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By Tyler Durden

Update: It's official, moments ago President-elect Trump confirmed he will nominate ExxonMobil CEO Rex Tillerson to be his secretary of state

* * *

After days of speculation and strawmen, and following Mitt Romney's statement earlier, AP is reporting that President-elect Donald Trump has selected Exxon Mobil CEO Rex Tillerson to lead the State Department, according to two people close to Trump's transition team.

The decision caps a lengthy process that often played out In public and exposed rifts within Trump's transition team. But Tillerson's close ties to Russia could still complicate his Senate confirmation hearings.

Trump was set to formally announce Tillerson's nomination Tuesday morning. The people close to Trump's transition insisted on anonymity because they were not authorized to disclose the pick ahead of that announcement.

If approved, Tillerson would be the first secretary of state in modern history without previous government experience, The Washington Post reported.

As KCTV5 reports, he is being called a controversial pick, partly because of his ties with Russian leader Vladimir Putin. Putin gave the CEO a Russian government award three years ago after Exxon-Mobil cut a major oil deal with a Russian company.

Russia has recently been accused of hacking in an effort to influence the result of the presidential election in Trump's favor. President Barack Obama ordered an investigation Friday into Russian influence on the election.

Trump dismissed concerns about Russia in an interview with Chris Wallace on Fox News Sunday, deeming the matter “ridiculous.”

The president-elect also used the interview to praise Tillerson for his business acumen and noted the CEO would be useful in matters regarding Russia because he “knows many of the players and he knows them well.”

He tweeted Sunday about reports that Tillerson would be getting the nomination, calling the CEO “a world class player and dealmaker.”

Trump tweeted this evening that his announcement will be tomorrow morning…

I will be making my announcement on the next Secretary of State tomorrow morning.

— Donald J. Trump (@realDonaldTrump) December 13, 2016

As we noted previously, the 64-year-old Texas oilman, whose friends describe as a staunch conservative, emerged as a Secretary of State contender only last week following a meeting with Trump, when it was speculated that he would consider the offer “due to his sense of patriotic duty and because he is set to retire from the company next year.” Tillerson's appointment would introduce the potential for sticky conflicts of interest because of his financial stake in Exxon: he owns Exxon shares worth $151 million, according to recent securities filings.

A quick biographical sketch of Tillerson courtesy of the WSJ:

The son of a local Boy Scouts administrator, Tillerson was born in Wichita Falls, Texas. He attended the University of Texas, where he studied civil engineering, was a drummer in the Longhorn band and participated in a community service-oriented fraternity.

He joined Exxon in 1975 and has spent his entire career at the company.

For most of his adult life, he has also been closely involved with the Boy Scouts of America, even occasionally …read more

Source: It’s Official: Trump Picks Exxon CEO Rex Tillerson To Lead The State Department

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Italy’s biggest bank plans to raise nearly $14 billion and slash thousands of jobs to shore up its finances. …read more

Source: Italy’s biggest bank to slash 14,000 jobs

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By Tyler Durden

Submitted by via InternationalMan.com,

In 1871, a large portion of the city of Chicago burned to the ground. The Chicago Tribune attributed the fire to a cow owned by a Mrs. O’Leary. The Tribune stated that the cow kicked over a lantern as she was being milked, burning the barn and much of Chicago.

Whether the story is accurate is of little concern. (Somebody always has to be found to take the blame for catastrophe.) Whatever started the barn fire in Mrs. O’Leary’s neighbourhood, a seemingly minor event resulted in a major conflagration.

And so it is with economic events. Bankers are expected to maintain a fractional reserve of 3–10%, depending on the level and type of liabilities, but, not surprisingly, they often drop below the official level, especially in times of economic difficulties. Bank managers assume that they can always increase the reserve when good times return. The trouble is they’re at their most exposed at a time when a substantial reserve is most critical.

But why would bankers take such a risk? Aren’t they fearful that they’ll get caught out if a crisis occurs?

Not really. Their assumption is very often that their indiscretion exists in isolation. They assume that if they alone cheat the system a bit, they can always catch up later. For whatever reason, it rarely occurs to them that, in a struggling economy, each of their associates in the industry is also cheating the system. Since each one keeps his activities under wraps, it doesn’t become apparent that the whole system is a house of cards until a black swan jolts the system, which, due to its overall instability, self-destructs.

Similarly, in shaky economic times, there’s quite a bit of fiddling that’s done in the stock market. As the public begins to lose their confidence in the system, they offers their shares for sale. In order to cover up the loss of confidence, these shares may be bought up by central banks, governments, and/or the corporations themselves – buying back their own shares.

Of course, this is risky, as crashes are caused by loss of confidence. Papering over that loss of confidence by papering over the cause of the problem only means that when the crash comes, it will be worse than if it had been allowed to collapse earlier.

Pensions tend to be heavily invested in the markets, which tends to put them at risk as well. The foremost mutual fund in the US is invested in 507 companies – commodities, energy, financials, industrials, IT, etc. To be sure, these will not suffer equally in a crash, but all will be affected – some severely.

If an investor gets skittish about being tied so heavily to banks and the stock market, he might decide to buy some precious metals, as he’s hearing it bandied about that precious metals provide a hedge against stocks. But, knowing little about metals, he’s likely to be “prudent” and call his broker rather than visit the coin shop to buy some physical gold. Most likely, his …read more

Source: "The Odds Of A ‘Spark’ Setting Off A Global Economic Conflagration Are Very High"

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By Tyler Durden

Bubbly home prices in London’s most exclusive neighborhoods continue to deflate and have just recorded their largest December decline since the “great recession” in 2010. According to Bloomberg, asking prices in London dropped 4.3% in December with inner London down 6%. Meanwhile, the most exclusive neighborhoods, like Kensinton and Chelsea, have recorded even sharper declines at nearly 10% as home buyers have migrated to cheaper areas of the city.

“Alongside the seasonal slowdown, the readjustment of prices to match buyers’ greater reticence continues, especially in more expensive inner London,” said Rightmove Director Miles Shipside. “Buyers are being put off the really big-ticket purchases.”

In a sign of the disparity within the city, average prices in inner London are down 2.6 percent over the past year, whereas outer areas are up 2.7 percent. That left average prices across the capital little changed. The split partly reflects the luxury end of the market, where an April tax increase on property investors and worries about Brexit are sapping demand.

While overall home prices looked to be flat YoY…

….central London prices have come under significant pressure as home buyers are migrating to cheaper areas.

Of course, none of this should be terribly surprising to our readers as we recently analyzed home listings in Kensington and Chelsea, where we found something stunning: out of 130 pages of adverts, with 15 ads per page, nearly half of all properties, or 53 of the pages showed price reductions.

Page 1

… through Page 53

And it will only get much worse: there are 23 pages worth of property that has been on the market for more than a year.

The liquidation sales are coming.

…read more

Source: Central London Home Prices Tumble; Biggest December Decline In Six Years

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By Tyler Durden

Submitted by Valentin Katasonov via Strategic-Culture.org,

The financial crisis of 2007-2009 effectively terminated the process of globalization. In 2015 world trade suddenly dropped by more than 10% for the first time since 2009. Nothing like this has been seen since the Great Depression of the 1930s. But some politicians, public figures, scholars, and journalists continue to talk about globalization as an “objective? and “progressive? process, even though it has already ended.

The world has embarked on a new era. One important hallmark of this era is the strengthening of protectionism in international trade and investment, the splintering of the global market into trade and economic zones, and even the move to regulating trade on a bilateral basis. According to the WTO, just in the period between October 2015 and May 2016 the G20 countries adopted 145 laws aimed at strengthening trade barriers, and over 1,500 such laws have been adopted since 2008. In total, according to estimates by the renowned British economist Simon Evenett, there are close to 4,000 protectionist laws and regulations on the books around the world. And the countries of the G20 – where over 90% of global trade originates – are responsible for 80 % of those trade barriers.

Donald Trump jumped nimbly onto this bandwagon with campaign slogans promising to revitalize America’s weakened position in world trade – mostly by relying on protectionist measures:

First – he would halt the negotiations to draft the Transatlantic Partnership Agreement between the US and the EU and refuse to ratify the already-signed Trans-Pacific Partnership Agreement.

Second, he would either find a way out of NAFTA or would completely revise the terms of that treaty with the other parties (Canada and particularly Mexico).

Third, he would use bilateral agreements to frame American trade and economic relations with the rest of the world, while simultaneously moving away from a policy of multilateral or even global regulation of world trade (to the extent that the US is ready to refuse to take part in the work of the WTO).

Fourth, he would completely revise the terms of America’s trade and economic relations with China: increasing the typical level of import duties on Chinese goods to an average of 45% and adopting protectionist measures in connection with what is known as Beijing’s currency war (the artificially weak yuan compared to the US dollar).

Obviously the dogged and headlong pursuit of such a consistently protectionist program could not only strain relations with many of Washington’s trading partners, but could even trigger a trade war. In June the US president-elect thus described American-Chinese economic relations, “We already have a trade war and we’re losing badly?. By the spring of 2017 we are likely to hear of his first practical steps to restructure or “adjust? Washington’s international trade policy.

Trump’s protectionist mantras are already being echoed around the world. America’s trading partners are considering retaliatory measures. These are primarily the countries with which the US has the largest trade deficits. In 2015 America’s biggest trade imbalances were with the following …read more

Source: Only One Step Away From A Global Trade War

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President-elect Donald Trump had said he would hold a news conference on Thursday to announce his plans to uncouple himself from his businesses. …read more

Source: Trump postpones news conference until January

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By Tyler Durden

Via DaisyLuther.com,

Enough with “the Russians” already. This “Russian Disinformation” and “Russian Hacking” stuff is getting more ridiculous by the day.

First, don’t let the irony escape you that most, if not all, of the pundits breathlessly blaming the Russians for “fake news” and “election interference” are the very ones who were saying that Hillary Clinton was a shoe-in for president. They’re the ones who were providing her campaign with questions in advance, and allowing her people to approve/disapprove of articles.

Secondly, many of the entities blamed for spreading “Russian propaganda” were the ones with the audacity to tell the truth about the Clinton crime family and spread knowledge of the information released by Wikileaks. Obviously, I’m not including those Macedonian college kids in this, but keep in mind that they weren’t doing it for the Russians – they were doing it to make money.

This isn’t about the Russians at all, which anyone with half a brain realizes is absolutely ridiculous.

Here’s what this really is.

This is a war on the Trump presidency. It’s an attempted coup.

Maybe it’s even another effort to outright steal the presidency from Trump. Maybe there’s someone with a lot of money to throw into this “OMG THE RUSSIANS” rhetoric who really hates Russia and who really wanted Hillary Clinton to be the President. Maybe his name rhymes with “Doros.” I don’t know this for sure, but it’s at least a more likely story than “The Russians” hacking our election and deliberately spreading propaganda.

And it’s working. Ten of the Electoral College delegates have asked to be briefed on the Russian “interference” before they cast their votes on the 19th.

But that isn’t all. This is a two-for-one deal.

It’s important to note that the MSM lost every single bit of their remaining credibility during the last election and they’re desperate to get it back. It reminds me of a high school kid who gets caught doing something she shouldn’t, who then makes up stories about another group of kids to get people talking about them instead of her. The MSM can’t accept the fact that Hillary Clinton lost, despite their dishonest but enthusiastic efforts to steal the election for her. They’ll collude with whoever they have to in order to become relevant again.

Do you really have any doubt that they’ll collude with whoever they have to in order to become relevant again?

About “The Russians”

The whole plotline about “the Russians” really took off when the Washington Post published an article listing a couple hundred websites as Russian “fake news” sites. (I know the owners of quite a few of these sites personally -as in, we’ve shared meals and wine together – and I can tell you, they’re as American as apple pie.” The Washington Post later backtracked on the accusations but did not retract the article.

And today, the New York Times was at it with an article entitled, “C.I.A. Judgment on Russia Built on Swell of Evidence.”

Except that when you consider that evidence …read more

Source: There’s A Psy-Op, All Right; But It Isn’t "The Russians"

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By Michael Snyder

Donald Trump could have the election legally stolen from him on either December 19th when the Electoral College casts their votes or on January 6th when a joint session of Congress gathers to count those votes.  The establishment is in full-blown panic mode at this point, and they seem to have settled on “Russian interference in the election” as the angle that they plan to use to try to deny Trump the presidency.  As you will see below, there is an all-out effort to try to persuade members of the Electoral College that are supposed to be committed to Donald Trump to cast their votes for someone else instead.  And if that doesn’t work, the groundwork is being laid for the Electoral College votes to potentially be invalidated when a joint session of Congress meets to count those votes on January 6th.  I will explain how that would work later on in this article, but first let’s take a look at 14 signs that indicate that there is a plot to use Russia as an excuse to steal the presidency from Donald Trump…

#1 A group of 10 presidential electors has sent a letter to National Intelligence Director James Clapper asking to be briefed on Russian efforts to interfere in the election in November.  This group is being led by Nancy Pelosi’s daughter Christine.

#2 The Clinton campaign is publicly supporting the effort to arrange for the members of the Electoral College to be given an “intelligence briefing” on Russian interference in the election before they cast their votes.

#3 White House spokesman Josh Earnest claims that Donald Trump “called on Russia to hack his opponent” and that Trump “benefited from malicious Russian cyberactivity”.

#4 Senate Majority Leader Mitch McConnell has announced that he supports an investigation into “Russian election interference”.

#5 On Sunday, U.S. Senators Chuck Schumer, Jack Reed, John McCain and Lindsey Graham announced that they very much desire to see an investigation into Russian interference in the election.

#6 U.S. Representative David Cicilline is urging electors to consider the “extent that foreign interference in the United States presidential elections may have influenced the final result” before they cast their votes.

#7 U.S. Representative Jim Himes is calling Donald Trump “a danger to the republic” and is publicly encouraging members of the Electoral College to vote for someone other than Donald Trump on December 19th.  I don’t recall any member of Congress ever suggesting members of the Electoral College do such a thing in any other election.

#8 Time Magazine is openly lobbying for members of the Electoral College to vote for someone other than Donald Trump on December 19th.

#9 The former acting director of the CIA has boldly proclaimed that Russian attempts to alter the outcome of the election in November were “the political equivalent of 9/11″.

#10 Former CIA agent Bob Baer recently went on CNN and publicly called for a new election if it can be shown that the first election was not …read more

Source: 14 Signs That There Is A Plot To Use Russia As An Excuse To Steal The Presidency From Trump On December 19th Or January 6th

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By Tyler Durden

It’s official: going forward all the biggest political announcements and developments will take place on Twitter. It’s also official that, as of moments ago, Mitt Romney announced that he is not being nominated for Secretary Of State, confirming that if Kellyanne Conway launches a social media campaign to belittle and crush you, that is what will end up happening.

It was an honor to have been considered for Secretary of State of our great country. https://t.co/FC9tB7rdoy

— Mitt Romney (@MittRomney) December 13, 2016

On his Facebook page, Romney added:

It was an honor to have been considered for Secretary of State of our great country. My discussions with President-elect Trump have been both enjoyable and enlightening. I have very high hopes that the new administration will lead the nation to greater strength, prosperity and peace.

Romney’s announcement came hours after Trump announced that he would make his announcement on the next Secretary of State tomorrow morning…

I will be making my announcement on the next Secretary of State tomorrow morning.

— Donald J. Trump (@realDonaldTrump) December 13, 2016

… which, as Fox News confirmed earlier today, will go to Exxon CEO, and Putin friend, Rex Tillerson.

…read more

Source: It’s Official: Mitt Romney Says He Is Not Being Nominated For Secretary Of State

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By Tyler Durden

“I don’t believe any of this is a coincidence at all,” explains TruthStream’s Melissa Dykes.

“This is a coordinated effort to take everything that the government does not want people sharing online and slap labels on it: ‘hate speech’, ‘cyber bullying’, ‘fake news’, and now ‘Russian propaganda’ – mix it all together in a giant ball and justify censoring it. You can see, when you take a step back, how coordinated this effort really is.”

Simply put, she warns “we are watching the long-game to total censorship play out…”

…read more

Source: "We Are Watching The Long Game To Total Censorship Play Out"

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