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By Tyler Durden

Those who had predicted that the third day of the RNC would unveil with yet another scandal, they were right.

Moments ago, Donald Trump’s former rival, Ted Cruz was roundly booed after failing to endorse Trump during an address to the Republican National Convention, an obvious jab from the Texas lawmaker at the real estate mogul, who tormented him as “Lyin’ Ted” during the primary.

Instead of urging the crowd to vote for Tump, Cruz instead told delegates and voters to “vote your conscience” in November and never specifically said that people should cast their ballots for the Republican nominee. During the course of his speech, Cruz only mentioned Trump once, to congratulate him on getting the nomination.

“To those listening, please, don’t stay home in November. If you love our country, and love your children as much as I know you do, stand, and speak, and vote your conscience, vote for candidates up and down the ticket who you trust to defend our freedom and to be faithful to the Constitution,” Cruz said. As he continued speaking, and the crowd began to realize that an endorsement seemed less likely, the cheers that marked the early part of the speech became boos.

“I appreciate the enthusiasm of the New York delegation,” Cruz said to the vocal Trump home-state supporters who were placed right in front of the stage. They were yelling “We want Trump! We want Trump!”

One reason why Cruz’ speech was among the most anticipated, is due to the level of vitriol that enveloped the closing days of the GOP primary campaign. Trump labeled Cruz “Lyin’ Ted,” falsely accused his father of being involved in the assassination of President Kennedy, and threatened to “spill the beans” on Cruz’s wife, Heidi. In turn, Cruz called Trump a “sniveling coward,” a “pathological liar” and a “narcissist at a level that I don’t think this country has ever seen.”

Cruz’s wife, Heidi, was seen leaving the arena when the booing started getting very loud. Former Virginia Attorney General Ken Cuccinelli told ABC News that he escorted Heidi Cruz out of the convention hall because “it was volatile and the Trump folks were physically approaching and confrontationally yelling,” he said via text.

According to CNN’s Manu Raju, as Heidi was being escorted out, one angry Trump supporter was shouting “Goldman Sachs” at her.

Angry Ken Cuccinelli escorting Heidi Cruz out as Trump supporters yell at her pic.twitter.com/G6USuhoSx2

— Graham Moomaw (@gmoomaw) July 21, 2016

HEIDI CRUZ escorted out by security as crowd gets angry at Cruz for his speech. One Trump supporter shouting “Goldman Sachs!” at her

— Manu Raju (@mkraju) July 21, 2016

After leaving the floor, Heidi Cruz also reportedly got into a verbal altercation with the head of the Washington delegation, who had berated Ted Cruz following his speech.

Or perhaps it was all intentional, and yet another dramatic sequence orchestrated to provide the next speaker, Trump’s son Eric, with a crowd that needed an outlet for …read more

Source: Ted Cruz Booed For Refusing To Endorse Trump; Heidi Cruz Escorted Out To Shouts Of "Goldman Sachs"

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By Tyler Durden

The last time we wrote about the long-running saga of the scandalous collapse and constant corruption at the Malaysian state wealth fund, 1MDB, which also happened to be an unconfirmed slush fund for president Najib, was a month ago when we learned that the NY bank regulator was looking into fundraising by the fund’s favorite bank, Goldman Sachs. Then overnight, the story which already seemed like it has every possible angle of crime and corruption covered for a series of Hollywood action-adventure blockbusters, got a new twist when the DOJ announced it would seek to seize some $1 billion in assets from individuals affiliated with the fun as part of one of the largest seizures in US history.

The expected asset seizures would be the U.S. government’s first action tied to the 1MDB investigation. Among the properties the US is looking to confiscate, are Van Gogh paintings, Beverly Hills properties, a private jet, ultra high end real estate in NYC and LA, and the rights to profits from the hit movie The Wolf of Wall Street.

The move by U.S. authorities to seize assets tied to an investment fund run by a foreign government would be a major escalation in Washington’s global efforts to fight corruption and block allegedly illegally obtained funds, facilitated by Goldman Sachs, from moving through the world’s financial system the WSJ adds.

The case represents the most detailed and sweeping allegations to be brought in the multinational probe into a global scheme to siphon more than $3.5bn from the Malaysian government fund. As the FT adds, it is also the first time Malay prime minister, Najib Razak, has been officially tied to the scandal, and while he has not been by name in court documents the description of “Malaysian Official 1” matches his biography and job responsibilities. In what may develop into a major diplomatic row, the DOJ states that that “official” received funds misappropriated from 1MDB, prosecutors say. Najib has repeatedly denied any wrongdoing.

The actions by U.S. authorities also threaten to upend the country’s relationship with Malaysia, a moderate Muslim nation that has long been an important U.S. ally in Southeast Asia, and may force Malaysia to enter China’s sphere of influence in exchange for protection from US retaliation. Malaysia has deep ties to the Middle East and has been seen as a bulwark against China, which has increasingly asserted its power across Asia. President Barack Obama cultivated a relationship with Mr. Najib, including playing golf together in Hawaii over the Christmas holidays in 2014, something we reported at the time.

Amid the controversy, the Malaysian leader now was likely to focus on his domestic political survival rather than retaliate against the Obama administration, said James Keith, US ambassador to Malaysia from 2007 to 2010. Malaysia is a key regional partner for the US, backing a proposed trans-Pacific trade deal and hosting a digital centre to counter Islamic State propaganda. “I don’t think this is unexpected from Najib’s perspective,” said Mr Keith. …read more

Source: US To Seize $1 Billion In Embezzled Malaysian Assets Which Goldman Sachs Helped Buy

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By Tyler Durden

Crude oil is the world’s most actively traded commodity (and today’s chaos evidenced that perfectly), and oil-related markets are a staple for traders, hedgers, investors around the globe. The below infographic, put together by Aspect, covers the history of crude oil trading, while also highlighting the major events that have shaped the landscape of the oil market as we know it today.

As VisualCapitalist’s Jeff Desjardins points out, the infographic serves as the perfect primer for all the questions about oil that you had, yet were afraid to ask. It also illustrates the impact that unexpected geopolitical events can have on the oil price – and how this volatility can be contagious to other global markets.

…read more

Source: Visualizing The Volatile History Of Crude Oil Markets

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By Tyler Durden

Seemingly doubling down on his comments in April (following what he called Europe’s “flawed asylum policy”), George Soros has expanded his demands from four to seven fundamental pillars on how to prevent the collapse of the European Union. In an article penned for Foreign Policy titled “This Is Europe’s Last Chance to Fix Its Refugee Policy,” Soros details his plan (over-riding the current “piecemeal approach”) for rescuing Europe before it is too late. Simply put, the billionaire says the EU must take in hundreds of thousands of refugees a year, spend at least 30 billion euros (a minor sum, since he believes it can all be financed by debt and taxes) or Europe faces an “existential threat.”

Soros begins ominously: The EU’s piecemeal solutions are coming apart. Only a surge of financial and political creativity can avoid a catastrophe.

The refugee crisis was already leading to the slow disintegration of the European Union. Then, on June 23, it contributed to an even greater calamity — Brexit. Both of these crises have reinforced xenophobic, nationalist movements across the continent. They will try to win a series of key votes in the coming year — including national elections in France, the Netherlands, and Germany in 2017, a referendum in Hungary on EU refugee policy on Oct. 2, a rerun of the Austrian presidential election on the same day, and a constitutional referendum in Italy in October or November of this year.

Rather than uniting to resist this threat, EU member states have become increasingly unwilling to cooperate with one another. They pursue self-serving, discordant migration policies, often to the detriment of their neighbors. In these circumstances, a comprehensive and coherent European asylum policy is not possible in the short term, despite the efforts of the EU’s governing body, the European Commission. The trust needed for cooperation is lacking. It will have to be rebuilt through a long and laborious process.

This is unfortunate, because a comprehensive policy ought to remain the highest priority for European leaders; the union cannot survive without it. The refugee crisis is not a one-off event; it augurs a period of higher migration pressures for the foreseeable future, due to a variety of causes including demographic and economic imbalances between Europe and Africa, unending conflicts in the broader region, and climate change. Beggar-thy-neighbor migration policies, such as building border fences, will not only further fragment the union; they also seriously damage European economies and subvert global human rights standards.

What would a comprehensive approach look like? It would establish a guaranteed target of at least 300,000 refugees each year who would be securely resettled directly to Europe from the Middle East — a total that hopefully would be matched by countries elsewhere in the world. That target should be large enough to persuade genuine asylum-seekers not to risk their lives by crossing the Mediterranean Sea, especially if reaching Europe by irregular means would disqualify them from being considered genuine asylum-seekers.

This could serve as the basis for Europe …read more

Source: George Soros Doubles Down: Accept 300k Refugees Costing $30Bn, Or Risk EU Collapse

    

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