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Viral Video Shows Nightmare TSA Line Stretching "For Miles"

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By Tyler Durden

After questioning whether a self-imposed process to make airline check-ins more rigorous, knowingly increasing wait times, was a Federally-funded scheme to force travelers to enroll in pre-check programs, thus manipulating people into cooperating with authoritarian strategies; it seemed rather appropriate that the following video, which went viral, shows what is simply a stunningly long TSA line wait at Midway Airport.

As WaPo reports, when Sean Hoffman arrived at Midway Airport last week for his flight home to Oregon, he said he was taken aback by the comically long line to get through security.

“I got to the end, (and) I was like, holy (expletive), people would probably like to see this,” Hoffman recalled in an interview.

And so he did…

And that wasn't the end of it… Today the carnage continues at Chicago's O'Hare, as CBS reports, with increasingly long lines to get through security at the city’s airports, many travelers have been missing their flights, and some ended up sleeping at O’Hare International Airport on Sunday.

American Airlines put out cots for fewer than 100 travelers who missed their flights Sunday night due to the long lines at TSA security checkpoints.

Adrian Petra said he missed his flight after standing in line for 2 hours and 20 minutes.

The TSA has been urging passengers to get to the airport at least two hours early for domestic flights, and three hours early for international flights. However, some passengers have said that is not enough time to get through security and still make their flight.

American Airlines said some 4,000 passengers have missed flights at O’Hare since February because of the long wait times.

American Airlines spokeswoman Leslie Scott sounded off on the security issues.

“We are frustrated. We know our passengers are frustrated, and our employees are really frustrated,” she said.

Scott said, on Sunday alone, American had to delay 30 flights, and about 450 passengers missed their flights due to the security lines.

Nearly 800 people missed American flights from O’Hare in the last week alone, the most of any airport where American operates.

The purpose seems clear, as we noted previously, Homeland Security wants to force more travelers to become “known” to the government via PreCheck programs.

Ultimately, it seems, Homeland Security hopes to be the arbitrator of who flies in the US and who does not. This is how fascism encroaches on public life, not all at once, but a little bit at a time.

How do we know? Our specialty is analyzing the “memes” of mainstream media, the propaganda regularly presented to create acceptance for globalist solutions.

Let’s analyze the steps taken in this case. The TSA has been embarked on a process to make airline check-ins more rigorous.

Here from Travel Weekly:

The confluence of events leading up to this point started last year when a TSA internal investigation revealed security failures at many of the nation’s busiest airports, where undercover investigators smuggled weapons through checkpoints in 95% of trials.

This caused the TSA to tighten screening methods and stop procedures that helped facilitate the …read more

Source: Viral Video Shows Nightmare TSA Line Stretching "For Miles"

    

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Oil bankruptcies mount despite crude rebound

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SandRidge Energy filed for a Chapter 11 bankruptcy on Monday, making the shale driller one of the biggest oil companies to go bust during the current downturn. …read more

Source: Oil bankruptcies mount despite crude rebound

    

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Mutiny Among The "Magic People" – India Central Banker Admits "The Ammo Is Almost Gone"

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By Tyler Durden

The self-described “magic people” who “give to the markets” are facing a mutiny this morning as Raghuram Rajan, the head of the Indian central bank, admits central banks and governments of rich countries are running out of ammunition for stimulating their economies… but they can never admit as much. Crushing the dreams of “extreme monetary policy”-setters, Rajan goes on to discuss the sanity of 'helicopter money' warning that people will not be 'stimulated' to spend but will question: “What kind of world are we in when the central bank prints money and throws it out of the window?”

Blasphemy!!

Mr. Rajan – an outspoke critic of low interest rates in rich countries that can drive hot-money flows to poorer parts of the world – criticised efforts to use fiscal and monetary policy and infrastructure programmes to boost growth rates in advanced economies. As The FT reports,

Although Mr Rajan said there were limits on stimulus, he said central banks “cannot claim to be out of ammunition because immediately that would create the wrong kind of expectations, so there’s always something up their sleeves”.

Mr Rajan said he was a supporter of stimulus policies to “balance things out” over short periods when households or companies were proving excessively cautious with their spending. But eight years after the financial crisis, we “have to ask ourselves is that the real problem?”.

“I have this image of stimulus as a bridge,” he said. “As the economy goes down, there is an expectation it will come up. Stimulus is a bridge which smoothes over the growth rate of the economy and prevents damaging expectations from building up.

If stimulus went on for a long time, if it did not work, he said, the adjustment would be sharp, indicating there was little room for further stimulus.

Mr Rajan warned governments not to rely too much on fiscal stimulus through cutting taxes or increasing public spending. “If your debt to GDP is over 100 per cent, [and you] do more fiscal stimulus, you’d better have a pretty high rate of return in mind, otherwise your younger and middle-aged generations are thinking ‘This thing is not going to return enough, but I’m going to have to pay for it’.”

Central bankers were also under “stress” to stimulate more when inflation was below target, Rajan continued to explains to The FT…

The most extreme forms of stimulus — such as “helicopter money”, where the central bank prints money so that governments can give a cheque to their citizens — were unlikely to work, Mr Rajan said.

The Bank of Japan and the European Central Bank are under pressure to consider such a move but Mr Rajan said there was a good chance households would see the move as a sign of panic rather than a sign to spend more.

“Is the advent of helicopter money going to result in everybody going out and spending as though there is no tomorrow when they get a cheque? Or are they going to ask, …read more

Source: Mutiny Among The "Magic People" – India Central Banker Admits "The Ammo Is Almost Gone"

    

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"Divisive, Stupid & Wrong" Trump Slams Cameron, "Doesn’t Care" About London’s Muslim Mayor

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By Tyler Durden

Donald Trump has taken criticism recently from both British Prime Minister David Cameron, and newly elected Mayor of London Sadiq Khan. Trump had an opportunity to respond to both on British television show Good Morning Britain.

In response to Cameron calling Trump's suggestions that Muslims should be barred from the US “divisive, stupid, and wrong”, Trump warned that maybe the two just wouldn't get along then.

“Well number one I'm not stupid ok, I can tell you that right now. Just the opposite. Number two in terms of divisive, I don't think I'm a divisive person, I'm a unifier. Unlike our president now I'm a unifier… It looks like we're not going to have a good relationship. Who knows, I hope to have a good relationship with him but it sounds like he's not willing to address the problem either.

And in response to newly elected Mayor of London Sadiq Khan, who called Trump's views of Islam “Ignorant”, and said that he hopes that Trump loses the election, a visibly irritated Trump said:

“When he won I wished him well, now I don't care about him. It doesn't make any difference to me about him. Let's see how he does.”

When asked if Khan offended Trump, The Donald quickly responded.

“Ya I am, because he doesn't know me, never met me, doesn't know what I'm all about. I think they're very rude statements, and frankly tell him I will remember those statements.

* * *

…read more

Source: "Divisive, Stupid & Wrong" Trump Slams Cameron, "Doesn’t Care" About London’s Muslim Mayor

    

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Gartman Is "Turning Bearish Of Equities", Claims He Is Outperforming Most Hedge Funds

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By Tyler Durden

When we noted Goldman turning bearish over the weekend, we said that this was merely a contrarian fluke without confirmation from the all important Dennis Gartman. We are delighted to report, in our recurring morning comedy foil, that moments ago we got it from the man who according to the price of oil should have been dead $3 ago.

This is what Gartman said in his latest note.

SHARE PRICES, SINCE FRIDAY’S MARK, HAVE MOVED NOWHERE as our International Index has lost one single point as five of the ten markets in our Index have fallen and as five have risen. Given that our Index finished last year at 9,556 and given that it is 9,238, for the year-to-date stocks in global terms are down 3.3%, while stocks here in the US as represented by the S&P are as close to unchanged as they can be for the S&P closed last year at 2,044 and it closed Friday at 2,046.

What is more important, however, than the year-to-date change is the change from our Index’ all-time high late last May at 11,185, for from that high stocks globally are down a very material 17.4%. Clearly this is bearish; clearly stocks in global terms are not bullishly inclined and clearly too here in the US, as evidenced by the chart of the NASDAQ included here this morning at the lower left of p.1, the very nature of the US market is turning for the worse as the upward sloping trend line that has defined the bullish run here in the States is about to be put very much to test.

Quietly, but steadily, in our own account… our retirement funds here at TGL and the only money we manage but money that is really rather important to us, obviously!… we are turning bearish of equities. Friday, because our position in aluminium has been turning against us, we cut that position yet again, for we always try our best “to do more of that which is working and less of that which is not.” We began cutting that position late two weeks ago and quietly but steadily cut it back last week and now have 1/3 of the position that we had on at its peak. It’s hurt us badly that we did not cut it more swiftly and more severely, but that is the nature of our trading activity; we are relatively slow to add to positions and we are equally, but relatively slow to cut them back, but do it we have.

For the record, as of Friday’s close we are +4.3% for the year-to-date, out-performing our International Index handily and still out-performing the S&P and thus most hedge funds; but clearly the past two weeks have not been our best. Today, however, given our positions in gold we should see the “spread” between our performance and that of the broad global and parochial US markets widen pleasantly in our favor.

Beware the squeeze.

Hilllary Reveals Role Bill Would Play In Her Administration

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By Tyler Durden

A recurring question during Hillary Clinton’s presidential campaign has been what, if any, role her husband the “First Gentleman”, Bill Clinton will hold. Yesterday, she finally have some hints toward answering this question. At a campaign stop in Fort Mitchell, Ky., Clinton said her husband would be “in charge of revitalizing the economy.”

Clinton gets specific on the job Bill would have in her WH: “My husband, who I’m going to put in charge of revitalizing the economy…”

— Abby D. Phillip (@abbydphillip) May 15, 2016

As The Hill adds, Clinton often boasts about her husbands economic record on the campaign trail, leaning heavily on his record of raising wages and creating jobs. “The economy does better when you have a Democrat in the White House,” Clinton said at the Oct. 13 debate.

Clinton said something similar at a campaign event in early May, saying she would bring him out of retirement to create jobs.

“He’s got more ideas a minute than anybody I know,” Clinton said. “Gotta put people back to work and make it happen. So we’re going to give it all we’ve got, absolute full-in 100 percent effort, because I worry we won’t recognize our country if we don’t do this.”

It was not immediately clear just how Bill would proceed to revitalize the economy: after all, he already repealed Glass-Steagall which according to many was one of the main catalysts for the financial crash, while deregulating derivatives to the point where the world was flooded in over $1 quadrillion in bets upon bets only leads to short term GDP boost. Perhaps Clinton’s most notable contribution will be to boost private jet travel even beyond recent disclosure involving his frequent flier status on Jeffrey Epstein’s personal Boeing 727.

…read more

Source: Hilllary Reveals Role Bill Would Play In Her Administration

    

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Traders Stumped By Sudden Flash Crash In Chinese H Shares

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By Tyler Durden

Just around 2:14am local time (2am EDT), Asian traders were surprised to observe in the Chinese market something which until recently had been a purely development market phenomenon: a flash crash. A sudden plunge by Chinese stocks in Hong Kong had traders scrambling to find a trigger for the slump that coincided with a surge in futures volumes Bloomberg writes.

The Hang Seng China Enterprises Index tracking some of the nation’s biggest companies tumbled from an advance of 1 percent to a loss of 1.5 percent in about two minutes, before rebounding to a gain. Stocks including Tsingtao Brewery Co. and PetroChina Co. fell sharply at 2:14 p.m. in Hong Kong before paring losses. The same shares in Shanghai didn’t replicate the move.

There was no immediate explanation for the move. “Everyone is trying to figure it out,” said Jackson Wong, associate director at Huarong International Securities Ltd. in Hong Kong. “We have been trading on low volume without any major news, so there may have been something that triggered some bigger funds to sell a certain position or using futures to hedge and that triggered the domino effect for that moment. But that’s only my speculation.”

As Bloomberg adds, more than 5,000 May futures on the H-shares gauge changed hands in a minute from 2:14 p.m. as the price of the contracts slumped 143 points. Before that, volume in each minute of trading on Monday had averaged about 200 contracts. Hong Kong’s exchange operator hasn’t received any reports of erroneous trades and is closely monitoring market activities, spokeswoman Lorraine Chan said in an e-mailed response to questions.

The volatility comes at a testing time for Hong Kong traders in the wake of China’s stock market meltdown. The measure of 40 Chinese companies entered a technical correction on Friday after falling more than 10 percent from its recent high as a bull-market rebound unraveled. Data over the weekend showed the nation’s industrial production, retail sales and investment in April all trailed estimates. The gauge is down 14% this year to be among the world’s worst performers and extending 2015’s 19 percent rout.

Ultimately, the Chinese offshore shares, or H-share, measure closed 0.1% higher at 8,312.61, compared with a 0.8% advance for the Shanghai Composite Index.

“The market is talking about the fat finger,” said Yen Chiu, a Hong Kong-based trader at China Securities International Financial Holdings Co. “We are trying to figure out more about it.”

Our advice: look at recently opened HFT trading offices in the region for the culprit. And now that flash crashes have finally arrived in China, a market that has been notoriously volatile even without the help of algos, expect even more exciting trading days (and nights for bleary-eyed US-based traders) in the weeks ahead.

What’s the future for drones? China may know

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for latest details. …read more

Source: What’s the future for drones? China may know

    

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Nintendo’s new idea for growth: Making movies

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Nintendo is looking at branching out beyond video games into the movie business. …read more

Source: Nintendo’s new idea for growth: Making movies

    

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Pure Troika Idiocy – The Greek Debt Slavery Regime Through 2059

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By Tyler Durden

Greece Debt Obligations1

Submitted by Michael Shedlock via MishTalk.com,

Irreconcilable Positions

Greece owes the Troika over €11 billion in bailout repayments through the end of July. Greece is unable make those payments unless the Troika releases the funds.

Position 1: “We need a big debt restructuring, no more kicking the can,” says Greece’s Minister of State.

Position 2: Germany offers a possibility of unspecified debt relief, at a future point in time, only if necessary. First, Greece must make another round of budget cuts on top of the pension cuts its just made.

Greece has caved in every time, and in the most humiliating ways. Greece even caved in on pension cuts last week.

Why should anyone believe Greek demands now?

Please consider Greek Bailout Deal Must Have Concrete Debt Relief, State Minister Says.

Greece will not accept a bailout deal without a concrete agreement for debt relief from the country’s European creditors, a top aide to Prime Minister Alexis Tsipras said.

“We want real solutions, not interim solutions,” Nikos Pappas, Greece’s Minister of State, said in an interview Friday after several days of talks with senior U.S. officials. “No more kicking the can down the road.”

Without fresh bailout funds, Greece faces bankruptcy in July at the latest. That could revive risks across the eurozone, which is already grappling with a migration crisis, a movement in the U.K. to leave the European Union and the rise of populist parties across the continent.

European powerhouse Germany is pushing Greece and the IMF to accept another bailout agreement based on possible debt relief in the future. The fund, trying to regain credibility it lost in the first two failed Greek bailouts, is taking a firm stand on debt restructuring.

“There are disagreements between the IMF and our European partners,” Mr. Pappas said. “But we have made our position clear that we need a big debt restructuring.…There should be no delay.”

U.S. Treasury Secretary Jacob Lew said Friday he’s pushing Germany to accept some form of restructuring. “I have very much communicated to all the parties that debt relief is necessary,” he said.

But Mr. Lew signaled that the IMF and Greece would also need to compromise. The IMF is pressing for Greece to commit to wage and pension cuts if the country doesn’t meet its budget targets in the coming years. Athens has instead said it would approve across-the-board reductions in spending, a proposal the fund says isn’t credible.

Are Greek Threats Credible?

Greek threats are not credible. Greece has little say in this matter. Nor does U.S. Treasury Secretary Jacob Lew.

However, there is a major difference this time. The IMF wants debt haircuts or it threatens to back out of the deal.

Germany’s insistence all along is the IMF must remain a partner.

This is a battle between the IMF and Germany. No one else’s opinion counts.

Greece Short-Term Debt Timeline

Can Greece come up with €11,235,558,147 in June and July?

Of course not. That is not the way the “bailout” works.

In practice, the Troika gives Greece the money and Greece …read more

Source: Pure Troika Idiocy – The Greek Debt Slavery Regime Through 2059

    

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