- Meanwhile In Greece, Homeless Family Of 5 Lives In Carton Boxes
Just when you think, you’ve seen and heard everything possible and impossible in Greece with regard austerity and the crisis… there comes this incredible human story: a family of five living in carton boxes in the city of Patras in western Greece.
As KeepTalkingGreece.com details, the family ended up on the streets after a labor accident of the father. The family has no income. For the last 8 months, the two adults and the three children live in a provisional “shelter” made of carton boxes they have places in a corner of an abandoned and half-constructed building.
The parents need to feed two toddlers aged 1.5 and 3.5 years old and an older child from the father’s previous marriage.
The family receives no disability pension or any allowance from the state that can help them make a living.
“They tell their children that living in boxes is a game,” local media TheBest.gr reports.
The father is unable to work. The family’s relatives cannot help them as they are also in dire economic situation.
They get meals from the local church, a neighbor to the building gives them from time to time the opportunity to take a bath.
Basic sanitary conditions are non-existent, the smell where these people live is beyond any description.
The father has been unemployed for the last 3.5 years. His leg was badly cut during works with a chainsaw.
Speaking to thebest.gr, the father said, he wished to have space in a plot to put a tent for his family and two hens in order to have something to feed his children.
And a job. “Anything that will help me be back on track.”
- “Italian Government Collapse More Than Just A Possibility”
Submitted by Mish Shedlock of MishTalk
Four new polls show comedian Beppe Grillo’s Five Star Movement (M5S) ahead of prime minister Matteo Renzi’s Democratic Party (PD) were an election held today.
The next election will be no later than May 23, 2018. Renzi promised to step down if he fails a constitutional reform referendum later this year.
The reform referendum will likely be held no later than this October.
Beppe Grillo – Comedian Founder of Five Star Movement
Renzi Rocked Yet Again
Please consider Renzi Rocked as Five Star Surges in Polls.
The populist Five Star Movement has emerged as Italy’s leading political party, overtaking Matteo Renzi’s ruling Democratic party (PD) in four separate opinion polls that have exposed the growing vulnerability of the country’s centre-left prime minister.
The primacy of the Five Star Movement, which is led by the sardonic comedian Beppe Grillo and has called for a referendum on ditching the euro, reflects a shift in public opinion against Mr Renzi that will heighten fears of a return to political instability and uncertainty in the single currency’s third largest economy.
“A government collapse is more than just a possibility, it is a scenario that we are looking at very closely,” said Federico Santi, an analyst at the Eurasia Group consultancy. “The trend has been clearly bad for the ruling party and favourable to the Five Star Movement, driven by issues — like migration, the banking troubles and corruption scandals — that are not going to go away. It’s hard to see what it could take for Renzi and the PD to make a comeback at this point.”
According to polls released on Wednesday by Ipsos, the Five Star Movement is supported by 30.6 per cent of Italians, compared with 29.8 per cent for the PD. Similar polls in January had Mr Renzi’s party leading the Five Star Movement by nearly six percentage points. In the 2014 European elections, shortly after Mr Renzi took office, the PD defeated the Five Star Movement by nearly 20 percentage points.
Three other surveys taken after the Brexit vote also showed the Five Star Movement ahead, with the next national elections due in early 2018.
One by Demos released on July 1 showed the party ahead by a margin of 32.3 per cent to 30.2 per cent over Mr Renzi’s PD. Others by Euromedia and EMG showed the Five Star Movement with narrower leads of 0.5 and 0.4 percentage points. Another poll showed the Democratic party hanging on to a narrow lead.
The polls look even darker for Mr Renzi if the likelihood of a run-off between the two largest parties — which is called for under Italy’s new electoral law if no party exceeds 40 per cent — is taken into account. In those scenarios, the Five Star Movement would defeat the PD by as much as ten percentage points, as right-wing voters would coalesce around the protest party.
Beneath the surface, there is increasing talk of what might happen should his efforts fail. Most likely, said Mr Santi, a technocratic government would have to take charge, rather than a quick move to fresh elections. But no clear candidate has yet emerged who would take the reins.
Credibility of the Italian Political Class at Stake.
Renzi asked voters to stick with him and promised an aggressive campaign in favor of the referendum.
His rationale is laughable: “The referendum is not crucial for the destiny of an individual, but for the future credibility of the Italian political class,” said Renzi.
Are voters really supposed to rally around the notion of saving the credibility of the ruling political class?
Wow! The statement is so ridiculous one has to wonder if Renzi secretly wants the referendum defeated.
40% the New Majority
The referendum would shrink the Italian senate and give a majority of parliament to any political party that could achieve 40% of the vote in national elections.
If no party achieved 40%, a runoff would take place and the winner would automatically receive a majority of parliament.
Curiously, M5S is against this reform although it may the best way for Grillo to get the vote he seeks on leaving the Euro.
Renzi Stung in Mayoral Elections
In recent mayoral elections Renzi’s party went down in defeat in in Rome, Turin, Naples and Trieste. Rome and Turin went to the Five Star Movement.
For mayoral details and details of the constitutional referendum, please see Stinging Defeat of Renzi in Italian Mayoral Elections; 40% the Proposed New Majority
Italian Banking System Near Collapse
Monte dei Paschi, the oldest bank in the world, and Italy’s third largest is so woefully undercapitalized that even the ECB recognizes that fact.
On July 4, I commented the ECB Triggers Another Bank Shares Selloff, Tells Monte dei Paschi to Shed More Assets.
German Chancellor Angela Merkel and the ECB are at odds with Renzi over how to fix €360 billion in nonperforming loans in the Italian banking system.
Merkel rebuffed Renzi’s request for state sponsored bank bailouts on four occasions.
On June 30, I asked Italy’s Zombie Banks on Death Bed, Bail-Ins Coming?
Merkel chastised Renzi, “We wrote the rules for the credit system, we cannot change them every two years.”
Under a bail-in scheme bondholders and depositors will take a huge hit. Voters are already angry over the bail-in of bondholder of much smaller Banca Etruria last December.
In Italy, individual investors own close to €200 billion in Italian bank bonds. Imagine the anger should they lose even a portion of their investments.
This is why Italy Threatens to Defy Merkel, Brussels Over bank Bailouts.
Italy on the Euro
What has the Euro done for Germany vs. Italy?
Voters Hold the Key
Yesterday I asked Can the EU Survive as a Prison? Who Has the Keys?
The short answer is voters hold the key, and they are already mad as hell. If bail-ins happen, it will be the end of the Renzi government for sure.
Renzi Slams Deutsche Bank
ZeroHedge has an excellent article out today on the state of Deutsche Bank through the eyes of Renzi.
Please consider A Furious Italian Prime Minister Slams Deutsche Bank As Europe’s Most Insolvent Bank
In a surprising admission of reality, none other than Italy’s prime minister Matteo Renzi, “went there” and slammed Deutsche Bank as the true “derivative problem” facing Europe.
As Reuters adds, speaking at a joint news conference with Swedish Prime Minister Stefan Lofven, Renzi said other European banks had much bigger problems than their Italian counterparts.
“If this non-performing loan problem is worth one, the question of derivatives at other banks, at big banks, is worth one hundred. This is the ratio: one to one hundred,” Renzi said
So just like that the Mutually Assured Destruction doctrine is activated, because now that Deutsche Bank’s dirty laundry has been exposed for all to see, Renzi’s gambit is clear: if Merkel does not relent on bailing out Italian banks, the collapse of Italian banks will assure the failure of Deutsche Bank in kind.
Also see Diving Into Deutsche Bank’s “Passion to Perform” Balance Sheet.
This kind of insanity is precisely why the euro is doomed.
Get Out Now!
I repeat my warning from last December: Get Your Money Out of Italian Banks Now!
- SeRVeRGaTE FoR FRiNGe LoWBRoWS…
He released TOP SECRET INFORMATION to expose how the gubmint is illegally spying on all of us…
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She released TOP SECRET INFORMATION because she is an extremely careless and lazy assed pig…
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He did it to her in a private jet.
She does not understand the meaning of : “A lawyer shall avoid the mere appearance of impropriety.”
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He is a clown.
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He ate the HillBilly Investigation.
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He is going to have a field day in the debates.
- Globalists Are Now Openly Demanding New World Order Centralization
Submitted by Brandon Smith via Alt-Market.com,
I have said it many times in the past – when elitist criminals start openly admitting to their schemes it means that they are ready to pull the plug on the current system. They simply don’t care anymore who knows their plans because they think that victory is inevitable.
There have been more subtle and less prominently published calls for a "new world order" in the past, to be sure. However, at no other time have I seen international financiers and their puppet political mouthpieces so brazen about calling for global centralization than in the wake of the successful Brexit referendum. It is as if the Brexit flipped a switch in the existing narrative and set loose a flood of new propaganda, all aimed at convincing the general public that central banks must combine forces and act as one institution in order to combat an economic crisis that isn’t even visible to laymen yet.
Though I predicted the activation of this propaganda campaign in my article “Brexit: Global Trigger Event, Fake Out Or Something Else?,” published before the referendum vote took place, the speed at which it is developing is truly astonishing.
Now, under the current circumstances of the previous week’s market rally post-Brexit (driven by hopes of central bank intervention and extremely low trading volume) one would think that the globalist calls for total centralization of financial policy management don't make much sense. Where is this “crisis” that the bankers keep warning about?
As I outlined in great detail in recent articles, I believe the Brexit to be a partial trigger event for a future market disaster that has been engineered for many years. That is to say, a worldwide financial calamity has been deliberately staged in advance, and the Brexit is meant to act as a scapegoat for it. The fundamentals of the global economy have been increasingly negative since 2008, and the only "indicator" left to appear positive has been stocks.
There are plenty of people out there who assume that equities have escaped without consequence after the UK referendum because of the pre-4th of July rally. However, I would suggest they not get too comfortable with the hollow low volume spike in stocks at this early stage.
These kinds of rallies should not be a surprise. They were common during the derivatives and credit crash that struck in 2008 after Bear Sterns and Lehman. Ultimately, stocks are an irrelevant faith driven indicator, and the fundamentals will always win in the end.
As Forbes notes in a surprisingly honest analysis — the “Lehman moment” of 2008 was not really a “moment” at all. The derivatives crash was driven by numerous frailties within the debt bubble structure; Lehman was just a higher profile element of a more chaotic mess. When Lehman’s bankruptcy went public, equities took a considerable dive, rather similar in velocity to that which occurred right after the Brexit referendum. But, only a week later stocks had rallied back near the exact highs seen before Lehman had folded.
The psychology of market investors is to always first go with what they are familiar with and what they have been conditioned to do, much like Pavlovian dogs. Investors today, as then, were conditioned to “buy the dip no matter what”. Of course, once reality and the fundamentals set in, stocks were back in free-fall only two weeks later.
The Brexit is not going away, and the negative effects it heralds are still barely visible to the mainstream. This process is going to be actively weighing on the markets for months as investors continue to lose their blind faith in the system. We haven’t even begun the party yet, and this is assuming there are no other catalyzing moments around the corner.
Beyond the mechanics of the economy, the elites themselves are often a good litmus test for predicting what is about to take place within the stock casino and outside the stock casino.
The fact that the mainstream financial media is now awash in calls for extreme measures in central bank coordination and numerous elites warning of greater crisis should be of some concern to the public. Just as the Bank of International Settlements (BIS) and International Monetary Fund (IMF) warned of a crash back in 2007 and early 2008 and were proven “correct,” they have also been warning of a crash in 2016. Post-Brexit, the chorus of “warnings” from the elites has exploded. They are rarely wrong about economic crisis exactly because they are the people that create the conditions for crisis in the first place.
George Soros continues to claim that the Brexit has “accelerated a financial-market crisis” even after the latest stock rally.
Bloomberg, in support of European Central Bank President Mario Draghi, published an article titled “Draghi Wishes For A New World Order Populists Will Love To Hate.” Bloomberg later removed the word “New” from the title.
The article repeats a rising call by central bankers around the world to stop concerning themselves with “domestic” policies and problems and start coordinating globally to deal with “global problems.” The BIS ALREADY controls the policy making decisions of all other central banks as admitted in the infamous Harpers expose on the BIS titled “Ruling The World Of Money.” But this is never mentioned by Draghi or Bloomberg.
Interestingly, the BIS is now arguing not only for global policy coordination, but also GLOBAL RULES for all central banks. If the BIS already controls the policy decisions of the Federal Reserve, the ECB, and every other central bank member, then why do they want “global rules” put in place for those same central banks?
They are doing this because the goal, the end game, is for the general masses to accept and even demand a global central bank, either in the form of the BIS or the IMF, or perhaps both of them combined into a single entity. Once again, the elites are using the Hegelian problem-reaction-solution strategy to manipulate the public into wanting globalist control.
The BIS has been building up to this moment for quite some time. In May, for example, BIS chief economist Claudio Borio argued that a "new global monetary order" was needed to replace the dollar system. This new system would prevent crisis by reigning in all national central banks under rules which would force them to act in a coordinated fashion, apparently under the administration of the BIS itself. Now it would seem the central bankers have the beginnings of their "crisis" which they clearly plan to put to good use.
In yet another recent article Bloomberg calls for central banks to “kiss their domestic bias goodbye”; arguing that national economies are now so “intertwined” that central banks all need to work off a single set of guidelines in support of the global economy rather than individual national economies.
On the day after the Brexit vote, China stated its desire for the Asian Infrastructure Investment Bank (AIIB) to work closely with World Bank. For years I have been pointing out that the Chinese never had any intention for the AIIB to become a counter-system to the IMF or World Bank and that the Chinese were working with the globalists, not against them. Now we have open confirmation.
The Chinese premier also warned of a “butterfly effect” leading to crisis after the Brexit, and called for “enhanced coordination” among all the economies of the world.
European Union officials are going for broke as they suggest the formation of a European “super state” in the wake of the UK referendum. This system would essentially erase political boundaries and sovereign borders to make the EU a single entity in every capacity up to and including a single European army.
The amplified calls for total centralization and a “New World Order” go on and on, and I believe they are a blaring signal that something very ugly is about to happen.
Consider this: Central banks will never gain public support for globally centralized policy or a global economic authority unless they are proven right and a crash does indeed take place. The crash does not necessarily need to be immediate and “total”, as some liberty movement activists assume. It is more likely to be gradual and micromanaged, though still resulting in a level of suffering in certain regions not seen since the Great Depression.
More bank coordination requires more chaos and examples of “conflicting policies,” which will probably take the form of “currency wars” among certain nations. The elites must conjure a theater in which some central banks work at cross purposes and muck up any potential recovery. They can then argue to the public that a single internationally recognized and obeyed global banking authority is needed to prevent this sort of thing from ever happening again.
The concept of central banks “working globally” rather than domestically could only be sold to the masses if a fiscal disaster was triggered on a global scale that outmatched the needs of any single nation state. Each central banker initiative suggested after the Brexit requires a financial implosion in order to be justified.
In my next article I will be listing the many reasons why I believe the globalist plan for centralization and a NWO is destined to fail. This does not mean, though, that extensive effort and sacrifice will not be necessary in the near future on our part. For now, vigilance is our best defense. The elites are telling us exactly what is about to happen through their very behavior and statements. It is time for those who are aware of the bigger picture to start listening if they are not already, and prepare accordingly.
- US Marines To Accept Chubbier Women
In an effort to maintain the new status quo of cutting standards everywhere in the name of equality and "progress", the Marine Corps announced major changes over the Fourth of July holiday weekend regarding how much it will allow service members to weigh, and the biggest shift comes for women: going forward "larger" ladies will be allowed to defend the country while also standards used within the physical fitness test will also be relaxed.
In a document released by USMC Fitness division, the new height and weight standard took effect on July 1, 2016 and is relaxing regulations to increase the pool of potential parties. Think of it as a covenant lite loan in a way… only "heavy." Why would the US do this? One could be excused for understandably saying that the US is becoming more progressive and is accommodating those who have the heart to serve but not necessary the physical capability.
We see a different reason for the US to be relaxing admission tests, which is this chart highlighting weak capacity from the Heritage US Military Strength Index:
What's changing? According to the Washington Post, the Marine Corps will now allow chubbier women to, so to say, slip through the cracks.
"Female Marines will be allowed to weigh five to seven pounds more than before for each inch of their height, according to new guidelines published by the service. A 5-foot-6 woman, for example, was previously allowed to weigh up to 155 pounds, but can now be 161. A 5-foot-9 woman was allowed to be up to 169 pounds, but can now be 176."
The Corps is also relaxing the rules on pull-ups. The new rule will eliminate fixed-arm hanging as an alternative choice to pull-ups for women. In place of fixed-arm hanging women, and men, will have the option to choose push-ups instead. The incentive remains skewed toward the more demanding pull-up, as Military.com explains:
"'Push-ups become an option on the PFT, but Marines are incentivized toward pull-ups, as these are a better test of functional, dynamic upper body strength and correlate stronger to physically demanding tasks,' Marine Corps Commandant Gen. Robert Neller said in an administrative message to the Corps released Friday. 'Push-ups are also a valid exercise and good test; however maximum points can only be earned by executing pull-ups.'"
Explaining the new physical fitness test requirements, Military.com went on to say:
"The hybrid pull-up option is the Marines' solution to a four-year conundrum of how to promote pull-ups for all Marines without making it impossible for women to succeed."
As we march further into a state of "gender equality" there is nothing wrong with admitting rules need to be eased but when it comes to defending a nation, is the best answer really to just relax the standards? When we observe banking institutions do that with their prequalification requirements, the results are virtually always disastrous and in the last prominent case, led to a bailout of the entire financial system.
Who will bailout the US military if pudgy push comes to shove.
Either way, these are the new rules. We have reported extensively on robots replacing workers and as that trend spreads deeper into the workforce, expect the American military to relax admission requirements even further to "help" accomodate even greater enlistment numbers by those who have been recently displaced by a robotic "Johnny 5" barrista.
Full message from Gen. Robert Neller:
R 011230Z JUL 16
ALMAR 022/16
MSGID/GENADMIN/CMC WASHINGTON DC DMCS//
SUBJ/CHANGES TO THE PHYSICAL FITNESS TEST (PFT), COMBAT FITNESS TEST (CFT), AND BODY COMPOSITION PROGRAM (BCP)//
REF/A/ALMAR 030/15 REVIEW OF PHYSICAL FITNESS AND BODY COMPOSITION STANDARDS// GENTEXT/REMARKS/
1. Last November we began a comprehensive review of physical fitness and body composition standards. Subsequent efforts focused on developing a physical fitness program that incentivizes behavior toward an end state of a healthy and fit force able to better answer the call in any clime and place. The review was a collaborative effort that drew from fitness experts and Marines, and provided wide-ranging options for consideration.
2. As a result, a number of PFT and CFT changes are being implemented that ensure standards are relevant, challenging, and also allow for greater distinction between Marines of different fitness levels and age groups. There are significant adjustments to the PFT and CFT scoring tables, requiring most Marines to demonstrate greater performance to meet the new minimum and maximum standards. A major change to the PFT is the elimination of the Flexed Arm Hang for females and incorporation of a push-up / pull-up hybrid event for all Marines, recruits, and officer candidates. Push-ups become an option on the PFT, but Marines are incentivized toward pull-ups, as these are a better test of functional, dynamic upper body strength and correlate stronger to physically demanding tasks. Push-ups are also a valid exercise and good test; however maximum points can only be earned by executing pull-ups. These changes go into effect 1 Jan 2017.
3. Performance on the PFT and CFT will also be a consideration in BCP decisions. Marines scoring 285 and higher on both the PFT and CFT will be exempt from weight and body fat (BF) limits. Marines scoring 250 and higher on both the PFT and CFT will be afforded an additional 1 percent BF. However, all Marines are still subject to the requirements of the Military Appearance Program. These changes also go into effect 1 Jan 2017.
4. Other changes to BCP include modifying the maximum allowable weight limits for female Marines, use of more precise tape measuring devices and de-centralizing BCP waiver granting authority from Manpower and Reserve Affairs (Manpower Management) to the first General Officer in a Marine’s chain of command. These BCP changes go into effect immediately.
5. Additional details, including the new PFT/CFT scoring tables, physical fitness training recommendations, and BCP adjustments are available at: https:(slash)(slash)fitness.usmc.mil. Follow-on MARADMINS will further address administrative details and the associated Marine Corps Orders will be updated accordingly.
6. America expects its Marine Corps to be the most ready when the Nation is least ready. Collectively, these are the biggest changes to the PFT since 1972 and CFT since 2009. We will monitor the effects of these adjustments for two years and then adjust if required to ensure our standards continue to contribute to the effectiveness of our force and enhance our ability to respond when our Nation calls.
7. Robert B. Neller, General, U.S. Marine Corps, Commandant of the Marine Corps.//
- A Period Of Major Civil Unrest Looms – How To Win An Inevitable Confrontation With The Status Quo
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
At this point I’d like to remind everyone that crime in the U.S. has been dropping since the 1990’s. So why has domestic police force militarization been growing exponentially since then? Ostensibly, it is for the “war on terror” and to keep us safe. In reality, we know this is bullshit. Just like the NSA’s unconstitutional spying hasn’t stopped a single terrorist attack, turning local cops into a domestic army hasn’t done a single thing to make us safe. To the contrary, it is creating an environment where the general public harbors increased resentment and skepticism toward police, and the police view the citizenry as the “enemy.” This takes the societal tinderbox that already exists and makes it downright explosive. Ferguson is just the latest example of the tension bubbling to the surface, but there will likely be many more in the future.
– From the 2014 post: “A Good Time Was Had By All” – The Obamas Dance the Night Away as Ferguson, Missouri Burns
Last spring, I highlighted the egregious and barbaric shooting of Walter L. Scott as he fled from a South Charleston, South Carolina police officer. In light of recent events, it’s crucial to recall the sordid details of this case. As such, here’s a excerpt from the post, South Carolina Cop to Be Charged with Murder for Shooting Man 8 Times in the Back as He Ran Away:
The video at the end of this story is really hard to watch. Not just because we see a police officer gunning down a man as he ran away, but because he repeatedly yells at a dead body to “put his hands behind his back,” and then seemingly plants his taser by the corpse to cover up the crime.
Just like with banker theft, unless people are held accountable with serious jail time, the criminality will not only continue, it will get worse. The rule of law must be restored and applied equally to the rich and powerful, or we are truly doomed as a society.
Although I haven’t been as focused on police brutality and murder this year, that doesn’t mean the problem’s gone away. Just yesterday, a very disturbing incident occurred in Baton Rouge, Louisiana that once again looks a lot like straight up police murder. As is often the case, the victim was a marginalized black man merely trying to make a buck in an incredibly corrupt and rigged economy.
Here’s the tragic case of Alton Sterling, as reported by the New York Times:
Scores of protesters gathered in Baton Rouge, La., on Tuesday night after a black man was fatally shot in an encounter with police officers earlier in the day, an incident that was captured in a graphic cellphone video that began circulating on social media.
The victim, Alton Sterling, 37, was killed in a shooting at about 12:35 a.m. on Tuesday, the Baton Rouge police said in a statement. The police had received a call from someone who reported having been threatened by an armed man wearing a red shirt who was selling CDs outside a store in the eastern part of the city, the statement said.
A police spokeswoman reached early Wednesday said that she could not comment beyond the statement, which provided no details of what it called an “altercation” between Mr. Sterling and the two officers who responded.
William Clark, the coroner of East Baton Rouge Parish who is known as Beau, said that Mr. Sterling had died at the scene from multiple gunshot wounds to the chest and back.
A cellphone video shot by a bystander, which was released later in the day, showed Mr. Sterling being tackled by a police officer. He is then held to the ground by two officers, and one of the officers appears to hold a gun above Mr. Sterling’s chest.
In a Twitter post early Wednesday, the Rev. Jesse L. Jackson called the shooting a “legal lynching.”
Before you accuse Mr. Jackson of exaggeration, watch the video below and make up your own mind.
I think it’s quite fitting that the shameless police murder above occurred on the exact same day that Hillary Clinton was set free by the top cops in the nation thanks solely to her position of power and influence. Benjamin Dixon said it perfectly last month in the following tweet:
May need to say this every day for next 4 years, but real white privilege is being under FBI investigation & still free to run for President
— Benjamin Dixon (@TheBpDShow) June 10, 2016
None of this will be lost upon a citizenry which is already seething with rage and very close to a tipping point. Increasingly, the general public is coming to the very unpleasant realization that they live in a corporate oligarchy in which they are subjects rather than citizens. The more they are pushed into a corner, the sooner they will lash out in all sorts of ways.
The generational level revolts I anticipate have been a long time coming and will emanate from both rural, largely white America, as well from inner city communities populated mostly by minorities. The key thing we must all bear in mind going into the turbulent times ahead is that we are all in this together.
The status quo doesn’t care whether you are black, white, Jewish, Muslim, Christian, male, female, straight, gay or transgender. To the status quo we are all expendable peasants — cannon fodder. The establishment loves to play up the differences between us in order to divide us, but they don’t care about any of us. They will allocate all their energy and efforts into dividing and conquering the public in the period of civil unrest to come. If we fall for this trap we will have only ourselves to blame for the failure to turn grassroots protests into genuine, systemic change.
The other key variable as to whether the forthcoming rebellions result in any positive change will revolve around what form they take. When I say civil unrest, I am well aware that this likely means some degree of violence and looting; however, such expressions of frustration will do far more harm than good. We must recognize that as it stands the status quo has no actual legitimacy, and therefore can only succeed if it’s able to portray the abused public as the bad guys, and sell us on the idea that the U.S. government is the only thing standing between us and violent mobs.
If you want to win this battle, you need to be smart. Winning the hearts and minds of the general public is absolutely critical, and shouldn’t be difficult in an environment in which the establishment discredits itself on a daily basis.
To summarize, I think the activist community across American needs to do two things:
1. Stick together. Black, white, rural, urban, we are all in this together. Don’t allow yourselves to become divided — we have the same opponent. Never forget that.
2. Keep things non-violent. If violence happens, always make sure the government fires the first shots. If the general public perceives you to be out there looking for a fight as opposed to reacting to state aggression, you will lose. Think outside the box, be creative and employ non-violent civil disobedience whenever possible.
A perfect example of what not to do was seen earlier this year in Oregon. See: A Stupid Standoff but a Just Cause – My Thoughts on the Hammond Situation.
John Lennon had it absolutely right. If we’re going to achieve real paradigm-level positive change we must always remember his words:
- China To Boost "Economic Growth" By Changing Definition Of GDP
In the summer of 2013, at a time when the topic of soaring US debt was still paramount to the US public (total debt is now a far more ludicrous, and gargantuan, $19.3 trillion but nobody cares since all the central banks are monetizing global debt at an unprecedented pace and investors are happy to frontrun them, thus keeping yields low) the US surprised everyone by “increasing” GDP, and thus reducing the debt/GDP ratio which was at about 100%, in a very simple way: it changed the definition of GDP, in the process boosting GDP by about $500 billion, or 3%, with the flip of an Excel spreadsheet switch.
This is what we reported at the time:
The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development. Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output. Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis, told the Financial Times that the update was the biggest since computer software was added to the accounts in 1999.
Fast forward three years later, when the biggest fabricator of economic data in the world, China, finally realized that its lowly disciple, the US Bureau of Economic Analysis, has overtaken it. And since China will never rest if it is upstaged in this particular area, China has announced that it too was about to adopt new methodology to assess the economic contribution of the various new sectors of the economy, said Xu Xianchun, a deputy head of the National Bureau of Statistics, cited by China Securities Journal. China’s official GDP growth has been underestimated due to the emergence of this “new economy,” he said.
Specifically, the NBS announced on July 5 that it will adopt the current System of National Accounts (SNA) 2008 standard by treating R&D expenditure as part of capital formation, or in other words, China will do in 2016 what the US did in 2013.
The outcome: billions in “economic output”, retroactively created out of thin air as a result of growth that had previously not been accounted for.
How much growth is China about to add from a mere change in definitions? As it turns out not much (as China’s GDP is measured in terms of Y/Y growth and not in absolute amount), but it will be sufficient to, as Goldman puts it, “eases stimulus pressures on the margin.“
Or, just like in the case of the US, China will have suddenly grown more than it actually grew, even when in reality it may well have been contracting.
Here is the explanation of Goldman’s Yu Song.
Under the new method, the size of the economy is larger than previously estimated; 2015 GDP was revised up by 1.3% to 11tn USD, the Real growth rate was also revised up (rates vary from year to year and averaged 0.06% (6 bps) over the past 5 years). The upward revision is because China’s R&D expenditure growth has been consistently faster than that of overall GDP–though the difference the change makes to the GDP growth rate is small as R&D is a small part of the economy. The NBS announced 1Q real growth was revised up by 0.04% (4bps), but it did not specify whether the growth rate is now 6.8% yoy or remains at 6.7% yoy. We believe the latter case is slightly more likely as an upward revision would have been highlighted. A higher trend level would mean 2Q GDP growth should be higher as well. As a result, we revise our Q2 real GDP growth forecast to 6.7% yoy from 6.6% yoy previously with slight upside risk to our full-year forecast of 6.6% yoy.
Many other economies have already adopted the new method; we note China had been expected to do so as well though the change has come later than expected. As the new method is in accordance to the latest international standard, we do not expect it to have an incremental impact to sentiment around methodology/data credibility. We see this move as beneficial for the economy on the margin as it makes it slightly easier to quantify statistically how to achieve the target of doubling real income by 2020; the method provides added flexibility to pursing potentially necessary reforms. We note that sometimes reform can have a negative impact on short-term growth and the need to meet short-term growth targets can distract policy makers from reform initiatives leading to the potential risk of overstimulating the economy beyond its potential growth rate.
Judging from the rise in inflation since the start of the year, the current level of potential growth is no higher than the recent actual level of around 6.7% yoy. This level is likely to moderate further in the coming years, because of the demographic headwind and modest pace of reform implementation. While the magnitude of the changes to growth rates appear to be small, we believe these seemingly small changes are relatively more important when growth is right around the target level, as opposed to when the economy is overheating or in recession. Furthermore, the move to the new standard opens room for further adjustment as self-owned housing services should now also be captured in GDP according to the SNA 2008 standard, potentially leading to a modestly higher growth rate. Other “new economy” activities such as sharing economy are also being considered according to news reports. In 2018, the government will also conduct the next economic census. As the new sectors in the economy are potentially underestimated by the standard methodology, which is relatively strong with the accounting of the production of tangible goods, previous census typically led to upward revisions to historical data. With further upward revisions, which appear likely, there should be incrementally lower pressures to reach the growth targets in the coming years.
Real GDP growth was revised up marginally because R&D expenditure has been growing consistently faster than overall GDP
Goldman’s conclusion is somewhat troubling for the world’s liquidity addicts as it means that instead of relying on trillions in new credit creation, China may tone it down to just hundreds of billions, and fill the gap with “optics.” This means that as a result of this “non-GAAP” GDP adjustment, China will be able to get away with an even faster true growth slowdown as long as it can fabricate enough numbers to get away with it.
of course, it won’t end there, because in the new normal, where the world may have already hit its debt capacity (as Citi recently speculated), when all else fails, one’s economy will “grow” simply as a result of definition changes, changes which in the case of China, almost certainly make a minus sign into a plus.
- It's Over: DOJ Won't File Charges Against Hillary, Ends Probe
Well that didn’t take long… HILLARY CLINTON WILL NOT BE CHARGED FOR E-MAILS, LYNCH SAYS
Bloomberg headlines
- *ATTY GENERAL LYNCH SAYS SHE MET TODAY WITH FBI’S COMEY
- *DOJ’S LYNCH ISSUES E-MAILED STATEMENT AFTER MEETING WITH COMEY
- *LYNCH ACCEPTING RECOMMENDATION NOT TO CHARGE CLINTON ON E-MAILS
- *LYNCH ACCEPTED FBI’S COMEY, AGENTS’ UNANIMOUS RECOMMENDATION
Note: “unanimous“
As AP reports,
Attorney General Loretta Lynch says the Hillary Clinton email investigation is being closed without any criminal charges.
Lynch announced the Justice Department decision Wednesday, one day after FBI Director James Comey recommended against any prosecution.
The decision was largely a formality given Comey’s public statement on the case.
Lynch said last week that she intended to accept whatever recommendations and findings were presented by the FBI and by her career prosecutors.
Here is the full statement from the US Attorney General Loretta Lynch regarding the State Department’s email investigation:
“Late this afternoon, I met with FBI Director James Comey and career prosecutors and agents who conducted the investigation,” Lynch said in a statement. “I received and accepted their unanimous recommendation that the thorough, year-long investigation be closed and that no charges be brought against any individuals within the scope of the investigation.”
As The Hill adds, Lynch largely relinquished her role overseeing the investigation following outrage that she met privately with former President Bill Clinton, Hillary Clinton’s husband, on the tarmac at Phoenix’s airport, in what she has described as a purely social but nonetheless inappropriate encounter. After facing backlash last week, Lynch said she would defer to the FBI and prosecutors’ recommendations. Which, incidentally, may have sparked an even greater flame of public anger.
The Justice Department’s decision Wednesday nonetheless formally closes the book on the investigation into Clinton, which began with a referral from inspectors general at the State Department and intelligence agencies one year ago. The issue has loomed over Clinton’s campaign for longer, and criticism will likely continue to haunt her through the presidential election in November.
Some critics questioned Comey’s decision to get out in front of Justice Department lawyers since prosecutors — not the FBI — ultimately decide whether to press ahead with charges. As such, his public announcement of his recommendation could be seen as tipping the scales.
“I disagree with the FBI necessarily telling the prosecutors, ‘Here’s what you should do,’” Senate Intelligence Committee Chairman Richard Burr (R-N.C.) told The Hill off the Senate floor on Wednesday. “That should be left up to the Justice Department.”
Burr nonetheless maintained that he had faith in the FBI’s “thorough” investigation, he said.
The decision has inflamed criticism on Capitol Hill, where Republican lawmakers questioned how Clinton escaped indictment despite Comey’s scolding of her behavior as “extremely careless.”
Comey will testify before the House Oversight and Government Reform Committee on Wednesday to respond to critics’ allegations and defend the FBI’s efforts. Not like that will change anything, of course, because “what difference at this point does it make.” Incidentally, none at all. All that matters is that “justice” has again been served:
.@realDonaldTrump: “We have a crooked system, we have a rigged system, we have a dishonest press.” #SpecialReport pic.twitter.com/rbdaxlPpyu
— Fox News (@FoxNews) July 6, 2016
- "Crazy" – The Complete Story Of Debt, In A 40 Minute Video
Real Vision TV’s Grant Williams offers a true look into what is known as an absurd debt level and unimaginable central bank manipulation. Less than a week ago we highlighted Grant’s comments on commodities. Although the information contained in the video below is nothing new to Zero Hedge, we do enjoy the way the information is presented. Set aside some time to listen as Grant tells a story about debt and the current investment landscape.
Grant sees people “with more power than you can possibly imagine” as the ones responsible for experimental economics that led the world down a path of self destruction.
“I don’t think there is any argument about whether or not the central bankers of the world should have done something in 2008. The question is ‘should they still be doing it 8 years later‘?”
We recommend viewing the entire clip
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