Archive for the ‘Uncategorized’ Category
Erdogan Arrests 6,000 In Historic "Systemic Purge", Incirlik Airbase Commander Detained
By Tyler Durden
Perhaps the most surprising consequence from Friday’s failed Turkish coup, was the Turkish government’s cutting electricity and suspending operations at the giant US airbase at Incirlik, which not only serves as the focal point of many US anti-ISIS missions, but also houses at least 50 B61 nuclear bombs. However, a piece of the puzzle was revealed today when a Turkish government official said the Turkish commander of the Incirlik air base has been detained. The official said Sunday that Gen. Bekir Ercan Van, 10 other soldiers and one police officer from the Incirlik base are arrested for their role in the botched Friday coup attempt.
The Turkish private DHA news agency showed footage of Van handcuffed and pushed into a van outside a courthouse.
DHA: #Adana‘da #?ncirlikÜssü komutan? Tu?general Bekir Ercan Van ile 10 asker ve bir emniyet müdürü tutukland?. pic.twitter.com/6rQzi8bwsC
— sendika.org (@sendika_org) July 17, 2016
Meanwhile, the counter-coup, this time with the implicit blessing of all western powers, is picking up speed.
Earlier today, according to AP reports, Turkish President Erdogan vowed to “systemically purge” all state institutions of supporters of an Islamist cleric his government blames for Friday’s failed coup attempt. Speaking at a funeral in Istanbul on Sunday, Erdogan vowed to “clean all state institutions of the virus” of Fethullah Gulen supporters.
he also promised a purge of the armed forces even before the coup attempt was over. “They will pay a heavy price for this,” he said. “This uprising is a gift from God to us because this will be a reason to cleanse our army.”
President Erdogan attends funeral for some of those who died in coup attempt in #Turkeyhttps://t.co/AAxFKFPetB https://t.co/6Qz3i7fh00
— BBC News (World) (@BBCWorld) July 17, 2016
He said Turkey, through the justice ministry and foreign ministry, would request the extradition of the cleric, who is based in the United States, and his backers.
At a rally late on Saturday, his supporters demanded that the coup leaders be executed. “Let’s hang them!” chanted the crowd in Ankara’s central Kizilay square. Erdogan told them that parliament may consider a proposal to bring back the death penalty, which has been abolished. Crowds chanted “Fethullah will come and pay,” ”Allah is Great” and “We want the death penalty.”
Ironically, Erdogan said that in democracies, “you cannot push the wish of the people to one side” but also said “we are not after revenge.”
The cleric, whose movement is labelled a terrorist group by Turkey, has denied any involvement in the coup effort. Yesterday, in an interview with the FT, Gulen accused Erdogan of staging the coup himself.
Whether or not that is true, the aftermath is clear: Erdogan has a green light to arrest virtually anyone he considers a remote threat, starting with the army and the judicial, and is doing just that.
The Turkish government has accelerated its crackdown on alleged plotters of the botched coup against Erdogan, issuing dozens of arrest warrants for judges …read more
Source: Erdogan Arrests 6,000 In Historic "Systemic Purge", Incirlik Airbase Commander Detained
Friday Night Lights – Another Brexit moment for FX
It seems that such events are always planned for the weekend. News of the attempted Turkish coup reached FX investors just hours before the close.
Turkey’s currency is an exotic currency, commonly traded against USD, EUR, and JPY. Near the close, a huge spike in USD/TRY:
Just as FX traders were worried about not having another Brexit moment for a few more years, only weeks later here’s another. But this time it happened just before Friday’s close at 5pm NYT so we’ll see how the market opens Sunday night.
EUR/USD sold off on the news as well, but only reached its channel lows.
The U.S. dollar gained as much as 5.5 percent against the Turkish lira after a group within Turkey’s military apparently attempted to overthrow the government on Friday.
The dollar was last up 4.72 percent against the lira.
It seems this FX event is a sign, that Europe is going to be full of “Brexit” moments in the coming years, and that FX is going to be the market defining this next epoch of investing.
For those who don’t understand Forex, the above chart represents the US Dollar against the Turkish Lira, that means when you see a spike UP, it means US Dollar going UP and Turkish Lira going DOWN.
So, here’s another boost to the good ol’ USD, who is now being accused of the coup itself.
FX traders patiently wait for markets to open, 24 hours from now.
To learn more about Forex, checkout Splitting Pennies – Understanding Forex the book.
Source: Friday Night Lights – Another Brexit moment for FX
Surging "Intercommunity Confrontations" In France Mean "Civil War Is Inevitable"
By Tyler Durden
Submitted by Yves Mamou via The Gatestone Institute,
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For French President François Hollande, the enemy is an abstraction: “terrorism” or “fanatics”.
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Instead, the French president reaffirms his determination to military actions abroad: “We are going to reinforce our actions in Syria and Iraq,” the president said after the Nice attack.
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So confronted with this failure of our elite who were elected to guide the country across nationals and internationals dangers, how astonishing is it if paramilitary groups are organizing themselves to retaliate?
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In France, the global elites made a choice. They decided that the “bad” voters in France were unreasonable people too stupid to see the beauties of a society open to people who often who do not want to assimilate, who want you to assimilate to them, and who threaten to kill you if you do not. The elite took the side against their own old and poor because those people did not want to vote for them any longer. They also made a choice not to fight Islamism because Muslims vote collectively for this global elite.
“We are on the verge of a civil war.” That quote did not come from a fanatic or a lunatic. No, it came from head of France's homeland security, the DGSI (Direction générale de la sécurité intérieure), Patrick Calvar. He has, in fact, spoken of the risk of a civil war many times. On July 12th, he warned a commission of members of parliament, in charge of a survey about the terrorist attacks of 2015, about it.
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French police shoot dead a Tunisian-born Islamist terrorist who murdered 84 people in Nice, France, July 14, 2016. (Image source: Sky News video screenshot) |
In May 2016, he delivered almost the same message to another commission of members of parliament, this time in charge of national defense. “Europe,” he said, “is in danger. Extremism is on the rise everywhere, and we are now turning our attention to some far-right movements who are preparing a confrontation”.
What kind of confrontation? “Intercommunity confrontations,” he said — polite for “a war against Muslims.” “One or two more terrorist attacks,” he added, “and we may well see a civil war.”
In February 2016, in front of a senate commission in charge of intelligence information, he said again: ” We are looking now at far-right extremists who are just waiting for more terrorist attacks to engage in violent confrontation”.
No one knows if the truck terrorist, who plowed into the July 14th Bastille Day crowd in Nice and killed more than 80 people, will be the trigger for a French civil war, but it might help to look at what creates the risk of one in France and other countries, such as Germany or Sweden.
The main reason is the failure of the state.
1. France is at War but the Enemy is Never Named.
France is the main target of repeated Islamist attacks; the more important Islamist terrorist bloodbaths took place at the magazine Charlie Hebdo and the …read more
Source: Surging "Intercommunity Confrontations" In France Mean "Civil War Is Inevitable"
C.I.A. – Controlling It All
By Tyler Durden
How the CIA Hoodwinked Hollywood… Since its inception, the agency has wooed filmmakers, producers, and actors in order to present a rosy portrait of its operations to the American public.
–Atlantic
This is a good article by the Atlantic, a neo-con publication that aspires to be a “thought publication.”
This article rehashes the history of the CIA in Hollywood and, in fact, is fairly comprehensive and touches on a number of compelling points.
More;
The CIA has a long history of “spooking the news,” dating back to its earliest days when the legendary spymaster Allen Dulles and his top staff drank and dined regularly with the press elite of New York and Washington, and the agency boasted hundreds of U.S. and foreign journalists as paid and unpaid assets.
In 1977, after this systematic media manipulation was publicly exposed by congressional investigations, the CIA created an Office of Public Affairs that was tasked with guiding press coverage of intelligence matters in a more transparent fashion.
The agency insists that it no longer maintains a stable of friendly American journalists, and that its efforts to influence the press are much more above board. But, in truth, the intelligence empire’s efforts to manufacture the truth and mold public opinion are more vast and varied than ever before. One of its foremost assets? Hollywood.
This is an honest appraisal so far as it goes. As is the article’s conclusion:
With few exceptions, Hollywood has long functioned as a propaganda factory, churning out jingoistic revenge-fantasy films in which American audiences are allowed to exorcise their post-9/11 demons by watching the satisfying slaughter of countless onscreen jihadis.
This never-ending parade of square-jawed secret agents and bearded, pumped-up commandos pitted against swarthy Muslim madmen straight out of central casting has been aided and abetted by a newly emboldened CIA all too happy to offer its “services” to Hollywood.
The article, thousands of words long, still managed to miss some important points, however.
It doesn’t provide us with much in the way of a frame of reference. The control that the CIA exercises over Hollywood is multiplied many times by the control the CIA exercises over the communications industry generally.
At the top of the CIA, executives are responsive to the City of London. Intelligences agencies were manufactured by banking families initially.
Only later on, were their functions laid off onto governments. Now the cash flow comes from tax dollars, but the agencies themselves are still controlled out of the City.
This goes for other countries as well, including Israel, which was created by the City, which still runs it.
It is probably not too much of an exaggeration to say that its spooks run both Facebook and Google – especially given that the CIA invested in both companies when they were just beginning.
Basically, the Atlantic article makes it sound as if the CIA’s control over Hollywood is evolutionary and even voluntary. This is to misstate the way the CIA works.
Surreptitious intel operations have doubtless been in charge of Hollywood since its inception. If anyone doubts …read more
Source: C.I.A. – Controlling It All
"Janet Yellen Sounds Like A Fumbling Idiot No Matter What She Does"
By Tyler Durden
Via FinancialRepressionAuthority.com,
FRA Co-Founder Gordon T.Long and Jeffrey Snider, Head of Global Investment Research at Alhambra Investment Partners discuss earnings, the Chinese Yuan, Japanese Yen and the falling credibility of central banks.
EARNINGS
“It is no doubt that earnings have been under-performing.”
What’s even more concerning is that not even is the top line falling off, but the cash flow is falling dramatically and this impacts credit along with everything else. With no earnings and no cash flow it puts us in a high risk environment. The only thing that has been holding up the market has been excessive corporate buybacks which has come out of cash flow, and to a lesser degree, borrowing. But to borrow is tough when you don’t have the cash flow to justify the credit ratings.
“How long can buybacks continue to support a market which is standing on a fundamentally flawed premise?”
We have had 4 to 5 quarters of falling revenue but the US market seems to ignore it. At some point reality has got to set in. But it is also important to note that trade problems are a systemic factor to the decline in earnings. China’s imports are down 17% year over year, but these imports are coming from basically the emerging markets and commodity markets. They have also borrowed upwards of 9 trillion USD in the last 7 years that has suddenly gotten very expensive for them, I think there is more pain to come.
CHINESE YUAN
“The health of the Yuan is tied into the global economy and the fact that the global economy is stumbling.”
Less growth in China combined with less growth around the world again increases financial risk which fuels more reluctance to funnel dollars into China; it has become a vicious cycle. The Chinese have no choice but to continue going in one direction, they are in a rock in a hard place. As the Chinese Yuan has been falling, the Yen has been rising in strength. This has become a huge issue for Japan to add to their already lost list of issues to deal with. A fracture is likely around the corner, China and Japan cannot go long without devaluing the Yen.
The markets are reassessing what central banks can actually do. And what markets found was that central banks aren’t actually as powerful as everyone believes them to be and Japan is a perfect example of that. No matter what the BOJ does that Yen continues to move on up. It fits into the paradigm of the economy, the financial risk, everyone reevaluating what central banks are capable of etc. The markets are reevaluating central banks because they see that a tight money environment despite efforts from central banks to fuel stimulation.
“Some major European bank stocks are indicative of an incoming banking crisis. We see already low interest rates around the world getting lower with each passing day; this is indicative of …read more
Source: "Janet Yellen Sounds Like A Fumbling Idiot No Matter What She Does"
How A Google April Fools’ Joke Unleashed The Zombie Apocalypse
By Tyler Durden
Remember the “Google Maps Pokemon Challenge”? Probably not. It was a one time event that took place on April Fools day in 2014.
This is how Google explained it.
Dozens of wild Pokémon have taken up residence on streets, amidst forests and atop mountains throughout Google Maps.
To catch ’em all, grab your Poké Ball and the newest version of Google Maps for iPhone or Android. Then tap the search bar, “press start,” and begin your quest.
And, follow Google Maps on Google+, Facebook or Twitter for hints and tips for the most dedicated trainers.
The ad in question:
Many laughed and quickly brushed it aside… but not Niantic Labs, a software development company founded in 2010 incidentally as one of Google’s own internal startups. Niantic – which all the way back in 2012 was developing location-based mobile games – was spun off as an independent entity in September 2015 and less than a year later released Pokemon Go together with Ninentdo (quickly resulting in Nintendo becoming the most-traded stock in Japanese history).
And while we are delighted that Niantic CEO John Hanke has been unquestionably successful with his adaptation of an “April Fools” joke in the form of Pokemon Go, we are a little concerned that he has also unleashed the Zombie Apocalypse.
Dont believe us? This is what USA Today wrote today, when the sighting of a rare Pokemon made hundreds of New Yorkers into Central Park-stomping zombies.
On the one hand, this might be video evidence of people officially going insane. But, on the other hand, it’s also a Vaporeon, which are super rare Pokemon.
First, some quick Pokemon background: Eevees are cute little fox-type Pokemon that, unlike other Pokemon, can evolve in eight different directions. They only evolve once, and after they do, they can’t evolve any more.
What that means is that if you want to catch all the Pokemon, you have to either catch eight different Eevees and evolve them all in different ways — which is really tough to do — or you have to catch the other, rare evolutions when they do appear.
And, well, one appeared in Central Park late on Saturday night. A Vaporeon. Here’s what that one looks like…
And here’s what it looks like when a bunch of Pokemon addicts actually see one.
It’s not just the Vaporeon. This is what happened when something called a Charizard appeared.
In retrospect, if ISIS had really wanted to destroy western civilization it should have skipped all the suicide bombers and “made in the San Fernando Valley” decapitation videos, and just hired a few good programmers…
Source: How A Google April Fools’ Joke Unleashed The Zombie Apocalypse
ISIS Takes Responsibility For Nice Attack, Warns "Crusader States" Not Safe
By Tyler Durden
Despite claims that the Nice truck attacker was a radicalized Islamist, close friends of Mohamed Lahouaiej Bouhlel say it “just doesn't add up” noting “he ate pork, he drank alcohol, he hit his wife,” the mainstream media narrative that he was an ISIS jihadi were 'confirmed' today. As WSJ reports, Islamic State on Saturday claimed responsibility for the deadly attack, saying the assault was a response to calls by the extremist group to target those nations allied against it, adding that so-called “Crusader states” weren’t safe from its fighters in a news bulletin broadcast over its Al Bayan radio station.
On Thursday night, Mohamed Lahouaiej Bouhlel maneuvered a 19-ton truck white truck into crowds celebrating Bastille Day, killing at least 84 people and injuring many more. Mainstream media instantly ascribed the atrocity as an act of terrorism… and now we get the first quasi-confirmation of that narrative, as AP reports,
The Islamic State on Saturday claimed the Tunisian man who barreled his truck into a crowd in the French resort city of Nice was a “soldier” of the group. It's the first claim of responsibility for an attack that claimed 84 lives at a July 14 fireworks display.
The claim — circulated on social media by a news outlet affiliated with the group — didn't name Mohamed Lahouaiej Bouhlel, the 31-year-old Tunisian who authorities say was behind the wheel as a truck crashed into a crowd of revelers at a fireworks display on Thursday. But the statement quoting a security member of the group said the man was following calls from IS to target nationals of countries fighting it.
The veracity of the group's claim couldn't immediately be determined, but what is known so far about Bouhlel thus far suggests a troubled, angry man with little interest in the group's ultra-puritanical brand of Islam.
It's also unclear whether or not he was acting alone. The Paris prosecutor's office said Saturday that five people are in custody following the attack.
The Amaq news agency, which is linked to the Islamic State, cited an “insider source” in declaring that Bouhlel “was a soldier of the Islamic State.”
“He executed the operation in response to calls to target citizens of coalition nations that fight the Islamic State,” the news agency wrote.
Separately, the Islamic State's al-Bayan radio station said Bouhlel used “a new tactic” to wreak havoc.
“The crusader countries know that no matter how much they enforce their security measures and procedures, it will not stop the mujahideen from striking,” the station said.
However, as The Washington Post reports, it remains unclear whether the militant group directed the attack, was taking responsibility for an assault it inspired or was simply seeking publicity from an event in which it had no direct hand.
“It seems” that the attacker, Mohamed Lahouaiej Bouhlel, 31, “radicalized his views very rapidly. These are the first elements that our investigation has come up with through interviews with his acquaintances,” Interior Minister Bernard Cazeneuve said Saturday, without offering details.Five people have been …read more
Source: ISIS Takes Responsibility For Nice Attack, Warns "Crusader States" Not Safe
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Trump could help — but not save — coal country
Donald Trump has promised to “save” coal country by pulling the plug on Obama executive actions. But don’t expect a Trump victory to be a cure-all for this long suffering industry. …read more
Source: Trump could help — but not save — coal country
Global Central Banks Are On A Collective Suicide Mission
By Tyler Durden
Submitted by M.N.Gordon via EconomicPrism.com,
One of the more preposterous deeds of modern central banking involves creating digital monetary credits from nothing and then using the faux money to purchase stocks. If you’re unfamiliar with this erudite form of monetary policy this may sound rather fantastical. But, in certain economies, this is now standard operating procedure.
For example, in Japan this explicit intervention into the stock market is being performed with the composed tedium of a dairy farmer milking his cows. The activity is more art than science. Similarly, if you stop – even for a day – pain swells in certain sensitive areas.
In late April, a Bloomberg study found that the Bank of Japan (BOJ), through its purchases of ETFs, had become a top 10 shareholder in about 90 percent of companies that comprise the Nikkei 225. At the time, based on “estimates gleaned from publicly available central bank records, regulatory filings by companies and ETF managers, and statistics from the Investment Trusts Association of Japan,” Bloomberg assumed the BOJ was buying about 3 trillion yen ($27.2 billion) of ETFs every year. The rate of buying has likely accelerated since then.
In fact, this week ZeroHedge reported, via Matt King of Citibank, that net global central bank asset purchases had surged to their highest since 2013. This seems to explain why, even with investors pulling money out of equity funds for 17 consecutive weeks, and at a pace that suggests a full flight to safety, stock markets are trading at all-time highs.
In short, central banks are pumping “liquidity” into stock markets faster than investors are pulling their money out. The main culprits, at the moment, are the BOJ and the European Central Bank (ECB). Similar efforts may soon come from a central banker near you.
Wealth Effect Redux
Other than attempting to, somehow, boost the economy by levitating the stock market, the objective of this explicit central banking intervention is unclear. The popular theory seems to be that the “wealth effect” of inflated asset prices stimulates demand in the economy. The premise, as we understand it, is supposed to play out along the following narrative…or a derivative thereof.
As stock portfolios bubble out investors feel better about their lot in life. Some of them even buy flat screen televisions. Others buy wearable fitness trackers and matching gym shorts. Before you know it, gross domestic product goes up – along with wages – and unemployment goes down. An economic boom ensues.
If you don’t buy it, there are even ridiculous abstractions – like liquidity trap graphs – that provide academic cover for central banks to pump “liquidity” into ETFs. According to these graphs, pumping into government debt no longer provides the stimulus they’re after. They reason that inflating stocks, and the theory of the wealth effect, may do the trick.
Naturally, we have some reservations. Namely, what are the side effects? What are the unintended …read more
Source: Global Central Banks Are On A Collective Suicide Mission
