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Archive for the ‘Uncategorized’ Category

"Horrified, Shocked" Merkel Says "We Must Assume This Was A Terrorist Attack"

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By Tyler Durden

In a move interpreted by the market as boosting the political chances of her opponents, this morning German chancellor Angela Merkel, dressed all in black for her first public comments on Monday’s tragic incident, said the deadly truck attack on a Berlin Christmas market was likely an act of terrorism and pledged to punish those responsible for the attack “with the full strength of our law.”

In a nationally televised statement in Berlin, Merkel said she was “horrified, shaken and deeply saddened” about a truck attack that killed at least a dozen people at a Berlin Christmas market and that people across Germany were mourning after the “horrific and unimaginable” deaths and injuries sustained in the capital on Monday evening. She said she planned to tour the scene of the attack later on Tuesday.

“This is a very difficult day,” Merkel, whose open-door refugee policy allowed over 1 million migrants to enter German in the past two years some of whom she has admitted were jihadists, said. “Like millions of people in Germany, I am horrified, shocked and deeply saddened by what happened yesterday evening on Berlin’s Breitscheidplatz.”

“I want you to know that all of us, a whole country, is joined with you in mourning and sadness,” Merkel told reporters in the German capital. “There is much we still do not know with sufficient certainty but we must, as things stand now, assume it was a terrorist attack,” Merkel said.

The main suspect in the attack is a 23-year-old Pakistani citizen who arrived in Germany a year ago and has been living in a refugee home, German media reported citing security sources. German Tagesspiegel said that he was known to the authorities as a small-time criminal. German authorities declined to provide information on the suspect’s identity, saying they would hold a news conference at 2:30 p.m. in Berlin.

“I know that it will be especially difficult for us all to bear if it is confirmed that somebody carried this out who was given protection and asylum in Germany,” Merkel said.

The man has denied any involvement in the attack, security officials told German news agency DPA. The chancellor said that all of Germany was united in grief, adding that it would be particularly painful if the attacker “came to Germany for protection and asylum.”

Merkel promised that those responsible for the attack would be punished “with the full strength of our law.”

She added that the suspected attack should not keep Germans from living their normal lives and visiting Christmas markets in the future. “We do not want to live with the fear of evil paralyzing us,” Merkel said.

Investigators in the German capital, Berlin, are assuming that a truck that plowed into a Christmas market “was deliberately steered into the crowd.” The suspected driver was detained near the scene while a passenger was found dead in the truck. The dead passenger has been identified by police as a Polish national, but authorities have not officially commented on the nationality of the suspected driver.

German special forces …read more

Source: "Horrified, Shocked" Merkel Says "We Must Assume This Was A Terrorist Attack"

    

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Trump immigration plan could cost the U.S. billions

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President-elect Donald Trump’s vow to overturn an executive order that provides temporary protection from deportation to undocumented immigrants who were brought to the U.S. as children could cost the country tens of billions of dollars, a new study finds. …read more

Source: Trump immigration plan could cost the U.S. billions

    

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2016 Year In Review

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By Tyler Durden

Authored by Scott Kristoff via Avondale Asset Management,

We started this year with the economy deteriorating and finished it with the second interest rate increase in ten years. There were a lot of ups and downs along the way, but ultimately 2016 was defined by three key story-lines: 1) Brexit 2) The Presidential Election 3) Fed Policy.

The first two events were votes that shocked the world. The stock market’s reaction to each was arguably even more shocking. If someone had told you in January that Britain would vote to leave the EU and Donald Trump would be president,would you have ever guessed that the Dow would be poised to break 20,000? Some people view this as a lesson in the unpredictability of markets. I would argue that the full story just hasn’t been written yet. These were major political changes that are likely to have enduring effects on the global economy.

In terms of Fed policy, there were two key moments during the year. The first was in February when the stock market’s decline caused the Fed to change its outlook that it would raise rates twice in 2016. That helped spur the market’s rebound. The second key moment was in June. The markets had fully recovered by then but that’s when Janet Yellen began to adopt a philosophy that “neutral rates” were going to be low for a long time. This shift in philosophy is probably the reason that we only saw one rate increase this year.

Happy Holidays!

January 7

The year began with the industrial economy deteriorating

“The environment continued to deteriorate as expected. The root causes for the slowdown remain the same. The rapid and sustained drop in oil prices, the strong U.S. dollar with its negative effect on export demand, and foreign exchange headwinds, are all negatively impacting broader manufacturing activity.” —MSC Industrial Direct CEO Erik Gershwind (Distributor)

But the consumer was still holding up

“Our holiday sales results were solid…We started off strong as we said at the third quarter announcement, but our performance continued to become stronger and stronger closer to the end of the holiday.” —Signet Jewelers CEO Mark Light (Jewelry)

January 15

Jamie Dimon emphasized that he did not see signs of recession

“We’re not forecasting a recession. We think the U.S. economy looks pretty good at this point…obviously, market turmoil we all look at it every day but I’m not sure most of the 143 million Americans look at it that much who have jobs and you have a big change in the world out there. People are getting adjusted to China slowing down…hopefully this will all settle down. It’s not the beginning of something really bad.” —JP Morgan CEO Jamie Dimon (Bank)

But a “psychological movement towards caution” was spreading as the stock market fell

“we’re seeing a little bit of a slowdown, or a psychological movement towards caution – that’s definitely happening, and that translates into maybe a little more down, in fact, …read more

Source: 2016 Year In Review

    

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Anti-Islam, Anti-Migration Wilders Widens Lead in Dutch Polls

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By Tyler Durden

dutch-polls-2016-12-19

Submitted by Michael Shedlock via MishTalk.com,

On December 9, a panel of 3 judges in the Netherlands convicted Geert Wilders of incitement to discrimination, and also of insulting an ethnic group.

Nonetheless, the two most recent polls show Geert Wilders, an anti-Islam, anti-migration politician far ahead of the pack.

Wilders Heads Polls

A quick check of Opinion Polling for the Dutch General Election, 2017 shows Wilders strongly in the lead for the next Dutch election.

The current coalition between Murk Rutte’s VVD (People’s Party for Freedom and Democracy) and Diederik Samsom’s PvdA (Labour Party), is all but dead.

It appears Wilders will win (get the most seats). However, unless Wilders can form a coalition, he will not be the next prime minister.

Wikipedia explains: The first Rutte cabinet’s parliamentary majority was provided by Geert Wilders’ anti-Islam, -immigration, and -EU Party for Freedom (PVV), but this majority became unstable when Wilders’ party refused to support austerity measures in connection with the Euro crisis. Therefore, elections for the House of Representatives were held on 12 September 2012. The VVD remained the largest party, with 41 seats. Since 5 November 2012, the VVD has been the senior partner in the second Rutte cabinet, a “purple” coalition with the Labour Party (PvdA).

Rutte may not survive the next election. If he does, it will be an unstable coalition of many political parties banding together to keep out Wilders.

Such coalitions may rule for a while, but will have a very difficult time passing legislation.

If Wilders comes in first, even if he cannot form a coalition, it will be another vote of no confidence in the immigration politics of German chancellor Angela Merkel.

…read more

Source: Anti-Islam, Anti-Migration Wilders Widens Lead in Dutch Polls

    

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Comparing Donald Trump To Hitler Is A Slippery Slope

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By Tyler Durden

Submitted by Kyle Plantz via InsideSources.com,

Throughout the presidential campaign, Donald Trump has been compared to Adolf Hitler on more than one occasion. Especially after TIME Magazine named him 2016 “Person of the Year,” linking the president elect to the German dictator, who also received the same homage in 1938, has significantly increased, as liberals try to explain the rise of the populist businessman.

Just take a look at Twitter where there is no shortage of Trump-Hitler tweets:

Hmm… pic.twitter.com/vVQMg7Na4U

— David Weiner (@daweiner) December 7, 2016

I apologize for writing dozens of tweets that compare Trump to Hitler. It should be hundreds of tweets but I just don't have the time.

— Frank Conniff (@FrankConniff) December 10, 2016

1938: Adolf Hitler, TIME Person of the Year
2016: Donald Trump, TIME Person of the Year pic.twitter.com/uDVcTiLhtd

— Savannah L. Barker (@savannah_lb) December 7, 2016

The New York Times published a review of the television series “The Man in the High Castle” on Thursday, which depicts an alternative America where the Allies entered World War II too late, and the United States is ruled by the fascist Nazi Germany and Japanese regimes.

But the reviewer says the show isn’t too far off of what America could be under Trump.

As the internet has taught us, Nazi analogies tend to crush nuance into fine powder,” the review states. “But if it would be hyperbole to treat the series like a documentary, it would be denial to say it plays no differently now than it did before. However hopeful some people may find the election results, there are also bigots who feel validated, for whom the permission to bully and strong-arm was not a sad side effect of the campaign but the whole point. And ‘The Man in the High Castle,’ a drama about finding the imagination to resist darkness, has a new relevance, asked for or not.”

Granted, there are some similarities with their rise to power and others have even gone as far as to say Trump’s rallies are very Hitler-esque. But is this a fair comparison or just political demonizing, by using Hitler comparisons as a way to shut down political debate?

Simply put, there is no proof that Trump exists to begin World War III or wants to exterminate millions of Mexicans, Muslims or people of color in the United States. Many point to Trump’s proposal to temporarily ban Muslims from entering the country (which he has since walked back) as a similar plan that Hitler had with regards to Jewish people. But Trump’s disdain for ISIS and Islamic extremism is not even close to Hitler rounding up Jews and killing them. There is no evidence to suggest that Trump would call for a boycott of Muslim businesses or prevent them from holding prominent positions if he were elected.

There is plenty to criticize Trump on, as there was for Hillary Clinton, but comparing him to Hitler is not a substantive debate on Trump’s rhetoric, appointments, …read more

Source: Comparing Donald Trump To Hitler Is A Slippery Slope

    

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12 dead after truck plows into Berlin market

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…read more

Source: 12 dead after truck plows into Berlin market

    

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Tis The Season For Credit Card Debt: This Christmas Americans Will Spend An Average Of 422 Dollars Per Child

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By Michael Snyder

christmas-gifts-public-domain

For many Americans, the quality of Christmas is determined by the quality of the presents.  This is especially true for our children, and some of them literally spend months anticipating their haul on Christmas morning.  I know that when I was growing up Christmas was all about the presents.  Yes, adults would give lip service to the other elements of Christmas, but all of the other holiday activities could have faded away and it still would have been Christmas as long as presents were under that tree on the morning of December 25th.  Perhaps things are different in your family, but it is undeniable that for our society as a whole gifts are the central feature of the holiday season.

And that is why so many parents feel such immense pressure to spend a tremendous amount of money on gifts for their children each year.  Of course this pressure that they feel is constantly being reinforced by television ads and big Hollywood movies that continuously hammer home what a “good Christmas” should look like.

Once again in 2016, parents will spend far more money than they should because they want to make their children happy.  According to a brand new survey from T. Rowe Price, parents in the United States will spend an average of 422 dollars per child this holiday season…

More than half of parents report they aim to get everything on their kids’ wish lists this year, spending an average of $422 per child, according to a new survey from T. Rowe Price.

To me, that seems like a ridiculous amount of money to spend on a single child, but this is apparently what people are doing.

But can most families really afford to be spending so wildly?

Of course not.  As I have detailed previously, 69 percent of all Americans have less than $1,000 in savings.  That means that about two-thirds of the country is essentially living paycheck to paycheck.

So all of this reckless spending brings with it a lot of additional financial pressure.  But because we are a “buy now, pay later” society, we do it anyway.  We are willing to mortgage a little bit of the future in order to have a nice Christmas now.

Another new survey has found that close to half the country feels “pressure to spend more than they can afford during the holiday season”

The SunTrust Banks, Inc. (NYSE: STI) annual Holiday Financial Confidence survey reveals that 43 percent of Americans feel pressure to spend more than they can afford during the holiday season. Pressure to overspend is up four percent since the survey was first conducted in 2014 by Harris Poll, but down slightly from a high of 46 percent last year.

Ultimately, much of this spending ends up going on credit cards, and credit card debt is one of the most insidious forms of debt.

And the truth is that credit card debt was already surging nationally even before we …read more

Source: Tis The Season For Credit Card Debt: This Christmas Americans Will Spend An Average Of 422 Dollars Per Child

    

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The Most Hated Asset On The Planet

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By Tyler Durden

http://themacrotourist.com/images/RollDec1916.png

Submitted by Kevin Muir via TheMacroTourist.com,

Last year at this time markets were grappling with the Fed’s first rate hike in almost a decade. Although many optimists were confident the economy was plenty strong enough to handle the increase in rates, within days it was obvious they were sorely mistaken.

Fast forward to today. With the election of Trump, there is even more optimism filling the air.

Don’t get me wrong, I understand all the reasons to be bullish.

But doesn’t the fact that everyone else understand all those reasons too not worry you just a little bit?

There is no wall of worry to climb. Instead we are faced with complete and overwhelming confidence the Fed hike will not derail the good times.

Now maybe I worry too much. Maybe the Fed hike will not slow down the markets even in the slightest.

Yet a little part of me wonders if the problems with the shortage of US liquidity will come rushing back to the forefront with the Fed hike.

And just in case it does, I think it is instructive to review what happened last year when the Fed hiked.

Let’s start with the S&P 500:

After last year’s Fed hike the S&P 500 managed to stay bid for a week before collapsing in the worst start to a new year in the history of finance.

How about the US dollar?

http://themacrotourist.com/images/DXYDec1916.png

Although the US dollar went up for a few weeks after, it eventually rolled over and had a terrible first quarter of 2016.

So far all the reactions to the Fed hike seem to have some delay. Yet have a look at gold. The “pet rock” bottomed on the day after last year’s Fed hike and never looked back.

I don’t want to goocher it, but so far, the pattern is playing out exactly the same. Gold has once again bottomed on the day following this year’s Fed hike, and knock on wood, has not yet violated that low.

http://themacrotourist.com/images/GoldDec1916.png

This all coincides with the gold/S&P 500 ratio once again bumping along the support at the previous low.

http://themacrotourist.com/images/GLDSPXDec1916.png

Putting it all together, will the gold/S&P 500 ratio repeat last year’s performance?

http://themacrotourist.com/images/RepeatDec1916.png

I know any suggestion of gold rising and stocks declining seems absurd. After all, gold is probably the most hated asset class on the planet with stocks being the most loved.

Yet somehow that doesn’t bring me much comfort as I am pretty sure last year the bulls were extremely confident the Fed hike wouldn’t derail the budding recovery. The fact they are even more confident today doesn’t bring me any solace…

Commuter-In-Chief: Obama Sets New Single-Day Clemency Record; More Than Previous 11 Presidents Combined

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By Tyler Durden

Earlier today President Obama commuted the sentences of another 153 federal prisoners bringing his total to 1,176, more than the previous 11 presidents combined. The president also pardoned another 78 individuals, bringing his total pardons over the course of his eight years in office to 148. Combined, these 231 acts of clemency sets a record for the most ever granted by a president in a single day in history.

This latest move is just further evidence of his stated intention to ramp up commutations throughout the remainder of his presidency. And, while the President often claims publicly that his commutations are only for “low-level” and “non-violent” criminals, 395 of the 1,176 commutations were offered to people serving life sentences…which typically aren’t given to “low-level” criminals caught with a couple ounces of drugs on them.

Of course, in typical fashion, the President took to Twitter to brag about his latest “accomplishment.”

BREAKING: @POTUS has now commuted the sentences of 1,176 deserving people—more than the past 11 presidents combined. https://t.co/NoOfhZTaXJ pic.twitter.com/VqRTtkKhzU

— The White House (@WhiteHouse) December 19, 2016

And here is the full statement from the President’s White House blog released earlier today. As usual, the post ends with a vow to grant even more pardons over the coming weeks as Obama approaches the end of his time in the White House.

Today, President Obama granted clemency to 231 deserving individuals — the most individual acts of clemency granted in a single day by any president in this nation’s history. With today’s 153 commutations, the President has now commuted the sentences of 1,176 individuals, including 395 life sentences. The President also granted pardons to 78 individuals, bringing his total number of pardons to 148. Today’s acts of clemency — and the mercy the President has shown his 1,324 clemency recipients — exemplify his belief that America is a nation of second chances.

The 231 individuals granted clemency today have all demonstrated that they are ready to make use — or have already made use — of a second chance. While each clemency recipient’s story is unique, the common thread of rehabilitation underlies all of them. For the pardon recipient, it is the story of an individual who has led a productive and law-abiding post-conviction life, including by contributing to the community in a meaningful way. For the commutation recipient, it is the story of an individual who has made the most of his or her time in prison, by participating in educational courses, vocational training, and drug treatment. These are the stories that demonstrate the successes that can be achieved — by both individuals and society — in a nation of second chances.

Today’s grants signify the President’s continued commitment to exercising his clemency authority through the remainder of his time in office. In 2016 alone, the President has granted clemency to more than 1,000 deserving individuals. The President continues to review clemency applications on an individualized basis to determine whether a …read more

Source: Commuter-In-Chief: Obama Sets New Single-Day Clemency Record; More Than Previous 11 Presidents Combined

    

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Twice As Many “Faithless” Electors Dump Clinton As Trump

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By George Washington

While there was a lot of buzz about faithless Republican electors dumping Trump, it turns out that more Democratic electors dumped Clinton.

Specifically, two Republican Texas electors voted for candidates other than Trump: one voted for John Kasich and one voted for Ron Paul.

But four Democratic electors voted for candidates other than Hillary Clinton:

Only eight of 12 Democratic electors in Washington cast their votes for Democrat Hillary Clinton, who won the state in November.

In an act of symbolic protest, three electors voted for former Secretary of State Colin Powell, and one cast a vote for Faith Spotted Eagle, a Native American elder from South Dakota.

It’s the first time in four decades that any Washington electors have broken from the state’s popular vote for president.

…read more

Source: Twice As Many “Faithless” Electors Dump Clinton As Trump

    

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