Financial sources feeds
The Spanish government's decision to accept a boat carrying more than 600 migrants, a boat that was refused permission to dock by both Italy and Malta, has backfired on a group of students in the city of Alicante, who have been asked to leave their dorms within 24 hours to make room for the refugees. According to RT, Pedro Sanchez, Spain’s newly appointed socialist prime minister who replaced Mariano Rajoy following a no-confidence vote earlier this month, agreed to shelter the passengers of the Aquarius, a group of migrants from sub-Saharan Africa who were rescued from rickety vessels in the Mediterranean by the ship. After declaring that "the good times for illegals are over", Italy’s newly installed anti-immigration government blocked the ship and urged its neighbor, Malta, to accept the migrants. Malta also declined, prompting Spain and its new left-wing government to intervene.
Now, several hundred students, who are paying 750 euros a month to live in the La Florida dormitory in Alicante, must leave to make room for children aged 12 to 17 who are being brought to the dormitory via bus following the ship's arrival in Spain on Sunday. The authorities explained that the eviction was necessary given the "emergency situation" caused by the migrants' arrival.
One students' mother told local media that the students were asked to leave because the incoming refugees would have "many diseases" and possibly pose a "health risk." And while students said they're "not against helping those in need" they're worried about how they will finish their studies.
"We’re not against helping those in need, but it isn’t fair for my son to be removed from his residence and left on the street in the middle of his studies," one woman said, adding that her son needed to complete his course in German in order to qualify for a new job in that country.
The provisional government has assured inquiring media outlets that it will cover the students' expenses and find new temporary accommodations for them. We would advise the rest of Spain's college students to consider packing a "go-bag", because the Italian government over the weekend refused permission to dock to two Dutch-flagged ships carrying migrants, which are now sitting off the coast of Libya. That means more migrants could be on their way to Spain in the near future.
Having explained in May why "there won't be a trade war anytime soon" and shrugging off trade war anxiety "because of the wisdom of Chinese leaders," it appears Bridgewater's Ray Dalio is shifting his position.
Today he tweeted a more anxious-sounding message...
Trump is playing chicken with China. It will be important and telling to see how this plays out.— Ray Dalio (@RayDalio) June 20, 2018
And in a LinkedIn post this week, he explained Chinese-American misunderstandings, disputes, and wars...
A wise Chinese leader who I will keep unnamed told me that it pays to negotiate by finding out what the other party wants most and try to give it to them and to have them reciprocate rather than to find out what will hurt the other party and give that to them because little wars have a tendency to quickly get out of control to become big wars and anyone who has ever gotten into a big war wishes that they hadn’t because they are so horrible. He referred to World War I as the classic example, while noting that it was true for most wars. He hopes that the Chinese-US trade disagreement doesn’t move from a dispute to a war of any sort.
What is moving the disagreement from a dispute to a war is the fact that there are no international rules or international organizations (like WTO) that the disagreeing parties are willing to go to for binding arbitration, so they use carrots and sticks to test each other’s strengths, pushing each other until one backs down. Because Chinese and American leaders have all sorts of carrots and sticks (e.g., economic, military, cyber, etc.) that they can use, they are now determining which ones to use, how far to push the testing, and how far the other will go in inflicting pain and enduring it. The escalations come in the form of tit-for-tats—i.e., a series of escalations that can become progressively larger and more painful, and that take different forms that can extend beyond trade (e.g., to include capital wars). It’s this series of escalations that the wise Chinese leader that I referred to conveyed can easily get beyond anyone’s control.
In response to the US putting on its $50 billion of tariffs, the Chinese responded saying, “the Chinese side doesn’t want to fight a trade war, but facing the shortsightedness of the US side, China has to fight back strongly. We will immediately introduce the same scale and equal taxation measures, and all economic and trade achievements reached by the two sides will be invalidated.” The Trump administration threatened to retaliate to that by adding another $100 billion of tariffs. Right now, these numbers are very small in relation to the US’s nearly $20 trillion economy and China’s economy, which is of comparable size in purchasing power terms, so that the shots that have been fired have been more of symbolic and political significance than of material economic significance. For that reason, it’s too early to get excited about them though, as the previously referred to Chinese leader said, they can escalate to become very serious, so we are all watching intently.
While I and people who are more knowledgeable than I believe the trade-balance issue can be solved so that everyone is better off, the more challenging disputes revolve around how the two countries believe their countries should be run and how that affects their perceptions of what “fair trade” is and how their companies should be supported.
The Fundamental Differences in Values and Approaches
A different wise and high-ranking Chinese official told me the most important cultural difference between Americans and the Chinese arises from the fact that to Americans the individual is of paramount importance while to the Chinese the family is most important.
He explained that these deep-seated differences extend to how Americans and the Chinese run their governments, noting that the two characters that make up the word country in China are “state” and “family.” As a result of these deep-seated differences in views about what is best, leaders in China seek to run the country the way a family head would run a family, from the top down, putting the collective interest ahead of the individual’s self-interest, with each member knowing their place so the system works in a harmonious way.
In the US, the opposite is true. Individuals are of paramount importance so the country is run from the bottom up, putting the interests of the individual ahead of the interests of the collective, with more open conflict and less respect for authority considered preferable.
These differences become manifest in all sorts of ways. For example, when a highway needs to go through personal property, individual property rights will more likely stand in the way of that happening in the US than in China, and when leaders are chosen, it’s more from the top down in China while it’s more bottom up in the US. Similarly, leaders in China manage the companies in key industries more from the top down in support of the national interests, whereas the opposite is true in the US, where how companies are managed comes from the bottom up. That’s where the rub lies.
From the US perspective, there are three major criticisms:
1. The Chinese government pursues a wide range of evolving interventionist policies and practices aimed at limiting market access for imported goods, services, and businesses, thus protecting its domestic industries by creating unfair practices.
2. The Chinese offer significant government guidance, resources, and regularly support Chinese industries, most notably including policies designed to extract advanced technologies from foreign companies particularly in sensitive sectors.
3. The Chinese are stealing intellectual property and/or not adequately protecting it—some of which is believed to be state-sponsored and some of which is believed to be outside the government’s direct control.
In other words, the Chinese government is helping its companies compete in ways that the US doesn’t do and doesn’t like, and it is making plans to do that (e.g., the China 2025 plan) while the US doesn’t make such plans and objects to China making them. While these different approaches exist in most areas, they are especially important in technology because both countries know that the country that is technologically strongest will be strongest in most other ways. While some of these differences can be negotiated to both countries’ mutual satisfactions, the most core ones that are extensions of what each country deeply believes is best can’t be negotiated away.
China Is Now a Competitor and Will Soon Will Be Much Stronger Than the US
While the trade-balance issue is important, the most important questions are a) how will these countries deal with each other given their different perspectives and b) which system will work best. Most likely (and hopefully) the trade dispute we are seeing won’t lead to a disruptive war so that both countries will evolve to very different places based on how effective their approaches are. That will have huge effects on their individual well-beings as well as their relative powers. For that reason, it is most important for the leaders of these countries to focus on what they need to do to get their own countries to do well.
In considering the question of how well these two different approaches will work, it’s important to recognize that both “communism” in China and “capitalism” in the US are now very different than they were 30 years ago and, as a result, they’re delivering very different results to their populations. It would be a mistake to think that China is a communist country that works similar to the way communism has classically worked around the world or in China 30 years ago—i.e., very ineffectively. Instead think of what’s happening in China as being “state capitalism,” in which strategically important companies are being supported to become very competitive while the economy has a lot of entrepreneurship and the markets have quite a lot of freedom. Though different, China is being run much more like Singapore has been run for the last 30 years than how China was run 30 years ago or than how “communist” countries have classically being run. Think of it as being capitalism with the Chinese cultural characteristics previously explained. In comparison to the US, it’s more from the top down with the paramount goal to have competent decision makers put into decision-making roles to determine what’s best for the whole and to be held accountable for accomplishing those things.
There is no doubt that China’s culture/approach has worked remarkably well and is rapidly getting better. When I first went there in 1984, I gave heads of companies $10 calculators, which they thought were amazing, and people in Beijing and Shanghai lived in what most people would consider slums without hot running water, adequate heat, and basic appliances like washing machines and TVs. Now it is as or more advanced than the US in many ways, and improving faster. There should be no doubt that the Chinese culture/system has been very effective. The chart below shows what has happened and what we expect will happen based on our leading indicators of what make countries succeed and fail (see "Why countries succeed and Fail; Productivity and Structural Reforms").
While China is a competitor and will soon be significantly larger than the US, and while such rivalries in the form of the Thucydides Trap (https://bit.ly/2th3Qtm) are dangerous, it is very doubtful that the capacities of either of these countries to inflict immeasurable harm on the other will end for a very long time frame. For these reasons, we hope and expect that rationale heads will prevail and tit-for-tat escalations won’t accelerate to produce horrible wars.
Trump lawyer Rudy Giuliani has offered yet another update on the ongoing negotiations with Special Counsel Robert Mueller and his team over the terms of a possible presidential interview, according to the Washington Post. And Mueller likely won't be happy. A final decision on whether Trump will assent to an interview won't be made until mid- or late-July, Giuliani said. Although, at this point, it sometimes seems like Giuliani is just taunting and stalling, and that Trump has already decided to forgo an interview and dare Mueller to try issuing a presidential subpoena. After all, Giuliani said last week that a decision would arrive by the end of this month.
"I’m advising him to stay put, to hold our horses a little," Giuliani told The Washington Post in an interview, about an hour after Giuliani said he spoke with Trump. "I doubt August, and I doubt too far into July. But I do think things have changed."
"I’d like to get it done, our part over to them by July 4," he said, but added that developments at the Justice Department could lead him to advise the president to hold off.
Of course, Giuliani and Trump obviously feel that the Inspector General's report, which highlighted extreme anti-Trump political bias within the ranks of the FBI - though it ultimately exonerated the DOJ and the bureau's senior leadership and opted not to impugn the Mueller probe - has bought the president some time. Last week, Giuliani said he'd use the report to undermine the special counsel's probe. Giuliani added that, if talks collapse in the coming weeks, he's unsure whether Mueller would try to subpoena the president, which would likely trigger a legal battle that would rise all the way to the Supreme Court.
Giuliani denied that Mueller was pressing Trump's team to make a decision.
"We just don’t know," Giuliani said. "They have an argument for it and against it. It could blow up in their face and they’d have to just file a report. At this point, they’re not pressing us."
Mueller has reportedly promised that, if the president agrees to a sit-down interview, he could finish a report on whether Trump tried to obstruct the probe into Russian interference in the 2016 election within 90 days.
Then again, Giuliani has also scoffed at the suggestion that he'd let Trump sit down with Mueller.
"Do I look crazy?" Giuliani responded. "So far, you know, I still have all my senses, and I’m a heck of a lawyer. And I get drummed out of the profession if I did. I mean, the reality is, you don’t put your client in a kangaroo court."
We imagine we'll hear more from Giuliani next week, when he announces yet another delay on Trump's long-awaited decision on whether to meet Mueller face-to-face.
Just as Trump is set to concede in his crackdown on immigrant parents separated from children at the border by signing a "pre-emptive" executive order at any moment keeping illegal immigrant families together, Europe is about to crackdown on the migrant wave unleashed by Angela Merkel (and her various unknown progressive advisors, which some have speculated includes George Soros' Open Society) in 2015 with Germany's "Open Door" policy, and on Sunday countries including France, Germany, Italy, Austria and other EU states will meet to try to end a deadlock on migration policy which has brought to a head bitter political divisions in the bloc, and has resulted in Brexit in the UK, a wave of nationalist governments in Central and Eastern Europe, and the first openly populist government in Italy in decades.
Actually, scratch that: according to Reuters we already know what will be decided - a full-blown crackdown on migration, just in time to save Angela Merkel's job who was recently handed a 2 week ultimatum to resolve Germany immigration troubles by her coalition partner, the CSU.
- EU LEADERS TO AGREE ON SUNDAY IT IS "CRUCIAL TO FURTHER REDUCE ILLEGAL MIGRATION TO EUROPE AS WELL AS SECONDARY MOVEMENTS" INSIDE EU - DRAFT STATEMENT
The official purpose of Sunday's meeting, Reuters writes, is to explore how to prevent migrants from moving around the European Union after claiming asylum in one of the Mediterranean states of arrival, although those states now exclude Italy, which following the League/5-Star government has made it clear it will no longer accept immigrants.
Such secondary movements are illegal under EU law but have been widespread since immigration to Europe peaked in 2015, when more than a million refugees and migrants arrived from the Middle East and Africa. More importantly, the bloc has since been bitterly at odds over how to share out the responsibility of taking care of them.
As a result, Sunday’s meeting will seek to avert a possible clash on the issue at a June 28-29 EU summit, where leaders will try to agree a joint migration policy.
Some states, such as Austria, are already bracing for the worse, and in advance of failing to reach common ground, Austrian Chancellor Sebastian Kurz said he would push on Sunday for rapid action on migration, and suggested Austria might go it alone on creating asylum centres outside the European Union if the deadlock continued for months.
Of course, if there is indeed no deal by June 29, Merkel's government could no longer exist come July 1: Horst Seehofer, CSU leader and Germany’s interior minister, is one of the most outspoken voices behind the migration initiative; the German wants to turn away migrants who have already registered in other EU states, even as Merkel opposes any unilateral move to reverse her 2015 open-door policy and undermine her authority.
That, however, is no longer an option:
"We can no longer look on as this refugee tourism across Europe happens," Bavaria’s CSU interior minister, Joachim Herrmann, told German broadcaster Deutschlandfunk.
* * *
Ironically, Europe's crackdown against illegal immigrants comes at a time of international outcry over the Trump administration’s policy of separating migrant families at the Mexican border.
The reason why is clear: just like in the US, immigration is increasingly shaping politics in most European countries, even the rich one. The fact that asylum applications to OECD countries fell 25% in 2017 from a record 1.64 million a year earlier and applications to EU member states nearly halved, has not helped, especially since the bulk of Europe's refugees recipients are also its poorest states.
Ironically, it is in ground zero of Europe's progressive, liberal elite, as well as EU’s wealthiest economy, that migration is threatening to wreck German Chancellor Angela Merkel’s relationship with her CDU’s Bavarian sister party, part of her coalition.
The virtue signalling literally reached the very top earlier today, when Pope Francis told Reuters in an interview that populists were “creating psychosis” on the issue of immigration, while aging societies like Europe faced “a great demographic winter” and needed more immigrants. Without immigration, Europe “will become empty”, he said, ignoring the fact that the bulk of terrorist attacks and rising crimes have been attributed largely to said migrants.
The European Union is also bitterly divided. It has struggled to reform its internal asylum rules, which broke down in 2015, and has instead tried to tighten its borders and prevent new arrivals. To that end, it has given aid and money to countries including Turkey, Jordan, Libya and Niger.
Meanwhile, Europe's hypocrisy has been on full display as eastern EU states led by Poland and Hungary were forced, but now refuse to host new arrivals to ease the burden on coastal Italy and Greece while sparing the rich countries like Germany, where most migrants want to go.
* * *
The EU summit’s draft joint statement, seen by Reuters, called for more work to combat secondary movements. It also proposed looking into creating “regional disembarkation platforms” outside of the EU where asylum requests would be assessed before claimants get to Europe.
In typical fashion, the always outspoken Hungarian regime meanwhile approved a package of bills that criminalizes some help given to illegal immigrants, defying the EU and human rights groups who have called the measure arbitrary and vague.
And speaking of minors at the border, Denmark and Norway said they were working on creating a centre in Kabul where unaccompanied Afghan minors who have been denied asylum can be sent back, even though the U.N.'s Children’s Fund UNICEF said minors should not be returned to Afghanistan as security had worsened there.
Shockingly, there has been no mass media outrage - or even mention - of the Scandinavian countries' decision.
This is a good lesson in cognitive dissonace in investing and what not to do...you must watch this.
Despite CEO Holmes admission that Theranos "tech" was a fraud and restating years of earnings, and having now been indicted on nine counts of wire fraud and two counts of conspiracy to commit wire fraud; Venture Capital 'guru' Tim Draper stuck to his mantra of defending Theranos and accusing journalists of destroying the company.
Billionaire investor and early Theranos backer Tim Draper discusses supporting Elizabeth Holmes after her fraud charges, how more journalists will try to take down CEOs to get rich, and why he’s not soured on investing in young, visionary startup founders.
Tim Draper Defends Theranos Founder As 'Innocent Until Proven Guilty'
Billionaire investor and early Theranos backer @TimDraper discusses supporting Elizabeth Holmes after her fraud charges, how more journalists will try to take down CEOs to get rich, and why he's not soured on investing in young, visionary startup founders. #CheddarLIVE pic.twitter.com/fxXGJEgFZU— Cheddar (@cheddar) June 19, 2018
It's really interesting. Every really great company does get a major challenge from its competitors or from legal system or from government or from press.
They get these challenges and some companies survive those challenges and become great companies in the future and some companies are are so burdened by those challenges that they they are forced to sort of fail.
And and I've seen it in any different industry. I mean from Napster being attacked by the music industry to Uber the CEO of Uber being attacked by the taxis too fast for being attacked by the car companies sky by the long distance carriers. We've had a lot of great successes a lot of great failures too.
Do you still stand by Elizabeth Holmes despite the indictment? ...[cut off]
I've always believed innocent innocent until proven guilty. And and she has. She is an entrepreneur. She. Her mission was to change health care as we know it to make it easier system.
And she was doing really good work and then she got the attack and the attack came so soon that she wasn't I believe she wasn't prepared for it.
So you've said over the last couple of months rather consistently that she was the victim of a media instigated witch giant. You've been dismissive of the Wall Street Journal and John Kerryrou - the investigative reporter that delved into that story... [cut off]
Yeah, that guy made a lot of money off of this.
Well now we've got a government who said Friday that it wasn't... [cut off]
Now, journalists are looking at this and going "hey all I have to do is take down Zuckerberg and then I guess I got a movie deal and I did something or whatever."
OK. So it's one thing to put that on the media. But now we have the government saying that it's not just Elizabeth Holmes that's all of Theranos was effectively one big scam. So do you stand by what you're saying. Do you believe that the government is wrong.
Well it's ridiculous. And I don't think the government saying anything the Government's looking for the facts and they're going to come up with a fact. And the reason they're looking for the facts is the media created such a strong frenzy that they had to look at it. I mean if I'm the government and the media has created this frenzy I'm going to have to look into it. And so I think they're going to.
You were an early investor and there now as you have been somewhat of a mentor to Elizabeth Holmes. She is reportedly raising money for a new start up. Would you would you back her next project?
I don't know. I haven't looked at it really. I mean I'm we've moved on. We're looking for whatever the next great thing is and I haven't seen that so ahh, don't know.
Have you spoken with Holmes since the charges?
Oh yeah. Yeah. I mean I talk to her periodically. I think she's I feel for her she's really you know she came in you know Pollyannish going in there saying with great optimism how she was going to change healthcare as we know it. And I think she has... but maybe not with her company...
I know the company is going to be better this year and then we can rally all the time that's our investments. So you know I'm just you know I talked with her just to be friendly.
We see that in Silicon Valley all the time having a visionary founder is not always on par with being a good leader and a good CEO. Does what happened with and has changed the way you do due diligence?
Oh I hope it doesn't. I hope that I hope I continue to back really great entrepreneurs with really ambitious aspirational ideas and things where they're really going to try to change things. I hope I'm not tarnished and I don't think I am still am looking for those those changes that are that are going to cure cancer and help world hunger and get us off the planet and get us flying around without a lot of energy on the planet. I mean all those communicating around the planet I'm interested in all those things.
And and I will continue to back that or and hopefully I think health care is really in for a really interesting transformation... It may be blockchain-related, but yeah, I think I've still got it.
"Know when to fold 'em... and walk away" Tim...
Orange is the new black turtleneck pic.twitter.com/57HVb5XXan— zerohedge (@zerohedge) June 15, 2018
A quick glance at the stock market - particularly big-tech - and once can quickly discern that "something's up." Every dip is met by a wall of buying, ramping the market ever higher, and ever more ignorant of the increasingly uncertain world around it.
Why? Simple... it's a massive, unprecedented short-squeeze...
The "most shorted" stocks in America are up 20% in the last two months, almost incessantly.
While the chart above is ridiculous enough, it turns out that this is actually accelerating and is now the great short-squeeze in the history of the data...
The 'Relative Strength Index' of the "most shorted" stocks has never been higher and each time it has reached this level, stocks have fallen hard.
But as a reminder - amid all of this - The Dow is down for the 7th day in a row, its longest losing streak in 18 months.
No matter where you look in Emerging Markets, there's blood on the streets. And while the sell-side seems sure that this is the next dip to buy, or falling knife to catch, markets remain unimpressed and judging by the massive sale in EM Debt today... so is at least one other whale.
The VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, or EMLC, absorbed a single, massive block sale of almost 19 million shares, worth $321 million, at 10:28 a.m. in New York Wednesday.
Was it a massive long cover from bets earlier in the month?
The trade helped push its daily volume to a record $399 million as of 12:21 p.m., about 13 times the average daily turnover during the past three years.
This follows 42 days straight of no inflows in EM equity ETF...
This is far from over - especially for EM stocks...
James Comey hit back at Hillary Clinton after the former secretary of state sniped at him over a Justice Department inspector general report which revealed that the former FBI director used a private email address to conduct official business - while his FBI was investigating Hillary for her own use of private systems.
But my emails. https://t.co/G7TIWDEG0p— Hillary Clinton (@HillaryClinton) June 14, 2018
In an interview with the German newspaper Die Zeit, Comey refused to apologize to Clinton - stressing the difference between his personal use of email for unclassified information vs. her use, which involved classified information.
“No. And here’s why," Comey said when asked if he would apologize. "I don’t want to criticize her, but it shows me that even at this late date, she doesn’t understand what the investigation in her case was about.”
“It was not about her use of a personal email system, and she didn’t get that during the investigation, because she used to say ‘Colin Powell when he was secretary of state used AOL,’ that was not what it was about,” Comey explained. “It was about communicating about classified topics on that system when those topics have to be done on a classified system.”
Comey defended his use of personal email - saying he only used it for things like sending himself drafts of speeches.
“What I would do, is when I had to write speeches—I would write my own speeches—I would type them at home and then gmail them into my government account,” Comey said. “Or, if I still had to work on the draft, I would send it home so I could work on it on my laptop.”
“I was not talking about anything remotely classified and the inspector general didn’t say that as well,” Comey said. “But I get why the tweet, and I get why people are focused on it, but it’s a totally different thing.”
The former FBI Director also touched on the text messages uncovered between FBI Agent Peter Strzok and former FBI attorney Lisa Page, who were having an extramarital affair together and harbored extreme anti-Trump / pro-Clinton bias.
"We archive the texts, so maybe it's a sign we don't have the brightest people working at our organization," joked Comey, adding "I never saw any indication of bias and Peter Strozk did the first draft of my letter to Congress on October 28th that Hillary Clinton blames for her losing the election, so how exactly is he trying to get Donald Trump?"
"I don't see any evidence of a conspiracy, if the president and his allies want to claim a conspiracy they have to encompass all the data, I don't see how you could approach this and conclude we were on Hillary Clinton's side or on Donald Trump's side and I never saw any indication from those two people," he said.
Comey initially responded to the Inspector General's report in a New York Times op-ed last week, the day the report came out. He was sure to point out that the IG report "found no evidence that bias or improper motivation affected the investigation," and said that "in hindsight I think we chose the course most consistent with institutional values."
Whatever those are...
The West Point graduate who promoted communism in social media posts last year has officially been discharged from the U.S. Army.
According to Fox News, Spenser Rapone’s resignation was accepted Monday, and he will be leaving the military with an other-than-honorable discharge.
Rapone’s social media posts, including a picture of him wearing a Che Guevara shirt under his military attire, sparked outrage last year, with officials blasting the West Point graduate for his radical political activism.
"The U.S. Military Academy strives to develop leaders who internalize the academy's motto of Duty, Honor, Country, and who live the Army values,” the military academy said in a statement at the time.
“Second Lieutenant Rapone's actions in no way reflect the values of the U.S. Military Academy or the U.S. Army.
“As figures of public trust, members of the military must exhibit exemplary conduct, and are prohibited from engaging in certain expressions of political speech in uniform,” West Point continued.
“Second Lieutenant Rapone's chain of command is aware of his actions and is looking into the matter. The academy is prepared to assist the officer's chain of command as required.”
According to The Daily Caller, former Democratic congressman from Pennsylvania, Jason Altmire, who nominated Rapone for the elite military institution, also disavowed the former cadet’s actions, calling them “abhorrent.”
“While I strongly support the rights of American citizens to express their opinions, the actions of 2nd Lieutenant Rapone are abhorrent and appear to be in clear violation of the Uniform Code of Military Justice, in addition to being inconsistent with the values of the United States Military Academy,” the former lawmaker said last year.
“I have no doubt that the U.S. Army will take appropriate action.”
Sen. Marco Rubio (R-FL) welcomed the decision to discharge the West Point graduate, noting that Rapone’s pictures suggest that he supported U.S. enemies.
“While in uniform, Spenser Rapone advocated for communism and political violence, and expressed support and sympathy for enemies of the United States,” Rubio said, as reported by Fox News.
“I’m glad to see that they have given him an ‘other-than-honorable’ discharge.”
According to the news network, Rapone said that he “knew there could be repercussions,” to his actions and that his “military career is dead in the water.”
“On the other hand, many people reached out and showed me support,” he said.
“There are a lot of veterans both active duty and not that feel like I do.”
"I would encourage all soldiers who have a conscience to lay down their arms and join me and so many others who are willing to stop serving the agents of imperialism and join us in a revolutionary movement," Rapone added.
Rapone also posted a picture on Twitter Monday showing him giving the middle finger to the sign outside Fort Drum, along with the caption, “One final salute.”
Update 2: President Trump appears to have confirmed his path forward with regard immigration. Per a White House pool spray, Trump says he is postponing the Congressional picnic and instead will be signing something "preemptive" on immigration later today "to keep families together," adding that he needs Democrat support.
"I'll be doing something that's somewhat preemptive and ultimately will be matched by legislation I'm sure."
And of course, he couldn't resist a tweet-shot across the Left's bow by retweeting this...
Once the mid terms are over, liberals won’t talk about detained or separated illegal immigrant children until 2020. #itsallpolitics— Dr.Darrell Scott (@PastorDScott) June 19, 2018
* * *
Update 1: AP confirms, reporting that Homeland Security secretary is drafting order to end family separation at border; however it is unclear if Trump will sign it. The executive action would follow days of escalating calls from both sides of the political divide for Trump, or Congress, to end the controversial family separation policy.
As Fox adds, the action under consideration would allow children to stay in detention with parents for an extended period of time. This comes as congressional Republicans scramble to draft legislation to address the same issue, but face challenges mustering the votes. The separations are the result of the administration's "zero tolerance" immigration policy, which aims to prosecute all illegal border crossers. But because of a 1997 order and related decisions, children cannot be detained for longer than 20 days with the adults.
Sources told Fox News that such an executive action by Trump could be seen to run afoul of the 1997 order and would likely draw a lawsuit. But the White House wants to try to take steps to uphold the enforcement of the law, while at the same time lessening the trauma of children being separated from their parents.
Rep. Peter King of New York became the latest Republican to join the chorus on Wednesday when he called on Trump to suspend the family separation policy if House immigration legislation does not pass. Speaking on Fox News’ “America’s Newsroom,” King said that while he agrees with the president’s goals in regards to immigration, the current policy of separating migrant children from parents charged with entering the country illegally is “really terrible for families.”
Republicans in both the House and Senate are struggling to shield the party's lawmakers from the public outcry over images of children taken from migrant parents and held in cages at the border. But they are running up against Trump's shifting views on specifics and his determination, according to advisers, not to look soft on his signature immigration issue, the border wall.
“The Democrats do not have a strong policy,” King said on Fox News. “But at the same time we are playing into their hands by allowing this to happen.”
* * *
Trump may be about to fold to the non-stop media barrage over the separation of immigrant parents and their children at the border, a process started by Trump's predecessor.
According to a tweet by Fox News White House correspondent Kevin Corke, the Trump administration "is today looking at some sort of executive action" that will allow children of those who illegally came to the U.S. to stay with parents through the entire adjudication process.
.@foxnews has learned per @johnrobertsFox that the @WhiteHouse is today looking at some sort of executive action that would allow the children of people who cross the border illegally to stay with their parents through the entire adjutication process. #breaking— Kevin Corke (@kevincorke) June 20, 2018
A separate unconfirmed report claims that Rudy Giuliani is "set to appear on Fox News to announce some sort of 'executive action' to stop the family separations at the border."
Evidently @RudyGiuliani is about to appear on @FoxNews to announce some sort of 'executive action' to stop the family separations at the border. Is it too early for a drinking game or can I take a shot every time Rudy says "Obama"? #ImmigrantChildren— Steve Friess (@SteveFriess) June 20, 2018
It is unclear if, once Trump folds on the immigrant fiasco, whether the media will redirect its attention to the OIG report which it has been desperately trying to avoid, even though Peter Strzok is doing everything in his power to keep that narrative on the front pages.
Elite Forex Blog - Market Research & Analysis
CME’s bitcoin futures derive their final value from prices at four bitcoin exchanges: Bitstamp, Coinbase, itBit and Kraken. Manipulative trading in those markets could skew the price of bitcoin futures that the government directly regulates.
But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle. -Rostin Benham
Under the CEA and Commission regulations and related guidance, exchanges have the responsibility to ensure that their Bitcoin futures products and their cash-settlement process are not readily susceptible to manipulation and the entity has sufficient capital to protect itself. The CFTC has the authority to ensure compliance. In addition, the CFTC has legal authority over virtual currency derivatives in support of anti-fraud and manipulation including enforcement authority in the underlying markets.
http://Bitcoin.org just removed/censored the 2 largest US Bitcoin companies (@BitPay Payment processing and @coinbase Bitcoin Exchange). It’s a good move: Bitcoin Core is obviously no longer Bitcoin, and should ideally be removed from both @BitPay and @coinbase too.
- As a secure notepad, for taking notes, or for programming Solidity, or your website.
- As a secure private ledger, for recording your Crypto transactions.
- As a store of account usernames and passwords, including 2FA info.
“If bitcoin ends up being the cyber equivalent of gold and it has a great potential left and it’s a very different kind of thing from what people in Silicon Valley focus on—companies, not algorithms not protocols, but this might be maybe one exception that is very underestimated,” the Silicon Valley elite said.
The question with something like bitcoin is whether it can become a store of value. And the thing it would replace is something like gold. The analogy is it's like bars of gold in a vault that never move and you get it and it's a hedge of sorts against the whole world falling apart.""The objections that people have to bitcoin are also objections to gold. It's this weird currency that's not backed by any government. Same thing is true of gold. It's not clear what the intrinsic value of bitcoin is. Same thing is true of gold. It may well be a bubble, but - and most bubbles are unstable and end - one of my friends has this line that 'money is the bubble that never pops', so if it is a bubble, then it is money.""If everybody decided that a $100 bill was worthless then you wouldn't want to have a $100 bill."
Currently, buying or selling large quantities of digital currencies is tricky because the market is fragmented across more than 100 crypto exchanges around the world. Connecting to all of them requires setting up a separate account with each one, and crypto exchanges generally impose limits on daily flows in and out.That makes it cumbersome and time-consuming to pull off a big trade, and the price of a digital currency can move dramatically before the investor finishes buying or selling.Tagomi hopes to make it easier to make such bulk trades by borrowing a page from the stock market. In U.S. equities, broker-dealers use systems called smart order routers that dispatch their clients’ buy and sell orders to various venues, including a dozen exchanges and more than 30 off-exchange “dark pools.”These routers make rapid-fire decisions about which market is the best place to execute a trade at any given time. Tagomi is looking to develop a similar tool for the crypto markets, according to people with knowledge of its plans.
(Bloc10 4/29/2018) -- This is a macro-deep-analysis of how Crypto can create a new parallel system by feeding off the old carcass of the dying fiat central banking model.As we explain in our book Splitting Pennies – the financial world is not as it seems. Gurus from many, non-correlated financial disciplines have been predicting for years that the current financial system is going to collapse. But just like Planet X that never came, and the false alarm of the Y2K bug, it seems that collapse has been postponed. There’s an answer for this, that isn’t being reported in the financial media. We must look at the whole picture here, so think macro, think global, and read carefully. First let us state plainly that this collapse theory is all based on solid data – the debt bubble, over leveraged banks like DB who is 50:1, growing stagnant economic growth, etc. the list of apocalyptic economic data goes on and on – so what’s keeping the system afloat? Greed? There is one difference and it’s a big difference, a huge one, that all the doom and gloomers need to consider. It’s not a ‘this time it’s different’ argument, but we have to consider global system dynamics and how they were different in Rome and other ‘empire collapse’ metaphor scenarios; today there are powerful Artificial Intelligence systems that are so powerful, they can out think any opponent 10 moves ahead. Perhaps it is this intelligence that suggested the creation and proliferation of Bitcoin to replace the economic position that traditional fiat banks failed to provide? If you look at the system as a whole, Bitcoin is an extremely intelligent solution to economic decay that Quantitative Easing alone cannot solve (and QE has proven to be impotent). Facebook is at the end of it’s use cycle. Perhaps the most important Fakebook article here on ZH is this one:"Every part of this has made me sadder and sadder and sadder. I feel like my baby has turned out to be something horrible, and these people I trusted and helped along have forgotten where they came from," he said in a conversation with Kevin Delaney, Quartz’s editor-in-chief. McNamee has become an outspoken critic of the company, comparing its role in the 2016 US election to "the plot of a sci-fi novel" while at the same time admitting that he has "profited enormously" by backing Facebook early on. The organization he helped found, the Center for Humane Technology, has made it a mission to expose Facebook’s multiple flaws, and to try to fix them.How is Fakebook related to Crypto? You should have read Michael Lewis’ The New New Thing – A MUST READ. These ideas are not dated. Silicon Valley, Wall St., and DC still operate in this way. Fakebook created a massive bubble out of nothing, 462 Billion as of today. Facebook isn’t anything, they don’t build anything, they are just programming the minds of the less gifted and in the process keeping tabs on what their neighbors feed their dogs. Here’s what one Fakebook insider had to say:During his talk, he echoed criticisms by early Facebook executive, Chamath Palihapitiya, who compared Facebook to “Internet crack” and said it’s “ripping apart the social fabric of how society works.”Fakebook did it’s job. It ripped apart the social fabric of how AMERICAN society works. While Facebook is a global app, it doesn’t have the same significance in other countries. Perhaps a few US friends like UK, Australia, etc. are in the same boat – but most countries not. Facebook is from the beginning an intelligence collection apparatus and means of social control, first and foremost. Incidentally, investors made a bundle on it and it’s a darling of Wall St. (until recently). Let’s be practical, without InQTel behind it, Fakebook would have never got off the ground. The CIA needed a slimy weasel like Suckaburger to do their electronic bidding as the spy game globally and domestically was moving to an electronic paradigm. Don’t forget that the military created the internet, it wasn’t developed by 2 dudes in their mom’s garage. The internet has always been and perhaps always will be a military communications system used by the public. There’s a price to pay for ‘free’ networks! Now of course, there are groups of private networks who have setup peer to peer encrypted communications systems and their own private social networks and chat systems like Telegram, but that represents a small percentage of the overall population which is irrelevant. If we look at Facebook on the surface, for what it is – a pump and dump scheme backed by the Military sold by Wall St. to Main St. to control them and suck more of their hard earned dollars from them, meanwhile keeping tabs on their every move, and making a buck for America’s owners – Bitcoin is the same thing! Let’s call a kettle a kettle. Bitcoin is popular for one reason – some people made millions on it. And the people who made millions on Bitcoin are mostly average folks, mostly advanced or above average technical people. With a few exceptions like Mike Novogratz, few Wall St. types, few Elite aristocrats (if any). Sound familiar? Remember Fakebook in 2007, 2008 even before the massive control systems, the gamed news feeds, before things just ‘vanished’ like if you write something they didn’t like (disappearing sentences, accounts, etc.) There was a time before Fakebook went ‘viral’ that it was ‘hip’ and only for ‘techies’ not the ‘main stream’ and then suddenly it ballooned. So there are some obvious technical differences here, just like there are differences between Fakebook and the Real Estate / Sub Prime pump and dump scam, and Bitcoin, and the scams before it. Scam is a harsh word but the fraud is so elaborate and malicious that much more harsh words are called for. Fakebook literally can be credited with destroying the social fabric of America. Some would argue that’s a good thing – but it’s another topic. Bitcoin is a Crypto Currency but like any investment, it has a lot of features like social media. The interesting link here is that Social Media made Bitcoin popular. For years the price stagnated, and it didn’t get much attention. Once the price started going up – then it went viral. People love making money! It was an alternative investment for the masses. You could buy Bitcoin with as little fiat money as you had. This, and the fact that it was digital, and global, gave it the mass appeal finally shooting the price to stratospheric levels. So hold on to your horses in case you don’t know this and you start screaming and spook them – As we explain in our book Splitting Bits – we believe based on available public evidence that the creator of Bitcoin was the NSA, either as a sub-unit or an individual working for the NSA. We have no smoking gun evidence – but no one else does as far as any alternative creator. Our scenario is simply the most plausible – it’s not necessarily the facts. There is not 100% fact showing the real face of the creator of Bitcoin. And the NSA will not confirm or deny it’s involvement, but it will provide a statement to an FOIA request that it will not confirm nor deny if such information would be or would not be classified (of course). But what’s interesting is that, the NSA is reportedly monitoring Bitcoin transactions under a program called MONEYROCKET: For instance, one memo from the NSA, the report cited, suggested the agency has collected private information such as bitcoin user passwords, internet activity and device identifiers.According to the report, the NSA has been monitoring the internet activities of bitcoin users since 2013 through a program with codename as OAKSTAR. And yet the new leak suggested that with MONKEYROCKET, another sub-program under OAKSTAR, the NSA may be moving closer to pinpoint users who initiate a cryptocurrency transaction."SSG11 analysts have found value in the MONKEYROCKET access to help track down senders and receivers of bitcoin," one memo reads.If these memos are real, and there is no reason to believe they are not, they are likely an indicator of what’s really going on, such a program would likely involve a team of people, millions of dollars, and hundreds or thousands of documents. NSA didn’t setup MONKEYROCKET to track down a few money launderers. It’s not their job, really.. Going back to the Facebook analogy, we have to consider 1) how Bitcoin goes up and 2) how Bitcoin is primarily a grassroots movement from the fringe. Crypto is the next bubble, we can ride the bubble – but here we will make a bombastic claim: Bitcoin is the MySpace. Bitcoin isn’t ‘the bubble’ actually Bitcoin is a poorly designed currency and remember that for Bitcoin there was no ICO. This ICO terrible idea was popularized mostly by quasi criminals who were ineligible for registration. We’re referring to financial criminals, the new mafia (they have evolved from the days of protection insurance, etc.), fraudsters, Ponzi scammers, and other similar elements the Crypto world has attracted. Bitcoin is the social media of finance. But instead of sharing photos of old friends and breakfast choices, Bitcoin enabled a higher element of socialization, i.e. ‘hey I just made 10,000% return on my money, you might want to check this out.” It’s like the .com boom on steroids, and it was global (Bitcoin isn’t a US product per se). In order to ‘spend’ Bitcoin it was necessary for early adopters to engage in viral marketing to make Bitcoin viable. The concept of fully electronic money is not new, but in 1989 David Chaum’s DigiCash failed, for a number of reasons but the most likely was the fact that the internet didn’t have the penetration in 1990 as it did in 2010. Social Media and the internet was a conduit for Bitcoin. And Bitcoin quickly gave birth to Ethereum, and now there are more than 2,000 crypto currencies being built and developed on an exponential pace. Ironically though, there is only one regulated futures contract at the CME, Bitcoin Futures, and only 1 regulated ICO – the tZERO ICO (*it is ‘registered’ not ‘regulated’ but the point here is that tZERO has followed SEC guidelines, and they are a regulated company – they aren’t based in BFE with a bunch of John Doe’s as their Advisors). Our point here is that Bitcoin did what it set out to do – start a race of development which is fueled by the mania created by the 1,000,000% BTC/USD chart. Something like a million percent return never happened, and likely will never again. The group that created Bitcoin whoever they are, know very well that the large banks control the system and there is no hope of creating a ‘parallel’ system without the blessing of Wall St. and DC, this was most notably proven with Chile’s Project Cybersyn:Project Cybersyn was a Chilean project from 1971–1973 during the presidency of Salvador Allende aimed at constructing a distributed decision support system to aid in the management of the national economy. The project consisted of four modules: an economic simulator, custom software to check factory performance, an operations room, and a national network of telex machines that were linked to one mainframe computer.Project Cybersyn was based on viable system model theory and a neural network approach to organizational design, and featured innovative technology for its time: it included a network of telex machines (Cybernet) in state-run enterprises that would transmit and receive information with the government in Santiago. Information from the field would be fed into statistical modeling software (Cyberstride) that would monitor production indicators (such as raw material supplies or high rates of worker absenteeism) in real time, and alert the workers in the first case, and in abnormal situations also the central government, if those parameters fell outside acceptable ranges. The information would also be input into economic simulation software (CHECO, for CHilean ECOnomic simulator) that the government could use to forecast the possible outcome of economic decisions. Finally, a sophisticated operations room (Opsroom) would provide a space where managers could see relevant economic data, formulate responses to emergencies, and transmit advice and directives to enterprises and factories in alarm situations by using the telex network.The project was so head of its time, what a desktop computer can calculate was 10x more powerful than warehouses full of computers in 1971. But the idea had to be squashed and Allende was taken out and replaced with a US friendly regime. The timing of this dismantling of the world’s first AI economic management system, coinciding with Nixon’s creation of the floating FX regime, perhaps the opposite of intelligence, should be noted. Analysis & Conclusion So here’s the deal with Bitcoin and Crypto. The big wave, the paradigm shift – it’s going to be in the regulated coin space – the Dollar Cryptos, Fedcoin, Crypto Rubble, and Crypto securities. When you can buy and sell Crypto on regulated exchanges – then you’re going to see a real paradigm shift. And that’s coming – but slowly.IBM claimed it had as many as 20 central bank clients, which even if they were smaller central banks – would be huge news for the Crypto world:Over the past year, Lund says he’s met with 20 central banks exploring the potential benefits of issuing their own fiat cryptocurrency on a blockchain. Specifically, he described the “most durable digital asset” as one that is “issued by a central bank that represents a claim on fiat deposits in the real world,” but still maintains “some semblance of monetary policy.” Though he wouldn’t reveal the names of most of the central banks with which he’s meeting, he described them as largely comprised of banks from the G20, an international forum with members including China, Russia, the U.S. and the EU. Lund further described the central banks as “clients in some capacity.” Based on these conversations, he said he expects the first central banks to issue a fiat currency on a blockchain will be “the smaller ones” with a high concentration of interest in Asia and North America.Is Bitcoin going to 50,000? Probably not. But Bitcoin’s rise to 20,000 surprised many, so it would not be surprising if it went to 100,000. Just remember one thing – the only thing that makes Bitcoin go up is buying and no selling. Selling pressure from Mt. Gox trustees put sell side pressure on Bitcoin as they unloaded Billions of USD worth of Coins on the market. Bitcoin whales that control a huge chunk of available supply could sell. The only thing that can make Bitcoin go up to 50,000 are billions in USD worth of buy orders. There is a physical limit to the price of Bitcoin based on how much fiat currency there is in the world. For example if every available US Dollar, Euro, and all other fiat currencies converted ALL of themselves to Bitcoin it would go very high, and we can calculate what that number might look like. But it is a number it is not infinite. The same can be said for stock, real estate, or other bubbles – this is bubble dynamics 101 something that the Bitcoin crowd mostly misses. Here’s the demotivational speech. So we are claiming that Bitcoin is the MySpace and the “Facebook” of Bitcoin is still to be developed. Just like in the pre-IPO space, investors are looking at in the best case 20x – 100x returns if they catch it. Of course, it will not be easy to know WHICH of the 10,000 new coins is going to be the next Facebook. But likely it will be one backed by Goldman Sachs, it will be made in Silicon Valley or in Berlin, and it will be regulated. Regulated Crypto is the future. 10 years from now probably all assets will be Crypto assets – only because of the security and efficiency features. The global FX markets for example, something Crypto stands to revolutionize, are really outdated, and didn’t really change their model since FX was created by Richard Nixon in 1971. Even until 2007 banks engaged a majority of their volume on ‘voice orders’ ! The global financial system has been ripe for an upgrade, and what Bitcoin did it said this to the world. It sent a message which was well received by Main St. investors, Wall St. financial engineers, and politicians alike. Now, they are pedal to the metal coding and designing around the clock. The first coin in the class we are referring to here is Basis, backed by Wall St. and Silicon Valley and cooked up in a frat room at Princeton, perhaps the most Elite of the finance schools depending on who you are debating.Basis recently got about $133 Million in a registered capital raise (we aren’t sure whether the ICO label is appropriate as it was a private offering, done as offerings should be done):Investors apparently love what Basis is cooking up. The upstart is announcing today that it has raised a somewhat stunning $133 million in funding from Bain Capital Ventures, GV, longtime hedge fund manager Stan Druckenmiller, one-time Federal Reserve governor Kevin Warsh, Lightspeed Venture Partners, Foundation Capital, Andreessen Horowitz, WingVC, NFX Ventures, Valor Capital, Zhenfund, Ceyuan, Sky Capital, Digital Currency Group and others.The coin idea here is a ‘Stable Coin’ – which isn’t a unique idea, it is more of a sub-movement in the Crypto community. While Bitcoin got the world’s attention, it is a poor spending currency, certainly not a store of value, and the Blockchain technology behind Bitcoin is basic, although stable, does not represent the best of what Blockchain can do, as many other coin startups have pointed out. How this will save the financial system? It is a transition to a new global financial regime. Crypto Currency itself is not such an amazing development. In Scandinavian countries they have been using digital electronic money for years. What’s the difference really between Bitcoin in your wallet or your 100,000 USD at the bank? The banking system has become bloated, inefficient, and in great need of reform. New markets will open up which are Crypto-denominated. Trading strategies will evolve that were not before possible. The establishment will not be destroyed, by design – Bitcoin requires vast amounts of electricity to be mined. So unless the next ICO is going to raise $10 Billion to build ‘clean’ Thorium nuclear reactors, Bitcoin is not so different than the Petro Dollar as it must pay it’s utilities in USD from mining. Of course that’s just one model as shown by Bitcoin – but there are others – countless others. Bitcoin started a chain of events (pun intended) that will lead to the next ‘paradigm’ of currency.Document Information This deep analysis report was commissioned by Bloc10 authored by Global Intel Hub. 4/29/2018 for the 'Blogosphere'Bloc10 update Bloc10 released recently Total Cryptos Android App (Free) , the Desktop Website @ www.totalcryptos.com and soon will release an Apple App. Coming soon: Machine Learning Engine to predict the price of Crypto Currencies (paid service) and Blockpad, the world’s first secure Notepad for Crypto investors, Blockchain developers, and intelligence operatives. To stay tuned on further developments in the Crypto space plugin to Bloc10 @ www.bloc10.com/joinLinks: NSA MONKEYROCKET DOCUMENTS: Global Intel Hub Libraryhttps://wp.me/P6ZQKC-4X New New Thing Book
“This was an operational error in the movement of collateral between Deutsche Bank’s principal accounts and Deutsche Bank’s Eurex account,” Charlie Olivier, a spokesman for Deutsche Bank, wrote in an emailed statement. “The error was identified within a matter of minutes, and then rectified. We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence.”
The Lusitania set sail for Liverpool on May 1st, 1915 from New York harbor. It was carrying millions of rounds of ammunition and shrapnel. The previous captain Daniel Dow had resigned because of mixing civilian passengers with munitions. The ship was to have a British battleship escort called the Juno but was recalled before the rendezvous in spite of the knowledge that a Uboat was active in the path of the Lusitania.
Speaking with EuroNews, Russia's ambassador to the EU, Vladimir Chizov, said "Russian military specialists have visited this region, walked on those streets, entered those houses, talked to local doctors and visited the only functioning hospital in Douma, including its basement where reportedly the mountains of corpses pile up. There was not a single corpse and even not a single person who came in for treatment after the attack.""But we've seen them on the video!" responds EuroNews correspondent Andrei Beketov."There was no chemical attack in Douma, pure and simple," responds Chizov. "We've seen another staged event. There are personnel, specifically trained - and you can guess by whom - amongst the so-called White Helmets, who were already caught in the act with staged videos." "All these facts show... that no chemical weapons were used in the town of Douma, as it was claimed by the White Helmets." “All the accusations brought by the White Helmets, as well as their photos… allegedly showing the victims of the chemical attack, are nothing more than a yet another piece of fake news and an attempt to disrupt the ceasefire,” said the Russian Reconciliation Center.
“The Chinese have recently issued the gold backed Yuan, which they, and others, have vowed to use to sell/purchase oil (amongst other things). The last two nations that tried to introduce a currency to compete against the petrodollar were Libya and Iraq. The US needs that pipeline through Syria even more than ever now, especially if they are to compete for European gas/oil markets (presently controlled by Russia and their pipeline) and the Chinese Yuan. But i’m sure none of that has anything to do with it…”
“The United States will be a partner and a friend, but the fate of the region lies in the hands of its own people.”“Tonight, I ask all Americans to say a prayer for our noble warriors and our allies as they carry out their missions. We pray that God will bring comfort to those suffering in Syria.”
"Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My quick answer is that my hope is that it's actually helping - because this technology is being used for fraud and to the extent that it's being used for fraud, history shows that government comes down harshly on that technology later."
Utility token debate
The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.—Ernest Hemingway
By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code,I, DONALD J. TRUMP, President of the United States of America, in order to take additional steps with respect to the national emergency declared in Executive Order 13692 of March 8, 2015, and relied upon for additional steps taken in Executive Order 13808 of August 24, 2017, and in light of recent actions taken by the Maduro regime to attempt to circumvent U.S. sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful, hereby order as follows:Section 1. (a) All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.(b) The prohibitions in subsection (a) of this section apply except to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or any license or permit granted before the effective date of this order.Sec. 2. (a) Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this order is prohibited.(b) Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited.Sec. 3. For the purposes of this order:(a) the term “person” means an individual or entity;(b) the term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;(c) the term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches of such entities), or any person within the United States; and(d) the term “Government of Venezuela” means the Government of Venezuela, any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela and Petroleos de Venezuela, S.A. (PdVSA), and any person owned or controlled by, or acting for or on behalf of, the Government of Venezuela.Sec. 4. The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including promulgating rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to implement this order. The Secretary of the Treasury may, consistent with applicable law, redelegate any of these functions to other officers and executive departments and agencies of the United States Government. All agencies of the United States Government shall take all appropriate measures within their authority to carry out the provisions of this order.Sec. 5. For those persons whose property and interests in property are affected by this order who might have a constitutional presence in the United States, I find that because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures taken pursuant to this order would render those measures ineffectual. I therefore determine that for these measures to be effective in addressing the national emergency declared in Executive Order 13692, there need be no prior notice given for implementation of this order.Sec. 6. This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.Sec. 7. This order is effective at 12:15 p.m. eastern daylight time on March 19, 2018.DONALD J. TRUMP
A bizarre political statement by Saddam Hussein has earned Iraq a windfall of hundreds of million of euros. In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro.The changeover was announced on almost exactly the same day that the euro reached its lowest ebb, buying just $0.82, and the G7 Finance Ministers were forced to bail out the currency. On Friday the euro had reached $1.08, up 30 per cent from that time.Almost all of Iraq's oil exports under the United Nations oil-for-food programme have been paid in euros since 2001. Around 26 billion euros (£17.4bn) has been paid for 3.3 billion barrels of oil into an escrow account in New York.The Iraqi account, held at BNP Paribas, has also been earning a higher rate of interest in euros than it would have in dollars.At the time of the change the UN issued a report saying that the move could cost Iraq up to £270 million. Independent experts questioned the value of buying into a plummeting currency.'It was seen as economically bad because the entire global oil trade is conducted in dollars,' says Fadhil Chalabi, executive director of the Centre for Global Energy Studies.
There are stories of the government confiscating computers and mining equipment from people. Tell us about this.Yes, sometimes the police squad that visits your place decides to seize your mining equipment, and there is absolutely nothing you can do about it.
What do they do with the equipment?Rumor has it they install them on government facilities.
Operation PBFORTUNE, also known as Operation FORTUNE, was the name of a covert United States operation to overthrow the democratically elected Guatemalan President Jacobo Árbenz in 1952. The operation was authorized by US President Harry Truman and planned by the Central Intelligence Agency. The United Fruit Company had lobbied intensively for the overthrow because landmark land reform enacted by Árbenz threatened its economic interests. The coup attempt was also motivated by US fears that the government of Árbenz was being influenced by communists. It involved providing weapons to the exiled Guatemalan military officer Carlos Castillo Armas, who was to lead an invasion from Nicaragua. The coup was planned with the knowledge and support of Anastasio Somoza García, Rafael Leonidas Trujillo and Marcos Pérez Jiménez, the US-backed right-wing dictators of Nicaragua, Dominican Republic and Venezuela respectively, as well as the United Fruit Company. However, the US State Department discovered that details of the plan had become too widely known. US Secretary of State Dean Acheson was worried that the coup attempt would damage the image of the US, which had committed to a policy of non-intervention, and so terminated the operation. Operation PBFORTUNE was a precursor to Operation PBSUCCESS, the covert operation that toppled Árbenz and ended the Guatemalan Revolution in 1954.
"We have been shamelessly threatened by the most criminal empire that ever existed and we have the obligation to prepare ourselves to guarantee peace," said Maduro, who wore a green uniform and a military hat as he spoke with his army top brass during a military exercise involving tanks and missiles. "We need to have rifles, missiles and well-oiled tanks at the ready....to defend every inch of the territory if needs be," he added.
- First, I’d highlighted all the wrong things.
- Second, I saw instantly how much these men were alike.
Number One: Start Out Clueless
“Q: Did you know anything at all about what you were doing? Had you read anything about commodities or trading?
A: No, nothing.
Q: Did you even know the contract sizes?
A: No, we didn’t.
Q: Did you know how much it was costing you per tick?
Q: Apparently, that was about the only thing you knew.
A: Right. Our next trade, in wheat, didn’t work either. After that, we went back to corn and that trade worked out better; it took us three days to lose our money. We were measuring success by the number of days it took us to lose.”
Number Two: Make the Same Mistakes as Everyone Else
“Soybeans are going to the moon…You are a fool to stay short the November contracts. Let me lift your November shorts for you, and when the market goes limit-up for the next few days, you will make more money.”
“It was a moment of insanity. Fifteen minutes later, my broker calls me back, and he sounds frantic.
‘I don’t know how to tell you this, but the market is limit-down! I don’t know if I can get you out.’ I went into shock. I yelled at him to get me out.”
“I was up about $45,000. By the end of the day, I had $22,000 in my account.”
Number Three: Take a Big Loss
“I went into emotional shock. I could not believe how stupid I had been — how badly I had failed to understand the market, in spite of having studied the markets for years. I was sick to my stomach, and I didn’t eat for days. I thought that I had blown my career as a trader.”
“Q: How much did you lose on the trade by the time you liquidated?
A: I lost my own $30,000, plus $12,000 of the $20,000 my mother had lent me. That was my lesson in betting my whole wad.”
Step Four: Reflect and Come Back Stronger
“It was at that point that I said, ‘Mr. Stupid, why risk everything on one trade? Why not make your life the pursuit of happiness rather than pain?’
That was when I first decided I had to learn discipline and money management. It was a cathartic experience for me, in the sense that I went to the edge, questioned my very ability as a trader, and decided that I was not going to quit. I was determined to come back and fight.”
Step Five: Learn the Age Old Lessons the Hard Way
As Tudor Jones says “losers average losers.”
Step Six: Money Management
Paul Tudor Jones says “I am always thinking about losing money as opposed to making money…I have a mental stop. If it hits that number, I am out no matter what.”
Step Seven: Stop Following Others
“It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them.”
Ed Seykota said “eventually I became more confident of trading with the trend and more able to ignore the news. I became more comfortable with the approach.”
Step Eight: Develop Your Own Style
As Ed Seykota says, “Everyone gets what they want out of the markets.”
Ed went further: “I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it.”
January 18, 2018
President & CEO
Investment Company Institute
1401 H St., NW, Suite 1200
Washington, DC 20005
Asset Management Group – Head
Securities Industry and Financial Markets Association
1101 New York Avenue, NW, 8th Floor
Washington, DC 20005
Arbitrage (for ETFs)
Potential Manipulation and Other Risks
Division of Investment Management
U.S. Securities and Exchange Commission
- Krishna Mohan
- Jiongsheng Zhao
- James Vorley & Cedric Chanu
- Jitesh Thakkar & Edge Financial Technologies
The CFTC and Department of Justice said in their complaint that those modifications were designed to help him spoof the markets more efficiently.
Read the full story at: https://seekingalpha.com/article/4140678-tzero-ico-make-overstock-wall-street-favorite
Cash has the distinct advantage of being anonymous. You can put cash under your mattress or in a vault, and no one knows about it except you. A national cryptocurrency would make it far more difficult for criminals to hoard money because all transactions would be recorded in the government ledger. If a transaction was deemed illegal, the parties to the transaction could be identified. This is also true with bitcoin, whose ledger is viewable to anyone. Despite the negative press about bitcoin being used for illegal transactions, bitcoin is not anonymous, and criminals who use it often do not understand that their transactions are being recorded.There is another reason for governments to like the idea of a national cryptocurrency: strengthening the power of monetary policy to help manage the economy.
Having taken a gamble on bitcoin futures, which are set to begin trading by the end of the year, the CME is now seeking to avoid the consequences of what has emerged as both the cryptocurrency's best and worst selling point: its unprecedented volatility…While the CME already uses daily vol limits on most other markets, including crude, gold and market futures, to temporarily halt trading when price swings get out of control, the CME has never before dealt with something like bitcoin
The price of Bitcoin (notably, BTC/USD) has been exploding all week basically with the market expecting that with regulated futures contracts, it will bring institutional money into the Crypto market. While that may be true, this futures contract is not exactly a conduit, as it is 'cash settled' which means effectively 'not settled' or 'self-cleared'. CME will match buyers and sellers and not have any connection to any Bitcoin exchange or other clearing facility. At the end of the day, each contract will have a profit or loss, against each other. Crypto Market Makers could at their own risk, provide liquidity on-exchange and lay off risk independently, through the exchanges. But practically, why would they? Just to soak up 'newbie' liquidity from the moms and pops now able to trade the futures contract through their IRA? Something certainly doesn't add up here, and given the chaos and volatility we saw all week, we are expecting at best, a total market meltdown; at worst, they may cease trading the contract. There is certainly a lot of money waiting in the pipeline for the moment the contract goes live. And it's not the only one, CBOE has a contract too, which is the first one which will go live.
Traders wait in anticipation this week to see how the market will react to the first regulated Crypto contracts.
To get in on the action checkout some Bitcoin resources we've added to our website by clicking here. If you want to learn more about Bitcoin from the perspective of digital currency, which we've been doing for 15 years, checkout Splitting Bits - Understanding Bitcoin and the Blockchain.