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Archive for the ‘Uncategorized’ Category

Swedish Muslim Politician Quits After Refusing To Shake Women’s Hands

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By Tyler Durden

As if Sweden wasn't troubled enough, The Local reports that another Green Party politician, who ignited a storm of controversy after refusing to shake hands with a female reporter on grounds that it violated his Muslim faith, announced on Wednesday that he was quitting politics. This follows the resignation of Sweden's housing minister following a week of mounting controversy over his contacts with Islamic organisations and Turkish ultranationalists.

During an interview with a female reporter from the TV4 broadcaster on Tuesday, Yasri Khan placed his hand over his heart instead of shaking her hand in greeting.

“People can greet each other in different ways. The most important thing is to show respect by seeing each other, to meet each other… to respect each other,” Khan said during an interview with state broadcaster Swedish Radio.

Khan, also the general secretary of the organization Swedish Muslims for Peace and Justice, has faced strong criticism from within his party since the incident.

“It is unacceptable. You can't have a man in the party who can't greet women in the same way you greet a man. I'm upset,” Stina Bergström, a Green Party parliamentarian, told Swedish tabloid Aftonbladet.

In interviews with Swedish media, Khan lashed out at his critics and said that the debate, and his fellow Muslim Green Party member Mehmet Kaplan's resignation, had caused him to run out of energy.

“In today's political climate, I wonder if politics is right for me, and if I want to be a media circus clown,” he told the Nyheter24 news site.

Kahn's resignation from the Green Party follows the resignation of another Green Party member – Sweden's housing minister, Turkish-born Mehmet Kaplan…

Sweden’s housing minister has resigned following a week of mounting controversy over his contacts with Islamic organisations and Turkish ultranationalists, piling further pressure on the country’s already unpopular minority coalition government.

The Social Democrat prime minister, Stefan Lofven, said Turkish-born Mehmet Kaplan, a member of the junior coalition partner Green party and former spokesman for Sweden’s Muslim Council, had submitted his resignation and that he had accepted it.

Sweden’s centre-left coalition of Social Democrats and Greens has been severely strained by Europe’s migration crisis, with the arrival of about 160,000 asylum seekers in the country last year forcing Stockholm to impose border controls and tighter rules in a U-turn on decades of generous refugee policies.

Kaplan, 44, denied any wrongdoing and said he was stepping down because public and media criticism was making it impossible for him to do his job. He said he opposed “all forms of extremism, whether nationalistic, religious or in any other form” and supported “human rights, democracy and dialogue”.

The minister, who was born in Turkey and arrived in Sweden at the age of eight, has come under increasing pressure after local media last week published photos of him at a dinner with Turkish ultranationalists, including the Swedish head of the extremist Grey Wolves organisation, and a former leader of the main Turkish nationalist group in …read more

Source: Swedish Muslim Politician Quits After Refusing To Shake Women’s Hands

    

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Posted April 23rd, 2016 in Uncategorized.

Patrick Buchanan: Dishonoring General Jackson

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By Tyler Durden

Submitted by Patrick Buchanan via Buchanan.org,

In Samuel Eliot Morison’s “The Oxford History of the American People,” there is a single sentence about Harriet Tubman.

“An illiterate field hand, (Tubman) not only escaped herself but returned repeatedly and guided more than 300 slaves to freedom.”

Morison, however, devotes most of five chapters to the greatest soldier-statesman in American history, save Washington, that pivotal figure between the Founding Fathers and the Civil War — Andrew Jackson.

Slashed by a British officer in the Revolution, and a POW at 14, the orphaned Jackson went west, rose to head up the Tennessee militia, crushed an Indian uprising at Horseshoe Bend, Alabama, in the War of 1812, then was ordered to New Orleans to defend the threatened city.

In one of the greatest victories in American history, memorialized in song, Jackson routed a British army and aborted a British scheme to seize New Orleans, close the Mississippi, and split the Union.

In 1818, ordered to clean out renegade Indians rampaging in Georgia, Jackson stormed into Florida, seized and hanged two British agitators, put the Spanish governor on a boat to Cuba, and claimed Florida for the USA.

Secretary of State John Quincy Adams closed the deal. Florida was ours, and Jacksonville is among its great cities.

Though he ran first in popular and electoral votes in 1824, Jackson was denied the presidency by the “corrupt bargain” of Adams and Henry Clay, who got secretary of state.

Jackson came back to win the presidency in 1828, recognized the Texas republic of his old subaltern Sam Houston, who had torn it from Mexico, and saw his vice president elected after his two terms.

He ended his life at his beloved Hermitage, pushing for the annexation of Texas and nomination of “dark horse” James K. Polk, who would seize the Southwest and California from Mexico and almost double the size of the Union.

Was Jackson responsible for the Cherokees’ “Trail of Tears”?

Yes. And Harry Truman did Hiroshima, and Winston Churchill did Dresden.

Great men are rarely good men, and Jackson was a Scots-Irish duelist, Indian fighter and slave owner. But then, Presidents Washington, Jefferson, Madison and Monroe were slave owners before him.

To remove his portrait from the front of the $20 bill, and replace it with Tubman’s, is affirmative action that approaches the absurd.

Whatever one’s admiration for Tubman and her cause, she is not the figure in history Jackson was.

Indeed, if the fight against slavery is the greatest cause in our history, why not honor John Brown, hanged for his raid on Harper’s Ferry to start a revolution to free the slaves, after he butchered slave owners in “Bleeding Kansas”? John Brown was the real deal.

But replacing Jackson with Tubman is not the only change coming.

The back of the $5 bill will soon feature Martin Luther King, Eleanor Roosevelt, and opera singer Marian Anderson, who performed at the Lincoln Memorial after being kept out of segregated Constitution Hall in 1939.

That act of race discrimination came during the second term of FDR, Eleanor’s husband and the liberal icon who …read more

Source: Patrick Buchanan: Dishonoring General Jackson

    

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Posted April 23rd, 2016 in Uncategorized.

Why US Government And Saudi Arabia Don’t Want Americans Knowing The Truth About 9/11

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By Tyler Durden

Via TheAntiMedia.org,

In a rare show of bipartisanship, President Obama and top Republicans in Congress have come together to shield Americans from knowing the truth about who was behind the 9/11 terror attacks, which took the lives of 2996 people in 2001. However strange it is for neoconservative members of Congress to agree with Obama on anything, there is no doubt the issue must be serious if it warrants this level of partnership.

The issue at hand is the classified, 28-page section of the 9/11 commission report, which many experts and politicians with knowledge of the documents have said point to Saudi Arabian government officials’ direct role in the terror attacks. This is why the Saudis put out a stern warning several days ago threatening to dump up to $750 billion in U.S. assets if Senate Bill 2040 becomes law; S.B. 2040 would make public the 28 pages and also allow for victims of 9/11 to sue foreign governments found responsible.

The Saudis’ warning seems to have worked, with Obama now in the nation to “mend ties” with the monarchy and top Republicans sounding the alarm about the 9/11 bill. In an interview with Charlie Rose, President Obama claimed:

“If we open up the possibility that individuals in the United States can routinely start suing other governments, then we are also opening up the United States to being continually sued by individuals in other countries,” apparently referencing the U.S.’ own attacks overseas that have taken the lives of countless civilians.

Currently, Saudi Arabia enjoys “sovereign immunity” with the U.S., meaning even if the 28 pages proved Saudi officials were indeed behind the 9/11 attacks, Americans would not be able to seek justice for their losses. The new 9/11 bill would change that, and the Saudi response to the legislation moving through Congress reinforces suspicions the kingdom is somehow behind the 9/11 attacks.

The video below further explains why both Saudi Arabia and members of the U.S. government don’t want the 9/11 bill to pass:

…read more

Source: Why US Government And Saudi Arabia Don’t Want Americans Knowing The Truth About 9/11

    

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Posted April 23rd, 2016 in Uncategorized.

Depression, Debasement, & 100 Years Of Monetary Mismanagement

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By Tyler Durden

Keynes

From the archives of Bill Bonner at Bonner & Partners (annotated by Acting-Man.com's Pater Tenebrarum),

Lost From the Get-Go

There must be some dark corner of Hell warming up for modern, mainstream economists. They helped bring on the worst bubble ever… with their theories of efficient markets and modern portfolio management. They failed to see it for what it was. Then, when trouble came, they made it worse. But instead of atoning in a dank cell, these same economists strut onto the stage to congratulate themselves.

The scalawag himself. Keynes provided governments with the “scientific” fig leaf fore interventionism that economists had previously denied them. The cost in terms of economic and technological progress is incalculable.

“The Greatest Depression that could so easily have happened in 2009 but did not is the tribute that the world owes to economics”, wrote Arvind Subramanian in The Financial Times.

Arvind

Arvind Subramanian: congratulating mainstream economists (a sub-set of society that includes him) for failing to foresee a mess their own advice has produced. The chutzpa of this guy is really admirable. He is of course correct that it is difficult to make forecasts (in fact, economics as a science has nothing to do with making predictions), but anyone who didn’t see the 2008 crisis coming had to be blind as a fricking bat. Even housewives could see it coming, but a very long list of prominent professional economists and “policymakers” evidently couldn’t. Fine, but these are the same people that insist that they know what to do about it. That is decidedly not so. They have now produced what will turn out to be an even greater mess.

We were lost from the get-go, trying to interpret the sentence. It is as tangled and puerile as the staggering conceit behind it. Then, Mr. Subramanian sets up the stage props:

“In 2008, as the global financial crisis unfolded, the reputation of economics as a discipline and economists as useful policy practitioners seemed to be irredeemably sunk. Queen Elizabeth captured the mood when she asked pointedly why no one (in particular economists) had spotted the crisis coming. And there is no doubt that, notwithstanding the few Cassandras who had correctly prophesied gloom and doom, the profession had failed colossally…”

He then brushes off the Queen’s very sensible question:

“But crises will always happen, and even if there is a depressing periodicity to them as Professors Reinhart and Rogoff have catalogued, their timing, form, and provenance will elude prognostication.”

Queen_2

The Queen, here seen shortly after being apprised of Mr. Subramanian’s excuse in the FT

Of course, the record doesn’t show that the crisis eluded prognostication; any dope could have seen it coming. But the prognosticators who had contributed so mightily to the crisis had blinded themselves with their own claptrap. Still, Mr. Subramanian figures that they “vindicated” the profession in the way they responded to the crisis.

“On monetary policy, Bernanke was true to the word …read more

Source: Depression, Debasement, & 100 Years Of Monetary Mismanagement

    

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Posted April 23rd, 2016 in Uncategorized.

"A Scramble For Gold Has Begun"

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By Tyler Durden

Authored by James Rickards, originally posted at The Telegraph,

For a century, elites have worked to eliminate monetary gold, both physically and ideologically.

This began in 1914, with the UK’s entry into the First World War. The Bank of England wanted to suspend convertibility of bank notes into gold. Keynes counselled wisely that the bank should not do so. Gold was finite, but credit elastic.

By staying on gold, the UK could maintain its credit, and finance the war effort. This transpired. The House of Morgan organised massive credits for the UK, and none for Germany. This finance was crucial, and sustained the UK until the US abandoned neutrality and tipped the military balance against Germany.

Despite formal convertibility of sterling to gold, the Bank of England successfully discouraged actual conversion.

Gold sovereigns were withdrawn from circulation and turned into 400-ounce bars. This form of bullion limited gold ownership to the wealthy, and confined gold’s presence to vaults. A similar disappearance of gold as a circulating currency occurred in the US.

The price of gold has jumped in recent years Credit: London Metal Exchange

In 1933, US President Franklin Roosevelt issued an executive order making ownership of gold a crime. FDR relied on the Trading with the Enemy Act of 1917 as statutory authority for this edict. Since the US was not at war in 1933, the enemy was presumably the American people.

In 1971, US President Richard Nixon ended convertibility of US dollars into gold by trading partners of the US. Closing the gold window was said by Nixon to be temporary. Forty-five years later the window is still closed.

In 1973, the G7 nations, and the IMF demonetised gold. IMF members were no longer required to hold gold reserves. Gold was now just another commodity. The view of the monetary elites was that gold was dead.

Yet, like Banquo’s ghost, gold insists on its seat at the monetary table. The US holds 8,133 tonnes of gold. The members of the eurozone and ECB hold 10,788 tonnes. China reports holdings of 1,788 tonnes, but actual holdings are closer to 4,000 tonnes, based on reliable data from Hong Kong exports and Chinese mining.

Russia has 1,447 tonnes, and has been acquiring over 200 tonnes per year. Mexico, Kazakhstan, and Vietnam, among other nations, have added to their gold reserves recently. (Pity the UK, which sold more than half its gold at rock- bottom prices between 1999 and 2002).

After decades as net sellers of gold, central banks became net buyers in 2010. A scramble for gold has begun.

What drives gold’s new allure? In some cases, central banks are constructing a hedge against US dollar inflation.

China has $3.2 trillion in reserves, over half of which is denominated in US dollars, mostly US Treasury notes. The dollar has no greater friend than China because its wealth is held in dollars. Still, inflation looms. China cannot dump its Treasury notes; the Treasury market is deep, but not that deep.

If Chinese …read more

Source: "A Scramble For Gold Has Begun"

    

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Posted April 22nd, 2016 in Uncategorized.

For The First Time Ever FEMA Trains Texas Police How To Deal With Riots, Conduct Mass Arrests

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By Tyler Durden

Last summer the state of Texas was ablaze over concerns surrounding the Jade Helm military drills held across the state prompted some to speculate that the Federal government was preparing for either a local insurrection, secession planning contencies for the Lone Star state or even a “Texas takeover.”

Similar confusion returned earlier this week when dozens of McLennan Community College students posed as unruly protesters as part of a Federal Emergency Management Agency training program. This “first of its kind” three day exercise in Waco, Texas was overseen by the Department of Homeland Security, during which police officers from fifteen different departments took part in drills on how to deal with riots and conduct mass arrests.”

Officers from the Waco Police Department, McLennan County Sheriff’s Office, Killeen Police Department, Lorena Police Department, DeSoto Police Department and troopers with the Texas Department of Public Safety, among others, participated in the three-day training program.

As Waco Tribune reports, citing training coordinator Jay Fonville, “this type of training has never been in Texas before.”


This sparked questions: if it was “never held before” why is it being held now? Fonville’s answer “we are here to protect people — protect protesters and protect law enforcement officers” adding that “this was very beneficial to get this kind of training here, especially in Central Texas, and for so many officers to have access to it.”

Others chimed in: “Riots are hard to detain, and as little officers as they have they are probably going to be outnumbered most of the time. It’s vital that they get it correct the first time,” Criminal Justice major Dylan Solis told KCEN-TV.

Area agencies sent 61 officers to the program at MCC’s Emergency Services Education Center for the course that started Monday and finished Wednesday, training coordinator Jay Fonville said.

Students acted as nonviolent protesters, and Lopez was one of several classmates who chanted, screamed and antagonized officers during the drills.

Fidencia Lopez, a student in MCC’s emergency medical technician program, posed as a protester throughout Wednesday’s demonstrations and said she gained valuable insight into how law enforcement officers are trained to operate in crowd-control scenarios.

“This makes it very real to see how protesters are getting taken out and that there might be some injury or even with law enforcement,” Lopez said.

Cops learned how to counter “domestic and civil disturbances” during the training, which was coordinated by the DHS’ Center for Domestic Preparedness, as well as “proper use of batons, mass-arrest procedures, and riot control formations.”

But most curious was the organizational presence of the Department of Homeland Security: FEMA instructors from across the country directed officers on the public’s constitutional rights and the appropriate way to handle situations with multiple arrests and mobile …read more

Source: For The First Time Ever FEMA Trains Texas Police How To Deal With Riots, Conduct Mass Arrests

    

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Posted April 22nd, 2016 in Uncategorized.

The Stunning Chart Showing Where All The Commodity Gains Have Come From

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By Tyler Durden

“The market is moving so quickly, yesterday felt just like the stock market in June last year before the crash,” warns one Asian trader reflecting on the chaotic rush of Chinese speculators into the industrial metals commodities market Echoing the frenzy that fueled China's parabolic stock market rise (and subsequent collapse), Bloomberg notes one local China broker admits “we’ve seen a lot of people opening accounts for commodities futures recently,” adding rather ominously, “the great ball of China money is moving away from bonds and stocks to commodities.” The spikes in everything from rebar to iron ore, however, according to Goldman “is not driven by a sustainable shift in fundamentals.”

Industrial metals up over 50% year-to-date, amid plunging exports and domestic zombie revival…

Since Dec 23rd 2015 when the US imposed a 256% tariff on Chinese steel imports, composite steel prices have soared almost 50% even as exports have slipped…

Trading in futures on everything from steel reinforcement bars and hot-rolled coils to cotton and polyvinyl chloride has soared this week, prompting exchanges in Shanghai, Dalian and Zhengzhou to boost fees or issue warnings to investors.

Deutsche Bank details the total crazinesss…

The onshore China commodity markets this week traded (conservatively) $350bn notional, a 17x increase on the $20bn notional that traded on Feb 1st 2016 i.e. a month ago (is it coincidence that the notional is about the same as at the peak of the equity frenzy?).

My calculations are pretty basic; I've trawled the screens and chosen 32 commodities in agri, metals and coke/coal and done a quick (contracts x value)/CNY for a dollar amount. I have not used the largest day's volume either (e.g. Deformed Bar, RBTA has traded close to $100bn, but I used closer to $60bn). Cotton (VVA Comdty) has been trading $15bn, up from $500mm in Feb. In the US, the long established cotton contract (CT1 Comdty) trades $600mm. China listed Sugar (CBA Comdty) has traded $14bn versus the US listed sugar beet at $850mm.

What this looks like!!

How much impact is this having on global markets? At first, very little. Many of the China listed futures started to bottom and rally in Nov and Dec last year, with very little relationship to global peers. This very crude chart below is a simple aggregation of all the prices of the 32 commods that I could find, but many of the underlying constituents are exactly the same. The performance looks inversely correlated with the performance of the underlying economy (and demand) but nicely related to the injection of credit.

In recent sessions, some of the US based commods have started to squeeze higher, presumably because the dog and the tail are changing places (clearly these are not apples-for-apples, as it were, in terms of contracts).

There is no correlation between the explosion in interest in Chinese commodity futures and any Chinese economic activity (and it should be a reminder to all who gaze …read more

Source: The Stunning Chart Showing Where All The Commodity Gains Have Come From

    

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Posted April 22nd, 2016 in Uncategorized.

US Stocks Hold Doha-Dud Gains As US Macro Crashes Most In 14 Months

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By Tyler Durden

How we suspect a few USDJPY traders (who are the most net long JPY on record) feel this evening…

After JPY’s biggest daily plunge against the USD since October 2014’s cluster of Central Bank efforts…

This week was the worst for US Macro data since Feb 2015…

This has pushed US macro data down to 2-month lows… the last time this happened, things ended badly for stocks…

The “W”-shaped recovery analog remains…

An odd day today as the shitty MSFT, GOOG earnings were largely ignored by everything other than Nasdaq…

Notably stocks did not get their usual boost from USDJPY’s surge…

Which left Nasdaq the only loser on the week – while Trannies and Small Caps were squeeze today back into the lead…

This is what it took to keep Dow 18,000 today – a 0.4vol point plung ein VIX!!

FANGs had their worst week in 2 months… (down 3 weeks in a row)

Spot the outlier in this week’s FX market (as The USD Index rose 0.5% or so on the week, rallying from midweek)…

Treasury yields rose all week, with no inflection like FX markets (though Wednesday saw the biggest damage done)… 2s30s steepened 5bps on the week

Gold ended the week practically unchanged but Silver, Crude, and Copper all surged an oddly similar 5% or so on the week…

After Crude started the week down almost 7%…

Silver outperformed Gold for the 2nd week – smashing the Gold/Silver ration down 10% in 2 weeks to its lowest since June 2015…

Charts: Bloomberg

…read more

Source: US Stocks Hold Doha-Dud Gains As US Macro Crashes Most In 14 Months

    

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Posted April 22nd, 2016 in Uncategorized.

IEA Warns "Saudis, Russians To Pump As Much Oil As Possible"

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By Tyler Durden

While the IEA has been urgently pushing an agenda of the oil market “rebalancing” in coming months in order to validate rising oil prices, the reality is that there are two parts to the equation: demand and supply. We will have to say more on demand shortly, because as it turns out most of it may have come from none other than China where commodities are merely the latest speculative bubble while China has been furiously stockpiling oil in what is merely pulling future demand to the present, however on the far more important supply side, where the key variable has become shale production over the coming year, earlier today the head of the Oil Industry and Markets Division at the International Energy Agency, Neil Atkinson, told CNBC that he believed both producers will continue to “pump as much oil as possible.”

This is what he said:

“In the post-Doha world, when we’re still in what is essentially a free market for oil, the Russians will pump as much oil out as the market will absorb and the Saudis have said much the same thing.”

Which incidentally is also what we have been saying for weeks heading into Doha, a meeting which was doomed from the beginning and which saw record oil supply from not only Russia but also Iraq in the last few weeks. This record production is set to continue.

Neil Atkinson painted an even bleaker picture saying that “we’re back to where we were before Doha where people produce what they can, sell what they can for whatever price they can achieve and the market takes care of the surpluses in time.”

Atkinson added something else known to regular ZH readers, namely that “as far as the Russians are concerned, even in the run-up to Doha when they were going to be party to an agreement to freeze production, they were actually pumping up production anyway.”

The IEA staffer noted that Saudi Arabia had spare production capacity (of up to 2 million barrels a day) as well a couple of other Middle Eastern producers such as Kuwait and the UAE but that “apart from that there is no spare production capacity essentially anywhere in the world.”

Of course, the IEA could not leave it on a sour note and concluded that he believes that oil markets would come close to a balance in the second half of 2016 with U.S. shale oil production expected to fall further this year. However, he said there was a possibility that the U.S. could ramp up production easily again in future. “In our numbers, the U.S. by itself is going to shed something like 450,000 to 500,000 barrels a day in 2016 versus 2015,” Atkinson said, “it’s coming down before our very eyes.”

Maybe it is, but as we also wrote a month ago, as a result of not only newly reset hedges at prices which are now close to breakeven but also due to the reactivation of DUCs, or drilled but uncompleted wells, “<a target=_blank rel="nofollow" …read more

Source: IEA Warns "Saudis, Russians To Pump As Much Oil As Possible"

    

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Posted April 22nd, 2016 in Uncategorized.

USDJPY Soars Most Since QQE2 Crushing Record Shorts

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By Tyler Durden

A rumor of The BoJ doing something moar (helping banks with NIRP loans) was the apparent catalyst for today's epic USDJPY spike, but the kindling was a record position among speculative futures traders that USDJPY would continue to fall.

Today's 250 pips plunge in Yen relative the dollar is the largest since Oct/Nov 2014 when The Fed ended QE3 and BoJ stepped in with QQE2 (or 22).

For now, however, the machines have failed to get inspiration for stock buying euphoria from this usually positive carry pump…

It seems Central Bank omnipotence is really starting to ebb – especially The BoJ's.

…read more

Source: USDJPY Soars Most Since QQE2 Crushing Record Shorts

    

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Posted April 22nd, 2016 in Uncategorized.

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