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By Tyler Durden

Less than 3 months ago, on April 22, in an address to the British people that may have cost David Cameron his job and led to the ever more rancorous divorce between the UK and the EU, Barack Obama warned that the UK would be at the “back of the queue” in any trade deal with the US if the country chose to leave the EU, as he made an emotional plea to Britons to vote for staying in.

Two months later, a majority of Brits gave Obama the finger and Britain is no longer part of Europe.

But while that story in itself would be quite satisfying, it turns out that Obama lied. Again.

As it turns out, not only is the UK not at the back of the queue, it now finds itself at the very front. As reported by the FT, the Obama administration has begun preliminary discussions with senior UK officials about how they might pursue a trade agreement between the two countries following Britain’s exit from the EU, Washington’s top trade official said.

The discussions were revealed on Thursday by Mike Froman, the US trade representative, and coincide with a growing push by Republican Brexit supporters in Congress for President Barack Obama to launch talks on a commercial pact quickly.

So much for yet another typically hollow, worthless threat by the well-spoken, teleprompted golfer in chief. Even the FT is amused by the idiotic diplomacy of the president, which highlights “how quickly the president and his administration have backed away from his warnings before last month’s referendum that Britain would be at the “back of the queue” for any trade deals with the US if it voted to leave the EU.”

So what does Britain’s “most favored nation in the queue” status get it? As the FT explains, “Froman said he had discussed Britain’s plans and a possible bilateral trade pact with a number of senior British officials since the referendum. In the past week alone he spoke with Sajid Javid and Mark Price, the UK’s outgoing business and trade secretaries. He had not yet spoken with Liam Fox, the incoming minister for international trade in the new government of Theresa May, who took over as the UK’s prime minister on Wednesday.

But Mr Froman warned that there was still significant uncertainty surrounding what sort of agreement the US and UK would or could negotiate, primarily because a lot depended on the exit deal and trading relationship with the EU that Mrs May’s government ended up negotiating. “What precisely they negotiate with their other trading partners will depend in part on what model they develop in their relationship with the EU,” Mr Froman told a breakfast discussion organised by the Christian Science Monitor.

“Will they have sovereignty over tariffs? Will they have sovereignty over regulations? . . . Until you get more clarity around that it’s hard to determine precisely what kind of trade relationship they might be able to negotiate with …read more

Source: The UK Is Now "At The Front Of The Queue" As America Rushes To Pass A Trade Deal

    

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By Tyler Durden

China's 'Super Friday' data dump arrived and despite the 10% devaluation in the Renminbi basket over the past year, and an utterly incredible spike in borrowing (new loans spiked again in June!!), China economic data merely muddles through in its centrally-planned goal-seeked way. Earlier 'researchers' proclaimed Chinese GDP at around 6.5% but China GDP grew at 6.7% YoY (beating expectations of 6.6%). While Fixed Asset Investment disappointed (+9.0% vs +9.4% exp), Retail Sales (+10.6%) and Industrial Production (+6.2%) beat expectations.

The devaluation against the USD is starting to accelerate as the broad Renminbi basket has now dropped 10% in the last year (against all of China's major trading partners)…

The search for yield has once again led to Chinese Corporates, which have rallied back to almost record bubble low yields (despite the utter carnage in Chinese balance sheets as leverage rises). Bonds have replaced stocks for now as the bubble-du-jour in China…

Not easily seen in this chart but SHCOMP has actually rallied bak to April levels in recent weeks amid the world's flood of central bank largesse.

As Bloomberg notes, whenever China's GDP beat or met market consensus, the country's stock market fell. Here's how the Shanghai Composite did following the last four GDP releases:

• 1Q on April 15, 2016: +6.7%; SHCOMP -0.1%
• 4Q on Jan. 19, 2016: +6.8%; SHCOMP +3.2%
• 3Q on Oct. 19, 2015: +6.9%; SHCOMP -0.1%
• 2Q on July 15, 2015: +7%; SHCOMP -3%

But it has not helped the macro-economic data much…

• Industrial Production rose 6.2% (acclerating from 6.0% in May) BEATING expectations of a 5.9% rise (5.3 to 6.2% range)
• Retails Sales printed +10.6% (faster than May's 10.0%) BEATING expectations of a 9.9% gain (with 40 economists estimating between 9.2 and 10.2% gains)
• Fixed Assets Investment rose 9.0% YoY (slowing from 9.6% in May) MISSING expectations of 9.4% (between 8.8 and 9.8%) – lowest since 2000.
• GDP printed +6.7% (flat from May) BEATING expectations of 6.6% YoY rise (6.3 to 6.8% range among 46 economists) – equal lowest since 2009.

And all of this was achieved with another massive surge in credit…

So The Fed loses another excuse – US Jobs – Fixed! BREXIT – handled! China Growth Fears – No Worries!

…read more

Source: Fed Loses Another Excuse As China "Super Friday" Data Dump Beats Expectations

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By Michael Snyder

Is the United States the most wasteful nation on the entire planet?  We are all certainly guilty of wasting food.  Whether it is that little bit that you don’t want to eat at the end of a meal, or that produce that you forgot about in the back of the refrigerator that went moldy, the truth is that we could all do better at making sure that good food does not get wasted.  It can be tempting to think that wasting food is not a big deal because we have so much of it, but an increasing number of people around the world are really hurting these days.  In fact, it has been estimated that there are more than a billion hungry people around the globe right now.  So as a society we need to figure out how to waste a whole lot less food and how to get it into the mouths of those that really need it.

According to the U.S. Department of Agriculture, close to a third of all food in the United States gets wasted after it gets to the store.  This is commonly referred to as “downstream” waste.  When you add all of this “downstream” waste up, it comes to a grand total of 133 billion pounds of food each year…

Nearly a third of the 430 billion pounds of food produced for Americans to eat is wasted, a potential catastrophe for landfills and a wake-up call to officials scrambling to feed the hungry, according to a stunning new report from the Department of Agriculture.

The just-issued report revealed that in 2010, 31 percent, or 133 billion pounds, of food produced for Americans to eat was wasted, either molded or improperly cooked, suffered “natural shrinkage” due to moisture loss, or because people became disinterested in what they purchased.

How many people do you think we could feed with 133 billion pounds of food?

But that isn’t all of the food that we waste.  In addition to “downstream” waste, we also have to add “upstream” waste to the equation.  Massive amounts of food are wasted each year because American consumers don’t want to eat fruits and vegetables that are “imperfect”.  The following comes from the Guardian…

Americans throw away almost as much food as they eat because of a “cult of perfection”, deepening hunger and poverty, and inflicting a heavy toll on the environment.

Vast quantities of fresh produce grown in the US are left in the field to rot, fed to livestock or hauled directly from the field to landfill, because of unrealistic and unyielding cosmetic standards, according to official data and interviews with dozens of farmers, packers, truckers, researchers, campaigners and government officials.

And I know that as a consumer I am guilty of this.  Just yesterday, I was picking through the apricots at the grocery store looking for the prettiest ones that I could find.  Of course they were all good to eat, but most of us are in the habit of wanting produce that looks …read more

Source: America Wastes About HALF The Food That It Produces While Hunger Runs Rampant Around The Globe

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By Tyler Durden

“Year-over-year numbers have not been encouraging of late,” warns National Asscociation of Credit Managers' economists Chris Kuehl, noting that the “nice little run of steady improvement in NACM’s Credit Managers’ Index seems to have come to an end.”

as the index suggests the credit cycle is back at its weakest since 2009…

Source: NACM

As credit extended is tumbling… not at all what The Fed wants…

Source: NACM

As Bankruptcies soar…

Source: NACM

And breaking another narrative that the service economy will support the economy despite manufacturing's collapse…

“The dark clouds on the manufacturing horizon include a decline in the sales of new cars and the potential drop in export demand as the dollar gains a lot more strength against the pound and the euro. How this will all play out remains to be seen,”

…Kuehl concludes,

“The service sector is leading that decline after some months of good news. The summer has not yet been a positive experience, and global issues are depressing the average business and consumer even more.”

…read more

Source: "This Is Not Encouraging" – Credit Manager Index Crashes To 7 Year Lows

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By Tyler Durden

With all the world’s eyes now firmly fixed on the south of France and the horrific ‘terrorist attack’ on Nice, Donald Trump has decided to postpone the announcement of his vice-president (until the next news cycle).

As Politico reports, Donald Trump will postpone the announcement of his vice presidential pick, citing the “horrible attack” in Nice, France, in which a tractor-trailer drove through crowded streets, killing scores.

Trump was scheduled to announce and introduce his selection Friday morning in Manhattan, but he tweeted Thursday evening that he would postpone the event.

In light of the horrible attack in Nice, France, I have postponed tomorrow’s news conference concerning my Vice Presidential announcement.

— Donald J. Trump (@realDonaldTrump) July 14, 2016

Another horrific attack, this time in Nice, France. Many dead and injured. When will we learn? It is only getting worse.

— Donald J. Trump (@realDonaldTrump) July 14, 2016

Trump was expected to reveal his vice presidential choice, widely believed to be Indiana Gov. Mike Pence, at an 11 a.m. news conference.

But, as The Hill reports, campaign manager Paul Manafort downplayed those reports Thursday, tweeting that Trump was still making the decision.

“A decision will be made in the near future and the announcement will be tomorrow at 11 am in New York,” Manafort tweeted Thursday.

…read more

Source: Trump Postpones VP Announcement Due To "Horrific Attack" In France

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By Tyler Durden

Washington's “sinkhole of leeches,” where money 'corrupts' and House members are “puppets” to lobbyists who bankroll their campaigns is officially the region with the greatest wealth inequality in the world. According to OECD data via Goldman Sachs, the average household disapoable income in Washington D.C. is 165% of the national average, higher than any other region in the world…

Source: Goldman Sachs

Of course, none of this should come as a great surprise to Zero Hedge readers. To be sure, we had previously shown that when it comes to the rate of return on lobbying, the rates were simply staggering, and ranged anywhere between 5,900% for oil subsidies, to 22,000% for multinational tax breaks and even higher for America's legal drug dealers.

As Congressman X previously detailed, the only people who count are the big donors who pour billions of dollars into lobbying.

He says money “corrupts” and House members are “puppets” to lobbyists who bankroll their campaigns.

“Business organizations and unions fork over more than $3 billion a year to those who lobby the federal government. Does that tell you something? We’re operating a f–king casino,” he says.

As he concluded:

“America’s on an irreversible decline and no one in Washington seems to care . . . God help us.”

And judging from the chart above, where are all the pitchforks?

* * *

But don't worry: at least under Obama regime of daily choreographed distraction, gays and lesbians can legally marry, illegal immigrants will no longer be deported and women have never been more “equal” with men. Oh and the repeat invasion of Afghanistan is solely to punish a few head-cutting terrorists (who got their funding, training and weapons with the blessings of Qatar and the CIA).

And don't forget to bash that evil, evil regime in Russia where democracy is being trampled on a daily basis: the mainstream media which is also controlled by a handful of US billionaires, will have you know.

In fact, whatever you do just please ignore what is happening in the US right under everyone's noses.

And just in case what is happening is still unclear, here is the breakdown of the Top 25 contributors (full data set can be found as spreadsheet, html, or csv), or rather beneficiaries, of America's so-called “democracy.“

…read more

Source: Presenting Ground Zero Of Global Wealth Inequality

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By Tyler Durden

In what may be the latest European terrorist attack on French soil, moments ago newswires reported that people could be seen running in panic after a truck crashed into the crowd on Promenade des Anglais in Nice, France during Bastille Day celebrations. The deputy prefect of Nice says that “possibly around 30 people dead, 100 injured, hard to say precisely.” The driver of the truck was said to have been killed after a shoot out with the police.

“It’s total panic,” a witness told the channel by telephone. “We saw a white lorry which drove directly into people on the Promenade des Anglais. A gunman fired into the crowd before being shot by police. Perhaps they are dead, I’m not sure.“

Mayor of #Nice tweets “appears dozens may have been killed” after a truck drove into a crowd. @akhbar https://t.co/R3rxLQwih5

— Jenan Moussa (@jenanmoussa) July 14, 2016

Several dozen people injured in tragic incident in Nice France. pic.twitter.com/e4NeOlFd9j

— Christopher Williams (@cwilliams559) July 14, 2016

Another video from tonight.. #Nice #France #Shooting #Truck pic.twitter.com/sPxGrQoQKR

— Hali (@haileyhellblond) July 14, 2016

Horrible pictures coming in from #Nice #France reports suggest firefight btwn driver and sec forces after the attack pic.twitter.com/jaYb93wv2D

— Tonton du Bled (@NextDoorArab) July 14, 2016

Local authorities state it is an attack and several gunshots have been heard, French TV reports.

Police and ambulances went to the scene and authorities from the local Alpes-Maritimes prefecture urged residents to stay indoors.

An AFP reporter described seeing a white van driving at high speed onto the famed Promenade des Anglais as people were leaving after the annual Bastille Day celebration display.

“We saw people hit and bits of debris flying around,” he said.

The alleged truck behind the attack:

Le camion qui a foncé sur la foule pic.twitter.com/h4QuBabJMx

— Nice-Matin (@Nice_Matin) July 14, 2016

Le camion criblé de balles #AttaquesNice pic.twitter.com/dDXTulKieh

— Nice-Matin (@Nice_Matin) July 14, 2016

Les secours sont à pied d’oeuvre à Magnan #AttaquesNice pic.twitter.com/vDpJQoFvr6

— Nice-Matin (@Nice_Matin) July 14, 2016

According to the Telegraph, A truck has crashed into a crowd of revelers celebrating Bastille Day in the French city of Nice – prompting fears of terrorism. Horrific images depicting men and women lying on the side of a road close to the Promenade des Anglais appeared on social media.

Videos and photographs also showed thousands fleeing in panic following reports of loud explosions.

#attentat l horreur à Nice pic.twitter.com/uOCcHBBVc1

— MLCECO (@MLCeco) July 14, 2016

Fireworks were filling the night sky as the drama unfolded, as the crowds enjoyed July 14th, which is always a Bank Holiday in France. The country is still under a State of Emergency following last year’s attacks on Paris, when almost 150 people were murdered by Islamic State and Al-Qaeda operatives.

Both groups are well known for driving vehicles …read more

Source: At Least 30 Dead, 100 Injured After Truck Plows Into Crowd In Nice, France; Terrorism Feared

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By Tyler Durden

Last Friday, we were impressed by Goldman’s brazenness when the bank, whose alumni have populated virtually all prominent central banks, announced it had hired the former president of the EU Jose Manuel Barroso, as a non-executive chairman and advisor, in what was a clear move to lobby for even more clout within a Europe that is suddenly teetering on the edge of chaos, and where Goldman’s proximity will come in very lucrative when the Eurozone finally tips over.

Needless to say, Barroso’s decision to join Goldman was the peak of hyporcisy when one considers the following speech he had given just years earlier: “In the last three years, Member States – I should say taxpayers – have granted aid and provided guarantees of € 4.6 trillion to the financial sector. It is time for the financial sector to make a contribution back to society”

It appears that the Portuguese bureaucrat only had problem with the financial sector’s taxpayer bailout if it was not his multi-million sallary that was the use of proceeds.

However, while outside criticism of Barroso’s hypocrisy was is most certainly to be expected from outsiders, we were pleasantly surprised, and quite amused, when we saw that none other than French President Francois Hollande on Thursday became the most senior critic of former European Commission chief Jose Manuel Barroso’s decision to take a job at the investment bank Goldman Sachs.

Hollande noted that Barroso was running the European Union’s executive arm at the time of the U.S. subprime home-loans crisis, which has been blamed for the 2007-2008 global financial crisis.

He said Goldman Sachs was “one of the main institutions” involved in selling subprime debt, and also noted the U.S. bank’s role helping Greece establish credibility about its finances in the early 2000s. Understandably he did not bring up ECB head Mario Draghi who at the time was at Goldman himself, and was actively selling swap to Athens to help it mask its debt.

Earlier this week the French government called on Barroso to walk away from the job and the European Ombudsman called for the EU to tighten rules on commissioners taking appointments on leaving office.

“It’s not about Europe, it’s about morality,” said Hollande in his annual interview to mark Bastille day, France’s national day.

“Legally, it’s possible, but morally, it’s about the person, it’s morally unacceptable.”

For once we find outselves in total agreement with the French socialist.

Then again, we eagerly await Barroso’s reponse now that it has been revealed that Hollande himself has been quite generous with taxpayer funds himself, spending $11k per month in taxpayer funds on his own personal hairdresser as we reported yesterday. We assume that the retort of Goldman’s latest hire to yet another glaring instance of French presidential hypocrisy by the man whose own banks were bailed out in the crisis, and who singlehandedly defined “shampoo socialism” will be sufficient comic – and scathing – that it will need no help from us.

…read more

Source: French President Slams Goldman’s Hire Of Former EU Chief Barroso As "Morally Unacceptable"

    

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Posted July 14th, 2016 in Uncategorized.

Stocks Soar Most Since 2011 Fed Rescue As Bernanke’s Masterplan Is Unveiled

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By Tyler Durden

Stocks shrugged off Carney's disappointment and focused on what Bernanke, Mester, Kuroda, and Abe had to say…

The S&P 500 is as overbought as at any local high in the last year…

Notably the last two days have seen the same opening squeeze of shorts as before but unlike before, “Most Shorted” stocks have faded weaker for the rest of the day…

Small Caps underperformed…

And Small Caps are lagging post-Brexit while Trannies are soaring…

The last 12 days 8-plus percent surge in the S&P is the greatest since Oct 2011 – the last time Bernanke saved the world with FX Swap Lines…

This time he was at it again with a new masterplan…

Bernanke, who met Japanese leaders in Tokyo this week, had floated the idea of perpetual bonds during earlier discussions in Washington with one of Prime Minister Shinzo Abe’s key advisers. Abe advisor Etsuro Honda said that during an hour-long discussion with Bernanke in April the former Federal Reserve chief warned there was a risk Japan at any time could return to deflation. He noted that helicopter money could work as the strongest tool to overcome deflation, according to Honda. Bernanke noted it was an option. The implication, as we said last week when we previewed just this “big thing” is that Japan is indeed set to be the first testing ground of helicopter money in the modern financial system.

JPMorgan sparked some exuberance in financials… which finally snapped the sector green post-Brexit… this is the 7th straight Up-Day for financials – longest streak in 15 months…

But the decoupling is becoming farcical again…

VIX briefly flash-crashed this morning as Carney disappointed – dropping to 12.14 – the lowest since 8/5/15!! (VIX is down 11 of the last 13 days)

High yields bonds recovered all of the Icahn “Danger Ahead” losses (but not seem to have found resistance at this key level…

As HY Energy credit has decoupled notably from Oil prices…

But then again so have Energy stocks…

Treasury yields rose notably across the entire complex with the long-end underperforming…

With desk chatter of considerable 30Y selling which sparked the biggest 2s30s steepening since Dec 2nd 2015…

The USD Index limped lower today as GBP strength (Carney didn't cut) and JPY weakness (more buffoonery) offset each other…

Commodities had a quiet day with PMs slightly lower and copper and crude marginally higher..

<img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/11/20160714_EOD15_0.jpg" style="width: 600px; height: …read more

Source: Stocks Soar Most Since 2011 Fed Rescue As Bernanke’s Masterplan Is Unveiled

    

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Loretta Lynch Ducks 74 Questions From Congress: "Avoiding Appearances Of Impropriety Or Protecting Hillary?"

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By Tyler Durden

Submitted by Mac Slavo via SHTFPlan.com,

Did Attorney General Loretta Lynch lie about or obfuscate her role in clearing Hillary in the investigations concerning the handling of classified emails on her private server?

Is there a quid pro quo among the two women, in which Lynch could have been promised a role in the next Clinton Administration in exchange for her help in calling off potential criminal charges that might derail Hillary’s campaign.

Lynch claims there is no such relationship. But she also refused to answer at least 74 of Congress’ questions about her private meeting with former President Bill Clinton and her relationship with the Clintons and/or their staff.

Recall, that the announcement that Hillary was off the hook, as it were, came immediately after the Attorney General and former president met.

As The Daily Caller reported at the time:

Department of Justice officials filed a motion in federal court late Wednesday seeking a 27-month delay in producing correspondence between former Secretary of State Hillary Clinton’s four top aides and officials with the Clinton Foundation and Teneo Holdings, a closely allied public relations firm that Bill Clinton helped launch.

The Republican-led Congress, which has of course been very aggressive in spotlighting Hillary Clinton’s misdeeds, attempted to clarify the involvement of Attorney General Lynch.

Rep. David Trott (R-MI) claims that he had his staff count the number of times that Attorney General Loretta Lynch either ducked questions or didn’t give an appropriate response during her testimony before Congress.

“I knew you weren’t going to answer our questions today, and I apologize for wasting so much time here, because it’s really not been very productive. And I asked my staff to count the number of times today you would say ‘I can’t answer that question’ or refuse to give an appropriate response. It’s happened 74 times so far.”

“Really, it’s either one of two things: Either you’re trying to avoid the appearance of impropriety, in which case you should have recused yourself, or you’re trying to protect Hillary Clinton”

As example to this, Loretta Lynch refused an entire line of questions from Rep. Jason Chaffetz about whether or not it was hypothetically legal or illegal to retain classified information.

Despite the straightforward nature of this questioning, Attorney General Lynch refused to even acknowledge whether or not it is illegal to lie under oath.

Wow. This is stonewalling of epic proportions.

Loretta Lynch Refuses to Say Whether It’s Illegal to Lie Under Oath

Of course, we know that no one in Washington would intentionally engage in corruption, and that relationships in government are nothing more than interactions between representatives of the people… yeah, right.

…read more

Source: Loretta Lynch Ducks 74 Questions From Congress: "Avoiding Appearances Of Impropriety Or Protecting Hillary?"

    

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Posted July 14th, 2016 in Uncategorized.