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Iran Releases Video Showing Off Brand New Ballistic Missile

zerohedge.com / by Tyler Durden / Sep 23, 2017

On Friday, we reported that in the latest snub by President Hassan Rouhani to the Trump administration, on Friday the Iranian president said Tehran would continue its missile program in defiance of US sanctions, and to underscore the determination, the Iranian Revolutionary Guard unveiled its newest long-range ballistic missile during a military parade in Tehran.  The newly unveiled missile is capable of reaching most of the Middle East, including Israel, with a range of 1,200 miles. It’s also capable of carrying several warheads.

Rouhani addressed the parade in Tehran, saying that Iran would not halt its missile program but continue to boost military capabilities, despite U.S. demands. “We will increase our military power as a deterrent. We will strengthen our missile capabilities … We will not seek permission from anyone to defend our country.”

And to demonstrate just that, a few hours later Iran media released footage of the successful test-firing of the ballistic missile that was unveiled just hours earlier,.

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Emerging Markets: What has Changed

marctomarket.com / Dr. Win Thin / Sep 23, 2017

  • S&P cut China’s credit rating by a notch to A+ with stable outlook
  • · In a follow-up move, S&P also cut Hong Kong’s rating by a notch to AA+ with stable outlook
  • · President Trump issued an executive order that could widen sanctions on North Korea
  • · Hungary’s central bank eased again.
  • · Saudi Arabia will reportedly phase out subsidies for gasoline by November
  • · Brazil has a new Prosecutor General.
  • · A powerful 7.2 magnitude earthquake struck near Mexico City

In the EM equity space as measured by MSCI, Chile (+1.8%), Korea (+1.6%), and the Philippines (+1.3%) have outperformed this week, while Peru (-3.3%), Turkey (-3.0%), and India (-1.5%) have underperformed.  To put this in better context, MSCI EM rose 0.1% this week while MSCI DM rose 0.3%.

In the EM local currency bond space, Hungary (10-year yield -32 bp), Argentina (-25 bp), and Brazil (-14 bp) have outperformed this week, while Turkey (10-year yield +21 bp), Poland (+6 bp), and South Africa (+6 bp) have underperformed.  To put this in better context, the 10-year UST yield rose 5 bp to 2.25%.

In the EM FX space, PHP (+1.1% vs. USD), ILS (+1.0% vs. USD), and CLP (+0.3% vs. USD) have outperformed this week, while ARS (-1.8% vs. USD), TRY (-1.7% vs. USD), and INR (-1.1% vs. USD) have underperformed.

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John McCain Kills GOP’s Last Ditch Effort To Repeal Obamacare

zerohedge.com / by Tyler Durden / Sep 22, 2017 6:58 PM

Third time turned out to be unlucky after all.

Earlier today, Sen. Susan Collins said that she has serious concerns about the latest GOP bill to repeal and replace ObamaCare as Republicans prepare to vote on the legislation next week, adding that she was “leaning against the bill… I’m just trying to do what I believe is the right thing for the people of Maine.”  And with Collins voicing against the bill, it meant that GOP leadership would be left with no room for error if they want to get their last-ditch ObamaCare repeal bill through the Senate next week.

The math is simple: Republicans have 52 seats and need 50 senators to support the bill, which would require Vice President Pence to break a tie, under the special budget rules being used to avoid a Democratic filibuster.  Sen. Rand Paul has already said he will vote against the legislation.

Which meant that losing just one more vote would mean the end of this latest attempt to repeal Obamacare.

They lost it moments ago when John McCain said in a statement that “I cannot in good conscience vote for the Graham-Cassidy proposal

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The People Will Use Cryptocurrency As A Monetary Weapon To Fight The Fiat Regime

X22Report Spotlight, Published on Sep 23, 2017

Commerzbank to Merge with French BNP

armstrongeconomics.com / By Martin Armstrong / Sep 23, 2017

According to a the latest spin, the German federal government’s withdrawal from the Commerzbank has left the favored shotgun wedding merger. Commerzbank is the Frankfurt money house which will be merged with the French BNP Paribas. This is being presented as if it were a strong German-French merger which is suggesting that there is a deeper European banking union unfolding. Additionally, they are also going to merge a troubled Italian bank into BNP.

Behind the curtain, the concern is that Commerzbank could not be merged with Deutsche bank because they have the same portfolios that are in trouble. BNP Paribas is about 10 times the size of Commerzbank. Therefore, the real world view is this is just a shotgun wedding rather than a new German-French merger.

SOURCE

DHS Notifies 21 States Of Hacker Targeting; Election Officials Blame “Russian Government Cyber Actors”

zerohedge.com / by Tyler Durden / Sep 22, 2017 6:40 PM

It’s Friday night and with stocks at record highs, Trump’s approval ratings jumping to 4-month highs, and Mueller scraping the bottom of the barrel for anything to pin on anyone, the media has their red meat for the weekend now as DHS has notified 21 states Friday that their election systems were targeted before the 2016 election.

The government told The Associated Press last year that more than 20 states were targeted by hackers believed to be Russian agents before the 2016 elections. But for many states, the calls Friday from the Department of Homeland Security were the first official confirmation of whether their states were on the list.

DHS Spokesman Scott McConnell said in a written statement to The Hill…

“[R]ecognizing that state and local officials should be kept informed about cybersecurity risks to election infrastructure, we are working with them to refine our processes for sharing this information while protecting the integrity of investigations and the confidentiality of system owners.”

“As part of our ongoing information sharing efforts, today DHS notified the Secretary of State or another chief election officer in each state of any potential targeting we were aware of in their state leading up to the 2016 election. We will continue to keep this information confidential and defer to each state whether it wishes to make it public or not.”

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Trump Retweets a Doctored Video of His Golf Ball Knocking Down Hillary. Media Go Ballistic.

garynorth.com / Gary North / September 22, 2017

Some creative person spliced together a video of Trump hitting a golf ball. The guy added an animated ball. It hit Hillary and knocked her down.

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Keiser Report: China Effect on Oil & Bitcoin Markets (E1127)

RT, Published on Sep 23, 2017

In this episode of the Keiser Report, Max and Stacy discuss the China Effect on oil and bitcoin markets. In the second half, Max interviews Chris Blasi of the PMC Ounce. They debate whether or not bitcoin is the new gold. Chris argues only gold is gold but that bitcoin is an interesting new financial asset.

Bernie Sanders Slams “Terrorism-Funding” Saudi Arabia, “Not An Ally” Of The US

Bernie Sanders broke with the bipartisan consensus on Capitol Hill in an exclusive interview with The Intercept.

zerohedge.com / Via TheAntiMedia.org / Sep 22, 2017 5:40 PM

According to Bernie Sanders, Saudi Arabia has “funded terrorism” around the world and is “not an ally of the United States.”

The United States has long considered Saudi Arabia to be a loyal friend, supporter, and partner in the so-called war on terror. 

Sanders issued a scathing denunciation of the Gulf kingdom, which has recently embarked on a new round of domestic repression.

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REALIST NEWS – Ride home chat about several things

jsnip4, Published on Sep 23, 2017

Broken Velocity: Yellen’s Low Inflation Quandary (Hint: FHFA Home Price Index Growing At 6.62% YoY)

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

Here is a brief summary of Fed Chair Janet Yellen’s thoughts from yesterday courtesy of Deutsche Bank’s Peter Hooper: The Fed is on track to raise rates once more this year and three times in 2018. Yellen recognized that inflation has been running low recently, and that while there was some uncertainty around this performance, one-off factors that are not expected to persist, and which have not been associated with the performance of the broader economy, have been important. At the same time, Yellen noted that monetary policy operates with a lag and that labor market tightness will eventually push inflation up.

Inflation has been running low “recently”? Actually, “inflation” (defined as core personal consumption expenditure price growth YoY) has been below 2% since April 2012 and below 3% since July 1992. Notice that hourly wage growth for production and nonsupervisory employees has remained low as well, particularly since 2007.

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Porsche And Mercedes Plot Musk Offensive With “Anything Tesla Can Do, We Can Do Better” Strategy

zerohedge.com / by Tyler Durden / Sep 22, 2017 5:20 PM

Tesla you have a problem, well several actually.

But, before we get into all the competition that is about to flood your market, lets take a look at some basic math surrounding your valuation.  Ford currently generates roughly $1,800 of EBITDA per vehicle and trades at a total enterprise value of $35 billion, roughly 3x their median EBITDA forecast for 2017.

Now, clearly Tesla is a way better company than Ford could ever dream to be…but, just for fun, lets consider what kind of sales volumes Tesla will eventually have to achieve in order to grow into its current valuation of $66 billion (roughly 2x that of Ford mind you).  If we assume that even a mature Tesla should trade at 2 times the prevailing Ford multiple, or 6x EBITDA, that implies that Tesla needs to generate about $11 billion of annual EBITDA once it hits maturity.  Now, if Ford can generate $1,800 of EBITDA per vehicle then surely Tesla can find a way to do $3,000…which implies that Tesla’s current valuation requires 3.7 million of annual auto sales versus the 80,000 it managed to sell in 2016…or just over 45x it’s current run-rate.  To put that into perspective, BMW sells roughly 2.4 million cars per year.

And while we don’t like to be nitpicky, that doesn’t even include the billions of dollars worth of negative cash flow that Tesla would have to incur to reach those sales volumes or the pesky effects of compounding, both of which would make the valuation even more bleak.

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SHOCK: WHITE HOUSE CHIEF OF STAFF “VOTED FOR HILLARY”, STILL BLOCKING TRUMP FROM ALTERNATIVE MEDIA

thedailysheeple.com / 

A top Republican adviser has revealed the shocking fact that Trump White House Chief of Staff John Kelly was a liberal who voted for Hillary Clinton in the 2016 election.

Speaking to Fox Business Host Lou Dobbs, Republican campaign consultant Ed Rollins shockingly claimed that, according to his sources, Kelly supported the failed Clinton campaign and may actually be a sort of deep state operative in the White House to specifically take out the Trump agenda.

“What I’ve heard from sources inside who know Kelly, who is an honorable man and was a good general, he didn’t vote for Trump, he voted for Hillary.” Rollins said. “So I don’t think he is basically is a Trump supporter or ideologically a Trump supporter.”

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REALIST NEWS – Janet Yellen’s 78-Month Plan for the Monetary Policy of the U.S. (Yeah Right)

jsnip4, Published on Sep 23, 2017

Pound Flash Crashes After Moody’s Downgrades UK To Aa2

zerohedge.com / by Tyler Durden / Sep 22, 2017 4:44 PM

In an otherwise boring day, when Theresa May failed to cause any major ripples with her much anticipated Brexit speech, moments ago it was Moody’s turn to stop out countless cable longs, when shortly after the US close, it downgraded the UK from Aa1 to Aa2, outlook stable, causing yet another flash crash in the pound.

As reason for the unexpected downgrade, Moodys cited “the outlook for the UK’s public finances has weakened significantly since the negative outlook on the Aa1 rating was assigned, with the government’s fiscal consolidation plans increasingly in question and the debt burden expected to continue to rise.

It also said that fiscal pressures will be exacerbated by the erosion of the UK’s medium-term economic strength that is likely to result from the manner of its departure from the European Union (EU), and by the increasingly apparent challenges to policy-making given the complexity of Brexit negotiations and associated domestic political dynamics.

Moody’s now expects growth of just 1% in 2018 following 1.5% this yeardoesn’t expect growth to recover to its historic trend rate over coming years. Expects public debt ratio to increase to close to 90% of GDP this year and to reach its peak at close to 93% of GDP only in 2019.

And so, once again, it was poor sterling longs who having gotten through today largely unscathed, were unceremoniously stopped out following yet another flash crash in all GBP pairs.

Full release below:

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Chapter 3: Purpose Precedes Planning

garynorth.com / Gary North / September 20, 2017

Christian Economics: Teacher’s Edition

Then God said, “Let us make man in our image, after our likeness. And let them have dominion over the fish of the sea and over the birds of the heavens and over the livestock and over all the earth and over every creeping thing that creeps on the earth.” So God created man in his own image, in the image of God he created him; male and female he created them. And God blessed them. And God said to them, “Be fruitful and multiply and fill the earth and subdue it, and have dominion over the fish of the sea and over the birds of the heavens and over every living thing that moves on the earth” (Genesis 1:26–28).For God knows that when you eat of it your eyes will be opened, and you will be like God, knowing good and evil” (Genesis 3:5).

But seek first the kingdom of God and his righteousness, and all these things will be added to you (Matthew 6:33).

Analysis
The economic principle of purpose before planning is an implication of point one of the biblical covenant: God’s transcendence, yet also His presence. It has to do with sovereignty. Sovereignty is a legal classification. In economics, it refers to ownership. God was the Creator. He created the world out of nothing. He did not purchase or rent the “stuff” of creation. Rather, He spoke it into existence. So, He is the cosmic Owner. The owner possesses sovereign control over his property. In God’s case, He possesses absolute control.

The New Testament teaches the doctrine of the Trinity. This means three persons, yet one God. Paul identified Jesus, as the second person of the Trinity, as the creator.

He is the image of the invisible God, the firstborn of all creation. For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authorities—all things were created through him and for him. And he is before all things, and in him all things hold together. And he is the head of the body, the church. He is the beginning, the firstborn from the dead, that in everything he might be preeminent. For in him all the fullness of God was pleased to dwell, and through him to reconcile to himself all things, whether on earth or in heaven, making peace by the blood of his cross (Colossians 1:15–20).

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The Morgan Report’s Weekly Perspective September 22, 2017

The Morgan Report, Published on Sep 22, 2017

The Morgan Report’s Weekly Perspective is our free e-newsletter. Our free e-newsletter will keep YOU in the top 3% of the Informed, the Awake, and the Aware.

Weekend Reading: Yellen Takes Away The Punchbowl

zerohedge.com / by Lance Roberts via RealInvestmentAdvice.com / Sep 22, 2017 5:00 PM

September 20th, 2017 will likely be a day that goes down in market history.

It will either be remembered as one of the greatest achievements in the history of monetary policy experiments, or the beginning of the next bear market or worse.

Given the Fed’s inability to spark either inflation or economic growth, as witnessed by their dismal forecasting record shown below, I would lean towards the latter.

The media is very interesting. Despite the fact there is clear evidence that unbridled Central Bank interventions supported the market on the way up, there is now a consensus that believes the “unwinding” will have “no effect” on the market.

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Trump’s October Surprise Supports Oil

financialsense.com / KURT KALLAUS / 09/22/2017

In mid-October President Trump will be required to certify the Iranian Nuclear compliance once again or push to nullify the multi-nation Nuclear Arms Treaty. Already the US has presented evidence of an unrelated UN Security Council resolution violation. This resolution has not been accepted by Iran and is insufficient to breach the treaty. While the UN will not support strict nuclear inspection enforcement, the odds are strong that new US economic sanctions will be imposed on Iran in mid-October. This will add some wind behind the oil rally, as it will be assumed the US is one step closer to abrogating the nuclear deal and shutting down a major portion of Iranian oil sales.

Iran’s production goal is 4 Million barrels and any enforceable US sanctions or related military strike will send oil prices surging back towards $60 and shut down some of the newfound windfall.

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REALIST NEWS – Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns

jsnip4, Published on Sep 23, 2017

NWS Declares “Extremely Dangerous Situation” After Puerto Rico Dam Fails

zerohedge.com / by Tyler Durden / Sep 22, 2017 4:30 PM

With electricity and cell phone service still offline across most of hurricane-damaged island, NBC reports that a dam in northwest Puerto Rico has failed, causing even more flash flooding and prompting emergency evacuations.

Guajataca Dam operators said it failed at 2:10 pm ET, prompting the NWS to issue a flash flood emergency warning for Isabela and Quebradillas municipalities.

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Trump Wants a “See-Through Wall”: He Will Choose the Design Personally

mishtalk.com / Mike “Mish” Shedlock / September 23, 2017 1:45:29

Trump wants a “great wall” on the US-Mexican border that Mexico will pay for.

A new wrinkle is the wall must be see-through so we can see who is on the other side.

Trump will personally select the design.

CNN reports ‘You don’t need it all the way’ and other things Trump said about ‘the wall’ on Friday.

President Donald Trump assured a crowd in Alabama Friday night that “the wall is happening.”

Here are some of the more notable comments the President made during his speech regarding the construction of the wall:

Transparent

Criticizing the inability to see across the border that comes with a concrete wall, Trump said the new design needs to be transparent.

“If you can’t have vision through it, you don’t know who’s on the other side,” he said.

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GLOBALIST PUPPET JOHN MCCAIN SHOWERED WITH PRAISE BY LIBERAL ESTABLISHMENT AND HOLLYWOOD OVER HEALTH CARE BILL OPPOSITION S

thedailysheeple.com / 

The liberal establishment, with help from Hollywood, is showering turncoat Sen. John McCain (R-AZ) with praise after his stunning announcement that he would once again go directly against his own campaign promise and oppose the Graham-Cassidy Obamacare repeal bill.

McCain made the announcement in a statement Friday, saying that he could not in “good conscience” vote for the repeal of a law that he ran against during his last campaign.

“I cannot in good conscience vote for the Graham-Cassidy proposal. I believe we could do better working together, Republicans and Democrats, and have not yet really tried,” McCain declared.

“Nor could I support it without knowing how much it will cost, how it will effect insurance premiums, and how many people will be helped or hurt by it,” his statement continued. “Without a full CBO score, which won’t be available by the end of the month, we won’t have reliable answers to any of those questions.”

After the announcement the liberal media immediately went to work praising the senator, with multiple “news” outlets spending considerable time painting McCain as some sort of hero standing up to the forces of Trump when in reality he is nothing more than an establishment puppet working for the very same masters who control the mainstream press.

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5.7 Magnitude Earthquake Hits Off North California Coast

zerohedge.com / by Tyler Durden / Sep 22, 2017 4:15 PM

A major, M5.7 earthquake has struck off the coast of Northern California, just days after a devastating M7.1 quake hit Mexico, resulting in hundreds dead and at least 50 buildings collapsed.

While the quake was luckily too far offshore to cause any damage, the Sacramento Bee writes that after Tuesday’s devastating earthquake in Mexico and the following smaller quakes that shook parts of California, “the West Coast is bracing for the worst.”

 Time spoke to experts who pointed out that Southern California, Los Angeles and San Francisco were the most at-risk areas in the country for the next destructive quake. It’s been 160 years since the magnitude 7.9 earthquake near the San Andreas Fault, meaning a lot of pressure has built up over the years.
The Bee writes that multiple smaller earthquakes have been reported throughout the state as Mexico continues to recover and rescue victims from Tuesday’s disaster, and today’s “larger” quake appears to have been a culmination of the Mexico aftermath.  A number of earthquakes were reported in the Bay Area on Wednesday, including one measuring magnitude 2.5 near San Jose, according to NBC Bay Area.
On the central coast, a magnitude 3.2 quake hit San Juan Bautista on Wednesday morning, and a magnitude 2.8 earthquake rumbled between Gilroy and Morgan Hill about 10 a.m. Thursday, television station KSBW-8 reported.

Stronger earthquakes were reported in Northern California, with a magnitude 3.8 earthquake reported in Shasta County and a 3.0 in Humboldt County.

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The Data Demontrates That America Should Build the Wall and Initiate Merit Based Immigration

thecommonsenseshow.com / By  / September 22nd, 2017

I did not enjoy writing this article because I usually find myself rooting for the underdog, whether it is in sports or in politics. For example, I took great delight that I was able to take part in the greatest upset in American political history in which Donald Trump defeated Hillary Clinton.  Having been raised in Denver, I reveled in the fact, that after 17 straight losing seasons, the Denver Broncos have managed to win three Super Bowls.  Subsequently, when I look at immigration, it is the story of the down-trodden and how they have made a life for themselves. I can personally identify with this sentiment, because I am a first generation American on my father’s side of the family.

Despite my affinity for the underdog, I find myself adopting pragmatist views towards immigration. First, allow me to say that many immigrants are my Christian brothers and sisters. And those that are here, minus the hard-core criminals, should not be deported because it is a case of too much water under the bridge. However, there is something that can be done, and should be done, with regard to future immigration. The numbers simply do not lie.

The Truthful Answers Are Often the Simplest

Joe Guzzardi is a Californians for Population Stabilization and Senior Writing Fellow and he developed the following quiz on immigration:

“1) What, for the last three decades, is the average number of immigrants legally admitted?

2) What is the Diversity Visa, and name at least three countries whose nationals have received the DV?

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