New York Governor Unveils Hate-Crime Unit, Plans Taxpayer-Funded Defense Of Criminal Illegal Immigrants

It seems that even the Governor of the great state of New York is incapable of discerning ‘real’ from ‘fake’ news when it doesn’t fit his narrative. Proclaiming that “if there is a move to deport immigrants then I say start with me,”Andrew Cuomo appears to have missed Trump’s proposal focused on ridding America of ‘criminal illegal immigrants’and plans “to provide immigrants who can’t afford their own defense the legal assistance they need.. because in New York, we believe in justice for all.”
Before his address today, Cuomo tweeted…


This post was published at Zero Hedge on Nov 20, 2016.

The Gold Market – Where Transparency means Secrecy

The following speech, by BullionStar precious metals analyst Ronan Manly, was given to an audience during a Precious Metals Seminar held at BullionStar’s shop and showroom premises in Singapore on 19 October 2016.
Introduction
Good evening ladies and gentlemen, you are all very welcome to this event at BullionStar.
This evening, I will be discussing the topic of transparency versus secrecy in the gold market, and specifically looking at this transparency and secrecy by highlighting a number of areas of the gold market which claim to be transparent but which are in fact very secretive.
Transparency is an important concept in financial markets mainly because it encourages informational and market efficiency. Applied to the gold market for example, this would prevent larger gold traders having an information and trading advantage over the retail gold buying public such as ourselves. So transparency is not just an abstract concept, it has real world implications.
To illustrate this contradiction of transparency versus secrecy, I’ll look at two main sets of gold market participants:
– firstly the central bank or official sector, which includes central banks and organisations such as the International Monetary Fund (IMF) and the Bank for International Settlements (BIS),
– and secondly the wholesale London gold market as represented by the London Bullion Market Association (LBMA) and its bullion bank members.
I have chosen the official sector and the investment sector since together they represent two of the largest areas of gold ownership and gold activity globally, with central banks claiming to hold about 33,000 tonnes of gold, and bullion banks being the largest traders of gold globally.

This post was published at Bullion Star on 21 Nov 2016.

Sarkozy goes down in flames on political comeback – France moves closer to the right

November 2016 – FRANCE – Nicolas Sarkozy has conceded defeat in the French rightwing primary vote. The former French president had attempted to stage a comeback for the 2017 elections but was forced to concede after Sunday’s votes saw him slipping further behind his fellow candidates. The country’s former prime ministers Francois Fillon and Alain Juppe were seen qualifying for a second round runoff of France’s conservative primaries on Sunday, first partial results of the vote showed. The men are now the favorites to go head to head in the US-style voting system on November 27 – with the winner likely to win next May’s election. With votes counted from more than half of polling stations, Fillon was seen to receive 43.5 per cent of the votes, Juppe collecting 27.6 per cent and Sarkozy just 22.1 per cent.


This post was published at UtopiatheCollapse on November 21, 2016.

What Should Trump Do?

Setting the Stage
Will There Be a Recession in 2017?
What Should Trump Do?
A Few Final Thoughts
RIP Jack Rivkin
‘The problems of victory are more agreeable than those of defeat, but they are no less difficult.’
– Winston Churchill
‘Crying is all right in its way while it lasts. But you have to stop sooner or later, and then you still have to decide what to do.’
– C. S. Lewis, The Silver Chair
‘I must have a prodigious amount of mind; it takes me as much as a week, sometimes, to make it up!’
– Mark Twain
No matter who won the presidency, the economic way forward was not going to be easy. The Republican team understands they must ‘stand and deliver.’ But as we will see in today’s letter, that is not going to be easy. I’m going to depart from the normal format of my letters, where I talk about the economic realities we face and how we should invest, and instead offer my view of what I think the Trump administration and the GOP-led Congress should do.
Please note, this is not necessarily what they will do. In complete candor, what I’m proposing will be remarkably difficult for certain members of the Republican and Democratic Congress to countenance. It requires accepting some significant philosophical heresies that are anathema to all politicians (different heresies/anathemas for different politicians, according to their philosophical bent), but I see it as the only way forward if we want to dodge a deep recession and/or a greater crisis in the future.

This post was published at Mauldin Economics on NOVEMBER 20, 2016.

We Are Being Set Up For Higher Interest Rates, A Major Recession And A Giant Stock Market Crash

Since Donald Trump’s victory on election night we have seen the worst bond crash in 15 years. Global bond investors have seen trillions of dollars of wealth wiped out since November 8th, and analysts are warning of another tough week ahead. The general consensus in the investing community is that a Trump administration will mean much higher inflation, and as a result investors are already starting to demand higher interest rates. Unfortunately for all of us, history has shown that higher interest rates always cause an economic slowdown. And this makes perfect sense, because economic activity naturally slows down when it becomes more expensive to borrow money. The Obama administration had already set up the next president for a major recession anyway, but now this bond crash threatens to bring it on sooner rather than later.
For those that are not familiar with the bond market, when yields go up bond prices go down. And when bond prices go down, that is bad news for economic growth.
So we generally don’t want yields to go up.
Unfortunately, yields have been absolutely soaring over the past couple of weeks, and the yield on 10 year Treasury notes has now jumped ‘one full percentage point since July’…
The 10-year Treasury yield jumped to 2.36% in late trading on Friday, the highest since December 2015, up 66 basis point since the election, and up one full percentage point since July!

This post was published at The Economic Collapse Blog on November 20th, 2016.

Gold Star Family Of Dead Soldier Booed By “Disgusting” Passengers On Flight To Meet Son’s Remains

Are you F**king serious, America??!!
The father of a soldier who was killed last weekend in Afghanistan was disappointed and hurt after airline passengers booed him and his family as they flew to meet his son’s remains. As McClatchy reports, Stewart Perry, an ex-Marine who lives in Stockton, said the ordeal left him feeling disrespected: “It was really disgusting on the passengers’ part.”
His son, Sgt. John W. Perry, was one of two killed in an explosion at a United States airbase on Nov. 12. He was honored at a memorial service in Lodi on Thursday and will be buried in Arlington National Cemetery.
The Department of Defense said the blast also took the lives of two U. S. contractors working on the base. Sixteen other U. S. service members and one Polish soldier participating in a NATO mission were wounded.

This post was published at Zero Hedge on Nov 20, 2016.

GREY CHAMPION ASSUMES COMMAND (PART TWO)

In Part One of this article I discussed the arrival of Grey Champions in previous Fourth Turnings; their attributes, deficiencies, and leadership skills; and why Donald Trump is the Grey Champion of this Fourth Turning – whether you like it or not. Now I will try to make sense of what could happen next.
‘Our movement is about replacing a failed and corrupt political establishment with a new government controlled by you, the American people. The establishment has trillions of dollars at stake in this election. For those who control the levers of power in Washington and for the global special interests, they partner with these people that don’t have your good in mind. The political establishment that is trying to stop us is the same group responsible for our disastrous trade deals, massive illegal immigration and economic and foreign policies that have bled our country dry.
It’s a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities. The only thing that can stop this corrupt machine is you. The only force strong enough to save our country is us. The only people brave enough to vote out this corrupt establishment is you, the American people.’ – Donald Trump

This post was published at The Burning Platform on November 20, 2016.

Why Deutsche Bank Thinks The S&P Is Going To 2,500 Next

For the past year, Deutsche Bank was one of the most stubbornly pessimistic banks. Then, overnight, everything changed for one reason: Donald Trump.
The German bank laid out its 180-degree change in opinion in a 30-page Friday note titled “Trump: the huge picture for stocks”, in which it revealed that it now expects the S&P to easily rise to 2,250 by Trump’s inauguration, and then rise to 2,500 by 2018 “before suffering its next bear market.”
While not necessarily the “huge picture”, here is the big picture summary of DB’s note:
In the first week of President elect Trump, most of our investor conversations centered on their concerns about a higher fiscal deficit lifting Treasury yields and pressuring PEs and a stronger dollar/ weak oil prices pressuring the EPS outlook and the possibility of protectionism. While we don’t ignore such risks, we think the market is under appreciating the likely big boost to S&P EPS from a lower corporate tax rate and the boost to Bank profits from rising yields (and lower pension expense) and the much higher chance now of a long lasting economic expansion that rivals the 10 year US record. We’re more confident now that the S&P will reach 2500 in 2018 before suffering its next bear market.

This post was published at Zero Hedge on Nov 20, 2016.

In Startling Note, Goldman Warns Economy Shifting “Into Disequilibrium” Under Trump, Increasing Recession Odds

It was about a year ago when, in a note brimming with optimism, Goldman Sachs (which had just released its Top 6 trades for 2016, 5 of which would close out at a loss just two months later) predicted that the Fed would hike rates 3 times in 2016, a year in which the economy was expected to storm higher. It has yet to hike them once (although the market is 90% convinced this will happen next month) even as the economy has done virtually nothing, and some can argue contracted further for most of the world class leading to Donald Trump’s “surprise” victory.
Fast forward one year when here we are again, a few weeks ahead of the Fed’s December hike (which probably will happen now that everyone is freaking out about the Trumpflation tsunami even though nobody has actually seen any detail thereof), and out comes Goldman – like clockwork – with another report in which it forecasts the same as it did a year ago: namely three Fed hikes in 2017 after the December one; in other words, Goldman believes that by the end of next year, the Fed Funds rate will be around 1.50%, or where the 10Y was just two months ago.
Good luck, and we say that because a closer read of the Goldman report reveals that while Jan Hatzius lays out all the optimistic highlights that have been factored in by stocks and bonds as of this moment, he proceeds to highlight in extensive detail why not only Trump’s policies may not be largely implemented, but why the market could be significantly disappointed.
Here are some of the highlights from the Goldman notes penned by chief economist Jan Hatzius:

This post was published at Zero Hedge on Nov 20, 2016.

Gold’s 2016 Bull Market Moving Off Course

While we expected additional weakness in Gold and gold stocks (weeks ago) we did not quite expect the kind of selling the sector experienced in the wake of Donald Trump’s election victory. The market reacted by sending bond yields dramatically higher which resulted in stronger real interest rates, which is fundamentally negative for precious metals. This has created significant technical damage in the sector and has potentially thrown the 2016 bull off course.
Our first chart shows how and when this bull market went off course. Below we compare the current rebound in Gold to some of those from the past. As you can see, the 2016 rebound was well on course until the second half of September. That is when historical bull markets pushed higher. Unfortunately, Gold broke lower and has continued to trade lower. It has diverged from its bull market course.

This post was published at GoldSeek on 20 November 2016.

Former CEO Of UBS And Credit Suisse: “Central Banks Are Past The Point Of No Return, It Will All End In A Crash”

Remember when bashing central banks and predicting financial collapse as a result of monetary manipulation and intervention was considered “fake news” within the “serious” financial community, disseminated by fringe blogs?
Good times.
In an interview with Swiss Sonntags Blick titled appropriately enough “A Recession Is Sometimes Necessary“, the former CEO of UBS and Credit Suisse, Oswald Grbel, lashed out by criticizing the growing strength of central banks and their ‘supremacy over the markets and other banks’. The former chief executive officer claimed that the use of negative interest rates and huge positive balance sheets represent ‘weapons of mass destruction’. He calls for an end to the use of negative interest rates.
Sounding more like a “tinfoil” blog than the former CEO of the two largest Swiss banks, Grbel warned that central banks have “crossed the point of no return” which will ultimately ‘end in a crash.”

This post was published at Zero Hedge on Nov 20, 2016.

Russia Adds Record 1.3 Million Ounces of Gold During October

Short-term investor sentiment may have turned bearish towards gold over the past week, but 2016 is still shaping up to be a very strong year for overall demand. Part of the reason is that central banks are still buying aggressively.
The Central Bank of the Russian Federation added 1.3 million ounces (40.4 tons) of gold to its reserves during October. This is a new monthly record and more than 2.5 times as much as was added in September. Russia now claims an official 50.9 million ounces (1583.167 tonnes) in total gold reserves.
From the start of 2014 until the start of November 2016, just under three years, Russia has increased their official gold reserves by over 50%! Not coincidentally, they also cut their U. S. Treasury holdings by nearly 50% over the same time period.
Of course, they are buying domestic production and Russia was the second biggest gold producer in 2015, mining 290 metric tons.

This post was published at GoldStockBull By Jason Hamlin/ November 18th, 2016.

Inflation 101: Prep School For Preppers

Mention Preppies and visions of Izods with popped collars and boat shoes may come to mind. The Official Preppy Handbook, published in 1980, regaled readers with the ‘merits of pink and green,’ instructing that, ‘socks are frequently not worn on sporting occasions or on social occasions for that matter. This provides a year-round beachside look that is so desirable that comfort may be set aside.’
Reference ‘Preppers,’ on the other hand, and fashion goes out the window replaced by sturdy wears and wares. Gucci is supplanted by the ‘Bug Out Bag (BOB)’ and ‘Get Out of Dodge (GOOD) Kit.’ Modern day survivalists have upgraded their essentials to include electric generators, water purifiers, and several years’ worth of provisions. Who’s to blame them? Go big if you can’t go home.
In the blink of an election, the two worlds of Preppy and Prepper have collided. Rather than the possibilities being remote as doomsday scenarios suggest, potential outcomes are conspicuous in their size, abundance and mystery. Hence the logic when yours truly received this warning from a reader logged into a posh investment website in the wake of last week’s upset win for Donald Trump: ‘Buy brand name defensive ammo for handguns. It will hold its value better than gold. It is an inflation hedge. Buy a box every month. Diversify the calibers.’

This post was published at Zero Hedge on Nov 20, 2016.

Sarkozy Concedes Defeat In First Republican Primary, Backs Fillon

French ex-President Nicolas Sarkozy admits defeat in conservative presidential primary and endorses centrist Fillon — BBC Breaking News (@BBCBreaking) November 20, 2016

Update: It’s official – not only is Sarkozy out, but he is backing Francois Fillon, in a setback for the alleged – if only according to the ever more embarrassing industry of pollsters – frontrunner for the presidency, Alain Juppe, and another big win for Marine Le Pen.
Less than four months after he announced (what he hoped would be) his triumphal return to politics, the hopes of former French president Nicolas Sarkozy have imploded, as a result of a poor showing in today’s first presidential primary in France in which the conservatives will pick their candidate for president.

This post was published at Zero Hedge on Nov 20, 2016.

Marine Le Pen Takes “Huge Lead” In French Presidential Election Poll Just Days After Being Written Off

The pollsters have done it again. Just four days after the Independent reported that pollsters said Marine Le Pen has “next to no chance” of winning the French presidency…
Pollsters say Marine Le Pen has next to no chance of winning the French presidency — The Independent (@Independent) November 16, 2016

… today we learned that contrary to previous polls, the leader of National Front leader Marine – the person whose surge in the past few years has been most equated to the French populist revolt that has taken place in the UK and US – has taken a commanding lead in the latest French presidential election poll.
As the Independent writes in “Marine Le Pen takes huge lead over nearest rival in new French presidential election poll“, according to the latest, Nov. 20, Ipsos poll, Le Pen had 29% of the vote when pitted against Nicolas Sarkozy, who was eight points behind, and held a 15-point lead over the Parti de Gauche’s Jean-Luc Mlenchon in the poll released by Ipsos, which analysed five scenarios with different frontrunners.

This post was published at Zero Hedge on Nov 20, 2016.

Why “Everything’s Changed” – One Hedge Fund’s Disturbing Take On Markets Under Trump

Below we present an insightful, if disturbing, anecdote from Eric Peters, CIO Of One River Asset Management, who shares his view in his traditional “third-person” style about what life may be very well be for traders under the Trump administration.
* * *
Beep Beep
‘Everything’s changed,’ said Roadrunner, the market’s biggest volatility trader. ‘Trump will provide the excuse for everyone to finally capitulate, and embrace this bull market,’ he continued. Back in 2000, the internet ignited imaginations, animal spirits. In 2006, home prices grew to the sky. Now Trumponomics.
‘He’ll suck everyone in.’ You can feel the bullishness building. ‘But the seeds of the next bust will be sown in his first year. The volatility will be amazing. And by the time his term ends, the S&P will be below where it started.’

This post was published at Zero Hedge on Nov 20, 2016.