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By Tyler Durden

Via The Daily Bell,

America’s Anger Is Out of Control, Jeffrey Kluger … After the September 11 attacks, TIME’s Lance Morrow wrote a powerful essay titled, “The Case for Rage and Retribution,” in which he argued:

“For once let’s have no fatuous rhetoric about ‘healing.’ A day cannot live in infamy without the nourishment of rage. Let’s have rage. What’s needed is a unified, unifying, Pearl Harbor sort of purple American fury—a ruthless indignation that doesn’t leak away in a week or two…”

– TIME

As we can see from the above statement, Jeff Kluger has in mind another convulsive episode like Pearl Harbor or 9/11 that will unify the “anger” that Americans feel.

Kluger seems to imply that this anger is stemming from current elections. His concern is that it is spilling over into other areas of life.

If every offensive, unjust or insulting incident turns into a jolt of high-fructose fury mainlined straight to the brain’s amygdala, what’s left when there’s a truly right and righteous reason to rise up in anger? And those important moments do occur.

Kluger seems to be saying that anger has become fashionable and applying anger liberally trivializes it.

Also, if Americans are angry about many things, that makes for a dysfunctional society rather than a unified one.

Kluger obviously wants a unified America. In order for rage to be unifying it needs to be a “purple American fury.”

This is actually a somewhat cynical assessment of how to manipulate anger in our view.

Why do we need another Pearl Harbor or 9/11 just so Americans can feel unified?

Why should “Americans” feel unified anyway? And, really, what is an “American?”

Because the “anger in America” meme is ubiquitous in the mainstream media at the moment, there are many other commentaries on it.

Here’s one from CNN by Michael Smerconish:

Are the voters really mad as hell? … voters, many of them in the GOP, have outsized weight in politics … The anger that threatens Washington based on partisanship is metastasizing. Now is the time to take back control of our political debate.

Remember, when Howard Beale asked Americans to shout outside that they were “mad as hell”, many followed. It’s time for the rest of us to close our windows.

CNN is asking us to “close our windows” and not listen to people who are “angry” about the state of America’s politics and economy.

TIME is hopeful that this anger can be channeled into some horrible, outsized event that will unify the current emotional anarchy.

Both of these editorials seem frightened by anger. But the description trivializes what is going on.

People aren’t just “angry.” Many are extraordinarily upset about certain events taking place in the USA. It’s not simply an inchoate emotion.

Millions upon millions are angry over the reduction in freedoms and the rise of the fedgov political class.

They are worried and anxious about police shootings, gun confiscation and a general trend toward increased authoritarianism all around them.

They don’t recognize America anymore. It feels like a fascist or socialist country.

Like Kluger’s …read more

Source: Is Another 9/11 Necessary To Re-Direct American Anger?

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By Tyler Durden

Submitted by Ryan McMaken via The Mises Institute,

Like all employees of the FBI, James Comey lives off the sweat of the American taxpayer. His large salary, upon retirement, will be converted into a very generous pension. Like most federal employees in a high ranking position like his, Comey continues to look forward to decades of living at a standard of living far above what is experienced by ordinary people in the private sector.

To maintain this life of comfort, all he had to do was agree to look the other way as a powerful politician clearly — by Comey's own admission — broke federal law.

Naturally, this same treatment would never be afforded to an ordinary taxpayer, who would likely be looking at years in federal prison for offenses similar to that which Hillary Clinton has apparently committed. Moreover, Comey even went out of his way to do his best to ensure no federal prosecutor would proceed with charges when he claimed that “no reasonable prosecutor” would proceed with charges. It wasn't enough for Comey to simply not recommend charges. He had to pre-emptively condemn any prosecutor who might proceed with charges.

Some have claimed that Comey was forced to cave to Obama administration pressure in order to protect his family. Of course, Comey could have resigned his position rather than take a position he regarded as unethical. Then the task of clearing Clinton would have fallen to Comey's successor. There are precedents for this. When ordered by Nixon to fire the special prosecutor in the Watergate scandal, Attorney General Elliot Richardson resigned rather than do what the president mandated. Comey could have done the same, but then he would have had to give up some of his comforts and privileges. To find work, he might have had to move to an unexciting place like Indianapolis or Albuquerque.

Nevertheless, Comey has accidentally done us a great service by publicly exhibiting the true nature of the FBI: it is a political organization that expands the reach and prerogatives of the federal government over citizens and taxpayers, while protecting the powerful.

Of all federal police forces, the FBI is the most romanticized, and every FBI agent is assumed to be the modern embodiment of a fictionalized version of Eliot Ness: incorruptible, professional, and efficient. Decades of pop culture has driven this home with TV series and movies such as The Untouchables, The FBI Story, and This Is Your FBI have long perpetuated the idea that when local police fail, the FBI will step in to be more effective and simply better than every other law enforcement agency. Corruption cannot touch the FBI, we are told, and they apply the law equally to everyone.

A History of Abuse

This was always obviously untrue to anyone not suffering from crippling naïvete, but Comey has helped make the political nature of the Bureau plain for all to see.

The reality and the romance, of course, have always been two totally different things, and it's helpful …read more

Source: How To Fix The FBI’s History Of Political Abuse – Abolish It!

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By Tyler Durden

It’s been almost 10 years in the making, but the fate of one of Europe’s most important financial institutions appears to be sealed.

After a hard-hitting sequence of scandals, poor decisions, and unfortunate events,Visual Capitalist's Jeff Desjardins notes that Frankfurt-based Deutsche Bank shares are now down -48% on the year to $12.60, which is a record-setting low.

Even more stunning is the long-term view of the German institution’s downward spiral.

With a modest $15.8 billion in market capitalization, shares of the 147-year-old company now trade for a paltry 8% of its peak price in May 2007.

THE BEGINNING OF THE END

If the deaths of Lehman Brothers and Bear Stearns were quick and painless, the coming demise of Deutsche Bank has been long, drawn out, and painful.

In recent times, Deutsche Bank’s investment banking division has been among the largest in the world, comparable in size to Goldman Sachs, JP Morgan, Bank of America, and Citigroup. However, unlike those other names, Deutsche Bank has been walking wounded since the Financial Crisis, and the German bank has never been able to fully recover.

It’s ironic, because in 2009, the company’s CEO Josef Ackermann boldly proclaimed that Deutsche Bank had plenty of capital, and that it was weathering the crisis better than its competitors.

It turned out, however, that the bank was actually hiding $12 billion in losses to avoid a government bailout. Meanwhile, much of the money the bank did make during this turbulent time in the markets stemmed from the manipulation of Libor rates. Those “wins” were short-lived, since the eventual fine to end the Libor probe would be a record-setting $2.5 billion.

The bank finally had to admit that it actually needed more capital.

In 2013, it raised €3 billion with a rights issue, claiming that no additional funds would be needed. Then in 2014 the bank head-scratchingly proceeded to raise €1.5 billion, and after that, another €8 billion.

A SERIES OF UNFORTUNATE EVENTS

In recent years, Deutsche Bank has desperately been trying to reinvent itself.

Having gone through multiple CEOs since the Financial Crisis, the latest attempt at reinvention involves a massive overhaul of operations and staff announced by co-CEO John Cryan in October 2015. The bank is now in the process of cutting 9,000 employees and ceasing operations in 10 countries. This is where our timeline of Deutsche Bank’s most recent woes begins – and the last six months, in particular, have been fast and furious.

Deutsche Bank started the year by announcing a record-setting loss in 2015 of €6.8 billion.

Cryan went on an immediate PR binge, proclaiming that the bank was “rock solid”. German Finance Minister Wolfgang Schäuble even went out of his way to say he had “no concerns” about Deutsche Bank.

Translation: things are in full-on crisis mode.

In the following weeks, here’s what happened:

• May 16, 2016: Berenberg Bank warns that DB’s woes may be “insurmountable”, noting that DB is more than 40x levered.
• June 2, 2016: Two ex-DB employees are charged in ongoing U.S. Libor probe for rigging …read more

  Source: Charting The Epic Collapse Of The World’s Most Systemically Dangerous Bank

      

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By Tyler Durden

Some were wondering how Obama would spin the surge in violence between police and minorities into yet another push for gun control.

We didn’t have long to wait.

Speaking in a news conference in Poland, the US president made the claim that contrary to all evidence, “racial relations have improved during his presidency”, to wit:

Now, when it comes to crime, generally, I think it’s just important to keep in mind that our crime rate today is substantially lower than it was five years ago, 10 years ago, 20 years ago, 30 years ago. Over the last four or five years, during the course of my presidency, violent crime in the United States is the lowest it’s been since probably the 1960s, maybe before the early 1960s. There’s been an incredible drop in violent crime.

So that doesn’t lessen, I think, people’s understandable fears if they see a video clip of somebody getting killed. But it is important to keep in perspective that in places like New York, or Los Angeles, or Dallas, you’ve seen huge drops in the murder rates. And that’s a testimony to smarter policing, and there are a range of other factors that have contributed to that.

Reading from a teleprompter, Obama said he’s tried to get all Americans to listen to each other on matters of race, and added that he believes his voice has “been true in speaking about these issues.” Oddly enough it would appear that all Americans have not listened. What he didn’t say is that under his divisive, race/class/ethnicity-baiting presidency, whether due to his social politics or his disastrous economic agenda which has let the Fed’s market boosting, monetary policy as the only game in town, and led to record wealth redistribution that has transferred trillions from the future to the richest 0.01% now (one look at a chart of the $19.3 trillion in US debt should be sufficient evidence) gun sales under Obama have been absolutely unprecedented, as even the NYT has shown:

As we reported two weeks ago, under Obama, background checks for guns reached 141.4 million through the end of May, amounting to sales of about 52,600 a day, according to the FBI… And 2016 is on pace to surpass last year’s record.

But ignore all that. Instead, Obama pledged on Saturday to seek ways to calm racial tensions and reduce divisions between police and minorities during his final months in office, but he warned that easy access to guns nationwide exacerbated the problem. “The proliferation of guns among the U.S. citizenry contributes to lethal encounters between minorities and police, heightening the danger law enforcement officers face in even routine interactions with the public,” Obama said.

Odd: no comments about “Obama’s city”, Chicago, where “only” 10 people being shot on any given weekend is considered a victory. The same Chicago which has ultra strict gun laws, that is.

Just like Hillary Clinton, Obama also blamed YouTube clips:

“with respect to, finally, the issue of police shootings, there’s no …read more

Source: Obama Blames "Easy Access To Guns" For Surge In Violence Between Police And Minorities

    

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