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By Tyler Durden

While the stated reason behind its deployment has not been disclosed, Russia has put on duty a surface-to-air missile regiment equipped with the brand-new S-400 air defense system, Russia’s most advanced, in Moscow’s suburbs on combat alert.

“The SAM combat squads of the Moscow Region aerospace forces have put the new S-400 Triumph air defense missile system into service, and have gone on combat duty for the air defense of Moscow and the central industrial region of Russia,” the Defense Ministry’s Department of Information and Mass Communication told Interfax. The new SAM battery arrived at its destination in the Moscow Region from Kapustin Yar in the south Russia last December, the Defense Ministry noted.

“The main task of the anti-aircraft missile troops of the Russian Aerospace Forces is air defense and protecting vital state, military, industry and energy facilities, as well as the Armed Forces troops and transport communications, from aerospace attacks,” said the ministry.

The Triumph system, which was developed by air-defense systems manufacturer Almaz Antei, is designed for high-efficiency protection against airstrikes utilizing strategic, cruise, tactical, and other kinds of ballistic missiles. The new system is capable of hitting moving targets in the air, including planes and cruise missiles, at a distance of 400 kilometers, as well as ballistic targets moving at speeds of up to 4.8 kilometers per second at altitudes ranging from several meters to several dozens of kilometers.

As RT adds, four more Triumph units are to come into service in 2017, citing the Russia’s Defense Ministry said. S-400 Triumph air defense systems have been providing air cover for Russia’s forces in Syria since November, when President Vladimir Putin order their deployment.

It was not clear however, why i) Russia is deploying one near the capital now and ii) why it is doing so publicly.

“With these complexes, we are able to destroy both sea and ground targets” at distances of 350 kilometers for sea targets and nearly 450 kilometers for ground targets, Russian Defense Minister Sergey Shoigu said at the time. In October, President Putin and India’s Prime Minister Narendra Modi signed an agreement for the sale of S-400s to India. Deliveries could begin in 2020.

…read more

Source: Russia Deploys S-400 Missile Regiment Near Moscow On Combat Duty

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By Tyler Durden

Submitted by Lynn Paramore via The Institute for New Economic Thinking,

Milwaukee-born short-seller Jim Chanos, founder and managing partner of New York-based Kynikos Associates, teaches University of Wisconsin and Yale business students about corporate fraud. During his life and career, he has witnessed seismic shifts in economic thinking and the relationship between labor and capital.

Chanos shares his thoughts on the world emerging from the election of Donald Trump and the tumultuous political events of 2016.

Lynn Parramore: Leading up to the election of Trump, we had eight years of Obama, and before that, eight years of Bush. Before we get to the president-elect, how do you assess the records of those past presidents in terms of basic policing of markets and corporate fraud?

Jim Chanos: Bush was the MBA president who was going to be pro-business, cut taxes, and deregulate. Meanwhile, he had two recessions on his watch, less employment than when he started, and two bear markets in the stock market — probably the worst president for business since Herbert Hoover. The business guy!

Yet, he did tighten up the Justice Department and go after corporate crime. The Ashcroft Justice Department, as bad as it was in lots of other things, went after corporate fraud and accounting fraud, criminally. In 2002, we got Sarbanes-Oxley to curb fraud.

I don’t know that all this was Bush’s predilection — remember, his biggest supporter was Enron. But because of Enron and the other dot-com era scandals, he got backed into a corner to go hard on them. I’ve joked that the only person who put more corporate executives in jail than George W. Bush was his father during the Savings and Loan Crisis.

On these issues, I’d rather have Bush any day of the week than Obama. Both Eric Holder and Lanny Breuer of Obama’s Justice Department said in TV interviews and testimony that they factored in non-judicial aspects as to whether to mount prosecutions. I think that this had political costs to the Democrats. The crony capitalism still bothers people — the idea that Wall Street got off scot-free and they are still struggling. That lack of justice applied equally under the law was corrosive, not necessarily for Obama personally, but certainly for the party following him.

LP: How do you see a Trump presidency in this light?

JC: You and I have talked about how it has become a cost calculus for lots of corporations and financial institutions to cheat. “If I get caught,” they say, “I’m just going to pay a fine.” How does this change with new faces in Washington? You still have this very pro-corporate group on Capitol Hill whose main bailiwick, in my opinion, is to protect the corporate class and the very wealthy. You’ve got what ostensibly is a proto-populist in the White House with a cabinet that is a mélange of different types, so who knows?

In my overall view, stuff happens to change people. If we go back to …read more

Source: Chanos Fears Trump’s "Unmet Expectations", Warns Investors To "Rethink Almost Everything In Your Life"

    

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By Tyler Durden

China is so concerned about the ongoing surge in capital outflows that its forex regulator, SAFE, has taken the unprecedented step of ordering banks to keep its instructions about curbing capital outflows secret and also to ensure that research analysts do not publish any negative views about the yuan according to Reuters. According to bankers from local and foreign banks, both demands are seen as an attempt by the authorities to prevent alarm that could trigger further declines in the yuan.

With the yuan devaluaing by 6% against the dollar last year as a result of hundreds of billions in official outflows (and as much as $1.1 trillion in unofficial since August of 2015 according to Goldman calculations), Beijing has unleashed a flurry of restrictive measures on capital outflows from the State Administration of Foreign Exchange (SAFE), including setting limits on banks’ currency volumes in some cities or provinces and requiring approval for ever smaller transactions. Overnight, the PBOC even unveiled probed into bitcoin exchanges, sending the digital currency plunging over 20%.

Reuters reports that SAFE, which is part of the People’s Bank of China, is insisting in oral instructions to dozens of banks that they don’t reveal its role in such restrictions, six bankers said, which was damaging their relationships with clients since they were unable to explain why they were turning away business. SAFE and the PBOC have yet to respond to requests for comment.

SAFE’s reticence began at least as far back as August, when its Shanghai branch called at least 20 of the major foreign and domestic banks operating in the city to a meeting with the regional heads of several SAFE departments.

A representative from an international bank attending the meeting said there were no written instructions, but a high-ranking SAFE official told them explicitly what was expected of them.

“You must control your forex deficit, but you can’t say that SAFE is controlling capital outflows,” the official told the bankers. The banks were told to “manage sentiment” to prevent public panic, the banker said, and the banks’ research analysts should not broadcast any negative views on the yuan.

As a reminder, while in the US, the real Fake News is anything having to do with relations between Trump and Russia; in China fake news mostly focus on the economy and the currency (as well as virtually everything else).

“They told us not to publish bad house views – analyst house views – on the yuan”, the person said. A second banker on the forex team of an international bank said his bank had received the same instructions.

Where a bank has exceeded the SAFE-set limits for forex transactions in a month, they have to turn business away, but are unable to explain the real reason why, several bankers complained. “We’re not going to tell our customers that (our forex business) has stopped; we just have to find ways to turn down the business we’re not allowed to do,” said a banker …read more

Source: To "Prevent Public Panic", Beijing Orders Banks To Keep Capital Outflow Curbs Secret

    

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By Tyler Durden

With this week’s most important economic data point – this Friday’s retail sales – fast approaching, economists are keen for clues if this key datapoint giving insight into the health of the US consumer will maintain the recent outsized spike in favorable and better than expected economic data, or if adversely, it may be a downward inflection point which could have significant implications on the dollar trade as RBC explained earlier. And according to BofA’s internal debit and credit card data, always released just ahead of the retail sales report, it looks like it will be the latter.

As Bank of America’s chief US economist Michelle Meyer reports, the aggregated BAC credit and debit card data showed that retail sales ex-autos declined 1.0% mom seasonally adjusted in December. “This contrasts with other indicators of consumer strength including reports of a robust holiday shopping season, a rebound in consumer confidence and strong autos sales” according to Meyer.

Actually, based on earnings reports of those companies who have recently closed their quarter, a weak December is precisely what one should expect, further corroborated by JPM’s satellite imagery at early December showing empty parking lots (recall: “Satellite Imagery Reveals Sharp Retail Spending Slowdown After The Election“) and a plunge in brick and mortar sales, which has been greater than the offsetting pick up in online sales.

This is how the bank’s adjusted retail spending data looks when charted.

As BofA notes, “the BAC aggregated card data showed that retail sales exautos declined 1.0% mom SA in December. This reversed the strong gains over the prior few months, leaving the 3- month average growth rate to slow.“

Amusingly, while in the past everyone ignored seasonal adjustments when it comes to retail sales (a reconciliation which as we have shown on various occasions, would always undermine the adjusted data), this time it is BofA which tries to justify the weakness with seasonal adjustments. This is how it “justifies” the sharp drop in data:

We think the explanation is that our BAC aggregated card data is biased lower due to our seasonal adjustment process. Note that the Census Bureau uses a similar approach, and therefore, we expect their data to be subject to a similar downward bias.

The two major holidays in December — Christmas and the New Year — are fixed in terms of the date but not in terms of the day of the week. This year, Christmas Eve and New Year’s Eve both fell on Saturdays. Spending on those dates was much weaker than on a typical Saturday, presumably since people were enjoying the holidays. However, the seasonal adjustment process treated these days like any other Saturday. This suggests that the adjustment process “over-fits” the data and biases the seasonally adjusted figures lower.

We think the bias in December should correct in January, translating to strong growth in January. A strong gain in January would support our view that the weakness we are seeing in the data is simply …read more

Source: BofA Finds Consumer Spending Tumbled In December, Warns Of Disappointing Retail Sales

    

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Tensions were high at Trump Tower for Donald Trump’s first press conference as president-elect. …read more

Source: Media bashing at Donald Trump’s ‘circus-like’ presser

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By Tyler Durden

Submitted by Brittany Hunter via The Mises Institute,

At the end of last year, Amazon unveiled, “Amazon Go,” a futuristic, fully-automated convenience store set to open its doors in Seattle, Washington, within the next few months. While this exciting new venture promises to make quick-stop shopping trips easier for busy consumers, critics are wary of this type of advanced automation, and fear its widespread use could jeopardize a vast amount of jobs.

Amazon Go is a truly unique shopping experience free of lines, registers, and checkouts of any kind. Instead, the store utilizes its customers’ smartphones and “grab and go technology,” which allows the consumer to simply walk in, grab desired items, and then get on with the rest of their day.

However, since this modern convenience store does not require human employees, labor activists fear the negative implications Amazon Go could potentially have on employment rates, especially if more companies begin moving toward automation.

These concerns in regards to employment are not necessarily unwarranted, nor are they specific to our modern world. In fact, mankind actually has a long track record of fearing mechanical progress and blaming it for high unemployment rates throughout history.

During the Industrial Revolution, many workers resented mechanical innovation, believing it would result in mass unemployment across sectors which traditionally relied on manual labor. In the stocking industry, for example, fear of machines was so intense, massive riots erupted as soon as workers were introduced to the new mechanical knitting machines known as, “stocking frames.” In the midst of all the chaos, new machines were destroyed, houses were burned, inventors were threatened, and peace was not restored until the military eventually intervened.

Unfortunately, the stocking industry example is not an isolated instance of machines causing mass hysteria over employment concerns. In fact, similar outrage was experienced across the globe throughout the entire Industrial Revolution. In the United States, the Great Depression caused another wave of mechanical skepticism, when a group calling themselves the “Technocrats” blamed mechanical advancements for high unemployment rates.

So widely-held was this fear of machines, economist Henry Hazlitt felt compelled to dedicate an entire chapter to debunking the myth that machines cause mass unemployment in his economic manifesto, Economics in One Lesson. In his chapter entitled, The Curse of The Machinery he writes:

The belief that machines cause unemployment, when held with any logical consistency, leads to preposterous conclusions. Not only must we be causing unemployment with every technological improvement we make today, but primitive man must have started causing it with the first efforts he made to save himself from needless toil and sweat.

To the credit of these mechanical skeptics Hazlitt called, “technophobes,” their fears of unemployment were not entirely incorrect.

In the case of the British stocking knitters, it is true that as many as 50,000 were left jobless in the wake of mechanical stocking frames. However, as Hazlitt points out, “But in so far as the rioters believed, as most of them undoubtedly did, that the machine was permanently displacing men, they were mistaken, for before the …read more

Source: The "Curse" Of Labor-Saving Machinery Is Nothing New

    

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Posted January 11th, 2017 in Uncategorized.