AUG 22 SIT EC y POL
WALL STREET DAILY Most
influential articles of the week
The Hidden Risks of
Energy MLPs
Linn Energy and BreitBurn Energy Partners are perfect examples of the failure of mark-to-market accounting. Bankruptcy could be dead ahead for both.
Read More »
Linn Energy and BreitBurn Energy Partners are perfect examples of the failure of mark-to-market accounting. Bankruptcy could be dead ahead for both.
Read More »
…
The reaction to China's devaluation
of the yuan speaks more to the psychology of the commodities market than it
does anything else.
Read More »
Read More »
…
U.S. Shale Oil Drillers
Committing Seppuku
Shale oil companies are following the same manic strategy as iron ore firms: Produce as much as you can and hope for the best.
Read More »
Shale oil companies are following the same manic strategy as iron ore firms: Produce as much as you can and hope for the best.
Read More »
…
Find Out How Much You
Could Save With Solar
Bearing the Weight of the Clean Power Plan
New "RAT Strap" Aims to Cut NFL Concussions
Bearing the Weight of the Clean Power Plan
New "RAT Strap" Aims to Cut NFL Concussions
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ZERO HEDGE
Last week, in the global currency war’s latest escalation,
Kazakhstan instituted a free float for the tenge causing the currency to
immediately plunge by some 25%. The rationale behind the move was clear enough.
What might not be as clear is how recent events in developing economy
FX markets stem from a seismic shift we began discussing late last year -
namely, the death of the petrodollar system which has served to underwrite
decades of dollar dominance and was, until recently, a fixture of the post-war
global economic order.
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Is it any wonder that with "personal finance experts"
such as these, that the personal finances of America have never been worse? FED Chair Yellen,
help us out. Commit to not rate increase .
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The only question, now that stocks are back to their fair
excess-liquidity implied value, is what happens next?
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China believes, with good reason, that she is more
politically and economically robust, and has a better grasp over the actions of
her own citizens, than the welfare economies of the west in the event of an
economic downturn. Therefore, she is pursuing her foreign exchange policy from
a position of strength. And the increments that will now be added to gold
reserves month by month are a signal that China believes she can destabilise
the dollar through her control of the physical gold market, because it gently
reminds us of an unanswered question always ducked by the US Treasury: what
evidence is there of the state of the US's gold reserves?
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Adjusting for the WWII anomaly (which tells us that GDP is
not a good measure of a country’s prosperity) US productivity growth peaked in
1972 – incidentally the year after Nixon took the US off gold. The productivity
decline witnessed ever since is unprecedented. Despite the short lived boom of
the 1990s US productivity growth only average 1.2 per cent from 1975 up to
today. If we isolate the last 15 years US productivity growth is on par
with what an agrarian slave economy was able to achieve 200 years ago.
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The table below, courtesy of State Street's "Mr
Risk", looks at key events occuring in 7 year cycles, finds that every
recent multiple of the year 2015 going back in 7 year increments brings with it
some major adverse market event, and asks: is it 2015's turn?
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The $64,000,000,000,000 question: what does the Fed now do?
One attempt at an explanation taking into account last week's market plunge
comes from Nomura, which provides a "2015 Scenario Analysis" in which
it "breaks down various monetary policy (rate hike options) and rates
market implications ahead."
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Making
Sense Of The Sudden Market Plunge.
Submitted by Tyler Durden on 08/22/2015
As we’ve been warning for a long time, you cannot print your
way to prosperity, you can only delay the inevitable by trading time for
elevation. Now, instead of finding ourselves saddled with $155
trillion of global debt as we did in 2008, we’re entering this next crisis with
$200 trillion on the books and interest rates already stuck at zero. We
are 30 feet up the ladder instead of 10 and it’s a long way down.
What tools do the central banks really have left to fight
the forces of deflation which are now romping across the financial landscape
from the outside in?
If the computers hiccup and give us some institution
smashing or market busting 8 sigma move what will the authorities do?
Shut down the markets? It’s a possibility, and one for which you should
be prepared.
Where are we headed with all this? Hopefully not the
way of Venezuela which is now so embroiled in a hyperinflationary disaster that
stores are stripped clean of basic supplies, social unrest grows, and creative
street vendors are now selling empanadas wrapped in 2 bolivar notes because
they are, literally, far cheaper than napkins. Cleaner? Maybe not
so much. I wouldn’t want to eat off of currency.
But make no mistake, the eventual outcome to all this is
captured brilliantly in this quote by Ludwig Von Mises, the Austrian economist:
There is no means of avoiding
the final collapse of a boom brought about by credit expansion. The alternative
is only whether the crisis should come sooner as the result of a voluntary
abandonment of further credit expansion, or later as a final and total
catastrophe of the currency system involved.
The credit expansion happened between 1980 and 2008, there
was a warning shot which was soundly ignored by ignorant central bankers, and
now we have more, not less, debt with which to contend.
Venezuela has already entered the ‘total catastrophe’ stage
for its currency, but Japan will follow along, as will everyone eventually who
lives in a country that finds itself unable to voluntarily abandon the sweet
relief of booms enabled by credit creation.
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On Wednesday we documented the unlikely rise of dark horse
Presidential candidate "Deez
Nuts" who, at last count, was polling at or near 9% in three states. [
HOW TO EXPLAIN
THIS.. ]
The endemic corruption, crony
capitalism, rampant regulatory capture, and licentious logrolling that many
voters have come to associate with the American political process has created a
deep-seated desire for change and if there are two names which most certainly
do not portend a break from business as usual inside the Beltway they are
"Bush" and "Clinton."
ASKED WHY Deez Nuts entered the presidential race,
Brady replied, “To clear the way for a future third-party movement.’’
Mr. Jensen said. “Right now the voters don’t like
either of the people leading in the two main parties, and that creates an
appetite for a third-party candidate.’’
[OTHER
EXPLANATION IS HIS POLITICAL PLATFORM] : the Deez Nuts campaign platform from the candidate's official campaign website
is as follow: [HERE
ONLY A BRIEF SUMMARY ]
Illegal Immigration
I believe that anyone who is found as an illegal immigrant
in this country must be deported back to their country of origin, with the lone
exception of being a minor.
Federal Budget & Government Spending
I believe that the US Government should not be allowed to
spend more than it makes from tax revenue. The reason we are in a budget crisis
is because the two main parties refuse to compromise on this issue. Every
federal official in either Congress, President, or the Cabinet, should
immediately have their salary cut in half. Once the budget is balanced,
those salaries may slowly rise. If the budget returns negative, salaries go
back to where they started.
Abortion & Same-Sex Marriage
I feel that as equal human beings that we should be allowed
to choose how to live our lives without being discriminated by one another. .. America
is no longer mainly Christian. It is Christian, Jewish, Islam, Hebrew, and many
others.
Foreign Policy
I support the work that John Kerry and the State Department
did with the Iran nuclear deal, considering it took nearly two years to reach
this point. .. I also feel that we need to stop being a world watchdog and
limit our positions in international conflicts.
Energy
I support cutting subsidies to oil companies and giving tax
incentives to individuals and corporations that implement green technology and
renewable energy sources into their communities. I also support giving grants
to communities for the purpose of installing municipal wind turbines,
hydroelectric dams, and rooftop solar panels.
Economy
I support giving corporations tax incentives for the sole
purpose of creating jobs IN America TO Americans FOR Americans. This will in
turn stimulate the economy and make us more self-sufficient instead of relying
on products from foreign countries.
Territorial Voting Rights
I support giving citizens in our American territories voting
rights. .. This would bring the total of electoral votes from 538 to 548. I
also support giving all 5 territories plus Washington, D.C. 1 seat in the House
of Representatives instead of non-voting delegates. This would bring seats in
the House from 435 to 441.
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Venezuela
Announces Martial Law In Border State, Dispatches 1500 Soldiers. Submitted
by Tyler Durden on 08/22/2015
Today Venezuela took a step in that direction when its
president Maduro declared a state of emergency in a border region near Colombia
following an attack by smugglers in which three soldiers and a civilian were
injured, resulting in 60 days of martial law in five municipalities of the
state of Tachira. He also said the closure of the border, announced on
Thursday, will be extended until further notice.
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Introducing
The Gigantic And Dangerous Wall Street Loophole You’ve Never Heard Of. Submitted
by Tyler Durden on 08/22/2015
The following story is guaranteed to make you sick. Once
again, we’re shown that following trillions in taxpayer funded bailouts
and backstops, TBTF Wall Street banks immediately went ahead and focused all
their attention obtaining loopholes in order to transfer risk and make billions
upon billions of dollars in the financial matrix, as opposed to adding any
benefit whatsoever to society.
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7
Million People Haven't Made A Single Student Loan Payment In At Least A Year.
Submitted by Tyler Durden on 08/22/2015
How bad is America's $1.3 trillion student loan problem, you
ask? As WSJ
reports, "nearly seven million Americans have gone at
least a year without making a payment on their federal student loans,
a staggering level of default that highlights how student debt continues to
burden households despite an improving labor market."
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INFORMATION CLEARING HOUSE
Why Is The West Reluctant to Cut Ties With
Saudi Arabia? . By
George Galloway
Saudi warplanes have been bombing Yemen for twenty weeks
without a UN approval. Saudi Arabia's war, which has claimed many lives, has
the full support of the West, mostly from the US and Britain
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Syria: Is
Israel Planning To Escalate?. By Moon
Of Alabama
This could be the start of a larger Israeli operation
against the Syrian government and in support of al Qaeda.
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Turkey Pays
Former CIA Director and Lobbyists to Misrepresent Attacks on Kurds and ISIS.
By Harut Sassounian
Porter Goss, CIA Director from 2004 to 2006, who has agreed
to sell his soul and possibly U.S. national secrets for a fistful of Turkish
Liras
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Israeli
Ambassadors: The Farcical Face of Modern Apartheid. By Vijay Prashad
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The West
Spreads Intellectual Idiocy. By
Andre Vltchek
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The War
Against the Third World . What I've Learned About US Foreign Policy
VIDEO URL: https://youtu.be/V8POmJ46jqk
VIDEO URL: https://youtu.be/V8POmJ46jqk
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GLOBAL RESEARCH
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NEWS IN SPANISH
Ecuador, “No soy
“anticorreísta”, ni “antichavista”, no me ubico desde radicalismos abstractos
que no hablan de sujeto en lucha”. Salvador López
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Brasil. "La desigualdad es motor de la segregación
urbana". Cristiano Morsolin
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Grecia: el
dinero no lo es todo. Jaime Richart
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PRESS TV
Abbas
resigns from PLO leadership. Sat Aug 22, 2015 Palestinian President Mahmoud
Abbas resigns from his post as head of the Palestine Liberation Organization's
executive committee.
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Biden
gets serious as Clinton declines. Sat Aug 22, 2015 Joe Biden has been meeting
with supporters on a potential presidential campaign, hoping that Hillary
Clinton has suffered political damage.
[ La mafia zionista
sin candidato .. Biden es solo la 5ta pata de un perro.. que
ni ladra ni muerde]
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US
acts as 'client state' of Israel Sat Aug 22, 2015 The United States is
politically subordinate to Israel and captive to the influential Zionist lobby,
an activist says.
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Russia
denies giving MiGs to Syria. Sat Aug 22, 2015 Russia denies reports that it
has delivered Mikoyan MiG-31 fighter jets to Syria.
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