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By Tyler Durden

By now we are accustomed to hearing about US spy planes flying recon missions that are either infringing or extremely close to infringing on the borders of other countries – especially Russian borders.

A US defense attache has been summoned by Russia's Defense Ministry to explain why a US spy plane was not only flying close to Russia's border on Sunday, but dangerously close to civilian aircraft as well. The US crew had not provided any information regarding its flight to air traffic controllers in the region, despite flying at the same altitude as scheduled civil aviation flights, and at least two passenger jets belonging to major European airlines were endangered by the then unknown aircraft according to Interfax. Planes headed to Switzerland from Japan even even reported visual contact with the US plane.

It's also important to note that the spy plane had its transponders turned off, something that Russia explicitly said not to do if the US is going to be sniffing around Russia's borders.

As RT reports

“As the result of the unprofessional actions of the American plane crew, the hazard of a collision with civil aviation planes was created,” Russia's Defense Ministry said, adding that it asked the US official to take measures to prevent such incidents from happening near Russia's borders in the future.

At least two passenger jets belonging to major European airlines were endangered by the then-unknown aircraft over the neutral waters of the Sea of Japan on Sunday, Interfax reported.

The “unknown aircraft” was flying at the altitude of some 11,000 meters (36,000 feet) and did not respond to air traffic control, the agency said citing its source. Russian air controllers had to immediately change the flight path of a KLM Boeing-777, which was in the same region en route from Japan to Holland.

Pilots from another airplane, operated by Swiss airlines, heading to Switzerland from Japan, even reported “visual contact with a large four-engine aircraft, which was in direct proximity to their plane” and sent no recognition signals, the source said. The flying altitude for the Swiss jet also had to be changed by the air traffic control.

* * *

Clearly the US needs to stop with these missions before someone gets hurt and an international incident is triggered, however knowing that will never happen, might we suggest that the US at least get to the point where its spying isn't detected every single time.

…read more

Source: US Spy Plane Disrupts Civilian Flights While Spying On Russia

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By Tyler Durden

Submitted by Claudio Gras via Acting-Man.com,

Will the Swiss Guarantee CHF 75,000 for Every Family?

In early June the Swiss will be called upon to make a historic decision. Switzerland is the first country worldwide to put the idea of an Unconditional Basic Income (of $2,500 per month for every man, woman, and child for doing absolutely nothing) to a vote and the outcome of this referendum will set a strong precedent and establish a landmark in the evolution of this debate.

The Swiss Basic Income Initiative in a demonstration in front of parliament. As we have previously reported (see “Swiss Parliament Shoots Down Socialist Utopia” for details), Switzerland’s parliament has already rejected the idea, with even the socialists voting against it (proving that they are still in possession of most of their marbles and quite likely in possession of an abacus as well).

The Swiss public will have to approve or reject a change in the constitution that would allow for the introduction of an Unconditional Basic Income (UBI), or a preset, monthly minimum income to be paid out by the government to every adult and child in the country if their income falls below a specific threshold. Even though details of this proposal have been few and far between, the most commonly cited amount of this guaranteed income would be 2,500 Swiss Francs for adults and 625 francs for children. The architects of the proposal stress that this government-guaranteed payment, unlike the current benefit programs, will be entirely “no questions asked”, i.e., it will not be means-tested and will apply to every person legally living in Switzerland.

Currently, these are all the details that the Swiss have at their disposal to make their decision. No plan has so far been put forward to specify how such a proposal would be financed, whether an increase in income tax or VAT will have to be enforced, which specific existing welfare programs it would replace or how the glaringly obvious exploitation possibilities of such a plan would be avoided, without any kind of means test – or without “asking any questions”, according to one of the campaign’s catchphrases.

The main argument of the supporters of this initiative is that it would support the people that will, or already do, lose their jobs to automation and technological progress; a defensive move against “the rise of the robots” as they put it. They also claim that such a measure will give people the opportunity to grow, to learn and to pursue skills or professional goals that are now rendered prohibitive by their current meaningless and mundane jobs, that they are forced into in order to simply pay their bills. “What would you do if your income were taken care of?” asked the pro-UBI campaign in Geneva, with a poster that officially made it into the Guinness Book of Records as the world’s largest.

Meet the world’s largest poster ever. As to the answer to …read more

Source: Switzerland Prepares To Vote On "Free Lunch" For Everyone

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By Tyler Durden

Last month we discussed the fact that officials had approved the latest Five Year Plan for China's economy. The ultimate goal of the plan is to overtake Germany, Japan, and the United States in terms of manufacturing sophistication by 2049, the 100th anniversary of the founding of the People's Republic of China.

To make that happen, the government needs Chinese manufacturers to adopt robots by the millions. It also wants Chinese companies to start producing more of these robots, , and to enable that there is an initiative making billions of yuan available for manufacturers to upgrade to technologies including advanced machinery and robots.

The manufacturing hub for the electronics industry, Kunshan, in Jiangsu province is proving that that initiative is well underway. As the South China Morning Post reports, thirty five companies, including Apple's key supplier Foxconn, spent a total of 4 billion yuan on artificial intelligence last year, and more companies are going to follow suit.

Spurred by the initiative and a desire to cut down on labor costs, Foxconn has reduced its workforce by a whopping 60,000 people thanks to the introduction of robots. Foxconn's headcount went from 110,000 down to 50,000 (adding to the mass layoffs that we have warned will cause further social unrest in China).

We're not sure how all of this will play out in the grand scheme of the Five Year Plan that was put together, but what is clear is that China is wasting no time in executing the early stages of the plan.

That is just the beginning.

The transition from human to robot workers may upend Chinese society. Some displaced factory workers could find employment in the service sector, but not all of the 100 million now employed in factories will find such jobs a good match. So a sudden shift toward robots and automation could cause economic hardship and social unrest. “You can make the argument that robotic technology is the way to save manufacturing in China,” says Yasheng Huang, a professor at MIT’s Sloan School of Management. “But China also has a huge labor force. What are you going to do with them?”

For now, that question remains unanswered, but that won't stop from unleashing the biggest robotic revolution seen in recent years.

In an effort to minimize the social unrest that is already taking place, the country has said that as much as $23 billion will be set aside to cover the layoffs in the coal and steel sectors as it tries to cut down on overcapacity – we're eager to find out how much will be set aside for workers that are being displaced by these robots.

…read more

Source: China Is Executing To Plan: Foxconn Replaces 60,000 Workers With Robots

    

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Posted May 25th, 2016 in Uncategorized.

The Global Monetary System Has Devalued 47% Over The Last 10 Years

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By Tyler Durden

Authored by Paul Brodsky via Macro-Allocation.com,

We have argued the inevitability of Fed-administered hyperinflation, prompted by a global slowdown and its negative impact on the ability to service and repay systemic debt. One of the most politically expedient avenues policy makers could take would be to inflate the debt away in real terms through coordinated currency devaluations against gold, the only monetize-able asset on most central bank balance sheets. To do so they would create new base money with which to purchase gold at pre-arranged fixed exchange prices, which would raise the general price levels in their currencies and across the world to levels that diminish the relative burden of debt repayment (while not sacrificing debt covenants).

The odds of this occurring seem to have risen, judging by the gold prices. Table 1 looks at gold performance over one, five and ten years in terms of the fifteen currencies representing the fifteen largest economies (about 77% of global GDP). The bold figures at the bottom show gold’s performance weighted for GDP.

Gold is mostly quoted in US dollars, but it is also implicitly valued at each point in time in all currencies (as is everything that may be bought or sold across the world), simply by applying cross exchange rates to its USD price. Table 1 shows the experience of gold holders around the world has been quite different. A Russian would have had the currency he receives his wages in devalued to gold by almost 370% over the last ten years. Or, he could have generated a 370% gain by converting his ruble savings into gold. Anyone else in the world would also show a 370% gain by having owned gold and having been short the ruble.

Meanwhile, gold in dollar terms, as it is quoted for capital market participants given London and US exchange dominance over fungible gold trading, is up far less – about 94%. (This performance also represents gold performance for currencies pegged to the dollar, like the Saudi Arabian riyal.) Gold in Chinese yuan terms and Swiss franc terms are only about 57% higher over the last ten years.

The wide gap in gold’s performance is due to sharp differences in ongoing currency exchange rates. Gold is a currency hedge – the stable fulcrum around which fiat currencies fluctuate. Gold is not consumed and has no internal rate of return. Changing market quotes for gold – whether for spot gold, gold futures or gold bullion – merely represent currency exchange rates. The performance of gold in Table 1 is not the performance of gold at all, but rather the performance of the currencies in which it is quoted.

The last line of Table 1 shows gold price changes adjusted for the relative importance of currencies, as determined by GDP. It implies that the global monetary system has been devalued against gold by 46.88% over the last ten years (1/1.8824), which was in line with the MSCI ACWI World equity index over this time.) One who produced a good or service …read more

Source: The Global Monetary System Has Devalued 47% Over The Last 10 Years

    

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Posted May 25th, 2016 in Uncategorized.

Anti-Trump protest erupts

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…read more

Source: Anti-Trump protest erupts

    

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Posted May 25th, 2016 in Uncategorized.

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