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By Tyler Durden

Submitted Op-Ed via RT.com,

The current economic system is designed to fail, but so was socialism. That’s according to former GOP Congressman Ron Paul, who told RT’s Boom Bust show that we need to go toward a system of property ownership, voluntary contracts and individual liberty, while getting rid of central banks.

Ron Paul begins at 14:35…

A new Harvard University poll shows that 51 per cent of young adults aged 18-29 oppose capitalism in its current form.

RT: Do you think this poll is just politics, or do you agree that there is something wrong with the US economic system as it operates today?

Ron Paul: I think the problem is all in semantics. When they say they oppose today’s capitalism, I oppose today’s so-called capitalism. I don’t even like the world “capitalism,” I like “free markets.” But if you say “free markets” and “capitalism” together, we don’t have that. We have interventionism. We have a planned economy, we have a welfare state, we have inflationism, we have central economic planning by a central bank, we have a belief in deficit financing. It is so far removed from free-market capitalism that it’s foolish for people to label it free market and capitalize on this and say: “We know it’s so bad. What we need is socialism.” That is a problem.

That is a problem in definitions and understanding of what kind of policies we have. I am a champion of free markets, but not of the current system that we have today. I am highly critical of it, because it is designed to fail. It is designed to reward the rich; it is designed inevitably to destroy the middle class, and also to finance some of the worst things in government: all the deficits with the welfare state and for the warfare state. So yes, it’s failing. People should reject what we have, but they shouldn’t reject liberty and freedom and sound economic policies, because that is not the problem. The problem is we don’t have enough free markets.

RT: In the same poll it is said that Senator Bernie Sanders, a self-described democratic socialist, has been the most popular candidate for America’s 18-29 year olds. Despite the fact that he is now losing steam, as we’ve seen on the campaign trail, what does it really say to you about what’s driving this voting pattern?

RP: He’s tapped into something, something that I’ve talked about for years and tapped into when I was a candidate. And that is to describe the frustrations, the evil, and the nonsense of what we have. The problem with Bernie and myself is that he sees it quite differently. He thinks that it’s too much freedom and too much capitalism. And I see it as too much government; it’s too much of interventionist planned economy, which leans itself to fascism. But the young people might not understand the economics and what free markets are really all about, and they don’t understand central banking. And Bernie doesn’t understand that …read more

Source: Ron Paul: "Our Economic System Is Designed To Fail"

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By Tyler Durden

Residents of neighborhoods in the Canadian boomtown of Fort McMurray – considered the gateway to Alberta’s oil sands as the Athabasca oil sands are roughly centered around the town – are under mandatory evacuation as a massive wildfire has jumped across Highway 63 and entered the city limits. Homes have begun to burn in Fort McMurray as residents flee for safety from a blaze that’s doubled in size within a day. More than 30,000 people have now been ordered to evacuate Fort McMurray communities.

The fire has already destroyed homes on the outskirts of the municipality. Bernie Schmitte, wildfire manager at Alberta Agriculture and Forestry said that the fire made a “major run” during the night and reached the Athabasca River. All Air Canada and WestJet flights to and from Fort McMurray have been cancelled

“My whole life is burning away,” Jenn Tremblett, who has left for Edmonton, told Metronews. “My home is in Gregoire (Fort McMurray neighbourhood) so it may be gone soon. “My family is trying to get out of town.” Tremblett said the community of Beacon Hill is on fire, after a nearby Shell gas station blew up.

Fire officials have extended the evacuation order to 10 communities in the city, including Beacon Hill, Abasand, Waterways, Draper, Saline Creek, Grayling Terrace, downtown, Thickwood, Wood Buffalo and Dickinsfield.

FORT MCMURRAY GOLF COURSE ON FIRE @weathernetwork #ymmfire #ymm pic.twitter.com/TybXhkMqpg

— Canadian Home Grown (@mary_sexsmith) May 3, 2016

Kristen Mctavish, who lives in the city’s downtown, was on her way 63 kilometres north to Noralta’s Grey Wolf Lodge, where one camp, among others, has been set up to house evacuees.

“I cried,” Mctavish said. “It’s better now because we’re actually moving somewhere, but traffic is really bad.”

Highway 63 going south has remained closed as the blaze has made it impossible to travel in that direction, according to an Alberta emergency alert. Many houses in Beacon Hill and Gregoire have burned down, including the homes of Mctavish’s friends.

“Couple of my friends’ homes have burned down, and a lot of people are going north,” she said. “Buildings and businesses caught on fire. The gas station exploded.”

On Tuesday evening, a forestry spokesperson said officials are pulling out crews as it has become prime burning time, adding tomorrow is supposed to be more intense. Mctavish said she’s a bit worried her home may burn down.

“I live close to the Gregoire and Beacon Hill area,” she said. “I hope it will be under control by then.”

Unseasonably hot temperatures combined with dry conditions have transformed the boreal forest in much of Alberta into a tinder box. The wildfire threat ranging from very high to extreme.

Fire officials had already warned earlier in the day that rising temperatures and low humidity could help the fire grow.

Suncor, CNRL, Cenovus and Shell have all said there is no impact to their oil production facilities as a result of the wildfire.

Cited by Bloomberg, Premier Rachel Notley …read more

Source: Massive Fire Burns At Gateway Town To Alberta’s Oilsands; 30,000 Evacuated

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By Tyler Durden

Despite today's jump in the USD index, the sharp dollar selloff trend remains even as U.S. rates have climbed and the commodity rally pauses. It’s logical to query if there is an end in sight for the rout. The short answer, according to Bloomberg's Mark Cudmore, is no. The dollar may be due a bounce, but that would likely mark a consolidation phase rather than a trend reversal.

Today was the Bloomberg Dollar Index's best day since Nov 2015…

The Bloomberg Dollar Index is down about 8% since the end of January and trading at its lowest level in a year. Those looking for support from a pickup in Treasury yields would do well to bear in mind that the correlation recently switched to negative. These days, a rise in Treasury yields is more likely to be accompanied by a weaker dollar.

It is also worth remembering that 10-year yields are 75 basis points lower than two years ago while the dollar is nearly 15% stronger. The currency was pricing in what now looks like a fantasy world of the U.S. entering a proper rate-hiking cycle in isolation. That needs to be unwound…

The theory of the U.S. decoupling from the global economy was painfully debunked in 2008 on the way down; it has now been debunked in potential recovery as well.

The greenback has fallen after the start of the last three U.S. hiking cycles partly for that reason. Basically, if the U.S. is raising interest rates it generally means the global economy is in an OK place. In such a situation, investors tend to re-leverage and sell the dollar.

The dollar collapse is starting to look stretched short-term and a technical bounce lasting a few weeks could occur, for example from risk-aversion and a flow into Treasuries, but that isn’t a recipe for long-term strength.

…read more

Source: Dollar Doldrums To Continue As "Fantasy World Of Rate Normalization" Unwinds

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By Tyler Durden

When politicians say things, many people just ignore them and move on. However, as Hillary Clinton recently found out, words do have meaning, and some people don’t take kindly to loose rhetoric when it comes to how they provide for their families.

On the campaign trail, Hillary Clinton said with a smile “We’re going to put a lot of coal miners, and coal companies out of business.“

Bo Copely, a 39 year old father who recently lost his job, reminded Hillary as he fought back tears that not everyone lives in a world that’s rainbows and skittles. Sometimes people actually have to work for a living, and when politicians say and do things to generate a good laugh from their well-off inner circle, it can directly impact many hard working people.

“When you make comments like ‘we’re going to put a lot of coal miners out of jobs’ these are the kind of people that you’re affecting, this is my family. I just want to know how you can say you’re going to put a lot of coal miners out of jobs, and then come in here and tell us how you’re going to be our friend.“

Hillary’s response:

“I don’t know how to explain it”, and then blamed him for somehow taking her exact words out of context.

Here is Hillary trying to pretend she didn’t say what she said

We can’t say we’re surprised by any of this, as just like the financial elites that run everything, political elites also have realities that are significantly disconnected from everyone else.

h/t @theblaze

…read more

Source: "I Don’t Know How To Explain It" – Confused Clinton Can’t Explain Own Comments To Coal-Miner

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A panel of U.S. governors collectively said job skills are an increasing issue in their states, a reflection of the job skills gap in America and near-record number of jobs openings.

…read more

Source: Why these U.S. states can’t fill job openings

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By Tyler Durden

For those anxiously Buying in May…

The machines giveth (in low volume meltup) and the data (Global PMI plunged to cycle lows following China's update overnight, not helped by EU's downgraded growth and inflation outlook) taketh away..

From Friday, Trannies and Small Caps are the biggest losers and Nasdaq danced at unchanged…

AAPL broke its longest losing streak since 1998… (thank you Jim Cramer and Buybacks)

VIX jockeyed with 16 all day…

As “Most Shorted” stocks plunged the most in 2 months…

HY bonds (HYG) had their worst day in 2 months as HY spreads spiked notably more than stocks…

Treasury yields collapsed today by the most in 3 months…

As The USD Index surged on EUR and AUD (RBA rate cut) weakness…

Today was the Bloomberg Dollar Index's best day since Nov 2015…

Post-European open dollar strength took the shine off commodities, though PMs were the least impacted…

Crude slid back to a $43 handle befopre tonight's inventory data…

Charts: Bloomberg

…read more

Source: Dollar’s Best Day In 6 Months Sparks Stock Slump, Bond Jump

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By Tyler Durden

When it comes to dealing with the mass media and its impact on public confidence, China has a long and illustrious history of not beating around the bush. Last summer around the time its stock market bubble started to crack, Beijing banned the use of such terms as “equity disaster” and “rescue the market.” Then earlier this year, China’s president Xi Jingping visited the country’s three big state news organizations, Xinhua, the People’s Daily and China Central Television, to lecture them on the need to toe the party line, “tell China’s stories well” and enhance the nation’s influence in the world.

After all, hinting that not all is as it appears in official propaganda soundbites would merely instill further lack of confidence in the economy and accelerate the stealthy capital outflows from the country (while making the Vancouver real estate market even more entertaining).

Now, according to the WSJ, Chinese authorities have set their sights on a new set of targets: “economists, analysts and business reporters with gloomy views on China’s economy.”

While in the US and the rest of the free world, anyone who holds a less than bullish view of things is simply marginalized as a conspiracy theorist, ridiculed by establishment economists and pundits, is the recipient of mainstream media hit pieces, or denigrated by the president as “peddling fiction”, China has decided to take a more blunt approach: “securities regulators, media censors and other government officials have issued verbal warnings to commentators whose public remarks on the economy are out of step with the government’s upbeat statements.”

Take the example of Lin Caiyi, chief economist at Guotai Junan Securities who has been outspoken about rising corporate debt and a glut of housing and the weakening Chinese currency. According to the WSJ, she received a warning in recent weeks, her second, from her state-owned firm’s compliance department, which instructed her to avoid making “overly bearish” remarks about the economy, particularly the currency.

For now it is just verbal warnings although if past is prologue we expect China will soon incarcerate at least a few of its “rogue” bearish economists to send a very clear signal that any lack of upbeat commentary will not be tolerated.

Meanwhile, China’s economy is doing so well, that as a result of “pressure” by financial regulators bent on stabilizing the market, stock analysts at brokerage firms are becoming wary of issuing critical reports on listed companies. At least one Chinese think tank was told by propaganda officials not to cast doubt on a planned government program to help state companies reduce debt.

What China really wants is to make sure that every financial and economic expert is on the same page and reinforcing the same message as that uttered by the country’s political leaders.

The WSJ caveats that while evidence of the clampdown is anecdotal, it appears widespread. Government departments didn’t respond to requests for comment or declined to. Commentary about the economy and reporting on business, unlike on politics or many social policies, …read more

Source: China Threatens Its Economists And Analysts To Only Write Bullish Reports, Or Else

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By Tyler Durden

David Siegel is worried, very worried as a matter of fact. The co-founder of Two Sigma, the $35 billion hedge fund said at the Milken Institute Global Conference that he's “very worried” that machines could soon replace a large amount of the workforce.

“Most people in the bulk of the job market are not involved in super-high-value jobs. They are doing routine work and tasks and it's precisely these tasks that computers are going to be better at doing” Siegel said.

A perfect example of this is on display in many Mcdonald's restaurants now as a result of some states raising the minimum wage. You now will find touch screens to place your order and pay instead of dealing with a person.

Of course, Mr. Siegel knows a bit about how powerful a role computers could play in the economy, as his New York based firm is regarded as one of the most sophisticated firms that use technology in order help it make money (i.e. high frequency trading).

A few other people chimed in on the matter as well. Steve Cohen, of SAC fame, agreed that artificial intelligence is “coming but not here yet”, and it will be “a while” before technology displaces humans. David Harding, founder of $30 billion London based Winton Capital commented that artificial intelligence “won't completely change the whole field. It won't replace distressed-credit arbitrage or something like that.”

While AI may not replace distressed credit arbitrage right away, one look at the floor of the NYSE during trading hours indicates that it may not be far off.

…read more

Source: Why The Founder Of A $35 Billion Hedge Fund Is "Very Worried"

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By Tyler Durden

Authored by AP's Lolita Baldor, via Military.com,

No one disputes that U.S. military forces are fighting in combat in Iraq and Syria — except maybe President Barack Obama and some members of his administration.

The semantic arguments over whether there are American “boots on the ground” muddy the view of a situation in which several thousand armed U.S. military personnel are in Iraq and Syria. Obama has said more than a dozen times that there would be no combat troops in Iraq and Syria as the number of service members in those countries grows; last week, Defense Secretary Ash Carter acknowledged the military personnel there were in combat and “we should say that clearly.”

So, when is a military boot on the ground? And what does it all mean?

Are U.S. military troops in Iraq?

Yes. More than 5,500 U.S. service members. The Pentagon, however, counts them in different ways. Obama recently authorized an increase in the number of troops that can deploy to Iraq to advise and assist Iraqi forces in fighting the Islamic State. The cap was increased last week from 3,870 to 4,087.

But a number of troops aren't counted against the cap because of the military's personnel accounting system. For example, troops assigned to the U.S. Embassy for security or those sent to Iraq for temporary, short-term assignments are there in addition to the 4,087.

Defense Secretary Ash Carter, in Stuttgart, Germany for a change-of-command ceremony Tuesday, revealed that a serviceman had been killed in combat near Irbil in Iraq. A U.S. military official, speaking on grounds of anonymity, said the American was killed while performing his duty as an adviser to Kurdish Peshmerga troops. He was killed by “direct fire” after Islamic State forces penetrated the Peshmerga's forward line. The official said the American was three to two to three miles behind the front line.

Are U.S. military troops in Syria?

Yes. Last week the Pentagon announced an increase in the number of U.S. forces working in Syria from 50 to 300. Those troops are working with local Syrian forces and are mainly Army special forces, but the latest increase will also include medical and logistics units.

So, that would mean there are U.S. “boots on the ground” in Iraq and Syria, wouldn't it?

Yes it would. In Iraq there are advisers, trainers, special operations forces and others stationed at Iraqi bases, working with the Iraqi forces. Last week, Defense Secretary Ash Carter announced that some advisers would begin working with Iraqis at the brigade and battalion level. They had been working with Iraqis at the division headquarters level. The change would embed those teams of advisers with smaller units, who would likely be closer to the fight.

In Syria, the U.S. has about 50 special operations forces going into Syria from a base in a neighboring country to meet with local Syrian opposition forces. They aren't based in Syria, so they travel in and out, sometimes staying in the country for several days at a time. According to officials, the additional 250 forces will do …read more

Source: When Is A Boot On The Ground Not A Boot On The Ground?

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