BMW has reaffirmed its commitment to build a factory in Mexico even as U.S. president-elect Donald Trump threatens to introduce border taxes on Mexican-made cars. …read more
Source: BMW ‘absolutely’ committed to new Mexico factory
By Tyler Durden
In the latest highly politicized Hollywood event, last night’s Golden Globes took aim squarely at Donald Trump, when Actress Meryl Streep delivered an emotional speech railing against President-elect Donald Trump, without actually mentioning him by name. while accepting the Cecil B. DeMille Award at the 74th annual Golden Globes on Sunday. The actress referred to the time Trump imitated a disabled New York Times reporter on the campaign trail, and said that particular, real-life performance broke her heart.
“But there was one performance this year that stunned me. It sank its hooks in my heart. Not because it was good — there was nothing good about it — but it was effective and did its job,” Streep said of Trump’s imitation of reporter Serge Kovaleski, who has a congenital condition affecting the joints. “It made its intended audience laugh and show their teeth.”
“It was that moment, when the person asking to sit in the most respected seat in our country imitated a disabled reporter — someone he out-ranked in privilege, power, and the capacity to fight back,” she continued. “It kind of broke my heart when I saw it, and I still can’t get it out of my head because it wasn’t in a movie; it was in real life.”
“This instinct to humiliate when it’s modeled by someone in the public platform — by someone powerful — it filters down into everybody’s life because it kind of gives permission for other people to do the same thing. Disrespect invites disrespect. Violence incites violence. When the powerful use their position to bully others, we all lose,” Streep said.
She then called on the media to use its agency to hold powerful people accountable.
“We need the principled press to hold power to account, to call them on the carpet for every outrage,” Streep said. “That’s why our founders enshrined the press and its freedoms in our Constitution. So I only ask the famously well-heeled Hollywood foreign press and all of us in our community to join us in supporting the Committee to Protect Journalists, and we’re going to need us going forward and they’ll need us to safeguard the truth.”
Streep’s comments echoed actor Hugh Laurie, who earlier in the night joked there would be no more Golden Globes if Trump has his way. “You and all of us in this room belong to the most vilified segments of society right now. Think about it: Hollywood, foreigners and the press,” Streep said. She proceeded to mention several actors in the room who were born outside the United States.
“Hollywood is crawling with foreigners and if we kick them all out, you’ll have nothing to watch but football and the mixed martial arts — which are not the arts,” Streep said.
Streep’s speech ended with a standing ovation — the first of the night, according to reports on Twitter.
This, predictably…
How long before @realDonaldTrump tweets that Meryl Streep is overrated?
— David Corn (@DavidCornDC) January 9, 2017
Source: Trump Fires Back At "Overrated" Meryl Streep Over Golden Globe Criticism
By Tyler Durden
The collapse in the Turkish Lira, which has been relentless since last summer’s failed coup, has only accelerated in 2017, and especially this morning, when the Turkish currency tumbled more than 2% against the dollar – its single worst day since the July 19 military coup attempt – sliding as low as 3.73, down over 5% so far in 2017, and over 23% in the past 12 months.
While the broader catalyst are familiar, namely a slowing economy, seemignly daily terrorist attacks, a furious crackdown by Erdogan on government dissent and potential rating downgrades, this morning there have been two additional catalysts that have accelerated the selloff.
First Moody’s, which has the country on junk rating as of last September, issued a warning on the country’s banking system saying heightened security risks would weigh down on the economy and heap further pressure on domestic banks. The rating agency warned that Turkish banks’ bad loan ratio was set to rise to 4% this year from 3.24% “driven by the combination of high inflation, lira depreciation and the general worsening of the investment climate because of security issues and geopolitical tensions”. The caution comes as Turkey faces another downgrade to junk from Fitch later in January, which would see its last investment grade rating stripped away, promptly raising its costs of borrowing even more.
Only making matters worse, were comments from Turkey’s deputy PM, Nurettin Canikli, who indicated that Turkey’s head remains stuck deeply in the sand, when he blamed the plunge in the Lira on an unacceptable “campaign” to force interest rates higher. He also told AHaber TV in an interview that institutions will take whatever measures are needed for economy, that Citizens have no demand for foreign currency (not quite if judging by the plunge in the lira), that the Turkish economy will continue to “resist” such moves as dollarization level very low compared to past, and ultimately blamed the U.S. for its support to Syrian Kurdish PYD/YPG calling it “unacceptable.”
Meanwhile, the market is already pricing in further downgrades, and as of this morning, Turkey’s benchmark 10Y yields jumped another 15 bps near the highest over the past year.
So what is Turkey to do? One suggestion came from ING’s chief EMEA FX and rates strategist Petr Krpata who writes that a “large one-off rate hike could unleash a 10% rally in the lira” adding that “in the absence of capital controls, a large emergency rate hike seems to be the only remedy. If the root cause is domestic, the solution must be domestic too.”
However, he admits that the bar for a large hike is high – especially with Erdogan having made it quite clear such a move is unacceptable – and expects the central bank to continue with its “piecemeal approach and only hike interest rates gradually.”
He concludes that such an approach is unlikely to halt the lira’s slide and suggests further downside; sees 3.90/USD being tested before the case for a large interest increase grows stronger.
At the current rate …read more
Source: Turkish Lira Plunges Over 2% To New Record Low, Yields Rise On Moody’s Warning
Nokia, the iconic Finnish cell phone brand, is launching its first Android smartphone exclusively in China. …read more
Source: Nokia is trying to make a smartphone comeback
By Tyler Durden
Submitted by Peter Korzun via Strategic-Culture.org,
It should be noted that quite often the most interesting arms contracts escape media attention. That’s how it was in 2016.
Signing a multi-billion-dollar military aid package between the United States and Israel and the subsequent White House approval for long-awaited fighter sales to the Middle East hit the radar screen.
In late September, the US approved the sales of Boeing fighters worth a total of around $7 billion to Kuwait and Qatar. First mooted around two years ago, the deals had been held up by the US government due to Israeli concerns and in order to smooth the way for nuclear talks with Iran.
The same month, a $38-billion Israeli arms package over the next 10 years – the largest of its kind ever – was finalized and signed.
The news about those contacts was a real scoop hitting the headlines of all mainstream media outlets. In late November, the State Department approved another transaction- the acquisition of 70 AGM-158B JASSM-ER (extended range) missiles for Poland. The deal undeservedly failed to attract much attention. In fact, it matters much and changes a lot.
The prospects for the acquisition of the extended range version were discussed as far back as 2014. The US obviously procrastinated due to political considerations. The decision to make the deal go through makes Poland the first state outside the United States to acquire the JASSM-ER.
In 2014, Poland signed a contract to procure the JASSM AGM-158A version for its F-16C/D jets. The stealth missile is designed to destroy ground targets at distances 370+km (230 mi). As of 2014, the JASSM had also entered service in Australia and Finland.
The 370 km is a great range for the purpose of self-defense. But Poland badly wanted strategic conventional first strike capability. With the JASSM-ER deal reached, its dream has come true. Using a more efficient engine and larger fuel volume in an airframe with the same external dimensions as the JASSM, the JASSM-ER has an operational range of 1000+km (620 mi) – an effective stealth weapon to knock out key stationary infrastructure sites located deep in Russia’s territory. The weapon boasts a penetrating warhead.
With the AGM-158A expected to become fully operational this year, Poland has the aircraft and crews ready to receive the extended range version. The JASSM-ER has 70% hardware commonality and 95% software commonality with the original AGM-158 JASSM.
Poland has made a significant contribution into NATO’s long-range conventional superiority to further complicate the prospects for further progress in the field of arms control. The first strike capability presupposes that Russia would introduce corresponding changes into its military planning. The home bases of Polish F-16 fighters carrying the JASSM-ER will inevitably become potential first strike targets in case of conflict with Russia.
The study of defense contracts signed recently by the United States with other countries shows that potential threats to Russia are growing. For instance, an A/N FPS-132 Block …read more
Source: Poland Acquires First Strike Capability To Pose Threat To Russia
By Tyler Durden
With social justice warriors everywhere still sobbing across the globe after sexist, racist, bigoted, mysognist, anti-semite, satan-worshipping, Putin-puppet (did we miss one?) Donald Trump's election victory, it appears the special safe-space-seekers may be about to get a win in Britain where universities will be forced to pander to the demands of 'snowflake' students if controversial reforms placing student satisfaction at the heart of a new ranking system, are approved.
As “safe space” and “no platform” movements have swept across campuses, The Telegraph reports, the Government faces a cross-party revolt in the Lords this week over proposed reforms to higher education, which include placing student satisfaction at the heart of a new ranking system.
It is feared that this will lead to a “fantastically dangerous” culture where authorities will give in to student demands, however unreasonable they may be.
Baroness Wolf, a professor at King’s College London (KCL), warned: “Universities are increasingly nervous about doing anything that will create overt dissatisfaction among students because they are being told that student satisfaction is key.
“It has had a real effect on the willingness of universities to stand up to student demands which in the past have been removing statues, safe spaces and no-platforming. This whole movement is a direct threat to academic standards and the ability of universities to stand up for freedom of speech.”
She added: “The student satisfaction measure is fantastically dangerous. The way to make students happy is not asking them to do any work and giving them a high grade.
“This will reduce standards and undermine quality. I just think this is totally mad, and destructive of everything universities stand for.”
The Higher Education and Research Bill, championed by Universities Minister Jo Johnson (below), will reach committee stage in the Lords on Monday, where is expected to be subject to a barrage of criticism.
As a gentle reminder to all those moribund Millennials, The Only Safe Space Is Your Home
No matter where you go in life, someone will be there to offend you. Maybe it’s a joke you overheard on vacation, a spat at the office, or a difference of opinion with someone in line at the grocery store. Inevitably, someone will offend you and your values. If you cannot handle that without losing control of your emotions and reverting back to your “safe space” away from the harmful words of others, then you’re best to just stay put at home. Remember, though: if people in the outside world scare you, people on the internet will downright terrify you. It’s probably best to just accept these harsh realities of life and go out into the world prepared to confront them wherever they may be waiting.
By Tyler Durden
Submitted by Mike Shedlock via MishTalk.com,
Fed Governor Jerome Powell says “Signs of excesses are ‘isolated’. Asset Prices ‘not broadly unsustainable’“.
The Federal Reserve does not see “broadly unsustainable asset prices,” a senior U.S. central banker said Saturday, with financial excesses stemming from almost a decade of ultralow interest rates “isolated.”
In remarks as part of a panel discussion at the American Finance Association meeting, Fed Gov. Jerome Powell defended the central bank’s policy that has kept interest rates at historic lows since the financial crisis. The Fed pushed rates to zero in December 2008 and has only raised them only twice since, both in the past year.
The policy of low rates has helped the economy recover, and has helped strengthen the financial sector, he said. “By many measures the U.S. financial system is much stronger than before the crisis,” Powell said.
There are trade-offs, because low interest rates can have adverse impacts on financial markets in a number of ways, he said. “Low rates can lead to excessive leverage and broadly unsustainable asset prices — things that we watch carefully for and do not observe at this point.”
Missed Elephants
The only way to not see this bubble is to be willfully blind to economic fundamentals for the sole benefit of banks and the wealthy, to the detriment of everyone else.
And then there's Citadel's Ken Griffin…
“We are now more levered in corporate America than ever before”
Which – is a fact!
Source: "Signs Of Excesses Isolated" – In Search of Elephant In Room, Fed Governors Come Up Empty
The VW ID Buzz has all-wheel drive and seats that swivel backward. …read more
Source: VW unveils electric microbus concept
The Kia Stinger might just be able to change the budget – image of the Korean brand. …read more
Source: Kia unveils its own European sports sedan
By The_Real_Fly
The entire star-studded audience at the Golden Globes practically cried in unison, after Meryl Streep took to the mic to lament over an incident that happened last year regarding what she thought was Donald Trump mocking a disabled reporter.
The rift was with NY Times reporter Serge Kovaleski, who said Trump was lying about witnessing Muslims celebrating in New Jersey after 9/11 — which later proved out to be true. Without delving into old news, Trump said he wasn’t making fun of Serge’s physical disabilities, but instead mocking a reporter who was flustered.
I have no idea who this reporter, Serge Kovalski [sic], is, what he looks like or his level of intelligence. I don’t know if he is J.J. Watt or Muhammad Ali in his prime or somebody of less athletic or physical ability. Despite having one of the all-time great memories, I certainly do not remember him.
I merely mimicked what I thought would be a flustered reporter trying to get out of a statement he made long ago. If Mr. Kovaleski is handicapped, I would not know because I do not know what he looks like. If I did know, I would definitely not say anything about his appearance.
In light of all the horseshit taking place in the world, the fact that the United States is engaged in armed conflicts in 8 different countries and is led by a man who has literally destroyed the middle east, relations with Russia, and has divided this country along matters of race, gender and orientation more than any person in the history of the country, as well as compiling more debt than all of the previous Presidents combined, Meryl Streep decided that Trump mocking a reporter was the most important thing to talk about during her 5 minute speech at the Golden Globes tonight.
Once icy cold, floating through the air with glee, the snow flakes have hit the ground now and have melted.
Content originally generated at iBankCoin.com
Source: Tonight’s Forecast Inside the Golden Globes: Lots of Snow with a Chance of Trump Tears
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