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Archive for the ‘Uncategorized’ Category

World’s Largest Hedge Fund Manager Slams Mainstream Media’s Fake & Distorted News Epidemic

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By Tyler Durden

Ray Dalio, founder of Bridgewater – the world's largest hedge fund, has “been reflecting for quite a while on the destructive effects that fake and distorted media are having on our society’s well-being,” but it appears a recent Wall Street Journal article about his fund – full of intentional distortions, appears to have pushed the billionaire over the edge at just “how destructive and widespread these 'fake' and 'distorted' agendas are.”

Via LinkedIn.com

To me, fake and distorted media are essentially the same problem in different degrees. My own experience, which I will share later in this piece, is just one small case within an epidemic. While Bridgewater will survive this case—and even if we didn't, the world would be just fine—it is questionable whether the world will be just fine if this fake and distorted media epidemic is not arrested. As Martin Baron, the Washington Post's Executive Editor, said in reflecting on the problem, “If you have a society where people can't agree on the basic facts, how do you have a functioning democracy?”

Distorted pictures lead us to make bad decisions. In my opinion, if people don't correct such inaccuracies and don't fight against this problem, continued distortions in the media will prevent the public's accurate understanding of what is happening, which will threaten our society's well-being. We in the financial community now openly talk about fake or distorted media being used to manipulate market prices to the harm of many, and similar conversations are taking place in most areas.

This is not just a fringe media problem; it is a mainstream media problem. And while it is widely recognized, there is no discussion underway about how to rectify it. The Associated Press said that only 6 percent of Americans surveyed have “a lot of trust” in the media. A recent Gallup study showed that Americans' trust in the media has dropped to an all-time low, with only 32 percent of those surveyed saying that they have either a “fair” or “great deal” of trust in the media. That compares with 55 percent having such confidence in 1999 and 72 percent in 1976. The dramatically decreased trustworthiness has even plagued icons of journalistic trust such as The Wall Street Journal and The New York Times, as sensationalism and commercialism have superseded accuracy and journalistic integrity as primary objectives.‎ Many, if not most, “journalists” are trying to write the story that they want to write and fit the facts to it rather than accumulating facts to accurately report pictures of what is true. To be clear, I am not saying that this is the case for all people in the news media as there are a number of true journalists who do seek to convey accurate information; I’m just saying that they are a rapidly shrinking percentage of the total and the poll numbers reflect that.

The failure to rectify this problem is due to there not being any systemic checks on the news media’s quality. The news media is unique …read more

Source: World’s Largest Hedge Fund Manager Slams Mainstream Media’s Fake & Distorted News Epidemic

    

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Ford cancels Mexico plant

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Ford scraps plans to build a new plant in Mexico. It will invest $700 million in Michigan instead, creating 700 U.S. jobs. …read more

Source: Ford cancels Mexico plant

    

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Trump threatens GM with ‘big border tax’

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Donald Trump sent a threat Tuesday to General Motors: Make your Chevrolet Cruze in the United States or face a hefty tax. …read more

Source: Trump threatens GM with ‘big border tax’

    

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France gives workers ‘right to disconnect’ from email

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for latest details. …read more

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Volvo outsold in Sweden for first time since 1962

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for latest details. …read more

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Trump pick for trade rep is….

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President-elect Donald Trump has named Robert Lighthizer, a lawyer and a trade official during the Reagan administration, to be U.S. trade representative. …read more

Source: Trump pick for trade rep is….

    

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In 7th Year Of Austerity, Greek Hospitals Have Become "Danger Zones"

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By Tyler Durden

It is not a secret and it is not new that public hospitals in Greece collapsed. As Keep TalkingGreece.com notes, the first budget cuts imposed with the first bailout agreement affected the public health. Seven years later, the situation goes from bad to worse in fast speed. The austerity freezing of hiring (1:7) ended up in severe shortages in medical and paramedical personnel. The sharp expenditure cuts deprive hospitals of spare parts and essential material. KTG reported many times in the past about the situation in Greece’s hospitals, the deficiencies in personnel and material, incl bed sheets, the never ending bureaucracy.

Now doctors and workers at the public hospitals mention a new phenomenon: the increasing risk of death due to inner-hospital infections.

Speaking to UK’s Guardian about the Greek public health meltdown, doctors and personnel say that hospitals have become “danger zones”.

Alexis Tsipras’s austerity drive has seen hospitals become ‘danger zones’, doctors say, with many fearing worse is to come.

“In the name of tough fiscal targets, people who might otherwise survive are dying,” said Michalis Giannakos who heads the Panhellenic Federation of Public Hospital Employees. “Our hospitals have become danger zones.”

“Frequently, patients are placed on beds that have not been disinfected. Staff are so overworked they don’t have time to wash their hands and often there is no antiseptic soap anyway.”

The report speaks of “rising mortality rates, an increase in life-threatening infections and a shortage of staff and medical equipment are crippling Greece’s health system as the country’s dogged pursuit of austerity hammers the weakest in society”.

In the name of tough fiscal targets, people who might otherwise survive are dying,” said Michalis Giannakos who heads the Panhellenic Federation of Public Hospital Employees. “Our hospitals have become danger zones.”

Figures released by the European Centre for Disease Prevention and Control recently revealed that about 10% of patients in Greece were at risk of developing potentially fatal hospital infections, with an estimated 3,000 deaths attributed to them.

The occurrence rate was dramatically higher in intensive care units and neonatal wards, the body said. Although the data referred to outbreaks between 2011 and 2012 – the last official figures available – Giannakos said the problem had only got worse.

Like other medics who have worked in the Greek national health system since its establishment in 1983, the union chief blamed lack of personnel, inadequate sanitation and absence of cleaning products for the problems. Cutbacks had been exacerbated by overuse of antibiotics, he said.

“For every 40 patients there is just one nurse,” he said, mentioning the case of an otherwise healthy woman who died last month after a routine leg operation in a public hospital on Zakynthos. “Cuts are such that even in intensive care units we have lost 150 beds.”

Why The Italian Government Can’t Stop Refugee-Smuggling Boats? Because It Doesn’t Want To

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By Tyler Durden

ArrivalsItaly

Via GEFIRA,

The rule of law is often invoked by as a Western value that “populist” movements want to destroy, yet the establishment’s own governments have long suspended that very same rule of law when it comes to immigration. The most evident example of this is the immigration policy started by the Italian Letta government in 2013 and continued since then under the Renzi government.

In October 2013, the Letta government, facing waves of refugees escaping the chaos of Western backed-Arab Spring in Libya, which later transpired as nothing more than insurgencies of Islamic radical groups, launched the operation “Mare Nostrum” or “Our Sea”, which consisted in the use of the Italian navy near Libyan waters to rescue asylum seekers from the African coast.

As noble as its motivation may be, a side effect of the operation was to encourage even more people to undertake sea travel because now they are certain that the Italian navy will rescue them. The result was a 224% increase in the number of boats leaving Libya, which translates into an average of almost 10 million euro a month for the Italian government.

In November 2014 Mare Nostrum was replaced with the EU-coordinated and funded Triton, covering a smaller part of the Mediterranean at the cost of 3 million euro a month. The official reason for the Triton operation is to control borders, however once we look at facts the goal of the operation is simply to bring in as many people as possible, regardless of whether they are refugees, economic migrants, legals or illegals. Since then, smuggling channels instead of being stopped have multiplied.
An established practice since the “Mare Nostrum” operation, continued under Triton, was for smugglers to launch a rescue signal to the patrolling navy and request assistance. In the meanwhile, NGOs pursuing the “open borders” have joined forces with them, assisting anyone, legal, illegal, refugee, who wants to reach Europe.

The European Commission that is responsible for Frontex, and what follows border controls, has a clear opinion on the matter. Commissioner for Home Affairs, Migration and Citizenship Dimitris Avramopoulos said: “Another important element that emerged strongly from the discussions on countering smuggling is that NGOs – and local and regional authorities – which provide assistance to smuggled migrants shall not be criminalised. I fully agree with this, of course, as I also agree on the need to protect the fundamental rights of those who are being smuggled. Those who we need to punish are the smugglers!”

Punishing the smugglers, unless they are part of NGOs, meaning the problem can’t and won’t be solved, because NGOs will always be free to smuggle migrants. This continues a well established tradition; during the Monti government in 2011-12 a Ministry for Immigration was created and given to Andrea Riccardi of the “Comunità of Sant’Egidio”, the prominent Italian open borders NGO. “Comunità of Sant’Egidio” runs projects such as “Humanitarian corridors”. The project funds an alternative route to bring people into Italy. Andrea Riccardi told the French media that he is convinced …read more

Source: Why The Italian Government Can’t Stop Refugee-Smuggling Boats? Because It Doesn’t Want To

    

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Currency & The Collapse Of The Roman Empire

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By Tyler Durden

At its peak, the Roman Empire held up to 130 million people over a span of 1.5 million square miles. Rome had conquered much of the known world. The Empire built 50,000 miles of roads, as well as many aqueducts, amphitheatres, and other works that are still in use today. Our alphabet, calendar, languages, literature, and architecture borrow much from the Romans. Even concepts of Roman justice still stand tall, such as being “innocent until proven guilty”. And so, as Visual Capitalist's Jeff Desjardins asks (and answers): How could such a powerful empire collapse?

Courtesy of: The Money Project

The Roman Economy

Trade was vital to Rome. It was trade that allowed a wide variety of goods to be imported into its borders: beef, grains, glassware, iron, lead, leather, marble, olive oil, perfumes, purple dye, silk, silver, spices, timber, tin and wine.

Trade generated vast wealth for the citizens of Rome. However, the city of Rome itself had only 1 million people, and costs kept rising as the empire became larger.

Administrative, logistical, and military costs kept adding up, and the Empire found creative new ways to pay for things.

Along with other factors, this led to hyperinflation, a fractured economy, localization of trade, heavy taxes, and a financial crisis that crippled Rome.

Roman Debasement

The major silver coin used during the first 220 years of the empire was the denarius.

This coin, between the size of a modern nickel and dime, was worth approximately a day’s wages for a skilled laborer or craftsman. During the first days of the Empire, these coins were of high purity, holding about 4.5 grams of pure silver.

However, with a finite supply of silver and gold entering the empire, Roman spending was limited by the amount of denarii that could be minted.

This made financing the pet-projects of emperors challenging. How was the newest war, thermae, palace, or circus to be paid for?

Roman officials found a way to work around this. By decreasing the purity of their coinage, they were able to make more “silver” coins with the same face value. With more coins in circulation, the government could spend more. And so, the content of silver dropped over the years.

By the time of Marcus Aurelius, the denarius was only about 75% silver. Caracalla tried a different method of debasement. He introduced the “double denarius”, which was worth 2x the denarius in face value. However, it had only the weight of 1.5 denarii. By the time of Gallienus, the coins had barely 5% silver. Each coin was a bronze core with a thin coating of silver. The shine quickly wore off to reveal the poor quality underneath.

The Consequences

The real effects of debasement took time to materialize.

Adding more coins of poorer quality into circulation did not help increase prosperity – it just transferred wealth away from the people, and it meant that more coins were needed to pay for goods and services.

At times, there was runaway inflation in the empire. For example, soldiers demanded far higher wages as the quality of …read more

Source: Currency & The Collapse Of The Roman Empire

    

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Who Benefits From War With Russia?

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By Tyler Durden

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

There is absolutely no upside to any conflict with Russia when it comes to 99.9% of us. The fact so many pundits, anonymous intelligence officials and Hillary Clinton cultists are encouraging such an outcome based on zero publicly available evidence that Russia hacked the DNC/John Podesta and provided it to Wikileaks for the purpose of electing Trump, should be seen as the gigantic red flag that it is. So what’s actually going on? As is so often the case, it is all about money and power.

The best and most concise article I have read thus far explaining the driving influences behind all the anti-Russia/Putin hysteria was written a couple of weeks ago by Robert Parry of Consortium News. The post is titled, Making Russia ‘The Enemy’, and here are some key excerpts:

The rising hysteria about Russia is best understood as fulfilling two needs for Official Washington: the Military Industrial Complex’s transitioning from the “war on terror” to a more lucrative “new cold war” – and blunting the threat that a President Trump poses to the neoconservative/liberal-interventionist foreign-policy establishment.

Indeed, this is primarily about a failed establishment trying to maintain power in the face of repeated public catastrophes and pervasive corruption.

By hyping the Russian “threat,” the neocons and their liberal-hawk sidekicks, who include much of the mainstream U.S. news media, can guarantee bigger military budgets from Congress. The hype also sets in motion a blocking maneuver to impinge on any significant change in direction for U.S. foreign policy under Trump…

All of this maneuvering also is delaying the Democratic Party’s self-examination into why it lost so many white working-class voters in normally Democratic strongholds, such as Pennsylvania, Michigan and Wisconsin.

Rather than national party leaders taking the blame for pre-selecting a very flawed candidate and ignoring all the warning signs about the public’s resistance to this establishment choice, Democrats have pointed fingers at almost everyone else – from FBI Director James Comey for briefly reviving Clinton’s email investigation, to third-party candidates who siphoned off votes, to the archaic Electoral College which negates the fact that Clinton did win the national popular vote – and now to the Russians.

Democrats now are excitedly joining the bash-Russia movement, making it harder to envision how the party can transition back into its more recent role as the “peace party” (at least relative to the extremely hawkish Republicans).

The potential trading places of the two parties in that regard – with Trump favoring geopolitical détente and the Democrats beating the drums for more military confrontations – augurs poorly for the Democrats regaining their political footing anytime soon.

If Democratic leaders press ahead, in alliance with neoconservative Republicans, on demands for escalating the New Cold War with Russia, they could precipitate a party split between Democratic hawks and doves, a schism that likely would have occurred if Clinton had been elected but now may happen anyway, albeit without the benefit of the party holding the White House.

…read more

Source: Who Benefits From War With Russia?

    

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