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By Tyler Durden

Late last night YouTube blocked the channel of the influential conservative politics and law website, “Legal Insurrection,” citing copyright infringement claims. The creator of the website, Cornell University Law Professor William Jacobson, told Fox News he was given no warning of the action and no opportunity to defend himself, saying “it’s very frustrating, it’s very scary, to have 8 years of content removed without a chance to defend yourself.”

Without notice, YouTube replaced Legal Insurrection’s channel with the following notice:

While the infringement notice from YouTube cited “multiple third-party claims”, earlier this morning, Legal Insurrection posted the following update to their website noting the complaint came solely from the Modern Language Association and was based on a couple of short excerpts borrowed from a 2-hour video from MLA that were “well-within fair use.”

UPDATE 1-13-2017 9:50 a.m. — I just received notice from YouTube that the copyright claims were filed by the Modern Language Association based on excerpts of audio of pro- and anti-Israel speakers at the MLA Annual Meeting we reported on in this post, Massive DEFEAT for BDS at Modern Language Association.

We intend to fight this both at the YouTube and legal level. It is highly questionable that MLA owns the copyright for oral presentations at the Annual Meeting, and even if it did, the limited excerpts we used from the nearly 2-hour video posted by MLA on YouTube are well-within fair use. What I think is really going on here is that anti-Israel activists at MLA complained to MLA that MLA had posted the audio on YouTube. MLA took down its own 2-hour video and now seeks to silence our reporting.

Which, of course, led Jacobson to the logical conclusion that YouTube’s decision was seemingly nothing more than the latest attempt of Silicon Valley’s liberal elitists to censor conservative media outlets, saying “clearly this was a politically motivated move…these were perfectly legitimate fair use excerpts with great news value.”

In an email, Jacobson said that he never received notice of the claims prior to the channel’s removal on Thursday. On Friday the publisher received notification from YouTube that the copyright claims were filed by the Modern Languages Association (MLA) based on audio posted of a recent MLA vote on a resolution to boycott Israeli universities. The boycott resolution at the MLA Delegate Assembly failed.

“Clearly this was a politically motivated move,” he told FoxNews.com. “I never received any request or complaint from MLA. These were perfectly legitimate fair use excerpts with great news value.”

“This is an attempt to silence our reporting on a matter of great public importance,” added Jacobson, whose website reported on the vote. “We intend to pursue all available remedies, and call on YouTube to restore our account.”

For those not familiar with the site, Legal Insurrection gets over 1.5 million page views per month and is a well-respected conservative blog that has been widely cited over the years by not only other conservative media outlets, but mainstream media publications …read more

Source: YouTube Joins The "Fake News" Crusade, Shuts Down Popular Conservative Channel

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By Tyler Durden

Late last night YouTube blocked the channel of the influential conservative politics and law website, “Legal Insurrection,” citing copyright infringement claims. The creator of the website, Cornell University Law Professor William Jacobson, told Fox News he was given no warning of the action and no opportunity to defend himself, saying “it’s very frustrating, it’s very scary, to have 8 years of content removed without a chance to defend yourself.”

Without notice, YouTube replaced Legal Insurrection’s channel with the following notice:

While the infringement notice from YouTube cited “multiple third-party claims”, earlier this morning, Legal Insurrection posted the following update to their website noting the complaint came solely from the Modern Language Association and was based on a couple of short excerpts borrowed from a 2-hour video from MLA that were “well-within fair use.”

UPDATE 1-13-2017 9:50 a.m. — I just received notice from YouTube that the copyright claims were filed by the Modern Language Association based on excerpts of audio of pro- and anti-Israel speakers at the MLA Annual Meeting we reported on in this post, Massive DEFEAT for BDS at Modern Language Association.

We intend to fight this both at the YouTube and legal level. It is highly questionable that MLA owns the copyright for oral presentations at the Annual Meeting, and even if it did, the limited excerpts we used from the nearly 2-hour video posted by MLA on YouTube are well-within fair use. What I think is really going on here is that anti-Israel activists at MLA complained to MLA that MLA had posted the audio on YouTube. MLA took down its own 2-hour video and now seeks to silence our reporting.

Which, of course, led Jacobson to the logical conclusion that YouTube’s decision was seemingly nothing more than the latest attempt of Silicon Valley’s liberal elitists to censor conservative media outlets, saying “clearly this was a politically motivated move…these were perfectly legitimate fair use excerpts with great news value.”

In an email, Jacobson said that he never received notice of the claims prior to the channel’s removal on Thursday. On Friday the publisher received notification from YouTube that the copyright claims were filed by the Modern Languages Association (MLA) based on audio posted of a recent MLA vote on a resolution to boycott Israeli universities. The boycott resolution at the MLA Delegate Assembly failed.

“Clearly this was a politically motivated move,” he told FoxNews.com. “I never received any request or complaint from MLA. These were perfectly legitimate fair use excerpts with great news value.”

“This is an attempt to silence our reporting on a matter of great public importance,” added Jacobson, whose website reported on the vote. “We intend to pursue all available remedies, and call on YouTube to restore our account.”

For those not familiar with the site, Legal Insurrection gets over 1.5 million page views per month and is a well-respected conservative blog that has been widely cited over the years by not only other conservative media outlets, but mainstream media publications …read more

Source: YouTube Joins The "Fake News" Crusade, Shuts Down Popular Conservative Channel

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President-elect Donald Trump has been a galvanizing force and an economic boon for many left-of-center outlets, which are now gearing up to cover his administration. …read more

Source: Liberal media outlets mobilize for Trump presidency

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By Tyler Durden

After three years of US sanctions on Russia, Putin's cost of funding his nation's economy has tumbled as Russian government five-year ruble notes climbed further this week, pushing the yield to the lowest on a closing basis since February 2014.

As Bloomberg reports, the securities are gaining as a strengthening ruble and lower-than-expected inflation prompt economists to project that the Bank of Russia will resume interest-rate cuts as soon as March, and not in the second quarter as Governor Elvira Nabiullina had previously signaled.

Along with being the best performing stock market in the world since Trump's election, Russia's bond market has soared (while China's has tumbled).

Perhaps Rex Tillerson was right after all – despite the liberal media's desperation to paint him as yet another 'friend of Putin' – when he questioned the efficacy of US sanctions on Russia this week during his confirmation hearings…

The long-serving executive said the Trump administration needs to review the efficacy of the sanctions and judge whether there might be better ways to try to constrain, or potentially woo, the Kremlin.

“Sanctions, in order to be implemented, do impact American business interests,” Mr. Tillerson said in response to questioning. “When sanctions are imposed, they are, by design, going to harm American business.”

“In protecting American interests.…sanctions are a powerful tool. Let’s design them well… Let’s ensure those sanctions are applied equally.”

…read more

Source: Sanctions, What Sanctions? Russia Bond Yields Plunge To 3 Year Lows

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By Tyler Durden

While so far various international and domestic companies have announced, grudginly, they would expand production in the US, and hire US workers, after being called out by president-elect Trump on his favorite “bully pulpit”, Twitter, on Friday the push for insourcing took on an unsolicited twist, when Taiwan’s Hon Hai Precision Industry, also known as iPhone maker FoxConn, and one of the largest employers in the world, and its Japanese subsidiary Sharp, have begun studying the possibility of building an LCD panel plant in the U.S., a Sharp executive said Friday cited by Nikkei.

The Taiwanese electronics contract manufacturer, and its Japanese alliance partner SoftBank Group reportedly told Donald Trump they would jointly make significant investments creating new jobs in the U.S. when SoftBank Chairman Masayoshi Son met the President-elect in New York last month according to the Japanese paper.

The joint investment plan was proposed by Son, the Sharp executive said, and was put ‘on the table’ in response to Trump’s ‘Make in America’ call.

While it was reported before that Foxconn may consider making iPhones in the US, that speculation was at a very preliminary stage, with nothing definitive confirmed. It also took place prior to the diplomatic fiasco following Trump’s statement that the “one China” policy is negotiable.

Whether this is “gratitude” by Foxconn exces to Trump for siding with the small island is unknown. Officially, with Trump urging American manufacturers to bring operations back to the U.S., Hon Hai is considering production in the U.S. due to its huge market for TVs and other home appliances.

In late December, an LCD panel maker jointly owned by Hon Hai and Sharp announced it would build one of the world’s largest panel plants for LCD TVs in Guangzhou, China. The plant is to be jointly built with the local government at a cost of around 1 trillion yen ($8.69 billion) and is scheduled for completion in autumn 2018.

Details of the possible new U.S. plant, including the amount of investment and the date for the launch of operations, have yet to be decided. But people familiar with the plan said approximately the same amount may be spent on the U.S. project as it would entail the construction of a similar facility to to the one in Guangzhou.

Foxconn and Apple both have manufacturing facilities on a very small scale in the U.S., but the newly discussed facility by Foxconn and Sharp would be notably larger. Currently, Foxconn has plants in Virginia and Indiana, along with logistic locations in California and Texas.

As reported previously, Hon Hai, a major producer for Apple, is also considering producing iPhones in the U.S. As an incentive, Donald Trump in November told Tim Cook that he would offer the company a “very large tax cut” to make its products in the U.S. Cook was said to have remained largely neutral on the subject during his call with Trump, later pointing out that one of the major reasons Apple’s manufacturing is so …read more

Source: Taiwan Tech Giant May Open US LCD Plant In Response To Trump’s "Make In America" Call

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By Tyler Durden

When previewing the key events of the week, we noted that today Canadian DBRS rating agency is scheduled to review Italy’s credit rating after putting its credit worthiness on negative watch on 5 August. On 5 December, DBRS issued a press release declaring that they would wait for the impact of the Italian referendum result on the continuation of the reform push before making the final decision.

In case of a downgrade, the haircut for a 5y BTP used as collateral for ECB operations, as an example, would rise from 2% to 10%.

Moments ago DBRS did just that when it downgraded italy from A (low) to BBB (high), stripping the sovereign of its final A credit rating.

The rating agency cited “a deterioration in the “Monetary Policy and Financial Stability” and the “Political Environment” sections were the key factors in the downgrade. The Stable trend reflects DBRS’s view that Italy’s challenges are commensurate with the BBB (high) ratings and are balanced by the country’s strong commitment to fiscal consolidation and evidence of some, albeit very modest, economic recovery.”

It also warned that “if weaker political commitment to fiscal consolidation and the reform agenda or a significant downward revision to growth prospects were to materialize, further delaying a steady decline in the public debt-to-GDP ratio, this weakening could lead to a Negative trend.”

The new interim government, although supported to some extent by the same majority as the Renzi government, may have less room to make progress with growth-enhancing measures, as it was formed with the main aim of facilitating parliamentary discussion on the electoral law before political elections scheduled to be held in 2018. Furthermore, the risk of an early election remains, especially after a decision is made by the Constitutional Court on the electoral law, expected in late January 2017. This decision could affect the duration of Prime Minister Gentiloni’s cabinet. Political parties could immediately put more pressure for snap elections in the first half of 2017, using the electoral law produced by the decision of the Court. This pressure would be expected to capitalise on the result obtained in the referendum in December 2016.

However, there is also a lack of clarity over the timing of elections. DBRS considers that the next election is unlikely to be held before Autumn 2017, as the parliamentary discussions on the electoral law are likely to take time. DBRS also considers that the next electoral law is likely to have a higher proportional characteristic, increasing the chances of having a coalition government of mainstream parties and lowering the electoral chances of Euro-sceptic parties. Nevertheless, support for the opposition parties could increase if economic conditions were to not improve, especially for the young and the long-term unemployed.

According to a separate estimate from Rabobank, the haircut on Italian bonds imposed by the ECB would rise from 1.5% to 9%, and lenders would need to post €6.7 billion more in government debt to access the same levels of loans. Cited by the FT, Richard McGuire at …read more

Source: DBRS Downgrades Italy, Stripping It Of Its Last "A Rating" And Raising ECB Collateral Haircuts

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By Tyler Durden

Well that’s not supposed to happen…

…read more

Source: Banks Are Dumping – JPMorgan Goes Red

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By Tyler Durden

n the last days of the Obama administration, the outgoing president has taken on a surprising urgency in closing “open” cases of alleged fraud, if mostly involving foreign carmakers. Case in point, this week’s $4.3 billion settlement with Volkswagen to put the diesel emmisions scandal to rest, and yesterday’s unexpected accusation by the EPA that Fiat was likely engaging in a similar scheme to defraud the US government of its true emissions. The crackdown has led to various curious outcomes, the most surprising of which is that Volkswagen has warned its senior managers not to travel to the United States after six current and former managers were indicted for their role in the German carmaker’s diesel test-cheating scheme, according to Reuters.

The company agreed to pay $4.3 billion in civil and criminal fines in a settlement with the DoJ on Wednesday, the largest ever U.S. penalty levied on an automaker. However, Attorney General Loretta Lynch said the DoJ would continue to pursue “the individuals responsible for orchestrating this damaging conspiracy”.

As reported on Monday, one of the six charged, Oliver Schmidt, was arrested by the FBI at Miami International Airport on Saturday as he was about to fly home from holiday in Cuba. Schmidt, who is caught up in the “Dieselgate” investigation by the U.S. Department of Justice (DoJ), was ordered to be charged and held without bail on Thursday pending trial.

While the biggest German carmaker agreed to pay $4.3 billion in civil and criminal fines in a settlement with the DoJ on Wednesday, the largest ever U.S. penalty levied on an automaker, Attorney General Loretta Lynch said the DoJ would continue to pursue “the individuals responsible for orchestrating this damaging conspiracy”.

Hence, guilty until proven innocent. Incidentally similar “advice” was given to Swiss bankers in the years following Obama’s crackdown on Swiss banking secrecy, when all local bankers could be arrested on sight if they attempted to enter the US.

Which also explains the travel ban: under German’s constituion, citizens can be extradited only to other European Union countries or to an international court. But leaving Germany at all could pose a risk of being extradited to the United States from a third country. “Several Volkswagen managers have been advised not to travel to the United States,” one legal adviser to Volkswagen said on condition of anonymity because the matter is confidential.

A second legal adviser said this also applied to managers who had not yet been charged with any offense in the United States. “One doesn’t need to test the limits,” the adviser said.

Schmidt was among those who had been warned by lawyers working for the company not to travel to the United States, one of the legal sources said.

Meanwhile, the German Federal Criminal Police Office said it was not aware of any request to extradite the other five indicted VW managers.

Confirming that the German carmaker, which exmploys more than 600,000 workers, is taking the advice seriously, Reuters reports that only one board member traveled to this …read more

Source: Volkswagen Tells Its Managers Not To Travel To The US

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By Tyler Durden

After surging to 12-year highs in December, following Trump's election victory, UMich consumer sentiment faded in January and missed expectations (98.1 vs 98.5 exp). While inflation outlooks picked up modestly off record lows, economic 'expectations' – hope – dipped from 89.5 to 88.9 as the Trump Bump appears to have stalled.

While not quite as big a drop as Bloomberg confidence data, it appears Trumphoria is fading…

Even as inflation outlooks bounce off record lows…

On the bright side, survey respondents improved their view of it “being a good time to buy” Household Items, Homes, and Vehicles.

…read more

Source: Consumer Confidence Disappoints As Trump Hope Dips

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The International Labor Organization says the number of people out of work will hit a new record. …read more

Source: Global unemployment to hit new record high in 2017

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