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Revolver Maps

Jackson Hole Preview: Market Reactions, And Why UBS Says “Don’t Skip Lunch”

zerohedge.com / by Tyler Durden / Aug 22, 2017 8:44 PM

Historically the annual Jackson Hole symposium has been a major market-moving event as it has traditionally been the venue where central banks make critical announcements such as Bernanke’s preview and hints of QE2 and QE3 in 2012, as well as Draghi’s suggestion of the ECB’s QE in 2014. As shown in the chart below, market reactions following these events have been material.

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XIV Makes New Lows As VIX Stays Elevated

news.goldseek.com / By Mike Golembesky / 22 August 2017

Last week the XIV saw the largest price drop in over a year falling over 23% from the July 26th High. After bottoming on August 10th the XIV moved back higher stalling out just under the 61.8% retrace level in what counted best as a corrective move higher.

Since topping on August 15th the XIV has once again broken back below last week’s low at 72.44. The break of the 72.44 low has giving additional confirmation that the high that was struck on July 26th was indeed a larger degree top. This is suggestive that the XIV still has some work to do to the downside prior to this moving back to new highs once again.

The VIX Index has now closed over the 11 level for 8 consecutive sessions. From a longer-term perspective, this is not news as the VIX typically is well over the 11 level. This is, however, the longest streak that the VIX has closed over 11 since April of this year. On Friday, August 11th the VIX Index closed at 14.98 again still very low from a historical perspective.

What is interesting is that we are now beginning to see calls for the VIX to hit 60 by October of this year. Keep in mind these are levels that have not been seen since the 2008 financial crisis. While I do think it is very likely that we once again see some volatility return to the market into the fall done I do not think the VIX is quite ready to hit 60 just yet.

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Ron Paul Institute Statement on Trump’s Afghanistan Speech

mises.org / Daniel McAdams / August 22, 2017

Like me, many of you watched President Trump’s train wreck of a speech on Afghanistan earlier tonight. It’s nearly midnight and I am still reeling.

I guess it was too much to ask to hear him admit the obvious and draw the obvious conclusions: After 16 years – the longest war in US history – no one even remembers what we are fighting for in Afghanistan. The war is over. Not another American (or innocent Afghan) life for one of the most convoluted and idiotic wars in history! Trump of 2012 and 2013 said just that. Candidate Trump said just that. Then tonight he told us that once you sit in that chair in the Oval Office you see things differently.

What does that mean? Once elected you betray your promises so as to please the deep state? Here’s the truth that neither President Trump nor his newfound neocon coterie can deny:

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Al Sharpton Is Shocked At The “Poisonous Atmosphere” In America “Being Stoked By The President”

zerohedge.com / by Tyler Durden / Aug 22, 2017 6:55 PM

Al Sharpton, who’s built his career on stoking racial tensions for personal and financial gain, accused President Donald Trump of inciting a “poisonous atmosphere” in the US.

“We’re in a poisonous atmosphere that is being increased by the president of the United States. It’s like turning on the gas in a room.”   

“Any match could lead to an explosion, and we’re getting that kind of atmosphere from this president.”

As anyone familiar with Sharpton’s history is probably aware, the hypocrisy inherent in his statement is staggering. Even within the black community, Sharpton has become associated with transforming tragedies into media circuses for personal and financial gain. In 1987, the Reverend famously accused a prosecutor in upstate New York of taking part in the rape of a black teenager. Her story was soon found to be fabricated. One family member of Akai Gurley, a young black man who was shot and killed by police in Brooklyn in 2014, complained that Sharpton swooped in and “put his name on” the situation before discussing it with the family.

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Obsolete phrase: “independence of mind”

jonrappoport.wordpress.com / by Jon Rappoport / August 22, 2017

Like a car with high fins and long protruding tail lights, the phrase “independence of mind” has gone out of style, especially at colleges and universities where it ought to be the most profound ideal. The thugs have taken over.

As recently as 2008, a professor of Jurisprudence at King’s College London, Timothy Macklem, described the phrase in this fashion:

“Independence of Mind [explores] the ways in which the fundamental freedoms help us to achieve something even more profound, by enabling us to arrive at beliefs, convictions and voices of our own, so that we truly come to think, believe, and speak for ourselves in the rich and various ways that the freedoms then protect. Privacy grants us the distance and refuge from others necessary to develop views of our own; freedom of speech calls on us to imagine ways of expressing ourselves that are both true to the views we have developed and innovative in their own right; freedom of conscience enables each of us to create a distinctive rational personality in which to embed the convictions that we wish to treat as non-negotiable…”

If the professor taught at one of many American “liberal colleges” today, a mere nine years after he wrote that description, he would be pilloried and subjected to prolonged attacks from students and even other faculty.

That’s the pace of change these days.

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NESTLÉ FACES LAWSUIT FOR MISLABELING COMMON GROUND WATER AS SPRING WATER

thedailysheeple.com / 

A group of concerned citizens has brought a 325-page class action lawsuit against Nestlé Waters North America, the company that owns Poland Spring, alleging that the Maine business has long deceived their customers by mislabeling common groundwater as “spring water,” Courthouse News reported.

The lawsuit was filed in a Connecticut federal court on Tuesday accusing Nestlé Waters North America Inc. of a “colossal fraud perpetrated against American consumers.”

The civil suit was brought by 11 people who are seeking millions of dollars in damages seeking whether the sources of Poland Spring’s water meets the Food and Drug Administration’s (FDA) definition of a spring.

The suit alleges that the Poland Springs’ wells in Poland, Maine, Hollis, Fryeburg, Denmark, Dallas Plantation, Pierce Pond Township and Kingfield have never been scientifically proven to be connected to a spring and draw in surface water, which cannot legally be called spring water.

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College Professors Begin Direct Support For AntiFa Groups On Campuses

zerohedge.com / by Jacob Grandstaff via Campus Reform / Aug 22, 2017 6:30 PM

  • Two professors, one from Purdue University and the other from Stanford University, are assembling a “Campus Antifascist Network” (CAN) to serve as a “big tent” for “anyone committed to fighting fascism.”
  • Despite the reputation Antifa groups have cultivated for employing violence to shut down opposing speakers, the professors insist that they only support “self-defense” by “those who are being threatened by fascists.”

Two professors are organizing a campus Antifa (Anti-Fascist Action) organization with the goal of confronting groups it considers fascist and “driv[ing] racists off campuses.”

According to Inside Higher Ed, the Campus Antifascist Network (CAN) was organized by Purdue University Professor Bill Mullen and Stanford University Professor David Palumbo-Liu with the intention of serving as a “big tent” for “anyone committed to fighting fascism.”

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Gold Stocks: Good Times Are Near

news.goldseek.com / By Stewart Thomson, Graceland Updates / 22 August 2017

  1. After rallying almost $100 an ounce from the July lows of about $1210 (basis December futures), gold is consolidating its gains.
  2. Fundamentally, there isn’t much immediate time frame news from either the fear trade or the love trade.  That’s the root cause of this sideways price action, and its healthy.
  3. To get some technical perspective on the consolidation, please click here now. Double-click to enlarge this short term gold chart.
  4. A small head and shoulders top pattern has appeared, and it suggests more consolidation will occur before the upside action resumes.  This scenario would see gold move down towards $1272, and then rally towards $1330.
  5. Please click here now.  Double-click to enlarge.  On this chart, a slightly bigger head and shoulders pattern is apparent.  It suggests a deeper correction to about $1250 may occur.
  6. I’ve outlined the $1300 – $1330 price zone as a good place to book some light profits on positions bought into my $1220 – $1200 buy zone. From here, investors should be viewing the $1275 – $1245 price zone as a fresh buy zone. 
  7. Please click here now. Double-click to enlarge this important dollar versus yen chart.
  8. The world’s biggest liquidity movers are major bank FOREX departments, and they tend to aggressively buy the dollar versus the yen when global risk is declining.
  9. When global risk rises, they will aggressively sell the dollar against the yen.

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Read The Memo That Rocked Washington And Exposed The Deep State Plot Against President Trump

shtfplan.com / Susan Duclos, AllNewsPipeline.com / August 22nd, 2017

While North Korea dominated much of the news of late and the recent events in Charlottesville, VA have been the talk of the internet over the last couple of days, the recent revelation of the “Memo that rocked Washington,” which exposes the deep state subversion against President Trump and explaining the tactics being utilized, is being spun as “crazy” with the writer of the memo being labeled a “nutcase” by the MSM, who has converged on a narrative in a weak attempt at damage control.

The memo is embedded in full below, so readers can read the seven-page memorandum produced in May by the former director of strategic planning at the National Security Council, Rich Higgins.

Before we detail some of the highlights from the memo, then offer the document in full, lets take a look at Higgins credentials, the man that the media is doing their best to discredit with labels like nutcase (MediaIte) with outlets like Washington Post calling the memo itself “crazy.”

Not only was Higgins the the former director of strategic planning for the NSC, before being fired by Lt. Gen. H.R. McMaster for writing the memorandum, but perhaps more impressive, the Army veteran was also a former Pentagon official who specialized in irregular warfare.

Department of Defense defines Irregular Warfare in a 100 page document from 2007, in the following manner:

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Funds Managing $1.1 Trillion Are Dumping Junk Bonds

zerohedge.com / by Tyler Durden / Aug 22, 2017 5:14 PM

Even before Ray Dalio doubled down on his warning that the US has become as dangerously fragmented as during the pre-World War II days of 1937, prompting him to “tactically reduce” risk, some of the biggest names on Wall Street were selling.

Two weeks ago, T.Rowe Price made waves when it said that it had cut the stock portion of its asset allocation portfolios to the lowest level since 2000. The Baltimore-based money manager said it also reduced its holdings of high-yield bondsand emerging market bonds for the same reason. Roughly at the same time, in its mid-year review, Pimco said that “with the macroeconomic backdrop evolving in the face of potentially negative pivot points and considering asset prices generally are fully valued, we are modestly risk-off in our overall positioning” adding that “we recognize events could still surprise to the upside, but starting valuations leave little room for error.”

This followed a similar preannouncement by DoubleLine’s Jeff Gundlach who not only said that he is reducing his positions in junk bonds, EM debt and other lower-quality investments, but predicted – correctly – the volatility spike in the first week of August.

Then it was Guggenheim’s turn to make a similar warning: in its Q3 Fixed Income Outlook, the asset manager said that “the downside risk of a near-term market correction grows the longer volatility
remains depressed. Asset prices are at record highs while volatility has rarely been lower. Our Global CIO and Macroeconomic and Investment Research team believe these indicators point to a dangerous level of complacency in the market, which has shrugged off the Fed’s guidance that economic conditions support monetary tightening… given where asset prices are, they would have a long way to fall.”

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NEW SANCTIONS ON CHINA AND RUSSIA AS PRESSURE ON NORTH KOREA

thedailysheeple.com / 

The United States has now unveiled new sanctions against 16 Chinese and Russian individuals and entities. The treasury department is coming up with new sanctions on the Chinese as a way to pressure North Korea into giving up their nuclear program.

The Treasury department claims they are cracking down on those who are aiding North Korea’s missile program and that includes Russia. Apparently desperate to start a war with the former Soviet Union, the United States is also sanctioning Russians.

The Treasury Department on Tuesday said it would target 10 entities and six individuals who help already sanctioned people who aid North Korea’s missile program or “deal in the North Korean energy trade.” The U.S. also aims to sanction people and groups that allow North Korean entities to access the U.S. financial system or helps its exportation of workers, according to the Treasury.

“Treasury will continue to increase pressure on North Korea by targeting those who support the advancement of nuclear and ballistic missile programs, and isolating them from the American financial system,” Treasury Secretary Steven Mnuchin said in a statement. “It is unacceptable for individuals and companies in China, Russia, and elsewhere to enable North Korea to generate income used to develop weapons of mass destruction and destabilize the region.” –CNBC

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Former U.S. Attorney On Awan Indictment: “There Is Something Very Strange Going On Here”

zerohedge.com / by Tyler Durden / Aug 22, 2017 6:05 PM

We’ve written frequently over the past couple of months about the litany of unanswered questions surrounding the mysterious case of Debbie Wasserman Schultz’s (DWS) IT staffers.  Why did DWS seemingly threaten the chief of the U.S. Capitol Police with “consequences” for holding equipment that was confiscated as part of an ongoing legal investigation?  Why did DWS keep Awan on her taxpayer funded payroll all the way up until the day he was arrested by the FBI at Dulles airport while trying to flee the country to Pakistan?  What, if anything, does the Awan family know about the DNC hacks that may have caused DWS to act in this way?

Now, Andrew McCarthy III, the former assistant U.S. attorney for the Southern District of New Yorkwho led the prosecution against Sheikh Omar Abdel Rahman and eleven others for the 1993 World Trade Center bombing, says there is “something very strange” about the recent indictment filed against Imran Awan and his wife Hina Alvi in the District of Columbia.

In a National Review article, McCarthy points out that it’s not what’s in the indictment that is necessarily surprising but rather what is seemingly intentionally omitted.  For instance, McCarthy points out that “the indictment appears to go out of its way not to mention” that Imran was apprehended while in the process of fleeing the country, a fact that would seem to be the best evidence available to prove the fraud charges.

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AUGUST 22/DOW RISES 196 POINTS ON TALKS OF TAX REFORM & LACK OF WAR FEARS/GOLD FALLS $5.00 AND SILVER IS DOWN 3 CENTS/CHINA IN FIRST 6 MONTHS ALREADY REACH 80% OF LOAN QUOTA/USA SLAPS MORE SANCTIONS ON CHINA AND RUSSIA WITH CHINA BEING VERY ANGRY!/TRUMP TO ADD MORE TROOPS TO AFGHANISTAN MUCH TO THE DELIGHT OF THE NEO-CONS/

harveyorganblog.com / by harveyorgan / August 22, 2017

GOLD: $1286.00 DOWN $5.20

Silver: $16.98 DOWN 3 CENTS

Closing access prices:

Gold $1285.50

silver: $17.00

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1294.24 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1288.95

PREMIUM FIRST FIX: $5.29

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

SECOND SHANGHAI GOLD FIX: $1293.21

NY GOLD PRICE AT THE EXACT SAME TIME: $1285.30

Premium of Shanghai 2nd fix/NY:$7.91

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX: 5:30 am est $1285.10

NY PRICING AT THE EXACT SAME TIME: $1285.90

LONDON SECOND GOLD FIX 10 AM: $1284.20

NY PRICING AT THE EXACT SAME TIME. $1284.40

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR: 4581 FOR 458,100 OZ (14.248 TONNES)

For silver:

AUGUST

14 NOTICES FILED TODAY FOR

70,000 OZ/

Total number of notices filed so far this month: 1089 for 5,445,000 oz

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Transformation of Trump is Complete: Hello President Hillary

mishtalk.com / Mike “Mish” Shedlock / August 22, 2017

The phrase “President Hillary” has a strange sound to it.

But other than Supreme Court appointments, we may as well elected her.

Let’s count the ways.

  1. Hillary would be going after Russia
  2. Hillary would be going after China
  3. Hillary would send more troops to Afghanistan
  4. Hillary would not scrap Obamacare, but neither did the Republicans
  5. Hillary would not overhaul the tax code and it appears neither will Trump
  6. Hillary would want to take away gun rights, but it would never pass Congress.
  7. Hillary would want more of your tax dollars, but huge tax hikes would not pass Congress either.
  8. Hillary would have scrapped the Trans-Pacific Trade Partnership (at least she claims she would have).

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After Charlottesville, Will Free Speech & Nationalism Be Criminalized by Congress?

21stcenturywire.com / By Mark Anderson via The TRUTH HOUND / Stop the Presses News & Commentary / AUGUST 22, 2017

Rep. Darrell Issa (R-Calif.)—well-known for decrying the Obama administration’s efforts to use the tax code to financially discriminate against conservative non-profit groups, partly as a “free speech” issue—seems to have careened into the ideological abyss.

Indeed, his outlook now mirrors that of Congressmen like Chuck Schumer (D-N.Y.) and other ultra-liberals who evidently believe that post-Charlottesville “free speech” suddenly belongs only to the left, but that street violence is the sole domain of the right—heavy evidence to the contrary notwithstanding.

On the basis of this unconstitutional and inaccurate outlook, Issa’s office, for one thing, has called for a Sept. 12 House Judiciary Committee hearing, at the full committee level, “to examine the attacks in Charlottesville, recent displays of white nationalism, and their impact on civil rights in America.”

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There’s A New Subprime Crisis, But It’s Not What You Think

zerohedge.com / by Robert Colvile via CapX.co / Aug 22, 2017 4:50 PM

  • The struggles of Provident Financial have fuelled concerns about a new sub-prime crisis
  • Buyers of Provident’s car loans are up to their eyeballs in debt
  • Regulation has discouraged big banks from offering affordable credit to the poor

A decade on from the financial crisis, the reports today about the sub-prime lender Provident Financial have given us a nasty case of déjà vu.

Within the space of a year, its loan repayment rates have fallen from 90 per cent to 57 per cent – leading to profit warnings, the departure of its chief executive, and a collapse in its share price.

It feels like a frighteningly familiar story. Overstretched customers at the bottom of the economic food chain rack up unaffordable loans from greedy financiers. When the music stops, the credit failures cascade upwards, bringing down lender after lender until the whole financial edifice comes apart.

So are we facing a new sub-prime crisis? There are two conflicting narratives.

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Microchips: Modern Miracle or Tool of the Deep State?

lfb.org / By Jason Hanson / Aug 22, 2017

Dear Black Bag Confidential Reader,

What if you could open a locked door with a wave of your hand? Or pay for a purchase without using a credit card, bank card or cash? What if your doctor could monitor your vitals remotely and offer treatment options based on up-to-the-minute data?

As you’ll read in the first of this week’s must-read articles, modern science is edging closer and closer to science fiction. And while the possibilities are endless, so is the potential for overreach.

Let’s take a look.

1. Microchips Should Be Used as “Identification Tool,” Says Doctor With Six Implants

Last month, The New York Times reported on Wisconsin-based technology company Three Square Market, which offers its employees the option of having a microchip with RFID functionality embedded in their skin. What’s even crazier is that 50 out of the 80 employees voluntarily complied.

Then, just yesterday, Zero Hedge posted the article above quoting Siberian doctor Aleksandr Volchek, who considers this biohack an innovative time-saver with a variety of applications: “My dream as a crypto anarchist is to have an identification tool for encrypting an electronic signature, and of course for medical application. I also want an implanted glucometer that will resolve a ton of problems many are currently facing.”

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“Activists Seek Peace Through Violence”: CNN Quickly Scrubs Title Of Antifa Puff Peace

shtfplan.com / Mac Slavo / August 22nd, 2017

How did we reach a point in our society, where groups like Antifa think nothing of wreaking havoc on the streets on a regular basis? These people routinely beat those they disagree with, cause property damage, and shut down dissent without a single iota of shame. You have to ask yourself, how did this group and others like it, get so bold as to think that they can flippantly disregard the law and openly riot in the streets?

The answer is that the media is responsible for this mess. It’s the media that has repeatedly ignored, apologized for, and even celebrated their actions. How else would these thugs have come to the conclusion that what they’re doing is okay? They’re constantly being lionized by our morally bankrupt media.

CNN made that perfectly clear last week. They published a piece that was highly sympathetic to Antifa titled “Unmasking the Leftist Antifa Movement: Activists Seek Peace Through Violence.”

This past weekend CNN drew more criticism for its left-wing bias after posting a profile on the violent left-wing group “Antifa,” that rather generously described the communist group as “seeking peace through violence.” Despite the obvious contradiction in terms, at least the headline noted the group’s violent motives (albeit in a really stupid way.) But that phrase was scrubbed just hours later by CNN in an apparent move to not offend members of the radical-left group.

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WTI Drops After 3rd Weekly Build In Gasoline Inventories

zerohedge.com / by Tyler Durden / Aug 22, 2017 4:37 PM

Amid Libya headlines and contract rollover, WTI prices were wild heading into the inventory data tonight. Following two weeks of surprising builds in Gasoline inventories, API reports a surprise 3rd weekly build in gasoline inventories, and crude drawing only modestly (in line with expectations).The initial reaction was a kneejerk lower, breaking down the day’s wedge.

API

  • Crude -3.595mm (-3.5mm exp)
  • Cushing -462k (+300k exp)
  • Gasoline +1.402mm (-1mm exp)
  • Distillates +2.048mm

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Extremely Important Update On Gold & The Mining Shares

kingworldnews.com / August 22, 2017

With the price of gold still unable to decisively clear the key $1,300 level, a key question people are asking is should I be buying gold or the miners?  Here is the answer.

Gold Miners Or Gold? Miners!
By Michael Oliver, MSA (Momentum Structural Analysis)
August 22 (King World News) – 
MSA arrived at this conclusion a year and a half ago. No reason to change it…

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14 TIMES TRUMP WARNED AGAINST DOING WHAT HE JUST DID IN AFGHANISTAN

thedailysheeple.com /  via 

On the same day millions of Americans were thrilled to witness — and equally distracted by — a total solar eclipse, Donald Trump decided it was time to announce a “dramatically different” foreign policy plan for the U.S. military in Afghanistan.

Just how “different” is Trump’s new plan? In reality, the ‘new’ plan is simply more of the same failed policy of the past, one Trump promised to put an end to numerous times over the years prior to moving into the White House. The only difference is the childish language Trump used to justify the decision, repeatedly vowing to “win” the same conflict James Mattis told Congress “we are not winning” back in June.

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Stocks Surge To Best Day In 4 Months As Warmongery & Tax Talk Trump Debt-Ceiling Doubts

zerohedge.com / by Tyler Durden / Aug 22, 2017 4:02 PM

Seriously…

Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump’s warmongery), Nasdaq was the day’s best-performer as The Dow had its best day in 4 months…

Yeah…

Futures show the driver of the actions…

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The FBI evidence lab, a cesspool

jonrappoport.wordpress.com / by Jon Rappoport / August 22, 2017

In these pages, I’ve emphasized that mainstream news often fails to follow up on their own stories.

They publish a shocking account of a scandal, and then they drop it like a hot potato.

Why? There are several reasons, but the most important is: the scandal is too revealing. It indicts an institution or organization that, in the long run, must be protected.

In 2014-15, stories appeared in the press about the phenomenal corruption of the FBI evidence lab. But since then, there has been very little follow-up. I find no compelling evidence that the federal government has fixed the problem.

Here is a sample of the 2014-15 stories:

April 20, 2015, The Atlantic: “…the Washington Post made clear Saturday in an article that begins with a punch to the gut… ‘Nearly every examiner in an elite FBI forensic unit gave flawed testimony in almost all trials in which they offered evidence against criminal defendants over more than a two-decade period before 2000,’ the newspaper reported, adding that ‘the cases include those of 32 defendants sentenced to death’.”

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Crazy Train: Norway’s Wealth Fund Ordered To Increase Its Stock Holdings

wallstreetexaminer.com / by Anthony B Sanders via Snake Hole Lounge / 

All aboard the Central Bank Crazy Train!

(Bloomberg) — As many investors question a global stock-market rally that’s now in its eighth year, the world’s biggest wealth fund is prepared to splurge.

Norway’s $970 billion wealth fund has been ordered to raise its stock holdings to 70 percent from 60 percent in an effort to boost returns and safeguard the country’s oil riches for future generations. Any short-term view on growing risks will play little part, according to Trond Grande, the fund’s deputy chief executive.

“We don’t have any views on whether the market is priced high or low, whether bonds and stocks are expensive or cheap,” he said in an interview after presenting second-quarter returns in Oslo on Tuesday. The decision to add stocks “was made at a strategic level, on a long-term expected excess return that we’re willing to take risk to achieve. And parliament has said that they wish to spend some time to phase in that increase.”

The fund has doubled in value over the past five years and is continually adding risk to its portfolio. It returned 202 billion ($26 billion) kroner in the second quarter, and 499 billion kroner in the first half, the best on record for the period.

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One Trader’s Antidote To ‘Billionaire Bear’ Dalio’s Fearmongering

zerohedge.com / by Kevin Muir via The Macro Tourist blog / Aug 22, 2017 3:50 PM

Yesterday, yet another Billionaire Bear issued a stark warning. This time it was Bridgewater Chief Investment Officer Ray Dalio who penned a piece comparing the current environment to 1937.

This was after an earlier in the month letter where Bridgewater warned that risks were rising, and that clients should have 5% to 10% of their portfolio in gold:

“Most immediately, during the calm of the August vacation season, we are seeing 1) two confrontational, nationalistic and militaristic leaders playing chicken with each other, while the world is watching to see which one will be caught bluffing, or if there will be a hellacious war, and 2) the odds of Congress failing to raise the debt ceiling (leading to a technical default, a temporary government shutdown, and increased loss of faith in the effectiveness of our political system) rising. It’s hard to bet on such things one way or another, so the best that one can do is be neutral to such possibilities.

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