Archive for the ‘Uncategorized’ Category
Boris Johnson Wins Key Support To Become PM As Labour Leader Foils Leadership Coup
By Tyler Durden
While global financial markets, not to mention Europe’s political elite, rushes to preempt the global political fallout from Brexit, the UK itself is undergoing a chaotic and very much ad hoc politcal transformation, one which has seen no precedent in UK history, in the short day since David Cameron announced his resignation while the Chancellor George Osborne appears to have vaporized, just days after spending every waking moment prognosticating about doom and gloom should the Leave camp win.
In the middle of this transformation is none other than Boris Johnson, the leader of the successful “Leave” campaign, who however has cause to celebrate tonight because according to the Sunday Times, the former London mayor has won the backing of a key colleague to replace David Cameron as prime minister. Justice minister Michael Gove, who together with Johnson led the “Leave” campaign, called Johnson on Saturday to say he would back him for the leadership of the ruling Conservative Party, Reuters added.
The Sunday Times said interior minister Theresa May was expected to enter the leadership contest in the coming days and was likely to get support from allies of Cameron who see her as the best candidate to take on Johnson, a former London mayor.
May supported the “Remain” campaign but took a lower profile than Cameron and finance minister George Osborne, whose hopes of becoming the party’s next leader took a big blow with the outcome of the referendum.
One also wonders what, if any role, Nigel Farage will hold in the new cabinet: after all, if it weren;’t for the UKIP in last year’s elections, David Cameron would have never called the Referendum which has since cost him his job and the UK’s presence in the EU. For him to be omitted from any key position would be a massive oversight, and significant gamble, on the part of the Conservative Party.
But it wasn’t just the Conservative Party that was seeing dramatic changes in its leadership overnight. As Sky News also reported moments ago, Jeremy Corbyn sacked Hilary Benn from the shadow cabinet following reports of a coup to oust the Labour leader. It follows claims in The Observer newspaper that the shadow foreign secretary would ask Mr Corbyn to resign if there was significant support for a move against the leader.
Mr Benn had also reportedly asked fellow MPs to join him in resigning from the shadow cabinet if Mr Corbyn ignored the request. A Labour spokesman said: “Jeremy has sacked him on the grounds that he has lost confidence in him.” Sky’s chief political correspondent, Jon Craig, said: “A shadow cabinet mutiny is much more serious than a backbench revolt, so Mr Corbyn has acted swiftly.
“He has sacked Mr Benn, but that does not mean that the mutiny will not go ahead. Other shadow cabinet members may walk out now that Mr Benn has been sacked.”
On Saturday, the embattled Labour leader had warned he would not stand aside if a leadership contest was held. He …read more
Source: Boris Johnson Wins Key Support To Become PM As Labour Leader Foils Leadership Coup
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Is Brexit The First Of Many Dominoes? A Few Charts
By Tyler Durden
Submitted by Visual Capitalist
Is Brexit the First of Many Dominoes?
Markets have been turned upside down by a surprise Brexit result and the resignation of David Cameron. While there is looming uncertainty around how this will affect the United Kingdom and Europe from an economic perspective, it might be just the tip of the iceberg in terms of long-run consequences.
A Brexit opens the door for future events that would be previously unfathomable by popular opinion, and it gives vital ammunition to groups that are seeking their own referendums for independence.
Unwilling Passengers?
As the UK ship distances itself from European docks, there are two passengers that may have been more comfortable remaining on shore.
While England and Wales voted to “Leave” with 53.4% and 52.5% respectively, Scotland and Northern Ireland were both firmly in “Remain” territory. Scotland, which previously held its own independence referendum in 2014, voted overwhelmingly to have the UK remain in the EU with a 62% vote. Northern Ireland had a similar sentiment with 55.8% voting “Remain”.
Scotland’s First Minister, Nicola Sturgeon, said today that a second independence referendum for Scotland is “highly likely”. She feels Scotland was taken out of the EU against its own will, and that Scottish independence is worth revisiting.
Meanwhile, Northern Ireland has echoed these calls, instead potentially looking at voting on a united Ireland. Northern Ireland is the only country in the UK that shares a land border with a country in the EU.
Others Dominoes
The Brexit result has energized other populist movements across the European Union. Anti-immigration leaders such as Geert Wilders and Marine Le Pen have ratcheted up cries for their own independence votes:
Hurrah for the British! Now it is our turn. Time for a Dutch referendum! #ByeByeEUhttps://t.co/kXZ0aQtgmx
— Geert Wilders (@geertwilderspvv) June 24, 2016
Victoire de la liberté ! Comme je le demande depuis des années, il faut maintenant le même référendum en France et dans les pays de l'UE MLP
— Marine Le Pen (@MLP_officiel) June 24, 2016
However, it is not just people on the fringe that are interested in revisiting EU membership. Even before the Brexit result, a poll by Ipsos Mori showed that the majority of people in France in Italy want to at least have a referendum on leaving:
Meanwhile, over 40% of Swedes, Poles, and Belgians are in the same boat.
Now that Brexit is a thing, will these numbers trend higher? What will be the next domino to fall?
Source: Is Brexit The First Of Many Dominoes? A Few Charts
Facebook Introduces "Political Bias" Training For Employees
By Tyler Durden
After former news curators admitted that Facebook routinely suppressed conservative news on its news feed, a training manual was leaked that confirmed there was only one of ten “trusted” news sources by which trending news topics could come from with any type of conservative angle. In the wake of those bad public relations events, the company clumsily tried to save face. Facebook subsequently denied any wrongdoing but still introduced several changes in its policies – put another way, Facebook denied anti-conservative bias but changed policies that produce anti-conservative bias.
After all of the aforementioned events, one would assume that Facebook would lay low and let all of this fade with time, but one would be wrong. Sheryl Sandberg, Facebook’s chief operating officer recently announced that the company would be introducing a “political bias” training program in addition to the managing unconscious bias class the company offers employees.
“We have a managing bias class that all of our leaders and a lot of our employees have taken that I was part of helping to create. And we focused on racial bias, age bias, gender bias, national bias, and we’re going to add in a scenario now on political bias. So as we think about helping people understand different political points of view and being open to different points of view, we’re dealing with political bias as well going forward.” Sandberg said.
As the Daily Signal reports, Sandberg acknowledged that Facebook and other tech companies are perceived as being liberal: “That’s a pretty important accusation and it’s one we take seriously. It’s also one which frankly rang true to some people because there is a concern that Silicon Valley companies have a liberal bias. And so we took it very seriously and did a thorough investigation and we didn’t find a liberal bias.“
So Facebook has investigated itself, found absolutely no liberal bias, and then changed its policies and added a political bias training program to make sure there is no liberal bias – that sounds an awful lot like fixing something that isn’t broken, unless of course the company knows full well that it has a liberal bias and is trying to hide it, but that would be thinking way too outside the box.
79% of Facebook employee contributions in 2016 have supported Democrats, and those employees have donated more than $114,000 to Hillary Clinton, nearly $100,000 more than to the closest Republican Marco Rubio. Nope, no chance of political bias within Facebook based on those numbers, move along.
Sandberg dismissed the notion that Facebook wanted to be a media company to begin with: “We’re clear about the industry we’re in and the company we’re in: We’re a tech company, we’re not a media company. We’re not trying to hire journalists and we’re not trying to write news.”
Yes a tech company – except when news curators are hired to create the news feed in which 44% of the adults who use Facebook identify it as a primary news source. Other than …read more
Source: Facebook Introduces "Political Bias" Training For Employees
What Happened With LTCM Is Now Happening Across The Political And Economic World
By Tyler Durden
Submitted by Michael Krieger of Liberty BlitzKrieg
Brexit = Death of the Technocrats
My political opinions lean more and more to Anarchy (philosophically understood, meaning abolition of control not whiskered men with bombs) … the most improper job of any man, even saints (who at any rate were at least unwilling to take it on), is bossing other men. Not one in a million is fit for it, and least of all those who seek the opportunity.
– J. R. R. Tolkien
What transpired last night in the United Kingdom represented one of the most extraordinary expressions of democracy in my lifetime. When faced with an event of such monumental significance, it’s difficult to pick any particular direction for a post like this. I have so many thoughts running through my mind and so many angles I could potentially address, it’s simply impossible to do them all justice. As such, I’ve decided to focus on one very meaningful implication of Brexit: death of the technocrats.
To start, I want to dive into one of the more interesting controversies from the weeks leading up to the vote. What I’m referring to is the statement made by Vote Leave’s Michael Grove regarding “experts.”
From the Telegraph:
On Friday night, during an interview on Sky News about the EU, Faisal Islam challenged the Justice Secretary to name a single independent economic authority that thought Brexit was a good idea. Mr Gove’s response was defiant.
“I’m glad these organizations aren’t on my side,” he said. “I think people in this country have had enough of experts.”
Mr Islam spluttered incredulously. People in this country, he repeated, “have had enough of experts?”
Mr Gove stood his ground. Yes, he said, people in this country had had enough of experts “saying that they know what is best”. Mr Gove had “faith in the British people”. The so-called experts, clearly, did not.
For his words, Mr. Gove was attacked relentlessly. His language was described as dangerous, and he was scolded for its supposed anti-intellectualism. The “very smart people” issuing these condemnations did so in their typical self-satisfied, smug manner. Nonetheless, Michael Gove was absolutely correct in his assessment, and in this post I will detail precisely why.
First of all, what is an “expert?” From what I can gather this term is bestowed upon someone with an advanced degree who has successfully maneuvered him or herself into a position of prominence within government, a think tank, central banking or academia.
As someone who worked on Wall Street for a decade, I was constantly surrounded by people with advanced degrees from the most prestigious institutions. I also know that your degree means absolutely nothing the moment you walk in that door for the first day of work. You enter a place filled with people who have battling it out for years if not decades in their profession of choice, and the only thing that matters now is performance. If you don’t perform you’re gone, and nobody’s gonna care about …read more
Source: What Happened With LTCM Is Now Happening Across The Political And Economic World
Global Institutions May Be Susceptible To Hackers, SWIFT Remains Vulnerable
By Tyler Durden
The world of central banking relies on transferring vast amounts of information along controlled and secure messaging lines, around 2 million per day between roughly 7,000 institutions. The system of connections to and from central banks in Asia, Russia, China, Africa, and the Americas is known as SWIFT (The Society for Worldwide Interbank Financial Telecommunication). SWIFT provides a means for sending messages between the parties that have access to it. Each party is responsible for providing security measures before accessing the SWIFT network.
On March 7, 2016 Reuters reported the central bank for Bangladesh stated it discovered unauthorized withdrawals from its account at the Federal Reserve Bank of New York (FRBNY). The amount of the unauthorized transfer has been reported to be USD $951 million. The World Bank database shows Bangladesh holds just shy of USD $28 billion in foreign exchange reserves on its books, an amount that has tripled since 2011.
Around the middle of April reports appeared which stated that roughly USD $81 million remained uncovered. It still remains uncovered as of this writing. What also remains uncovered is the truth of what happened. We have yet to learn if someone hacked into the SWIFT system from outside the Bangladesh central bank headquarters or if the unauthorized transaction was executed as an “inside job”. Sources speaking with Zero Hedge control cyber security operations for international companies have said it would appear the complexity of the steps necessary to execute a transaction across the SWIFT system would require knowledge from someone who regularly interacts with the SWIFT system.
What's more, the SWIFT hack was not even the main objective of the group, they merely stumbled upon an entry point while monitoring the system for message flows. Security in the cyber world is fragile, as evidenced by the uniqueness of the SWIFT system and the fact that entry to the system was not the main purpose of the hackers.
Symantec said in a blog post that the SWIFT attack shared code and tools similar to those used to attack SONY's systems in 2014. When systems are compromised, entire rebuilds are necessary to ensure a vacuum-type environment going forward. As the US Dept. of Homeland Security Chief said at a Council on Foreign Relations Q&A, we're paraphrasing, “we assume every system is compromised and we focus primarily on the offensive”. What he likely means is that the best defense is a good offense, take out the other guys' system before he gets into yours. This view could be damaging to FireEye should this topic find itself on the mainstream stage.
FireEye bills its product as one that can be installed on an existing system and secure that system, meaning that beyond a doubt the FireEye product is able to clean and sanitize a system that was once open to be compromised, a defensive system. One may be well suited to ponder: at what point is a system too complex for FireEye's product to …read more
Source: Global Institutions May Be Susceptible To Hackers, SWIFT Remains Vulnerable
IMF Blames Bad Loans For Mozambique’s Soaring Debt-To-GDP Ratio
By Tyler Durden
Mozambique has a broad swath of problems within its governing councils. Back in December of 2005, Management Systems International based out of Washington issued a report titled CORRUPTION ASSESSMENT: MOZAMBIQUE which said point blank: “The scale and scope of corruption in Mozambique are cause for alarm”.
Mozambique’s head of state Joaquim Chissano left office in February 2005 after 15 years. His replacement, Armando Guebza, that same year opened Mozambique’s coastline to international companies seeking to search for resources. Between 2005 and 2006 three firms were able to capture rights to explore the coast, Anadarko, Italy’s Eni, and Petronas. Some 75 trillion cubic feet of natural gas was discovered and this set of a a blitz into Mozambique as international banks, corporations, and organizations flooded the area. This opened a breeding ground for corruption and unregulated financing, specifically the controversial Tuna Bond that was supposed to be used to support regional fishing and was instead used for military expenditures and to purchase some 40 boats that remain anchored to this day.
The Collapse Of Mozambique’s FX – Annotated With Key Events
On Friday Reuters said the IMF blamed “undisclosed loans” for Mozambique’s 86% Debt/GDP ratio.
“Mozambique’s economic growth will likely slow to 4.5 percent in 2016 from 6.6 percent the previous year due to rapidly rising inflation and growing government debt, the International Monetary Fund said on Friday. The leader of a Fund team that visited the southern African country, Michel Lazare, said the discovery of more than $1 billion of previously undisclosed government debt would increase pressure on the economy.”
On April 19 2015 the IMF suspended its disbursement of $155M payment as part of a larger $286M emergency loan that was established as a means of stabilizing the nation’s currency after it collapsed. What’s frustrating is that the IMF is blaming the 86% Debt-to-GDP as if they had not planned for it.
In the same November 2013 report the IMF expected 70% Debt/GDP under an aggressive scenario when planning for the government expenditures of Mozambique in lieu of the country’s LNG discovery:
For the IMF to say the undisclosed loan is the blame for the nation’s current Debt/GDP is somewhat laughable. On April 25 Public Finance International estimated the undisclosed loan amounts to an impact of 10% to Debt/GDP.
To wit: “The undisclosed loans, both of which went to state-owned companies, add the equivalent of around 10% of gross domestic product to the government’s known debt burden.”
Now that the UK is leaving the EU, there is global panic regarding stability and we’re beginning to see the early stages of the debt blame game play out. We await Chair Yellen’s Brexit excuse next for interrupting the Fed’s effort to create an economic recovery.
Stockman: "At Last The Tyranny Of The Global Financial Elite Has Been Slammed"
By Tyler Durden
Submitted by David Stockman of ContraCorner
Bravo Brexit!
At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible.
The central bankers and their compatriots at the EU, IMF, White House/Treasury, OECD, G-7 and the rest of the Bubble Finance apparatus have well and truly over-played their hand. They have created a tissue of financial lies; an affront to the very laws of markets, sound money and capitalist prosperity.
After all, what predicate of sober economics could possibly justify $10 trillion of sovereign debt trading at negative yields?
Or a stock market trading at 24X reported earnings in the face of a faltering global economy and a tepid domestic US business cycle expansion which at 84 months is already long in the tooth and showing signs of recession everywhere?
And that’s to say nothing of the endless ranks of insanely over-valued “story” stocks like Valeant was and the megalomaniacal visions of Elon Musk still are.
So there will be payback, clawback and traumatic deflation of the bubbles. Plenty of it, as far as the eye can see.
On the immediate matter of Brexit, the British people have rejected the arrogant rule of the EU superstate and the tyranny of its unelected courts, commissions and bureaucratic overlords.
As Donald Trump was quick to point out, they have taken back their country. He urges that Americans do the same, and he might just persuade them.
But whether Trumpism captures the White House or not, it is virtually certain that Brexit is a contagious political disease. In response to today’s history-shaking event, determined campaigns for Frexit, Spexit, NExit, Grexit, Italxit, Hungexit and more centrifugal political emissions will next follow.
Smaller government—–at least in geography—–is being given another chance. And that’s a very good thing because more localized democracy everywhere and always is inimical to the rule of centralized financial elites.
The combustible material for more referendums and defections from the EU is certainly available in surging populist parties of both the left and the right throughout the continent. In fact, the next hammer blow to the Brussels/German dictatorship will surely happen in Spain’s general election do-over on Sunday (the December elections resulted in paralysis and no government).
When the polls close, the repudiation of the corrupt, hypocritical lapdog government of Prime Minister Rajoy will surely be complete. And properly so; he was just another statist in conservative garb who reformed nothing, left the Spanish economy buried in debt and gave false witness to the notion that the Brussels bureaucrats are the saviors of Europe.
So the common people of Europe may be doubly blessed this week with the exit of both David Cameron and Mariano Rajoy. Good riddance to both.
At the same time, the anti-Brussels parties of both the left (Podemos) and the right (Ciudadanos) are certain to make further gains. But even then, Spanish politics will remain splintered …read more
Source: Stockman: "At Last The Tyranny Of The Global Financial Elite Has Been Slammed"
Three news outlets turned away from Trump golf course event
Reporters from three different news outlets were denied entry to a Donald Trump event at his golf course in Aberdeen, Scotland. …read more
Source: Three news outlets turned away from Trump golf course event
Calls For Texas Independence Surge After Brexit Vote
By Tyler Durden
As expected, it didn’t take long after the final Brexit results for demands for referenda to be put forth by the Netherlands, France, Italy and Scotland. While it’s easy for Americans to fall into the “it can never happen here” mentality, The Mises Institute put forth a thought experiment that dispelled the notion that even if some states in the US wanted to become independent they would be too small to go it alone.
As a reminder, here is how some of the US states look when comparing state GDP to the GDP of other countries around the world. It’s evident from this chart that the idea that some states would be too small to exist on their own isn’t valid.
Here is another way to look at things, labeling each state to the foreign country whose GDP it matches.
The article points out that some states would be among the largest economies in the world if they were to leave the US.
Moreover, few Americans appreciate how enormous some American states are, especially the largest four states: California, Texas, New York, and Florida.
In terms of both population and GDP, California is about equal to Canada — and with much better weather. Texas is equal in economy and population size to Australia. Pennsylvania’s economy is similar in size to Switzerland.
While secession of American states is often dismissed as absurd, there are few reasons to believe that a state like Texas – to name just one example – could not immediately transition from state to nation-state. With a large economy, port cities, oil, and easy access to European, Latin American, and even Asian economies by sea, economics arguments against such a separation fall flat. And of course, the success of smaller states like Norway, Denmark, and Switzerland illustrate that bigness is truly unnecessary. Naturally, many other states even beyond the biggest states — such as Pennsylvania, New Jersey, North Carolina and others — could do the same. These states would all be among the largest economies on earth were they to leave the US.
With that in mind, we note fact that calls for Texas to become independent have surged in the wake of the Brexit vote.
As Vocativ reports, the site analyzed the use of “Texit” since the beginning of 2016, and found that the phrase exploded when the Brexit results were announced, as more than 5,800 people on Twitter used the phrase, a five-fold increase from the day before. 1,745 people tweeted about Texit between 7am – 8am London time, the hour when the final results were announced.
According to Vocativ, the largest group advocating for secession is the Texas Nationalist Movement (TNM), which has been promoting its own version of Brexit called “Texit” over the past several weeks.
“The vast majority of the laws, rules and regulations that affect the people of Texas are created by the political class or unelected bureaucrats in Washington,” said Daniel Miller, president of …read more
Source: Calls For Texas Independence Surge After Brexit Vote
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