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Putting America’s Record-Breaking $20 Trillion Debt In Global Context / by Tyler Durden / Sep 23, 2017

The U.S. federal government just passed a record $20 trillion in publicly held debt. That’s bigger than the entire economy of every country in the European Union, combined.

As notes, the debt will only grow higher unless President Trump and the U.S. Congress can agree to unprecedented spending cuts combined with tax increases. 

Don’t count on that happening anytime soon. Most people think that an eye-popping $20+ trillion debt is insurmountable, and in fact, it is the largest in the world by far.

But when you look at another fiscal measure – the ratio of debt-to-GDP – the U.S. is not in the worst situation…


SYRIA: The Strategic Importance of Deir Ezzor and SAA, SDF Relations / BY 21WIRE / SEPTEMBER 24, 2017 B

21st Century Wire says…

As the Syrian Arab Army establishes its presence in and around the liberated areas of Deir Ezzor, including the crossing of the Euphrates, Russian MOD has been reporting some bizarre anomalies regarding the interaction between the US-backed SDF [Kurdish separatists] and ISIS forces. 


EXPOSED: Greyerz – The Evil Plan By The Elites To Control Humanity / September 24, 2017

With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, spoke with King World News about the evil plan by the elites to control humanity and $15,500 gold.

The Evil Plan By The Elite
Egon von Greyerz:  “For news to be read and understood by a great number of people, it must be simple, sensational and forgettable. Most individuals are not interested in “heavy” news or complicated issues. Just compare television and newspapers today to say 50 years ago. At that time, newspapers had very few pictures. Instead, newspapers covered serious matters with in depth analysis. The same was true with television…


Defiant Players Kneel, Join Arms, Avoid Anthem As Trump Calls For NFL Boycott / by Tyler Durden / Sep 24, 2017 

Update (1:30 pm ET): This afternoon’s round of NFL games has begun and as expected players from nearly every team playing today took a knee during the National Anthem, locked arms in solidarity with players who decided to take a knee, or – in the case of the Pittsburg Steelers – remained in the locker room, and thus weren’t visible to the public.

In Philadelphia, Eagles and Giants players and coaches  locked arms as a massive American flag was raised over the field and military jets performed a flyover. A few players raised fists or knelt, according ot the New York Times. Several players on the Bills and the Broncos also took a knee.


The Steelers didn’t participate in the Anthem, as coach Mike Tomlin had warned, remaining in the locker room instead – except for LT Alejandro Villanueva, an army veteran who stood by the tunnel with his hand over his heart.


Another Look at Capital Flight in Italy and Spain: ECB’s Target2 Explanation is False / Mike “Mish” Shedlock / September 24, 2017

The ECB claims that Target2 does not represent capital flight. Evidence says the ECB is wrong, especially for Italy and Spain.

I have discussed this previously, but let’s recap Target2 before taking a look at new charts.

Project Syndicate writer, Hans-Werner Sinn, explains why the ECB’s asset purchases and Target2 imbalances constitute “Europe’s Secret Bailout”.

Under the ECB’s QE program, which started in March 2015, eurozone members’ central banks buy private market securities for €1.74 trillion ($1.84 trillion), with more than €1.4 trillion to be used to purchase their own countries’ government debt.

The QE program seems to be symmetrical because each central bank repurchases its own government debt in proportion to the size of the country. But it does not have a symmetrical effect, because government debt from southern European countries, where the debt binges and current-account deficits of the past occurred, are mostly repurchased abroad.


Marcos son denies offer of gold to Filipinos / By Bernadette E. Tamayo / Sunday, September 24, 2017

Former Philippine Sen. Ferdinand Marcos Jr. on Saturday denied reports that his family was offering cash and “gold” to the public.

He made the clarification after his family received reports of thousands of people gathering at the campus of the University of the Philippines at Los Banos in Laguna “because of promises of gold from the Marcoses.”

“We do not know of nor have any involvement of any of these gatherings,” Marcos said.

“It’s a scam pure and simple,” said the former senator, the only son of the late former President Ferdinand Marcos.

President Rodrigo Duterte last month claimed that the Marcos family, through an unidentified emissary, has expressed intention to “return” a portion of their wealth, including gold bars, to help the government fund its programs. …


China’s Maritime Strategic Realignment / by Brian Kalman, Daniel Deiss, Edwin Watson via / Sep 23, 2017

China has begun construction of the first Type 075 Class Landing Helicopter Dock (LHD).


Construction most likely started in January or February of this year, with some satellite imagery and digital photos appearing online of at least one pre-fabricated hull cell. The Type 075 will be the largest amphibious warfare vessel in the Peoples’ Liberation Army Navy (PLAN), with similar displacement and dimensions as the U.S. Navy Wasp Class LHD. The PLA has also made it known that the force plans to expand the current PLA Marine Corps from 20,000 personnel to 100,000.

As China completes preparations for its new military base in Djibouti, located in the strategic Horn of Africa, it has also continued its substantial investment in developing the port of Gwadar, Pakistan. Not only will Gwadar become a key logistics hub as part of the China-Pakistan Economic Corridor (CPEC) and the “One Belt, One Road” trade initiative, but will also be a key naval base in providing security for China’s maritime trade in the region.  When these developments are viewed in conjunction with the decision to reduce the size of the army by 300,000 personnel, it is obvious that China has reassessed the strategic focus of the nation’s armed forces.


U.S. Retirement Market Ponzi Fueled By Record Concentration In Stocks By Young Americans / Steve St. Angelo / SEPTEMBER 24, 2017

For the U.S. Retirement Market Ponzi Scheme to continue, there must be a new group of suckers to pay for the individuals who are receiving benefits.  Without a new flow of funds, the Ponzi Scheme comes crashing down.  Such was the case for the individuals who invested in the $65 billion Bernie Madoff Ponzi Scheme that came crashing down in 2008.

Interestingly, the U.S. Securities & Exchange Commission (SEC) that investigated Madoff Securities in 1999, 2000, 2004, 2005, and 2006, found no evidence of fraud or the need for legal action by the commission.  The failure of the SEC to find any wrong-doing by Bernie Madoff should provide Americans with plenty of reassurance and confidence that their 401k’s are the highest quality sound investments in the market.


When Everything Else is Poised to Fail, Have a Gold Foundation | Edward Karr

Reluctant Preppers, Published on Sep 24, 2017

Trump Bars Breitbart From Alabama Rally As Feud With Bannon Escalates / by Tyler Durden / Sep 23, 2017 

Apparently, this is what Steve Bannon meant when he swore he would never turn on his old boss during a series of interviews he gave after leaving the West Wing.

The simmering feud between Breitbart and President Donald Trump intensified on Friday as the Trump communications team barred a Breitbart reporter from the press pool during a Trump rally in Alabama, where the president was campaigning for Luther Strange (aka “Big L”) – his pick to permanently fill the Alabama senate seat vacated by Attorney General Jeff Sessions.

Trump announced his support for Strange weeks ago, eliciting howls of outrage from Bannon and Breitbart, who have accused Strange of being a “swamp creature” and blasted him for his association with former Alabama Gov. Robert Bentley, who resigned earlier this year following a widely publicized sex scandal. Strange served as attorney general of Alabama (Sessions’ old job) under Bentley, and has been working with Trump for months after being appointed by Bentley to temporarily fill Sessions’ old seat.


**** The NFL / by Karl Denninger / 2017-09-24

It’s quite simple folks: You never have the right to use your professional position, while on the job, to advocate for a political position or perspective outside of that which your boss explicitly endorses and supports.

If you choose to do so anyway then you ought to be immediately fired for cause.

When I ran MCSNet anyone who did such a thing would have been instantly fired.  This would have been true even if I supported the political position in question personally because to choose to do so without the explicit endorsement and participation of the corporation is to abuse your position at the firm for your personal political advocacy.

That is simply not your decision as an employee to make.  Such an action constitutes gross insubordination and that’s a fireable offense anywhere I’ve ever worked from the most-lowly job to the most-prestigious.


Ready To Turn / By Warren Bevan / Sunday, 24 September 2017

Quiet action for the most part in stocks but I am seeing some signs of strength to come in the short-term and you can find out more on that at my free blog.

As I’ve said, I will be retiring my newsletter business the end of September and just trading, living, travelling, and I will still write when I see something worthy of words.

Time is expensive, spend it wisely.


Elon Musk Isn’t Alone: Vladimir Putin Asks “How Long Before The Robots Eat Us” / by Tyler Durden / Sep 23, 2017 

Elon Musk isn’t the only one whose afraid that advances in artificial intelligence will leads to something akin to the creation of Skynet.

The Daily Mail is reporting that Russian President Vladimir Putin has expressed reservations about artificial intelligence, even asking the head of Russia’s largest tech firm ‘how long do we have before the robots eat us’?

The Russian president was speaking to Arkady Volozh, chief of internet firm Yandex, during a tour of the company’s Moscow headquarters, the Daily Mail reports. Volozh was discussing the “potential” of AI when he discovered that Putin has a dramatically different interpretation of what that might be.


According to state-funded Russian broadcaster RT, the question baffled Volozh.

“I hope never”, he replied after taking a pause to gather his thoughts. “It’s not the first machine to be better than humans at something. An excavator digs better than we do with a shovel. But we don’t get eaten by excavators. A car moves faster than we do…”

But Putin seemed unconvinced. “They don’t think,” he remarked.

Volozh acknowledged that it was true and scrambled back to his speech on AI’s merits.


Undercutting the Nation State? Chicago Group Suggests ‘Global Cities’ Should Run World Affairs / BY MARK ANDERSON / SEPTEMBER 23, 2017

Mark Anderson

CHICAGO, Ill. – The “Disruptive Forces Changing Cities,” program, conducted by the Chicago Council of Global Affairs Sept. 15, was a textbook case of an elite organization pursuing a tightly planned, dictatorial society—while sounding like it’s seeking a democratic, promising vision of fairness and prosperity for all.

It’s all being spearheaded in accordance with the growing “global cities” movement that gradually challenges the authority of the very nation-states that the world’s primary cities inhabit.

This approach, according to several CCGA-aligned think tanks, journalists and others supporting the Global Parliament of Mayors and similar groupings, amounts to a direct challenge to national authority, in order to usurp some of the key powers delegated to national governments by their charters and constitutions.

Since this movement chisels away at the constitutional foundations of nations, it risks undermining them in a way that would redraw the lines of governance, in a manner that’s highly unpredictable, and potentially radical and unlawful. The policy areas over which cities want to assume much more influence (and, ultimately, exert control) include battling climate change, regulating immigration in order to increase it while providing sanctuary cities, along with sparking job growth and several other things—even including the seemingly improbable realm of foreign policy, where you’d think mayors would not tread.


Patrick Donnelly 5.5 Million Ounces of Gold with an Economy in Decline

The Daily, Published on Sep 24, 2017

The Sermon On The Mount[ain Of Debt] / Via Global Macro Monitor / Sep 23, 2017

“Blessed are the young, for they shall inherit the national debt.” – President Herbert Hoover

The Hoover administration thought there was no room and was ideologically opposed to fiscal expansion to stimulate aggregate demand.  Furthermore, Keynesian theory was not even developed at the time.  The General Theory of Employment, Interest and Money  was not published until February 1936.

A policy error, partially due out of  ignorance, that led to the Great Depression, though it was monetary policy and the Fed’s failure as “lender of last resort” that “put the Great in the Great Depression.”

…what happened is that [the Federal Reserve] followed policies which led to a decline in the quantity of money by a third. For every $100 in paper money, in deposits, in cash, in currency, in existence in 1929, by the time you got to 1933 there was only about $65, $66 left. And that extraordinary collapse in the banking system, with about a third of the banks failing from beginning to end, with millions of people having their savings essentially washed out, that decline was utterly unnecessary  – Milton Friedman


Putin Calls Zuckerberg a Liar-No Russian Ads On Facebook / By Dave Hodges / September 24th, 2017

As an overriding fact that should color the entire spectrum of this article, please consider the fact that Zuckerberg has stated that he wants to become the President. Although he is not old enough to hold office, now, he will be by the 2020 election.

In a previous podcast, I cited polling statistics which stated that Communist, Bernie Sanders was leading among Democrats most likely to vote and that Elizabeth “never met a member of the Muslim Brotherhood that she did not like” Warren was second in the polling. Zuckerberg was a “dark-horse” third place Democratic Presidential candidate .

Mueller’s Russian Investigation is Going Nowhere

The former FBI director, Robert Mueller, and Zuckerberg have something in common. They both need and want Donald Trump out of the way. Several political pollsters state that is the 2020 election was held today, Trump would win, no matter who the candidate would be.

The former FBI director and pseudo federal prosecutor is shooting nothing but blanks with regard to the Russian allegations against Trump. It is clear to me that Zuckerberg and and Mueller have joined forces and have invented allegations that show that the Russians have taken out ads on Facebook in favor of Trump.


REALIST NEWS – September 23rd 2017 goes out with a whimper

jsnip4, Published on Sep 24, 2017

“Japan Has No Illusions That Rates Will Ever Rise”: Is This What The Endgame Looks Like / By Victor Shvets of Macquarie Capital / Sep 23, 2017 

Japan Debt Mountain: does it matter?

For almost 25 years, Japan’s debt burden has been the poster child of what would happen to others if capital is misallocated, bubbles burst and then clearance and required reforms are either delayed or not implemented. Indeed, at more than 5x GDP, Japan is shouldering a greater debt burden than other key jurisdictions. It is also facing severe demographic challenges, while its labour market remains constrained and the state maintains a sway over the private sector. Since WW II, Japan has always been more statist than most other major economies, with Korea and China subsequently following Japan in developing a similar model. The conventional argument has been that Japan’s debt would ultimately crush its economy and severely crimp public sector spending, while the private sector would be unable to adjust, and hence lose competitiveness. Eventually, the private sector might lose confidence and stop repatriating cash and the country would then suffer from massive capital outflows.

Not only were these dire projections wrong for decades, but as the rest of the world joined Japan in secular stagnation and unorthodox monetary policies, it is no longer perceived as an exception but rather as a pointer to the future. Japan’s success in navigating disruption, deep financialization and permanent overcapacity is now studied and imitated. While there are local nuances, Japan shows the way forward. QEs associated with the Fed were invented in Japan more than a decade earlier. The same applies to fiscal stimuli, collapsing velocity of money and strong disinflation. Whatever are the policies, Japan has already tried them. Japan is far more advanced in fully monetizing its debt by utilizing multiple asset classes, from bonds to equities. It also accepts that normalization is not feasible, and unlike the Fed, it has no illusions that rates could ever rise or that immigration and deep labour market reforms are either possible or desirable. When the US is focusing on returning outdated factories, Japan is building for the future, when labour inputs would no longer be the key.


Bitcoin “Is A Bubble” but Gold Is Money Says World’s Biggest Hedge Fund Manager / By janskoyles / September 23, 2017

– Bitcoin “is a bubble” but gold is money says world’s biggest hedge fund manager
– Gold is a better “store of value,” Ray Dalio of $160 billion Bridgewater tells CNBC
– Bitcoin has climbed over 300% this year on speculation and expectation that it will continue to climb
– Bitcoin is not a valid currency due to volatility and lack of spending ability says Dalio
– Bitcoin is ‘worse than tulip bulbs’ says JP Morgan’s CEO Dimon
– Crypto buyers need to be concerned with government regulations


The manager of the world’s biggest hedge fund, Ray Dalio has declared his preference for gold over bitcoin.

Earlier this week Dalio, of $160bn Bridgewater Associates, labelled bitcoin ‘a bubble’. Dalio believes the 300% plus rise in price of the most popular cryptocurrency is down to speculation over its expected price rise, as opposed to confidence in its future role as a currency.

Dalio’s comments come less than a week after J.P. Morgan’s Jamie Dimon said bitcoin “is worse than tulip bulbs” and a month after Professor Robert Shiller said it was the best example of  “a bubble right now”.

Bitcoin had a tough week last week, taking a hit following an announcement by Chinese authorities to shut down exchanges. However, it has since begun to recover.

It’s strong performance this year has prompted many experienced investors and economists to call it out for what it seems to be – a bubble.


REALIST NEWS – Spain In Crisis: Catalan Police Reject Madrid Takeover, Vow To Resist

jsnip4, Published on Sep 24, 2017

Drone Footage Shows Puerto Rico Devastation From The Air / by Tyler Durden / Sep 23, 2017 

Hurricane Maria caused widespread damage to Puerto Rico. Drone footage captured the scene in San Juan and Canóvanas on Sept. 21.


As we reported earlier, flash flooding caused by the storm has prompted the NWS to warn that a dam in the northwestern part of the island is in danger of failing, prompting the government to scramble to evacuate the 70,000 residents of the river valley beneath the dam that is in danger of being completely submerged.


Market Report: PMs sold down / By Alasdair Macleod / September 22, 2017

Gold and silver were sharply down this week, with gold off $23 at $1297 from last Friday’s close in early European trade early this morning (Friday), and silver off 56 cents at $17.03 on the same time scale. As can be inferred from our introductory chart, this extends the losses for both precious metals since their peaks on 7th September.

Gold and silver had become overbought, as discussed in previous market reports, so a reaction was only to be expected. However, the falls so far do not appear to have changed the overbought condition much, particularly in the case of gold, illustrated in our next chart of open interest on Comex.


REALIST NEWS – Hewlett Packard Enterprise to Lay Off 10% of its Staff

jsnip4, Published on Sep 24, 2017

Former Democratic Congresswoman Urges All NFL Players To Kneel During National Anthem / by Tyler Durden / Sep 23, 2017

Having left public office in January, former U.S. Congresswoman from Maryland, Donna Edwards, has decided to get involved in the current meme of the moment battle over respect and freedom of ‘speech’ between President Trump and The NFL…