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Stop Hunting – the Financial Version of the Hunger Games / Dan Norcini  / April 24, 2014

Just a quick post for now to detail some goings on this morning…. more later including some charts…

The Durable Goods number that came out this morning and caused some ripples. By the way, those are “big ticket” items. The orders jumped 2.6% from February last month beating the market expectations of a 2% rise. It was also the largest increase since November.

The result of this was to set off a round of short covering in the copper market as those who have been shorting copper based off of problems in China and expected slower growth there, were caught off guard by the strength of the number here. China is the world’s largest user of copper but the US is still important to that market.

I noticed that as copper strengthened on this bout of short covering, so too did silver. It seemed those leaning on the industrial metals from the short side decided to head to the sidelines and await some further data before pressing their case.  Copper has been quietly sneaking higher over the last month tacking on some $0.25/pound and while the chart is not especially friendly, it seems to have found a bottom below $3.00 for now. As many of you who read this blog regularly know, I track that market quite closely as I believe it is a much better barometer of what is going on as far as growth or lack thereof than most anything else. 


A fatal wait: Veterans languish and die on a VA hospital’s secret list / By Scott Bronstein and Drew Griffin, CNN Investigations / updated 9:15 AM EDT, Thu April 24, 2014

(CNN) — At least 40 U.S. veterans died waiting for appointments at the Phoenix Veterans Affairs Health Care system, many of whom were placed on a secret waiting list.

The secret list was part of an elaborate scheme designed by Veterans Affairs managers in Phoenix who were trying to hide that 1,400 to 1,600 sick veterans were forced to wait months to see a doctor, according to a recently retired top VA doctor and several high-level sources.

For six months, CNN has been reporting on extended delays in health care appointments suffered by veterans across the country and who died while waiting for appointments and care. But the new revelations about the Phoenix VA are perhaps the most disturbing and striking to come to light thus far.

Internal e-mails obtained by CNN show that top management at the VA hospital in Arizona knew about the practice and even defended it.

Dr. Sam Foote just retired after spending 24 years with the VA system in Phoenix. The veteran doctor told CNN in an exclusive interview that the Phoenix VA works off two lists for patient appointments:

There’s an “official” list that’s shared with officials in Washington and shows the VA has been providing timely appointments, which Foote calls a sham list. And then there’s the real list that’s hidden from outsiders, where wait times can last more than a year.


New York Mayor Tries to Ban Fireplaces / Chris Carrington / April 24th, 2014

New York City Mayor Bill de Blasio decided to make a contribution to Earth Day on Tuesday by outlining a proposal to ban any new wood burning fireplaces. Along with a raft of other “solutions”, he feels that curbing the burning of wood will help reduce air pollution.

From Fox News:

Instead of wood-burning fireplaces, de Blasio wants to allow only cleaner-burning units, such as those that use natural gas.

Residents who already have wood-burning fireplaces would be allowed to keep them, but would be required to use only firewood that has 20 percent moisture or less, according to the Department of Environmental Protection.

Officials said that drier wood burns more cleanly and releases fewer toxins into the air.


President Obama’s Wall Street Problem / By Pam Martens / April 24, 2014

If one tallies up the members of President Obama’s cabinet who played a role in crashing a bank before coming to help him govern the country orworked for a major law firm serving Wall Street before being hand-picked by the President to head up the bodies charged with investigating Wall Street, the Executive Branch begins to feel a lot likeWall Street West. That might explain why so many fellow Americans feel like Wall Street is running (and ruining and rigging) the country.

Is the President naïve or being maneuvered by the invisible hand? We were asking the same kind of question on May 6, 2008 during the President’s first campaign for the Presidency:

“We are asked to believe that those kindly white executives at all the biggest Wall Street firms, which rank in the top 20 donors to the Obama presidential campaign, after failing to achieve more than 3.5 per cent black stockbrokers over 30 years, now want a black populist president because they crave a level playing field for the American people.

“The number one industry supporting the Obama presidential bid, by the start of February, — the crucial time in primary season — according to the widely respected, nonpartisan Center for Responsive Politics, was “lawyers/law firms” (most on Wall Street’s payroll), giving a total of $11,246,596.

“This presents three unique credibility problems for the yes-we-can-little-choo-choo-that-could campaign: (1) these are not just “lawyers/law firms;” the vast majority of these firms are also registered lobbyists at the Federal level; (2) Senator Obama has made it a core tenet of his campaign platform that the way he is going to bring the country hope and change is not taking money from federal lobbyists…”


Candidate Obama Promised Change We Can Believe In

The “Real Pain” Is About To Begin As Chinese Currency Slumps To 19-Month Lows / by Tyler Durden / 04/24/2014 12:01 -0400

The PBOC’s willingness to a) enter the global currency war (beggar thy neighbor), and b) ‘allow’ the Yuan to weaken and thus crush carry traders and leveraged ‘hedgers’ is about to get serious. The total size of the carry trades and hedges is hard to estimate but Deutsche believes it is around $500bn and as Morgan Stanley notes the ongoing weakness means things can get ugly fast as USDCNY crosses the crucial 6.25 level where losses from hedge products begin to surge. This is a critical level as it pre-dates Fed QE3 and BoJ QQE levels and these are pure levered derivative MtM losses – not a “well they will just rotate to US equities” loss – which means major tightening on credit conditions…

CNY hits a critical level at 6.25…


Climb the Wall of Worry / By Miles Franklin, Ltd  / April 24th, 2014

Kathie provides an overview of the bull market stages along with an assessment of where we are now in the gold and silver market. What stage do you think we are in now? Is this a good time to buy?  Watch this video to find out.


Harry Reid’s Long, Steady Accretion of Power & Wealth / By Adam O’Neal – April 24, 2014

The first of two parts

Last month, as the Senate was busy negotiating the final details of its Ukraine aid package, Majority Leader Harry Reid became temporarily distracted with a campaign finance issue. Since winning re-election in 2010, Reid’s campaign had purchased gifts for supporters and donors from vendors like Bed Bath & Beyond, Amazon, Nordstrom, and the Senate gift shop, among others. But one round of spending was directed to a less recognizable firm: Ryan Elisabeth, a jewelry line.

In 2012 and 2013, the campaign spent $31,267 purchasing gifts from the company, which is owned by Reid’s granddaughter, Ryan Elisabeth Reid.  All told, she took in nearly seven times more cash than all vendors of donor gifts combined during that period of time.

Veteran Nevada political journalist Jon Ralston first reported the news after receiving a tip about the expenditures. (Ryan Elisabeth’s last name did not appear on the FEC reports, and the senator’s office initially failed to confirm her identity.) While Sen. Reid does not appear to have broken the law, he understood that the purchases created a perception of favoritism. Lamenting the unwanted attention heaped on his granddaughter, he decided after the news broke that “it would be best to pay for her work out of my own pocket.”

This was not the first time that Reid had mixed family and politics — or potentially run afoul of ethics rules.


NYT Issues Back Page Retraction On Russian Troops in Ukraine Photos / By Kurt Nimmo / April 24, 2o014

Following two days of propaganda centered upon dubious photographs the junta in Kyiv and the war machine media in the United States insist proves the presence of Russian troops in Ukraine, The New York Times has issued a retraction. It is buried on page A9 of the newspaper.

The Times quotes Vyachislav Ponomaryov, the mayor of Slovyansk, who says the man shown in one of the photographs submitted to the Organization for Security and Cooperation in Europe is a close friend. He declined to name the man. “He has a good background. He is one of my old friends. I have good friends in South Ossetia and in Grozny,” Ponomaryov said.

“We don’t have any direct contact with the special services of the Russian Federation,” he said. “Everyone you see here in the militia are my friends, my brothers, my allies in the battle with fascism. We have volunteers who came to us from Moldova, from Russia, from Belarus, from Kazakhstan, from the North Caucasus.”


Freelance photographer Maxim Dondyuk said photos were taken without permission from his Instagram account.

Gazprom Delighted By China Announcement Nat Gas Supply And Demand To Soar 150% In 6 Years / by Tyler Durden / 04/24/2014 11:33 -0400

It may comes as a surprise to many, if certainly not the country known as Gazpromia, that according to a government statement released on Wednesday, China will raise its natural gas supply to a whopping 420 ­billion cubic meters per year by 2020 on soaring demand due to urbanization, a government statement said on Wednesday. This compares roughly 168 bcm in gas used in 2013, which means somehow China hopes to boost gas production by over 150% in just 6 years.

The increased supply will ­cater to the rising demand for natural gas in people’s daily lives, schools, nursing homeshome heating, as well as in buses and taxis, according to a statement published on the central government’s website.

According to Global Times, the supply increase is also driven by the nation’s efforts to mitigate air pollution stemming from an over-reliance on coal, the statement said. Sounds familiar – only problem is that the same narrative, used in the US time and time again, has achieved virtually nothing in fixing said over-reliance on coal.


Confirmed: U.S. Armed Al Qaeda to Topple Libya’s Gaddaffi / 

The U.S. “Switched Sides” to Support Al Qaeda

We reported in 2012 that the U.S. supported Al Qaeda in Libya in its effort to topple Gadaffi:

The U.S. supported opposition which overthrew Libya’s Gadaffi was largely comprised of Al Qaeda terrorists.

According to a 2007 report by West Point’s Combating Terrorism Center’s center, the Libyan city of Benghazi was one of Al Qaeda’s main headquarters – and bases for sending Al Qaeda fighters into Iraq – prior to the overthrow of Gaddafi:


Daily Pfennig: RBNZ Hikes OCR! / Chuck Butler / April 24, 2014 8:46am

In This Issue.

*  Currencies look tired and worn out.
*  Singapore inflation increases!
*  U.S. data is ugly.
*  Chuck retracts his comments on Poland.

And Now. Today’s A Pfennig For Your Thoughts.


Good Day! . And a Tub Thumpin’ Thursday to you! I’ve got a ton of stuff to talk about today, so get your cup of coffee, and something to nibble on (my fave would be a cheese Danish!), and sit yourself down, for this is going to be an interesting ride today. Now, if I can just remember all the stuff I wanted to talk about today! UGH! Funny, I can hear a song for the first time in 30 years, and remember the lyrics, but I can’t remember what happened 10 minutes ago!  Oh, well, I guess I should get worried if I end up forgetting those lyrics, eh? Reminds me a great 70′s song, by the Pousette-Dart Band. Amnesia.  I hope that it’s only amnesia, believe me I’m sick but not insane.

Front and Center this morning, the Reserve Bank of New Zealand (RBNZ) surprised me and the markets for that matter, by hiking their Official Cash Rate (OCR) by 25 Basis Points (1/4%) last night. I wasn’t surprised that the RBNZ hiked the OCR, I was surprised that they did it rate hikes at back to back meetings.  Back to back, belly to belly, I don’t give a dang ’cause I’m stone dead already, the Zombie Jamboree!

I had told you long ago, and before the first rate hike by the RBNZ in March that I expected the RBNZ to hike the OCR 3 times this year, adding a total of 75 Basis Points (3/4%) to the OCR. Well, there’s two down, one to go!  I’m feeling pretty confident that the 3rd rate hike will be coming, maybe not next month, but coming nonetheless, because the RBNZ remained hawkish in their statement last night. In fact, I’m so confident now, I’m going to be like a cheesy infomercial and tell you: That’s Not All! If the RBNZ acts right away, they might be ready to hike rates another 50 Basis Points (1/2%) before summer is over!


Obama’s Litmus Test to Fire upon American Citizens if they Rise Up against the Government / by Martin Armstrong / 

Obama’s litmus test on military officers are asked will they fire upon American citizens if they rise up against the government. If they say no, they are dismissed. This has been talked about around the internet. It is the basic question  The new definition of a “terrorist” is any person who disagrees with the Federal Government as Harry Reid just called the rangers in Nevada – “Domestic Terrorists”. All the laws enacted against terrorism and support thereof can now be applied to anyone supporting the rangers in Nevada.


Durable Goods Beat On Surge In Boeing Orders, Capital Goods Orders Ahead Of Expectations / by Tyler Durden / 04/24/2014 08:55 -0400

It is oddly appropriate that moments after we reported that capex at Caterpillar (and virtually every other company we have looked at in detail) tumbled by 50% year over year, that the Census Bureau released the latest Durable Goods report. In it we find that unlike previous months, when headline durable goods tumbled because of “harsh weather” in March it apparently not only did it not snow (although the New Homes Sales report may have something to say about that) but the weather so so balmy, that the headline print came in stronger than the expected 2.0%, printing at 2.6%, up from a downward revised 2.1%. The bulk of the margin however was due to Boeing, which reported some 163 new aircraft orders, compared to 74 in February. 


The Fires of Moloch: Aborted Children Fuel Oregon ‘Green’ Power / Posted 2 hours ago by Tad Cronn

The British Columbia Health Ministry has admitted that the bodies of aborted children are among the medical waste delivered to a company in Oregon that burns the material to generate electricity for public use.

In an email to the B.C. Catholic, the ministry said that biomedical waste shipped to the United States for incineration includes “human tissue, such as surgically removed cancerous tissue, amputated limbs, and fetal tissue.”

The facility where the aborted babies are incinerated was identified as most likely being the Covanta Marion facility, which according to the Oregon Refuse and Recycling Association is the only facility that uses waste to power Oregon’s electric grid.

A 2007 article in Willamette Live said the Covanta Marion facility burns 800 tons of medical waste per year.


Biggest Credit Bubble In History Runs Out Of Time / By Wolf Richter / APRIL 24, 2014 AT 7:02AM

It has been a feeding frenzy for junk debt. Yield-desperate investors, driven to near insanity by the Fed’s strenuous interest-rate repression, are holding their noses and closing their eyes, and they’re bending down deep into the barrel and scrape up even the crappiest and riskiest paper just to get that little extra yield.

Last year, highly leveraged companies issued $1.1 trillion in junk-rated loans. It’s a white-hot market. Leveraged-loan mutual funds – dolled up in conservative-sounding names and nice charts to seduce retail investors – gorge on these loans. They saw 95 weeks in a row of inflows, week after week, without fail, adding over $70 billion to their heft, as Bloombergreported, and only the sky seemed to be the limit. But suddenly, that endless flow of money reversed.

“It’s going to be a disaster on the way out,” Mirko Mikelic, who helps manage $7 billion in assets at ClearArc Capital, told Bloomberg. “On the way in, there’s insatiable demand….”

Private equity firms have been ruthlessly taking advantage of that “insatiable demand.” And they have a special self-serving trick up their sleeve: Their junk-rated overleveraged portfolio companies issue new loans, but instead of using the funds for expansion projects or other productive uses, they hand them out through the back door as special dividends. It’s one of the simplest ways PE firms use to strip cash out of their portfolio companies. It loads even more debt on the already highly leveraged portfolio company without adding productive capacity. And those who end up holding this debt – for example, the mutual fund in your portfolio – have a good chance of losing it all.


REALIST NEWS – Russia Creates Interesting Silver Coin – Warning to West?

jsnip4Published on Apr 24, 2014

A Must Listen / By Turd Ferguson / April 23, 2014 at 11:11 pm

PLEASE take the time to listen to this extremely important, informative and relevant discussion about current events in Ukraine and Eastern Europe.

As many of you know, back in February I discovered the John Batchelor Program on my local radio. It airs every evening at 9:00 pm EDT and it’s not at all like your “normal” talk radio program. That’s probably why I like it so much.

Every Tuesday evening, John has Stephen F. Cohen as his guest. Professor Cohen teaches at Princeton University and is a renowned expert on Russia and Eastern Europe. Here’s a link to his Wikipedia page:


Hollywood’s Best Kept Sex Secret is About to Go Public / April 23, 2014 by Gary DeMar

Hollywood has kept most of its sexual secrets under wraps. Stars that were known to be homosexual were often paired with women and even married. Rock Hudson is a good example. Raymond Burr, the man most identified with the Perry Mason TV character, had his biography whitewashed of any sexual indiscretions, especially to anything that even suggested that he was homosexual. “Burr married actress Isabella (‘Bella’) Ward on January 10, 1949. They lived together for less than a year and divorced after four years.”

AP reporter Bob Thomas recalls that “it was an open secret . . . that he was gay. He had a companion who was with him all the time. That was a time in Hollywood history when homosexuality was not countenanced. Ray was not a romantic star by any means, but he was a very popular figure . . . if it was revealed at that time in Hollywood history [that he was gay] it would have been very difficult for him to continue.”

“Art Marks, a producer of Perry Mason, recalled Burr’s talk of wives and children: ‘I know he was just putting on a show….That was my gut feeling. I think the wives and the loving women, the Natalie Wood thing, were a bit of a cover.’”

Well, being gay in Hollywood is now a mark of distinction as it is everywhere. Homosexuality is an exploitive act that preys on the young. This truth must be kept from the general population.


Desperate Ukraine Pleads: “Red Line Has Already Been Crossed” / by Tyler Durden /  04/24/2014 10:28 -0400

Ukraine’s Deputy Foreign Minister Danylo Lubkivsky exhorted to US State department officials, “let’s not look for further time frames,” demanding “all necessary pressure” be applied now. The red line has already been crossed and, as Bloomberg reports,  Lubkivsky says he hopes U.S., EU don’t prioritize political concerns over moral ones and that the West will help with economic, diplomatic and military assistance.


The Bundy Paradigm: Will You Be a Rebel, Revolutionary or a Slave? / April 23, 2014 / John W. Whitehead

21st Century Wire says…

Most Americans are still unaware of what happened and why, at the Bundy Ranch last week – and how it potentially affects everyone.

The story is much deeper, and far-reaching than anyone had previously imaged…

John_WhiteheadJohn W. Whitehead
The Rutherford Institute

Those tempted to write off the standoff at the Bundy Ranch as little more than a show of force by militia-minded citizens would do well to reconsider their easy dismissal of this brewing rebellion. This goes far beyond concerns about grazing rights or the tension between the state and the federal government.

Few conflicts are ever black and white, and the Bundy situation, with its abundance of gray areas, is no exception. Yet the question is not whether Cliven Bundy and his supporters are domestic terrorists, as Harry Reid claims, or patriots, or something in between. Nor is it a question of whether the Nevada rancher is illegally grazing his cattle on federal land or whether that land should rightfully belong to the government. Nor is it even a question of who’s winning the showdown— the government with its arsenal of SWAT teams, firepower and assault vehicles, or Bundy’s militia supporters with their assortment of weapons—because if such altercations end in bloodshed, everyone loses.

What we’re really faced with, and what we’ll see more of before long, is a growing dissatisfaction with the government and its heavy-handed tactics by people who are tired of being used and abused and are ready to say “enough is enough.” And it won’t matter what the issue is—whether it’s a rancher standing his ground over grazing rights, a minister jailed for holding a Bible study in his own home, or a community outraged over police shootings of unarmed citizens—these are the building blocks of a political powder keg. Now all that remains is a spark, and it need not be a very big one, to set the whole powder keg aflame.


If You Won’t Fight, You’d Better Start Running! / By Dave Hodges / April 24, 2014

Are you tired of living under relative tyranny where every email is read, every phone call is listened to and your every movement is tracked and dissident journalists are harassed and even murdered by federal agencies such as the rogue NSA, CIA and IRS? Are you thinking about escaping our corrupt and criminal government? The level of growing tyranny and brutal martial law enforcement is off the charts. Many are too old to fight and to fat to run. However, if you want you and your family to have chance to grow old in relative peace, my advice to all Americans is simple. If you are not going to fight, then you better get out of the country while you still can

Record Expatriation of US Citizens

Americans are leaving the country at record speed and the annual rate of expatriation is growing as over 150,000 Americans departed the former land of liberty for greener pastures overseas in the past year. In fact, there are now over five million Americans who are choosing to live outside the United States. Just why are Americans leaving this land of “freedom” and opportunity in record numbers, with no end in sight?  

Would you renounce your U.S. citizenship if it meant you’d be sending less of your hard-earned dollars to Uncle Sam? Do you want affordable health care? Do you desire to live a long and healthy life? Do you want your children to have an affordable college education? Do you want to retire in relative comfort?  Do you desire live your life with more freedoms that you presently enjoy and not have to worry about government harassment? On balance, should most Americans stay or go?

There are reasons and myths which both favor and discourage expatriation. Below, I have listed  a set of generalized statements about the viability of leaving America and these notions are examined.


“Stuff” Can’t Go Out Of Business / Bill Holter / April 24th, 2014

We did a little bit of math yesterday and found that there is barley 1/85th of one ounce of gold produced each year for each inhabitant of the planet.  This is a “flow” number as it compares to newly available gold to the population.  But what about the “stock” of gold compared to the population?

The estimates are that globally 2,600-2,700 tons of gold per year are produced, this is the “flow.”  The best estimates that I’ve seen on “stock” are all in the neighborhood of 170,000 tons unless you include those in “La La” land (Karen Hudes et al) who believe that another 170,000 tons is sitting somewhere in Hawaii that will be used to “make the world right” and save humanity from global poverty…Kumbayah.  “Stock” is the total of all gold mined throughout history and could be “available” for trade or delivery.

If we look at 170,000 tons and divide this amount by a total population of 7 billion (+1 as we had a baby grandson Braydon last night, 7lbs 9 oz.!) we can do the math to arrive at a total.  I had to use a calculator for this one and came up with just under .72 ounces per person; I will round it up to 3/4 of an ounce of gold “per capita.”  Only 3 quarters of one ounce per person on the planet has been mined since the beginning of time?  This unbelievably is the case; there is only 3/4’s of an ounce of gold for each person on the planet when looked at from a “stock” perspective.


US/European Equity Indices Are Tumbling As WWIII Trumps Buybacks / by Tyler Durden / 04/24/2014 09:40 -0400

It seems potential WWIII trumps a buyback-driven exuberance in stocks…

US indices losing it… S&P almost unch


Pre-Crime Systems Now Actively Monitoring the Internet: “The Computer Algorithm Learns the Pattern and Produces a Prediction” / Mac Slavo / April 23rd, 2014

With revelations that the National Security Agency has collected some20 trillion phone calls and emails via an expansive nationwide surveillance network, most Americans have already come to the realization that everything they do is being monitored.

But many shrug off Big Brother’s prying eyes by suggesting that, since they aren’t doing anything wrong, they have nothing to worry about.

That may have been true several years ago, but the digital surveillance systems of today are far more advanced than most people understand. No longer are these machines simply recording the data and storing them in some historical archive to be pulled at a later date should the government ever have reason to take a closer look at your personal life.

The next generation of systems are being used to actively monitor your digital interactions, surfing habits, conversations and daily sentiment in an effort to predict your future behavior. Nowhere is this more apparent than in the systems currently operating within the social media sphere.

Researchers at the University of Virginia funded by the U.S. Army recently demonstrated that they can not only gather information from your personal Twitter account just like the NSA, but also aggregate and analyze that information with advanced predictive algorithms designed to determine what you’re going to do next. In this case, the researches focused specifically on predicting crime by individuals, as well as in crime “hot spots” around the country.


REALIST NEWS – What an astrologer with a track record has to say about precious metals prices

jsnip4Published on Apr 24, 2014

Gold & Silver Stocks Begin Oversold Bounce / By Jordan Roy-Byrne / April 23, 2014

The bottoming process for gold and silver shares has been arduous as they’ve oscillated back and forth for almost a year. We noted a month ago that the failed breakout in March (  was strong evidence that an interim top was in place. Heading into this week it looked like the miners would fall further before finding support. However, over the past two days the sector clearly reversed its short-term course. For now this appears to be a rebound from an oversold bounce.

We plot GDX, GDXJ and SIL in the chart below. As of Monday’s low, the miners were very oversold in a small space of time. From recent highs GDX was down 18%, GDXJ 27% and SIL 21%. Thus the miners were ripe for a bounce. The bullish reversal on Monday coupled with confirmation on Tuesday signals that a rebound is underway. The initial upside targets are the open gaps from six days ago and the 50-day moving averages.


The High Risk Of “Safekeeping” Gold In A Central Bank Custodial Vault / Dave Kranzler / 

Although the western media at large, and especially the mainstream in the United States, remarkably never reported the event, the United States Government defaulted on Germany’s request to have some portion of its gold shipped from the Fed custodial vaults back to Germany.  That’s right – the U.S. outright defaulted.

Clearly, if the U.S. were “safekeeping” Germany’s gold in a segregated custodial account, it should have been nearly effortless to ship 300 tonnes back to Germany via two cargo flights.   After all, Venezuela received 160 tonnes of gold in about 4 months from several different Central Bank vault locations.


NY Times Publishes Fabricated Evidence of Russian Troops in Eastern Ukraine / By Paul Joseph Watson / April 24, 2014

Photos purporting to show Russian Special Forces operating in Eastern Ukraine were in fact an amateur fabrication on behalf of the post-coup Kiev government yet the New York Times blithely regurgitated them as part of the mass marketing campaign for World War III.


Russia “Forced” To Launch Drill On Ukraine Border In Response To “NATO Build Up”, Will Involve Fighter Jets / by Tyler Durden / 04/24/2014 09:07 -0400

Russian Defense Minister Sergei Shoigu says that Russia will begin “defense drills” today, forced to react to the situation in southeast Ukraine and, more improtantly, the NATO build up, the first time Russia has explicitly reacted to the military build up of the military alliance. There are already tanks amassing within meters of the border (as the following clip indicates), and


It is now entirelyclear that the “truce” deal is dead as both sides not only escalate but blame each other for the un-de-escalation. Russia‘s move – after US and NATO’s expansions this week - leaves the situation as bad as it has been since tensions began.


White House Former Chief Of Staff Joins Hedge Fund Launched By Former JPM Prop Traders / by Tyler Durden / 04/24/2014 08:57 -0400

“The amount of experience he has is ridiculous,” says former JPM prop trader Galuti, adding “- in a positive way,” as he explains why former Clinton Commerce secretary (and Obama chief of staff) Bill Daley has joined the small Swiss-based hedge fund. The revolving door of favors continues as Daley, who The FT reports will be based in Chicago and oversee US expansion (as well as provide macroeconomic and political advice), joins an ever-growing number of former Obama administration officials to have taken jobs in the financial sector.

As The FT reports, Bill Daley, the former White House chief of staff, is to join the hedge fund Argentière Capital, which was founded last year by leaders of JPMorgan’s disbanded proprietary trading division.

Mr Daley, who was also Commerce Secretary under President Bill Clinton, joins a number of former Obama administration officials to have taken jobs in the financial sector.