Uncle Ben’s rice finally has a new name after its old moniker and instantly recognizable logo was deemed racially insensitive amid the George Floyd rioting and a flurry of similar moves to amend the names of other products in the name of political correctness.
What are the details?
The brand now will be called Ben’s Original and no longer will use the image of a black man on its boxes, the New York Daily News reported, citing a Wednesday announcement from the product’s parent company Mars Inc.
The new logo simply reads “Ben’s Original” in blue lettering over an orange background — which are the longtime colors of the rice brand.
Uncle Ben’s rice will now be called Ben’s Original, and new packaging with a new logo will hit stores next year. Pa… https://t.co/FAkfz2e626
“We listened to our associates and our customers, and the time is right to make meaningful changes across society,” Mars Food executive Fiona Dawson said in a statement, according to the Daily News. “When you are making these changes, you are not going to please everyone. But it’s about doing the right thing, not the easy thing.”
In June, Mars Inc., announced it would change the rice’s moniker in order to stand against racial stereotypes in advertising.
The rice has been sold in the United States under the Uncle Ben’s brand since 1947.
“Racism has no place in society,” a portion of the company’s statement read in June. “We stand in solidarity with the Black community, or Associates, and our partners in the fight for social justice. We know to make the systemic change needed, it’s going to take a collective effort from all of us — individuals, communities, and organizations of all sizes around the world.”
Also over the summer, Quaker Oats announced that the famous Aunt Jemima brand of breakfast syrup and pancake mix — which is 130 years old — would be going away because it perpetuates racial stereotypes.
Market Turmoil Leads To First Pulled Junk Bond Deal Since July Tyler Durden
Wed, 09/23/2020 – 17:20
Two weeks ago, when we noticed that for the entire month of August the Fed had not bought a single bond ETF, we asked if Powell was sending the markets a message. Now, with the S&P500 on the verge of a correction, the Nasdaq down 12% from its recent all time high, and traders realizing that the shift in risk sentiment is getting worse by the Fed, the answer appears to be yes.
And while stocks today suffered their worst drop since June, the turmoil in equities is starting to spread culminating in Aethon United BR, a Texas-based natural gas company, postponing a $700 million high-yield bond sale that would have refinanced existing debt. The deal – which comes at a time when junk-rated companies have been binging on debt like never before thanks to the Fed’s pledge to backstop corporate bond markets – was the first to be yanked from the U.S. high-yield bond market since July, when Diamond Resorts pulled a $525 million offering, according to data compiled by Bloomberg.
Yet while buying sentiment across the corporate bond market has certainly eased back in recent days, issuance of junk-rated securities is on track to break an all-time record on Wednesday. According to Bank of America, through last Friday, HY gross issuance was $321 billion and about to break its all-time full-year issuance record of $322 billion set in 2012 (BofA’s forecast remains at $375bn for the FY 2020, which would leave us at 1.2x of previous record, with a risk of further upside).
The picture is even more dramatic in net issuance terms, which we define as the difference between gross issuance and calls/tenders/maturities. So far in 2020, the net issuance has reached $119bn, already breaching the previous all-time full-year record of $94bn set in the same year 2012. For the FY 2020 we are projecting net issuance at $145bn, which would represent 1.5x of the previous record, if materialized.
A recent credit market survey from Bank of America found that net overweight positioning in Investment Grade remains elevated at 63% in the September survey, while high yield net positioning increased to a net 44% overweight in September from a net 27% underweight in July and the highest since
This investor euphoria is why even some of the companies most severely impacted by business disruptions caused by Covid-19 have been able to tap debt markets to refinance maturing obligations or add cash to their balance sheets.
However, that tide is now reversing at a dramatic pace, and Aethon may be the canary in the coalmine as the junk bond issuance window slams shut. The company had been sounding out potential investors for the five-year bond sale at a yield in the high 8% to 9% range and originally expected to price the transaction on Sept. 17, according Bloomberg. It had planned to use proceeds to repay an existing second-lien loan and borrowing under its revolver.
The rating agencies had rated the proposed bond single-B, smack in the middle level of junk. Aethon is expected to burn cash through 2021 as it invests in growing production, according to Fitch Ratings.
The question now is how long with the junk bond primary market window remains shut, and who and when will take us over the record junk bond issuance hump of $322 billion.
Advertising expert and host of MSNBC’s “Saturday Night Politics,” Donny Deutsch, argued on Wednesday there is “no difference” between President Donald Trump and Nazi leader Adolf Hitler.
“What is the difference between Adolf Hitler and Donald Trump? he asked during an interview on MSNBC’s “Morning Joe” program. “I’m not saying there’s a holocaust, but when you look at the tactics … this is where we are right now.”
During the interview, Deutsch, himself of Jewish heritage, also lambasted Jewish supporters of the president.
“How dare you!” he exclaimed. “How dare you, with what our people have gone through in history, and you see a man who is a dictator. And once you give a man absolute power, he is possible of anything.”
“If you are a Jew in this country and you are supporting Donald Trump, you are not looking back at our history,” he continued. “And you are blind and you are walking like a lemming off a cliff. It is time to wake up. I’m sorry.”
“There is no difference from what Donald Trump is preaching, from what Adolf Hitler preached in the early ’30s. Let’s just say it once and for all,” he declared.
Look at that crowd,” he said. “There’s not one person of color anywhere. Like, usually behind him he puts one kind of token in there, a token person.”
Deutsch then drew comparisons between Nazi Germany and Trump’s America: “Basically, you had a destruction of the belief in the free press. You had a blurring between the executive branch and the Justice Department. You have creating an other, whether it’s Muslims, whether it’s Mexicans, whether it’s congressmen who weren’t born in this country. And then you have the destruction of free elections. And we’re here.”
Comparing Trump to the murderous, tyrannical chancellor of Nazi Germany, though shocking, has become a somewhat routine practice among the president’s opponents.
Americans aren’t just fleeing liberal strongholds like California, Chicago and New York in droves. We are moving politically, too. As I often find myself caught in the crossfire of the culture wars, I also find myself at the crossroads of this migration. Since my last column, headlined ‘Why I won’t vote’, I’ve received hundreds of emails from others who feel politically homeless. I’ve also heard from many who have voted Democrat or Republican their entire lives and, for the first time, in 2020 will vote for the opposite party. Lifetime conservatives are voting for Biden. Independents are being radicalized to vote red or blue. People who didn’t vote for Donald Trump in 2016 are enthusiastically voting for him now. I even heard from a guy who hasn’t voted since Nader but is coming out to support Trump. Many who identify as ‘politically homeless’ are opting to vote third party or, like me, not to vote in the presidential category at all. (Allow me to clarify something I should have…
Dozens of minor victims who were being actively abused by site users rescued Jong Woo Son, 23, a South Korean national, was indicted by a federal grand jury in the District of Columbia for his operation of Welcome To Video, the largest child sexual exploitation market by volume of content. The nine-count indictment was unsealed today along with a parallel civil forfeiture action. Son has also been charged and convicted in South Korea and is currently in custody serving his sentence in South Korea. An additional 337 site users residing in Alabama, Arkansas, California, Connecticut, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, Washington State and Washington, D.C. as well as the United Kingdom, South Korea, Germany, Saudi Arabia, the United Arab Emirates, the Czech Republic, Canada, Ireland, Spain, Brazil and Australia have been arrested…
Jamie Dimon Says He Supports Taxing The Rich, But Opposes Dems’ “Wealth Tax” Tyler Durden
Wed, 09/23/2020 – 17:00
Before COVID-19 ruined the party, life was good for wealthy Americans. After more than 8 years of interest rates at zero, US stocks were trading at some of their highest valuations since the dot-com era, and the only real problem for the American elite was the growing backlash to worsening ‘economic inequality’ (ie white college educated millennials realizing they would never achieve the lifestyles their parents seemed to earn so effortlessly).
Then Bernie Sanders officially announced his candidacy in early 2019, and suddenly, bankers found themselves back in the crosshairs. Elizabeth Warren started a battle with Sanders over who could propose the most onerous ‘wealth tax’, something that would be unprecedented in the US, which – like most places – typically sticks to taxing peoples’ income, not their savings.
And as Capital Economics Chairman Roger Bootle warns that COVID-19 could usher in a wave of (confiscatory) wealth taxes around the world, Dimon is warning that while he fully supports raising taxes on “people like me”, a wealth tax that targets savings and/or assets simply isn’t the way to do it.
“A wealth tax is almost impossible to do,” Dimon said during an interview with CNBC at the JP Morgan India summit after being asked about the Democratic proposals. Asked to elaborate, Dimon said that wealthy people typically hide most of their wealth in places called ‘tax shelters’, a behavior that a ‘wealth tax’ would almost certainly aggravate.
“I’m not against having higher tax on the wealthy. But I think that you do that through their income as opposed to, you know, calculate wealth which becomes extremely complicated, legalistic, bureaucratic, regulatory, and people find a million ways around it. I would just tax income,” Dimon said. He argued that it’s far more difficult for rich people to cheat on their income, since it’s inevitably “given” to them by another source, who is also reporting it.
With Biden expected to roll back the Trump tax cuts if elected, America’s richest are already moving assets offshore, or taking other steps to preserve the wealth bonanza unleashed by the cuts. Amazingly, when asked, Dimon actually defended the Trump tax cuts, before pivoting to a discussion about how President Trump has helped destroy the bureaucratic “red tape” that Dimon said can stifle growth. And remember, when economic growth takes a hit, the most vulnerable are the most at risk.
“And I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” he said.
However the US decides to go about raising taxes, officials must be careful to ensure that they don’t do it in a way that impedes growth.
“There’re taxes which will slow down growth, like taxes on capital formation, or labor; and there’re taxes which will not affect growth like taxes on, you know, well-to-do people like me,” said Dimon.
“And I just think there should be far more thought about taxation…if you want an active, healthy growing economy.”
Watch the video below:
It’s just the latest reminder that Dimon and his billionaire pals doesn’t actually want the government to raise taxes on the wealthy – it’s all just more virtue-signaling, folks.
Remember: Seven years after he shut down Mike Mayo, Jamie Dimon is still “richer than you”. And he wants things to stay that way.
I can’t stand Julian Assange. He is almost everything I do not like. I doubt we would get along if we spent an evening together. I have evidence of this. Some years ago, we clashed rather nastily at a London drugs legalisation debate in which we disagreed totally and, as I recall, he abused me and I was quite rude back. His world is not my world, and his people are not my people. I think he did a grave wrong by jumping bail. Among other things, this left a lot of his friends, who had trusted him, having to forfeit money they couldn’t afford which they had put up as surety. And now I have said that, I wish to add that I am wholly, furiously against the attempt by the United States government to extradite Mr Assange from this country, now under way at the Old Bailey. I think it is wrong in principle. I think it is clearly a political case and should be rejected on those grounds alone, if there were no others available.
The Seattle City Council voted to override Mayor Jenny Durkan’s vetoes on bills that seek to reduce the city’s police funding and staff. During a special meeting on Tuesday, council members overcame three vetoes from the mayor to push forward legislation that would eliminate up to 100 officers positioned across various departments, cap the salary of command staff and the chief of police, and terminate the Navigation Team, which is dedicated to helping homeless people find shelter, according to numerous outlets. It’s unclear exactly how many officers will lose their jobs, but the measures will reduce the $400 million police budget for 2020 by less than $4 million. “Divestment from a broken policing model is not only the right thing to do … I believe it is the needed course of action,” Council President M. Lorena Gonzalez said. “We cannot look away from this, and we can no longer accept the status quo if we truly believe that black lives matter.”
Sen. Mazie Hirono (D-Hawaii), a member of the Senate Judiciary Committee that will hold the confirmation hearing for President Donald Trump’s Supreme Court nominee, said religion will not be off limits in the hearing if Judge Amy Coney Barrett is the nominee, CNN reported.
Barrett, a federal judge on the 7th U.S. Circuit Court of Appeals, is a Catholic, and is considered the front-runner to be Trump’s nominee to replace late Justice Ruth Bader Ginsburg. Barrett was also considered in 2018 when Brett Kavanaugh was ultimately nominated and confirmed.
“Look, it wasn’t her religious views — it’s anybody’s views that they bring to their decision-making,” Hirono elaborated after saying religious views shouldn’t be off-limits during confirmation hearings. “So they keep telling us that none of the things they wrote or said yesterday should infringe on their decision, but how can we be assured that they can be objective? … Why should we say you get a lifetime appointment so that you can reflect your ideological agenda in your decision-making?”
During Barrett’s 2017 hearing for the 7th Circuit, Sen. Dianne Feinstein (D-Calif.) infamously expressed suspicion over how Barrett’s religion might impact her performance as a judge.
“Why is it that so many of us on this side have this very uncomfortable feeling that dogma and law are two different things, and I think whatever a religion is, it has its own dogma,” Feinstein told Barrett during the 2017 hearing. “The law is totally different. And I think in your case, professor, when you read your speeches, the conclusion one draws is that the dogma lives loudly within you. And that’s of concern.”
Flashback — Dianne Feinstein to Amy Coney Barrett about ACB’s Catholic faith: “When you read your speeches, the con… https://t.co/bbhQpkR0OA
Barrett answered at the time that she respected Roe v. Wade as established precedent, and that she did not let her religious views hinder her legal judgments.
“There would be no opportunity for me to be a no vote on Roe,” Barrett replied to the committee. “And I would faithfully apply all Supreme Court precedent.”
Media reports earlier this week attempted to frame Barrett in an unfavorable manner by comparing a Catholic organization she’s a member of to “The Handmaid’s Tale,” a show about women who are oppressed under a fundamentalist religious dictatorship.
In 2018, Hirono and Sen. Kamala Harris (D-Calif.) took issue with a judicial nominee who was a member of the Knights of Columbus, a Catholic organization. They were critical of the group’s positions on same-sex marriage and abortion. From the Associated Press:
“The Knights of Columbus has taken a number of extreme positions,” said Ms. Hirono, Hawaii Democrat, citing the group’s opposition to same-sex marriage. “If confirmed, do you intend to end your membership with this organization to avoid any appearance of bias?”
Ms. Harris asked Mr. Buescher, who became a member 25 years ago as a teenager, “Were you aware that the Knights of Columbus opposed a woman’s right to choose when you joined the organization?”
Journalist Cassandra Fairbanks has informed the court in Julian Assange’s extradition hearing that Arthur Schwartz, who is known as Donald Trump Jr’s “fixer”, had advance warning of the US indictment against the WikiLeaks publisher. Julian Assange’s removal from the Ecuadorian Embassy was done so “on direct orders from the [US] president”, according to information provided to American journalist Cassandra Fairbanks. Ms Fairbanks’ explosive testimony would appear to support to position that Mr Assange’s prosecution has a political dimension and reflected a shift in the government’s attitude with a change in administration from that of former president Barack Obama. According to Ms Fairbanks’ witness statement, which was read into the court by the defence in Mr Assange’s extradition hearing on 21 September 2020, she was contacted by Arthur Schwartz, “a wealthy GOP donor who does communications for [former Ambassador to Germany Richard Grenell] and works as an informal adviser to…
Julian Assange is not on trial simply for his liberty and his life. He is fighting for the right of every journalist to do hard-hitting investigative journalism without fear of arrest and extradition to the United States. Assange faces 175 years in a US super-max prison on the basis of claims by Donald Trump’s administration that his exposure of US war crimes in Iraq and Afghanistan amounts to “espionage”. The charges against Assange rewrite the meaning of “espionage” in unmistakably dangerous ways. Publishing evidence of state crimes, as Assange’s Wikileaks organisation has done, is covered by both free speech and public interest defences. Publishing evidence furnished by whistleblowers is at the heart of any journalism that aspires to hold power to account and in check. Whistleblowers typically emerge in reaction to parts of the executive turning rogue, when the state itself starts breaking its own laws. That is why journalism is protected in the US by the First Amendment….
In an ephemeral world, few things survive. I am not talking about species or human beings whose existence on earth is also transitory. Instead I am referring to social and financial systems which are now coming to an end.
“The Dark Years will be extremely severe for most countries both financially and socially. In many countries in the Western world there will be a severe depression and it will be the end of the welfare state. Most private and state pension schemes are also likely to collapse. It will be a worldwide depression but some countries may only have a deep recession. There will be famine, homelessness and misery resulting in social as well as political unrest. Different type of government leaders and regimes are likely to result from this.
How long will the Dark Years last? There is a book called ”The Fourth Turning” written by Neil Howe. He has identified a pattern that repeats itself every 80 years. The pattern has been extremely accurate in the Anglophile world. We have recently entered the Fourth Turning which is the final 20 years of the cycle. According to Howe we are in the early stages of a 20 year period of economic and institutional upheaval.
This is a period of Crisis when the fabric of society will change dramatically. Previous Fourth Turnings have been the American Revolution, Great Depression and World War II. According to Howe the Crisis will be substantially worse before it is over and it will last for another circa 20 years.
All of this is not good news and we hope that we and Howe are wrong regarding the severity and length of this crisis. But we fear that we are both right. We must stress again that never previously has the whole world entered a downturn simultaneously in such a fragile state both financially and economically which is why the Dark Years are likely to be so devastating and long lasting.”
THE INEVITABLE FALL OF SOCIETY
Neil Howe’s book The Fourth Turning had just been published when I wrote the article and it has since attained great fame. We are now in the final 8 years of his 20 year cycle and the most dramatic part of the cycle has just started which is the Fourth Turning.
In my 2009 article, I thought that the downturn was more imminent. But although I was slightly out on the timing, it doesn’t change the inevitable fall of the whole fabric of society in the next few years, be it commercial, financial or social.
Since 2009, global debt has doubled to $280 trillion and risk has increased exponentially. The final stage of the collapse started in August of 2019 with the central banks panicking and embarking on a massive money printing spree due to major problems in the financial system.
CORONAVIRUS – A CATALYST
As I have stated previously, Coronavirus which started in early 2020, is not the reason for the current downturn in the world economy. It was just a catalyst. For some reason, when cycles are about to accelerate hard down, the trigger seems to be the worst possible. Although I have often talked about disease as one potential catalyst, I did not expect it to come now and cause a total lockdown of parts of the economy and society in so many countries.
When you are approaching the end of a financial era or cycle, it is very difficult to predict exactly how it will all end. Very few people understand that we are now living on borrowed time. But there is absolutely no doubt that we are now at the end of the end and of a major cycle, whether that takes 8 years as Howe predicts or it all happens much faster, is totally irrelevant.
THE UNPREPARED COULD LOSE EVERYTHING
The risk is here now and if you don’t prepare for this, you are not just likely to lose whatever wealth you have but also your job, pension or social security depending on your circumstances. And if you live in a city, you are also likely to be affected by social unrest and crime plus a breakdown of services like medical care, schooling, law and order etc.
Many people are today trying to get out of the cities as a result of Coronavirus and the shut down of offices and shops as well as increased crime rates. For the wealthy minority, this is not a big problem but for normal people, it is not self-evident to just move out. But it is very clear that home working will become much more prevalent and many cities will become ghost towns. Tax revenue will decline dramatically and the authorities will not be able to keep up even simple services such as water, sanitation or cleaning. Also, many retail outlets and restaurants as well as offices in cities will close due to lack of customers, crime and out of town or online shopping. This trend has of course already started in many cities. In the City in London (Financial District), there are now very few people working. Only some shops or restaurants are open and the ones that are, are haemorrhaging financially.
THE DELUGE COULD COME SOONER
Coming back to Howe’s 8 remaining years of the Fourth Turning, it is of course an approximate number and not absolute. The way I see it is that it will take up to 8 years and maybe less for the artificial edifice that the world has created to collapse. But it could also happen a lot quicker.
What I mean by artificial edifice is firstly all the fake assets that have been created due to central banks deliberate profligacy. Since the creation of the Fed in 1913, the bankers have taken total control of the money system. From 1971 when Nixon closed the gold window, it became a total free for all for the (central) bankers. They could create unlimited amounts of money for their own benefit. Standing nearest the printing press is a major advantage when you print money. President Mugabe in Zimbabwe discovered this. By using the money from the printing press first, he could spend it quickly or buy dollars before the value of the printed money collapsed.
PRINTED MONEY DOESN’T REACH ORDINARY PEOPLE
In the US, the Fed has since the latest crisis started in August 2019, printed $3.3 trillion, and most of it since March 2020. Very little of this money has reached ordinary people. If it had, it would have meant a contribution of $25,000 to every one of the 130 million households in the US. Although the printed is basically worthless, it might have had some short term beneficial effect on the broad economy.
But no, money printing is not for ordinary people. It is for the bankers and the wealthy and add more fuel or liquidity to already massively overvalued asset markets rather than reaching the people who really need it. This has caused the Nasdaq to go up by 62% since late March and the Dow by 52%.
DOW 50,000 – GOLD $50,000?
In a recent article I discussed that we could see a liquidity fuelled meltup in stocks making the Dow double to say 50,000. Since I expect the Dow/Gold ratio to reach 1 to 1 or below (like in 1980 Dow 850 Gold $850), gold could at the same time reach $50,000 as inflation rises. As I consider stocks overbought and overvalued today, there is no fundamental or even technical reason for this to happen. Since markets today have nothing to do with fundamentals or sound valuation principles but are only liquidity driven, this kind of move is not impossible.
But investors must understand that I think it would be very high risk to stay fully invested in stocks currently. This is like buying the Nasdaq in 1999 to take part in the final rise but then to ride it all the way down to an 80% loss.
Much better instead to own gold, which fundamentally and technically is still early in a long term uptrend, kindly fuelled daily by central bank money printing. If the 50,000 forecast for the Dow and Gold would materialise, the Dow would double and Gold would go up 25x which is clearly a much better risk.
THE US IS BANKRUPT
Let’s face it, the US is bankrupt. No country, company or individual could lose money every year for 90 years and still be standing. (see my article). Normally the currency of such a country should have faded into oblivion. Well the dollar almost has since it is down 98% in real terms or gold since 1971 and down 85% since 2000. The only reason the dollar hasn’t disappeared totally yet is due to the Petrodollar. A major part of dollar assets are kept outside of the US due to the dollar liquidity created by the petrodollar.
The Petrodollar was created in the early 1970s by Nixon and the then Secretary of State Henry Kissinger. They feared after the closing of the gold window that the dollar’s reserve currency role would diminish significantly. To save the dollar, Saudi Arabia was offered total military protection by the US on the condition that all oil trading would only be in dollars. Saudi Arabia would also buy substantial military equipment from the US.
THE IMMINENT DEMISE OF THE DOLLAR
This was a very clever arrangement and is the sole reason why the dollar is still standing. But the combination of a rapidly deteriorating US financial position and countries like China, Russia and Iran gradually trading in their own currencies, will soon precipitate the dollar’s demise.
Comparing currencies to each other is really a futile exercise since they are all going to ZERO. There is no prize for getting to the bottom first. Still in this exercise of relativity, it looks like the dollar will reach the bottom before the others. Having already lost 98% of its value in the last 50 years, the final 2% will not take that long. But remember that this 2% fall means a 100% loss of the dollar’s value from here.
Many people are very negative about the Euro due to the major problems in the EU. It is totally correct that the Euro is also a very weak and artificial currency. The Euro is virtually worth the same in dollars as on its launch on January 1st 1999. But right now, the Euro, in spite of its problems, technically looks stronger than the dollar.
So a crashing dollar over the next few years is virtually guaranteed and will act as a detonator which will blow up the US economy.
Also in the next 2-3 years we will see collapsing debt markets in the US and globally. Most debt in the world consists of printed money with no underlying real assets backing. Massively overvalued assets is backed by debt which will become totally worthless since it is only based on manufactured money issued by a printing press or a computer. When $10s of trillions are created with no labour, goods or service having been produced, that money clearly has ZERO value.
INTEREST RATES TO RISE STRONGLY
We will not have permanent zero rates as the FED and Ray Dalio say. There are two virtual certainties coming before the imminent mega crisis is over. The first will be the collapse of the currency system as I discussed above. The second certainty is the collapse of credit markets including bonds. The manipulation of rates will totally fail. Central banks will try to keep short rates low but will lose control of the long rates. As insolvent governments and corporates start to default, investors, including sovereign, will dump bonds.
Bond prices will collapse and rates go to at least the levels in the 1970s to early 1980s of 15-20%. The combination of hyperinflation and defaulting borrowers will see many bonds going to zero and rates to infinity. As long rates rise, they will pull the short rates up regardless of central banks attempts to hold them down. This will lead to the demise of the bond market. Obviously, central banks will frenetically print trillions or even quadrillions as derivatives disappear into a black hole. But to no avail except for panic and hyperinflation.
NOT THE TIME FOR OMPHALOSKEPSIS
So now is not the time for omphaloskepsis (navel gazing) or for investors to gloat about their stock market gains. Because the world is now entering a phase not seen for hundreds or maybe 2,000 years. Yes, stocks could meltup one final time before the total collapse but if they do, that will most likely be accompanied by a very weak dollar.
DON’T MEASURE YOUR WEALTH IN WORTHLESS FIAT CURRENCIES
To measure your assets in a fiat currency, be it dollars, euros or pounds, is absolute madness. Why do you measure your wealth in something that in real terms has declined by 98% since 1971 and 85% since 2000. It might feel good for a moment but when you realise that these gains are just paper profits that are not only meaningless but will evaporate totally in the next few years as stocks and paper money implode together.
And don’t for a second believe that the assets you own whether they are stocks, bonds or property are really worth the thousands or millions that they are valued at in fake money.
The imminent wealth destruction will soon reveal to investors that their assets are only worth a fraction of the imaginary value they have today.
Central banks will not save the world, they can’t. Because how can you solve a debt problem with more worthless debt or how can you create wealth by issuing more debt. That Ponzi scheme is now finished for a very long time.
Physical gold (and silver) will in the next few years reveal the total delusion that the financial system has rested on. Investors who are not protected should take heed.
Despite the charges hanging over their heads, the enterprising couple apparently had greeting cards made from one of the many images of them warding off the mob — and then Mark McCloskey graciously stuck it to a foul-mouthed protester who confronted the couple on video after they emerged from a print shop with the cards.
What are the details?
“Abolish the suburbs! You are terrorists!” the leftist woman hollers at the McCloskeys as they walk to their vehicle.
Image source: Twitter video screenshot via @314khalea
“Do you think pointing guns at protesters is nice?” the woman continues to yell. “It’s fun? You think you’re cool?”
“F*** you and your guns!” she adds as they enter their SUV. “F** you!”
With that, Mark McCloskey exits the vehicle and approaches the camera — and he’s not holding a gun; he’s holding one of the cards they created and hands it over: “Here, have a souvenir.”
Image source: Twitter video screenshot via @314khalea
The woman speaking on video isn’t impressed: “F*** both y’all!” The McCloskeys begin to back out of their parking space, and that’s where the clip ends.
Content warning: Language:
They got 1,000 of these printed and have even been signing them https://t.co/LPAhR8IRAl
As you might expect, more than a few Twitter commenters are backing up the McCloskeys all the way and enjoyed their greeting card idea:
“GOOD. They have absolutely EVERY RIGHT to defend their home and property against violent rioters,” one person wrote. “Because that’s what they WERE.”
“Love it. F*** you marxists,” another commenter said. “You’re not going to win.”
“Do you know if they have a website where I can buy one of their cards?” another person asked.
“And to think they used to be Democrats, until a bunch of worthless, terrorist traitors decided to take up space on their property,” another commenter wrote. “You idiots are destroying your own party, because you are too ignorant to know any better. Thanks for the extra @realDonaldTrump votes. #Trump2020.”
The UK prime minister has, in his infinite wisdom, decided to impose a raft of new restrictions to avoid another lockdown after the first one was such a resounding success. These measures are shameful. I hope you all enjoyed those precious few weeks of semi-freedom. I, like all Britons, will look back on the summer of 2020 fondly. A time when we all dressed like dandy highwaymen to go shopping and surrendered our personal details to pub staff wearing visors and wielding thermometer pistols. We gathered in groups of seven, sometimes more, Rishi Sunak bought us all dinner, the Welsh re-opened the border, and millionaires knelt in empty stadia as sport returned to our screens. Shall we ever know such halcyon days again? Not anytime soon, if our dear leader’s latest statement is anything to go by. Earlier today, Boris Johnson decided to relieve himself over the nation’s collective bonfire with the force of an authoritarian Grand National winner. His stable lads, Whitty and Vallance,…
Top podcaster Joe Rogan has all but capitulated to media establishment bullies with an uncharacteristic apology, after claiming leftist activists were starting wildfires. He can expect a lot more apologizing – and no absolution. Rogan issued a groveling apology via Instagram last week for claiming during a conversation with British conservative commentator Douglas Murray that “left-wing people” had been arrested for lighting forest fires in Portland. Amplifying the rumor already circulating among conservative outlets was “definitely a mistake” and “very irresponsible,” a downcast Rogan stated.
TikTok Files New Injunction Against White House Amid Reports Deal Is “Falling Apart” Tyler Durden
Wed, 09/23/2020 – 16:19
As Fox Business publishes rumors that the TikTok-Oracle deal is falling apart, TikTok-owner ByteDance has filed a petition for an injunction Wednesday afternoon, asking a federal court in Washington DC to intervene and quash President Trump’s threatened ban of TikTok on national security grounds.
The injunction, filed Wednesday afternoon, comes after a California court shut down Trump’s attempt to ban Tencent’s WeChat just a few days ago. It follows another lawsuit filed by TikTok and its parent back in August targeting the administration and its leaders, including Commerce Secretary Wilbur Ross.
The Trump Administration set a final deadline of Nov. 12 for the deal between ByteDance, Oracle and Wal-Mart to spin off TikTok into a standalone company. It also set an earlier deadline of Sept. 28, whereby a ‘partial’ shutdown was promised if the deal isn’t well on its way. With that first intermediate deadline coming up on Sunday, BD has apparently decided to move ahead
In the complaint, TikTok lawyers from Covington & Burling argued that Trump’s executive order is unconstitutional, citing violations of First Amendment Rights and due process.
Meanwhile, Fox Business reports that opposition to the deal is growing in the US, as AG Barr has reportedly expressed skepticism about approving the deal over “national security” concerns.
SCOOP via @LJMoynihan: sources say AG Barr has been skeptical of approving @Oracle@tiktok_us on national security concerns. His spox tells Fox Biz exclusively he is still in the fact gathering stage and has not reached a final decision/made a final recommendation to @POTUS$ORCL
To be sure, even if the Trump Administration were to completely roll over and accept a deal with ByteDance owning 80% of the newly independent TikTok (with 40% of that stake presumably owned indirectly by the American investors who own ByteDance), Beijing has by now spilled too much ink in its state-run press. The hard-core nationalists would never accept President Xi kowtowing to Washington like this.
The city of Louisville is bracing for a night of civil unrest as hundreds if not thousands of protesters have already taken to the streets in response to the grand jury’s decision not to issue charges for two of the three officers involved in the March raid that led to Breonna Taylor’s death. The third officer was charged for his actions in firing shots into the neighboring apartments, but not for anything related to Taylor’s death.
Shortly after the decision was announced, a scene unfolded that displayed the extent to which Louisville remains on edge about the contentious case.
A man just nearly pulled his gun in reaction. Crowd had to stop him. Louisville is on edge https://t.co/R0WxTQQ8EO
Florida Governor Ron DeSantis has called for a harsh crackdown on violent and “disorderly” protests, proposing a bill that would bring steep penalties for rioting. Critics insist the law is a “fascist” ban on free expression. The Republican governor introduced the new law during a Monday press conference – the Combating Violence, Disorder, and Looting and Law Enforcement Protection Act – which, if passed by the state legislature, would make participation in “disorderly assemblies” a third-degree felony, among other measures. “Our right to peacefully assemble is one of our most cherished as Americans, but throughout the country we’ve seen that right being taken advantage of by professional agitators, bent on sowing disorder and causing mayhem in our cities,” DeSantis said in a statement. I will not allow this kind of violence to occur here in Florida.
A Russian-born American documentary film maker and investigatigative journalist has been found dead in a car in Istanbul’s Karaköy neighborhood. The 57-year old journalist Andre Vltchek and his wife, Indira Vltchek, rented a car to travel to Istanbul from the Black Sea province of Samsun, where the Vltcheks spent some days. Two drivers also accompanied them during the trip. When they arrived at a hotel in Karaköy at 5:30 a:m, where the couple was planning to stay, Indira Vltchek tried to wake him up. But the journalist did not respond.
The Pentagon redirected most of its $1 billion in pandemic funding to defense contractors who exchanged the money for jet engine parts, body armor, dress uniforms and other military needs, The Washington Post reported on Tuesday. The CARES Act passed by Congress in March granted the Department of Defense $1 billion to both prevent and get ready to respond to the coronavirus, but the Post reported that in the weeks that followed, hundreds of millions of the taxpayer money was instead utilized to obtain military supplies. This was a change from the intent of Congress, the Post noted. Meanwhile, U.S. health officials are still requesting funding for pandemic response, including $6 billion for states to make vaccines available when they are developed and to address a shortage in N95 masks for hospitals. The Pentagon has also requested that $11 billion be provided in a potential new stimulus bill being debated by Congress. Congress instructed the $1 billion in the CARES Act to go to…
Racist and sexist attacks on women and minorities are acceptable, if the targets are conservative. Members of both political parties use sharp elbows to rough up and discredit the opposition, but the media are supposed to call “foul” on the worst abuses. But when the media are ideologically opposed to conservatives — especially minority conservatives — the abuses sometimes get lost in the shuffle. Take what happened last week to New Hampshire state representative Marilinda Garcia, who announced she would challenge incumbent Democratic representative Annie Kuster in a highly competitive district that has switched party control in three of the last four elections. Democrats were clearly rattled by the 30-year-old Garcia’s entry. Democratic-party communications director Harrell Kirstein said she would inevitably be part of a “reckless race to pander to the same extreme right fringe of the Republican Party that forced the federal government shutdown.” He called her a “loyal…
Now armed with statistics and expert advice, the British public are much better informed about Covid than in March and won’t countenance another lockdown imposed by politicians who have mishandled the pandemic at every turn. A looming second lockdown in the UK, as part of the Government’s haphazard approach to dealing with the coronavirus pandemic, is destined to fail for one reason: the revered ‘Blitz spirit’ that we’re all in this together has vanished. Now it’s everyone for themselves. For several days now, there has been talk of another imminent imposition of harsh restrictions on our movement. While the first national lockdown was universally accepted, any follow-up – call it ‘a circuit breaker’ or whatever clever name you like – is going to be a little trickier.
New York City police officer was arrested and charged Monday by federal prosecutors with spying for China, including providing Chinese officials with access to NYPD officials and giving intelligence on Tibetans living in the U.S. Baimadajie Angwang, 33, a community affairs officer in Queens, acted “at the direction and control” of Chinese government officials at the New York Chinese Consulate and “used his official position in the NYPD” to provide Chinese officials access to senior NYPD officials through invitations to NYPD events, according to the criminal complaint. An ethnic Tibetan himself, Anwang, who was born in China and became a naturalized U.S. citizen, also used his position on the police force to report on ethnic Tibetans in New York City and assess potential intelligence sources within that community. Federal prosecutors in Brooklyn charged Angwang with acting as a foreign agent without notifying American authorities, wire fraud, making false statements, and obstructing…
Anxiety over the election (and any thoughts of fiscal stimulus) continues to rise…
Quite a serious shift in risk perceptions around the election over the last month and week…
Which matched with very heavy FedSpeak today with most bearish on growth without more fiscal stimulus (messaging was clear!):
Chair Powell continued to wave the fiscal flag carefully at another hearing today, saying that more support was likely to be necessary.
Cleveland Fed President Loretta Mester saying fiscal stimulus was very much needed given the “deep hole” the economy is climbing out of.
Boston Fed President Eric Rosengren suggested it’ll take another wave of infections to prompt action, and likely not until next year: “The most difficult part of the recovery is still ahead of us.”
Chicago Fed President Evans desperately tried to walk back his more hawkish comments (on hiking rates below 2% inflation) but was ignored.
And finally, Fed Vice Chair Richard Clarida, in an interview on Bloomberg Television, emphasized the recovery has so far been stronger than officials predicted a few months ago. He also made clear the road ahead will be difficult and repeated the theme that fiscal support would help.
And tomorrow is another shitshow of FedSpeak…
Is the stock market’s drop a message to Washington?“Get back to work?”
Things could have been a lot uglier as NKE’s surge added 60pts to The Dow.
The Dow dumped 800 points from intraday highs…
The timing of the plunge this afternoon syncs up almost too well with margin-calls. Today’s selling accelerated right around 1430ET…
That is the biggest flush since June…
The S&P 500 is almost back to unch YTD and Nasdaq is back at almost 2-month lows…
Cyclicals and Defensives were both hit today and both accelerated losses at 1430ET (margin calls)…
This week has seen a dramatic reversal higher in momo names…
Nasdaq is now back near its cycle lows, down around 13$ from record highs and the S&P 500 near a 10% correction from its highs…
Today’s tumbles sent the US majors to key technicals – Russell 2000 at its 100 and 200DMA; rest of the majors below their 50DMAs and falling…
TSLA stock was monkeyhammered back below the critical $420 level…
NKLA crashed… again…
The lack of dovish comments by any of the Fed speakers accelerated the dollar surge to fresh cycle highs again amid the biggest 4-day surge since March (up over 2%)…
Dollar strength triggered selling in Precious metals – which also were hit with liquidation purges.
Silver futs dropped below $23…
And gold futs below $1900…
Black gold also closed red, unable to hold above $40 despite notable product draws…
Bonds ended the day with a massively UNCH move in yields (notice TSY selling once again at the US open to EU close)…
Real yields surged to their highest in 2 months (still notably negative), which weighed on gold…
Bitcoin was also hit around 1430ET…
Dr.Copper was clubbed like a baby seal back below $3.00… (oddly we did not hear CNBC discussing it as a sage of economic growth today!?)
Today really had the smell of “liquidate everything into dollars”
Finally, off-topic for a moment… COVID College Box Score: 48,299 Cases… 2 Hospitalization… 0 Deaths!
And as cases rise (cough colleges cough)… deaths tumble…
Still think this f**king farce is all about the “science” and not political?