diplomat let his real feelings for the Saudis slip.
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Initial
Jobless Claims Average Hits New 42 Year Low - What Happens Next?. S-by Tyler
Durden on 08/13/15
Consider... Zero Interest Rate Policy and a 42-year low in
the 4-week average initial jobless claims data... one of these things is not
like the other... What Happens Next?
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Both
ECB And BOJ Warn More QE May Be Response To Chinese Currency War. Submitted
by Tyler Durden on 08/13/2015
Minutes from the ECB's July meeting underscore the central
bank's misgivings about the pace of growth and inflation but more importantly,
the governing council hinted that it would be ready to move if "financial
developments in China" should conspire to further derail progress.
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Greeks
Ditch Euro For Alternative Currencies As Parliament Votes On Bailout by
Tyler
Durden on 08/13/15
The Greek parliament is expected to meet on Thursday for a
final vote on the country's new €86 billion aid package. PM Alexis Tsipras,
with the help of opposition lawmakers, will likely succeed in passing the
draft, which includes some 40 new laws. Meanwhile, Greeks are increasingly
staging Grexits of their own by eschewing the euro in favor of alternative
payments systems.
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Submitted by Tyler
Durden on 08/13/2015 - 07:46
- China central bank tries to soothe global markets, says no reason for yuan to fall further (Reuters)
- Huge blasts at Chinese port kill 44, with hundreds injured (Reuters)
- China efforts to slow yuan fall hoist Europe shares, bond yields (Reuters)
- Greek Economy Unexpectedly Surged Before Capital Controls (BBG)
- Joe Biden Is Sounding Out Allies About a 2016 Bid (WSJ)
- U.K. Tries to Kick-Start Shale Gas With Planning Speedup (BBG)
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Risk
On Despite Third Chinese Devaluation In A Row As PBOC Jawbones, Intervenes In
FX Market. Submitted by Tyler
Durden on 08/13/2015
With everyone now focused on what China's daily Yuan fixing
will be ever night, there was some confusion why last night the PBOC decided to
devalue the CNY by another 1.1% to 6.4010, despite its promise that the
devaluation would be a "one-off" event, taking the 3 day devaluation
to just about 4.5%. However, subsequently in a press conference, central bank
vice-governor Yi Gang said that the PBoC will continue to step in when the
market is ‘distorted’, that there is no economic basis for the Yuan to fall
continuously and that it will look to keep the exchange rate ‘basically
stable’. The Vice-Governor also said that the PBoC will closely monitor
cross-border capital flows and that reports suggesting the Central Banks wants
to see the currency depreciate 10% are ‘groundless’. Which is ironic considering
after just 3 days, the PBOC is already half the way there!
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GLOBAL RESEARCH
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NEWS IN SPANISH
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Chile. -¿Qué no pasó el 2011? Crisis de
representatividad y la repolitización en Chile. Héctor RÃos
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Derrotar al neoliberalismo. Eulogio Gonzalez
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UE. Europa no permite recuperación de economÃa
griega, promueve su eventual salida del Eurogrupo. Mark Weisbrot
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RT-SPUTNIK & LATEST SHOWS
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Cross Talk. Iran:
Game changer?
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PRESS TV
'ISIL
hackers steal US military data'.
Thu Aug 13, 2015 The ISIL Takfiri group has released a hit list of US
military personnel complete with sensitive details it claims it obtained through
hacking.
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'Mercedes-Benz
pays compensation to Iran' . Thu Aug 13, 2015 German carmaker
Mercedes-Benz has paid Iran Khodro 42 million euros in compensation for leaving
Iran in the heyday of Western sanctions on the Islamic Republic, Tehran-based
media reports say.
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India
lines up $1.4 billion to pay Iran debt . Thu Aug 13, 2015 The Indian
government has asked the country’s refiners to prepare $1.4 billion for payment
to Iran in an outstanding oil debt, media reports from New Delhi say.
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Syrian
army repels Aleppo attack. Thu Aug 13, 2015 Syrian government troops
repel another attack by Takfiri terrorists.
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Yuan
fall fuels China-West currency war . Thu Aug 13, 2015 China devalues
the yuan for the third straight day, raising new fears that the measure could
bring a fresh wave of price weakness to the West and trigger a currency war.
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Iran
to go ahead with nuclear R&D: Salehi. Thu Aug 13, 2015 Iran’s top
nuclear official says the country will continue research and development
(R&D) activities in the field of nuclear energy.
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