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Donna Brazile: “I Considered Replacing Hillary With Joe Biden”, Felt Like A “Slave”

November 4, 2017 Tyler Durden 0

Donna Brazile’s campaign to embarrass the powerful Democrats who disrespected her during her short-lived tenure as interim chairwoman of the DNC last year is going better than anybody – other than Brazile and her publisher – could’ve possibly imagined.

After Brazile published the first of what appears to be a series of damning indictments of the incompetence, collusion and arrogance of both the Clinton campaign and Hillary herself – a news-cycle dominating bombshell about how the Clinton campaign and former DNC Chairwoman deliberately pushed the national party to the edge of financial collapse to leave it financially reliant upon and beholden to, the Clintons – Brazile is back with another astonishing revelation courtesy of the Washington Post.

In a report that paradoxically validates concerns about Clinton’s health raised by conservative media – which were readily dismissed as sexist and “alt-right fake news” by the unabashedly pro-Clinton mainstream media – the Post reported that Brazile contemplated removing Hillary as the party’s candidate after Clinton fainted during a ceremony at the 9/11 Memorial and, as the WaPo adds, “Brazile blasts the campaign’s initial efforts to shroud details of her health as “shameful.”

Clinton later said she had pneumonia.

Brazile says she came close to replacing Clinton and Kaine with Vice President Joseph Biden and Sen. Corey Booker, but decided against it after she “thought of Hillary, and all the women in the country who were so proud of and excited about her. I could not do this to them.” Of course, Brazile’s private concerns about her ally and friend’s campaign didn’t stop her from sharing debate questions and town hall topics with the Clinton campaign.

But that’s hardly the only tantalizing insider detail revealed in the excerpts from Brazile’s new book published by the post (the book hits shelves on Tuesday).

Just like the electorate at large, “the campaign was so lacking in passion for the candidate, she writes, that its New York headquarters felt like a sterile hospital ward where “someone had died.”

In another detail that was somehow overlooked by the mainstream media’s panoptical scrutiny of the competing campaigns (remember all those stories about the Trump campaign being a shambolic, dysfunctional mess?), Brazile says she knew something was deeply wrong at Clinton HQ when she came to the uncomfortable realization that the staffers weren’t, well, fucking each other. 

Brazile describes the 10th floor of Clinton’s Brooklyn headquarters, where senior staff worked: “Calm and antiseptic, like a hospital. It had that techno-hush, as if someone had died. I felt like I should whisper. Everybody’s fingers were on their keyboards, and no one was looking at anyone else. You half-expected to see someone in a lab coat walk by.”

 

During one visit, she writes, she thought of a question former Democratic congressman Tony Coelho used to ask her about campaigns: “Are the kids having sex? Are they having fun? If not, let’s create something to get that going, or otherwise we’re not going to win.”

 

“I didn’t sense much fun or [having sex] in Brooklyn,” she deadpans.

Then there was this disturbing account of how party officials routinely demeaned and disrespected Brazile, going so far as accusing top Clinton operatives of being racist

As one of her party’s most prominent black strategists, Brazile also recounts fiery disagreements with Clinton’s staffers — including a conference call in which she told three senior campaign officials, Charlie Baker, Marlon Marshall and Dennis Cheng, that she was being treated like a slave.

 

“I’m not Patsey the slave,” Brazile recalls telling them, a reference to the character played by Lupita Nyong’o in the film, “12 Years a Slave.” “Y’all keep whipping me and whipping me and you never give me any money or any way to do my damn job. I am not going to be your whipping girl!”

Brazile abruptly and – she says – reluctantly took over in July 2016 for chairwoman Debbie Wasserman Schultz. The Florida congresswoman was ousted from the DNC on the eve of the party convention after WikiLeaks released stolen emails among her and her advisers that showed favoritism for Clinton during the competitive primaries.

Brazile describes her mounting anxiety about Russia’s theft of emails and other data from DNC servers, the slow process of discovering the full extent of the cyberattacks and the personal fallout. She likens the feeling to having rats in your basement: “You take measures to get rid of them, but knowing they are there, or have been there, means you never feel truly at peace.”

That fall, Brazile says she tried to persuade her Republican counterparts to agree to a joint statement condemning Russian interference but that they ignored her messages and calls.

Sensing the threat that Brazile was becoming, the Clinton campaign took steps to minimize her influence and publicly humiliate her after Wikileaks revealed that she leaked questions to the Clinton camp. Brazile admitted she did so to avoid harming her reputation, but says she has no recollection of sending the email, and that she couldn’t find it on her computer.

Brazile was apparently witness to more than one episode where Hillary’s deteriorating health was on display during her campaign season bout with pneumonia. And after the incident at the 9/11 memorial, Biden and Martin O’Malley called Brazile as buzz mounted among party insiders that she might move to replace Clinton as the candidate.

Brazile describes in wrenching detail Clinton’s bout with pneumonia. On Sept. 9, she saw the nominee backstage at a Manhattan gala and she seemed “wobbly on her feet” and had a “rattled cough.” Brazile recommended Clinton see an acupuncturist.

 

Two days later, Clinton collapsed as she left a Sept. 11 memorial service at Ground Zero in New York. Brazile blasts the campaign’s initial efforts to shroud details of her health as “shameful.”

 

Whenever Brazile got frustrated with Clinton’s aides, she writes, she would remind them that the DNC charter empowered her to replace the nominee. If a nominee became disabled, she explains, the party chair would oversee the process of filling the vacancy.

 

After Clinton’s fainting spell, some Democratic insiders were abuzz with talk of replacing her — and Brazile says she was giving it considerable thought.

 

The morning of Sept. 12, Brazile got a call from Biden’s chief of staff saying the vice president wanted to speak with her. She recalls thinking, “Gee, I wonder what he wanted to talk to me about?” Jeff Weaver, campaign manager for Sen. Bernie Sanders (I-Vt.), called, too, to set up a call with his boss, and former Maryland governor Martin O’Malley sent her an email.

 

Brazile also was paid a surprise visit in her DNC office by Baker, who, she writes, was dispatched by the Clinton campaign “to make sure that Donna didn’t do anything crazy.”

 

“Again and again I thought about Joe Biden,” Brazile writes. But, she adds, “No matter my doubts and my fears about the election and Hillary as a candidate, I could not make good on that threat to replace her.”

As the campaign rolled into its final months, Brazile said she tried to warn Clinton campaign manager Robby Mook about the alarming lack of enthusiasm for their candidate among minorities. Not only was she ignored, she says, but the campaign essentially sent a spy to the DNC to monitor her and report back.

As she traveled the country, Brazile writes, she detected an alarming lack of enthusiasm for Clinton. On black radio stations, few people defended the nominee. In Hispanic neighborhoods, the only Clinton signs she saw were at the campaign field offices.

 

But at headquarters in New York, the mood was one of “self-satisfaction and inevitability,” and Brazile’s early reports of trouble were dismissed with “a condescending tone.”

 

Brazile writes that Clinton campaign manager Robby Mook and his lieutenants were so obsessed with voter data and predictive analytics that they “missed the big picture.”

 

“They knew how to size up voters not by meeting them and finding out what they cared about, what moved their hearts and stirred their souls, but by analyzing their habits,” she writes. “You might be able to persuade a handful of Real Simple magazine readers who drink gin and tonics to change their vote to Hillary, but you had not necessarily made them enthusiastic enough to want to get up off the couch and go to the polls.”

 

Brazile describes Mook, in his mid-30s, as overseeing a patriarchy. “They were all men in his inner circle,” she writes, adding: “He had this habit of nodding when you are talking, leaving you with the impression that he has listened to you, but then never seeming to follow up on what you thought you had agreed on.”

 

Brazile’s criticisms were not reserved for Mook. After Clinton campaign communications director Jennifer Palmieri challenged Brazile’s plan for Kaine to deliver a pep talk to DNC staff at the party convention in Philadelphia,

Brazile writes, “I was thinking, If that b—- ever does anything like that to me again, I’m gonna walk.”

 

Brazile writes with particular disdain about Brandon Davis, a Mook protege who worked as a liaison between the DNC and the Clinton campaign. She describes him as a spy, saying he treated her like “a crazy, senile old auntie and couldn’t wait to tell all his friends the nutty things she said.”

The Post’s report appears to be a rather exhaustive summary of the allegations contained in Brazile’s book, but given that there are still a few days left until it hits the shelves, it is safe to assume that Brazile’s unconventional guerilla marketing campaign still has a few bombshells left to drop. We’ll certainly be keeping an eye out.

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How an uncle-nephew duo stole 50 million <b>oil</b> from the country’s largest onshore refinery

November 4, 2017 http://crude-oil.top/ 0

Every day, for five years, Bhoor Singh Rajpurohit and his nephew Gautam allegedly stole 50 million litres of crude oil from the country’s largest …

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The Economic End Game Continues

November 4, 2017 Tyler Durden 0

Authored by Brandon Smith via Alt-Market.com,

In November of 2014 I published an article titled ‘The Economic End Game Explained’. In it I outlined what I believed would be the process by which globalists would achieve what they call the “new world order” or what they sometimes call the “global economic reset.”

As I have shown in great detail in the past, the globalist agenda includes a fiscal end game; a prize or trophy that they hope to obtain. This prize is a completely centralized global economic structure, rooted in a single central bank for the world, the removal of the U.S. dollar as world reserve currency, the institution of the SDR basket system which will act as a bridge for single a global currency supplanting all others and, ultimately, global governance of this system by a mere handful of “elites.”

The timeline for this process is unclear, but there is some indication of when the “beginning of the end” would commence. As noted in the globalist owned magazine The Economist, in an article titled “Get Ready For The Phoenix,” the year of 2018 seems to be the launching point for the great reset. This timeline is supported by the numerous measures already taken to undermine dollar dominance in international trade as well as elevate the International Monetary Fund’s SDR basket. It is clear that the globalists have deadlines they intend to meet.

That said, there have been some new developments since I wrote my initial analysis on the end-game strategy that I think merit serious attention. The end game continues, faster than ever before, and here are some of the indicators showing that the “predictions” of the globalists at The Economist in 1988 were more like self-fulfilling prophecies and 2018 remains a primary nexus point for a re-engineering of our economic environment.

Using The East To Dismantle The Petrodollar

As I mentioned in last week’s article, ‘Lies And Distractions Surrounding The Petrodollar,’ there has been silence and often disinformation in the mainstream when it comes to the quite open and obvious international pivot away from the dollar as the defacto purchasing mechanism for oil. This trend is only set to accelerate in two months as China begins fulfilling oil contracts in the Yuan instead of the dollar.

The problem is that even in the alternative media there is a continuing myth that Eastern nations are angling to “break away” from the international order. I often see the argument presented that the loss of the petrodollar can only be a good thing for the world. I am not here to comment on whether the end of oil-denominated in dollars is a good or bad thing. I am here, though, to point out that there is absolutely no indication whatsoever that major eastern powers like Russia and China are acting to undermine the existing globalist system.

On the contrary, China and Russia remain, as ever, heavily partnered with the IMF as well as the Bank for International Settlements, and their ties to international banking monoliths like Goldman Sachs and JP Morgan are long established.

Eastern political and economic officials have consistently called for a new reserve system supplanting the dollar, this is true. But what so many analysts seem to overlook is that they ALSO call for that new system to be dominated by the IMF.

The delusion that the financial world operates on is that the IMF is “controlled” by the U.S. It is not. It is controlled by international bankers, who have no loyalties to any specific country. Once one understands this fact, the systematic sabotage of the U.S. makes perfect sense, as well as the collusion between China, Russia and the IMF. America is a sacrificial appendage of the globalist edifice and is being torn down piece by piece in order to feed the creation of something new and perhaps even more sinister.

As George Soros proclaimed back in 2009, the “new world order” would rely in part on China as a replacement economic engine for the globalist machine and depend far less on a diminishing United States. China would serve as a smaller engine, but a replacement engine none the less.

China is more than happy to oblige the globalists with a concerted  and incremental program of de-dollerization. But this does not mean that the end-goal is a “petroyuan.” No, the goal is for the IMF to assert the dominance of the SDR basket system as a reserve hub. And, China is now the flagship market for the SDR after its recent induction into the fold. There will be no single reserve currency after the dollar is brutalized. At least, not until all currencies are homogenized through the SDR basket and finally replaced with a single global currency unit. Until then, the IMF or the BIS will dictate nation-to-nation trade and monetary exchange.

It only follows that this highly-volatile rebirth of the global financial order would begin in part with the dollar’s loss of petro-status. The oil trade is the one defining element that gives the dollar a fundamental edge over all other currencies. It is the closest thing we have to commodity backing for the dollar and it is an advantage no other currency in the world can yet boast. There are many ways to destroy the dollar, but the BEST method would be to end its petro-status.

The Global Currency Unit Is Already Here

One argument I used to hear often from naysayers on global currency was that there “is no monetary unit with enough liquidity to replace the dollar.” Of course, these people have no understanding of the SDR basket and how it could be used to envelop and absorb most if not all currencies into a single reserve mechanism. That said, I understand the confusion. When people think of currencies, they think of physical tickets of measurement; they want to see a piece of paper with symbols, or, they want to at least see a brand name for the product, which is what all currencies really are.

When The Economist in 1988 called for a global currency to launch in 2018, they were perhaps not aware of the exact form the destructor would take. Even in 2014 I was not fully convinced we had enough evidence on what that unit of measurement would be or look like. Today, it is clear as crystal — the one world currency system will not only be a cashless system, but it will also be based on digital blockchain technology.

As I examined in my article ‘The Globalist One World Currency Will Look A Lot Like Bitcoin,’ while some politicians and banking moguls publicly attack blockchain-based products like Bitcoin or Etherium, in the background they are actually heavily invested in these systems and are even building their own. With central banking mascots like Ben Bernanke becoming keynote speakers at blockchain conferences, it is not exactly an elusive secret that the global banks love blockchain tech.

Even major elitist corporations like Amazon appear ready to adopt blockchain products as currencies.  So, one needs to ask the question:  If the blockchain and Bitcoin are such a dire threat to the centralization of the establishment, why are they rapidly laying all the groundwork necessary for blockchain systems to replace paper currencies?

What is interesting to me is that even in the highly vigilant world of alternative economics, which is well aware of the trend towards a global currency system, blockchain systems are still revered as if they will save us from central bank tyranny. Very few people have noticed that The Economist call for a 2018 one world monetary framework has arrived slightly early; it has been right under our noses for several years. With blockchain-based methods of exchange, a replacement structure for the dollar and all other national currencies is not very far away.

The Federal Reserve Implosion Program Continues

I remember back before 2008 when the media almost never treated actions at the Federal Reserve as major news.  In fact, I remember back when the average American had never even heard for the Federal Reserve, and some believed the very existence of the institution was a “conspiracy theory”.  Now, the nomination for the new Fed chair is at the top of the news feeds, but for all the wrong reasons.

The changing of the Fed chair is absolutely meaningless as far as policy is concerned.  Jerome Powell will continue the same exact initiatives as Yellen; stimulus will be removed, rates will be hiked and the balance sheet will be reduced, leaving the massive market bubble the Fed originally created vulnerable to implosion.  Equities in particular display the behavior of an out of control bullet train similar to the 2006/2007 bubble, or even the delusional exuberance prominent before the crash of 1929. 

All of this optimism is dependent on two things – dumb blind faith that all investors will continue to act in perfect concert to always “buy the dip”, and, continued faith that central banks will forever step in to obstruct and reverse any market correction.

An observant person, however, might have noticed that central banks around the world seem to be acting in a coordinated fashion to remove stimulus support from markets and raise interest rates, cutting off supply lines of easy money that have long been a crutch for our crippled economy.  The Bank of England raised rates this past week, as the Federal Reserve indicated yet another rate hike in December.  The Europeans Central Bank continues to prep the public for coming rate hikes, while the Bank of Japan has assured the public that “inflation” expectations have been met and no new stimulus is necessary.  If all of this appears coordinated, that is because it is.

Fed policy is not dictated by the Fed chair, and it is certainly not dictated by Donald Trump. As former chairman Alan Greenspan openly admitted, the central bank does NOT answer to government, it is an autonomous policy making machine.  Fed chairs are as easily replaced as lawnmower parts; they are mascots for the banking system, nothing more.  Once they are “nominated” by the president, they take their orders from another source entirely, and I would even question the validity of the nomination process and how the original list of candidates is chosen.  For the real puppeteers at the Fed, one would need to look to an organization outside the U.S., called the Bank for International Settlements.

Many Subtle Changes Add Up To Unprecedented Instability

I think it is vital for people to consider time when it comes to economics. Changes we think were abrupt during historic moments of crisis were often not abrupt at all. Almost all financial crisis “events” were preceded by years if not decades of growing but subtle cracks in the foundation. If you were to travel back 10 years ago and explain to the average person (or the average mainstream economist) what is happening today, he would probably scoff indignantly. Yet today these things are accepted as commonplace, or ignored as unimportant.  Time and short attentions spans are the bane of free societies.

The skeleton of the “new world order” economy is right in front of us. The triggers for explosive change have already been planted. What concerns me is, when these changes come to fruition and crisis follows, will the masses even notice?

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All Of The World’s Money And Markets In One Visualization

November 4, 2017 Tyler Durden 0

Millions, billions, and trillions…

When we talk about the giant size of Apple, the fortune of Warren Buffett, or the massive amount of global debt accumulated – all of these things sound large, but they are actually extremely different in magnitude.

That’s why, as Visual Capitalists’ Jeff Desjardins explains, visualizing things spatially can give us a better perspective on money and markets.

How Much Money Exists?

This infographic was initially created to show how much money exists in its different forms. For example, to highlight how much physical cash there is in comparison to broader measures of money which include saving and checking account deposits.

Interestingly, what is considered “money” depends on who you are asking.

Are the abstractions created by Central Banks really money? What about gold, bitcoins, or other hard assets?

A New Meaning

However, since we first released this infographic in 2015, “All the World’s Money and Markets” has taken on a different meaning to us and many others. It’s a way of simplifying a complex universe of currencies, assets, and other financial instruments in a way that people can understand.

Numbers represented in the data visualization range from the size of the above-ground silver market ($17 billion) to the notional value of all derivatives ($1.2 quadrillion as a high-end estimate). In between those two extremes, we’ve added many other familiar measures, such as the GDP of California, the value of equities, the real estate market, along with different money supply metrics to give perspective.

The end result? A visually pleasing, but enlightening new way to understand the vast universe of global assets.

Courtesy of: Visual Capitalist

*  *  *

To get “All the World’s Money” in book or poster form, go to the Kickstarter page now. Deadline: Oct. 31, 2017

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What To Do If All Hell Breaks Loose During Tomorrow’s “Antifa Uprising”

November 4, 2017 Tyler Durden 0

Authored by Daisy Luther via The Organic Prepper blog,
Tomorrow is November 4th, the date that has been bandied about by wannabe Communists and people who hate the President since last summer as the starting date of their uprising.

Cities across the c…

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Do Not Break Your iPhone X

November 4, 2017 Tyler Durden 0

With the iPhone X, Apple’s re-designed anniversary iPhone, official launch today, we saw the familiar images of people lining up in front of Apple Stores around the world to be among the first ones to get their hands on the new device.

Despite the X’s lofty price – it starts at $999 for the smaller 64 GB model, making it the most expensive iPhone to-date – it’s safe to say that Apple could sell a lot more units on Friday than it can possibly produce by then. When the iPhone X became available for pre-order last Friday, it was sold out within minutes and the estimated delivery time currently stands at 5 to 6 weeks.

But, as Statista’s Felix Richter notes, to all those quick or lucky enough to get an iPhone X anytime soon, our advice is: do not drop it.

Infographic: Do Not Break Your iPhone X | Statista

You will find more statistics at Statista

According to Apple’s official support website, the company’s latest smartphone is just as expensive to repair as it is to acquire.

Repairing the screen alone will set you back $279 or nearly twice what you pay for a new iPhone 8 screen. If you’re unlucky enough to break more than just your screen, you’ll be out $549 to get your phone fixed.

Oops…

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Kyle Bass Interviews Mark Cuban: “AI Will Help The FANG Stocks Crush Bitcoin”

November 4, 2017 Tyler Durden 0

Entrepreneur and TV personality Mark Cuban is one of the most visible businessmen in America (present occupant of the Oval Office aside) – though whether his reputation is warranted or not is open to debate. LIke Trump, he is a master of self-promotion – he authored a popular business book – the aptly titled “How To Win At The Sport Of Business” (Cuban owns the Dallas Mavericks) – and is one of the hosts on a popular network reality TV show, “Shark Tank.”

And in an interview Kyle Bass for RealVision Television, Cuban shares his opinions on artificial intelligence and ICOs, which our readers know are two of the most-overhyped tech trends of the year.

But first, Cuban and Bass warm up with some small talk about parenting, where Cuban readily shares his strategy for raising kids to not become, in his words, “entitled jerks.”

MC: It’s like, you want something? You have to earn it. It may be doing math. Like, with my 8-year-old, it’s math for money. You have to answer math questions to earn $1 or $5.

 

With my middle daughter, it’s reading a non-school book. So, I’ll give her a history book or a biography. And she’ll make $20. If it’s over 300 pages, she can make more.

 

And then my oldest daughter is a challenge. My 14-year-old, that’s a whole different beast. All those things worked up until this year.

 

So, we’re working through trying to figure out what kind of jobs she can do. So, the point being that, I want them to recognize like I did growing up, that you have to earn what you’re going to get and that it’s just not going to be waiting for you. And so, whether that amount is $5 million like I have now or $10 million when they get to 30, then who knows? We can adjust. But it’s I think now is really where it matters and the habits that I get them into now are important.

While Shark Tank doesn’t pay as well as some of his other ventures, Cuban says doing the show is a labor of love. He says he enjoys hearing stories from parents about how watching shark tank inspired their kids to become more entrepreneurial.

In one notable aside, Cuban confirmed what many dedicated “Shark Tank” fans have probably suspected for years: The producers intentionally pick some of the more outlandish pitches (remember Cougar Energy? The energy drink shot marketed toward tired, single, middle-aged woman?) to inject a little excitement into the show.

Though sometimes the silliest pitches can yield surprisingly strong returns, Cuban said.

MC: Yeah. Because it’s TV, right? So, I invested in a guy – so when I first did the show – I came on as a guest 7 years ago. And there was a guy that did a little dance – I want to draw a cat for you, right? And I gave him $25,000 for a third of his company, and all we did was draw stick figures of cats. And he charged $10 a pop. And people were buying them. And so, literally, I got probably a 50% return of my $25,000 investment.

 

And also, on top of that, I got hired to do 10 cats at $1,000 apiece by somebody because the silliness of it is what sold. But I made the investment, not because I wanted to draw cats, right, but because he was really good at SEO. And so sometimes you see somebody who doesn’t really know how to manifest their skill set. So, you start with them here, and we did some things there, and then we took his creativity and pushed him into other areas. And now he’s on to bigger and better things, which is great by me.

Bass then moved on to asking Cuban a few questions about how he manages his $3.3 billion.

Cuban said he doesn’t think about investing strictly in terms of monetary return. When he chooses companies to invest in, he thinks in terms of the company’s overall impact.

Moving on, Bass asked how Cuban how he thinks about passing on his wealth to his children.

Cuban says he’s considering a similar approach to Warren Buffett whereby he leaves either $5 million or $10 million to each of his children in his will, with conditions so they don’t receive the money until they’re thirty. Cuban often speaks about how his teenage work experience selling garbage bags and delivering newspapers helped prepare him for life as an entrepreneur.

Cuban: So, when I wrote my will initially, it was $5, and not till they were 30, right? So that I wanted them to go through life. And I know my wife, if she outlives me – probably will – she’ll fill in the blanks like she does today, right? Like, my kids want money today, it’s like, how are you going to earn it? I’m not that dad that says here’s a present, right, here’s a bank account, here’s a debit card, just use it, or whatever– no. Here’s your Amazon account. Not at all.

Their conversation soon turned to global central bank policy, and how aggressive money printing by the largest CBs has helped distort the global cash-to-GDP ratio, which now stands at around 170%, compared to historical levels of just 40%…

KB: Yeah. So, when we think about– global cash balances today are the largest they’ve ever been. So when I think about what happened is – the first QE that happened in the US, and Europe, and Bank of Japan, Bank of England had to fill a hole, right? There was there was a hole.

 

Given the global financial crisis – global financial institutions were insolvent. They had to print that money. They had to inject it-

 

MC: No question.

 

KB: – in the banks. And that’s something that you and I would have done if we were running these institutions. Whether or not we agree with expanding fed balance sheets, we’d have to do it. So, the second part was the part that felt good, the part where we started to see some growth, and started to see cash getting distributed. And the interesting thing is it was fed policy was unintentionally distributed to the wealthy because the wealthy are the only people that could use leverage and assets, and they don’t spend it right away.

 

MC: And because of this drop in the stock market, people who could afford to lease got out of the market. And because so many people lost their homes, whatever savings you had, you used to try to save your house and to try to reimagine your life, if you will, and recreate your

 

KB: Exactly right.

 

MC: And so, you’ve got a greater disparity in standards of living, and that’s where we are today.

However, this excess liquidity created by the central banks will eventually evaporate as advances in artificial intelligence and automation trigger a deflationary spiral as they push more humans out of the labor market.

Cuban believes that – for better or worse – automation will change the world, and that companies should be proactive about engaging in it.

Ultimately, this trend will benefit tech stocks like Amazon and Apple. The biggest tech companies, Cuban said, are going to continue to swell in size, influence and profitability.

KB: – so innovational that we’ve had good deflation. But I think now, when you look at the price of just about anything in life, it’s going up. My view –

 

MC: See, I would disagree. Right. I think artificial intelligence is going to change everything, everything, 180 degrees. I’ve been in the tech business. I started selling PCs in 1982, right? I started selling local area networks – we were the first companies – my first start-up in 1983. I sold that, and then I started trading just tech. I started a hedge fund – started just trading tech stocks – sold that within 90 days. And then we started streaming, then first hide – all these things have happened that have changed how we do business, changed how we lived our lives, changed everything, right, the internet. But what we’re going to see with artificial intelligence dwarfs all of that.

 

KB: And you think it will be deflationary?

 

MC: Yes. Because there’s going to be –

 

KB: Because it displaces jobs?

 

MC: A lot of jobs.

 

KB: OK. That’s not good.

 

MC: Well, you can make arguments, right – it’s not a question of how it plays out over 100 years. It’s a question of how plays out over 10 years, 20 years, right? Who knows what exactly – But I can tell, at the beginning, which jobs are going to be displaced. I can tell you the real estate is going to be displaced. I’ve talked to major companies that, they’re asking me, Mark, we’re going to have all this extra real estate in all these towns. What are we going to do with it? Do you have any ideas? And I’m talking to them about –

 

KB: Because they’re going to be centralizing their operations?

 

MC: Just fewer people.

 

KB: Fewer people.

 

MC: Yeah. Just fewer people. So, the concept of you calling in to make an appointment to have somebody pick up your car to get your oil changed, right– someone will still drive to get your car, but there’s going to be no people in transacting any of it.

 

KB: That’s terrible.

 

MC: It is what it is.

Cuban says he agrees with Vladimir Putin’s assessment that whichever country wins the AI innovation race could wind up controlling the world.

KB: Or best professors, for that matter. They’re pulling them out of school.

 

MC: Exactly right. And so, Vladimir Putin says the winner in AI controls the world. China puts together a future plan saying whoever dominates in AI– and they’re subsidizing Tencent, Alibaba, et cetera, right?

 

KB: They know it’s a race.

 

MC: It is a race. We cut our Office of Technology and Science to one person who was an assistant to Peter Thiel. That’s where we stand. So, we talk about infrastructure jobs, robots are built in Germany, and they’re getting bought by Chinese companies. In some respects, I think some Japanese companies bought as well. We don’t build robots here very well, right? I just invested in my first robotics company, Hirebotics that puts robots into companies. They’re in Kansas City, I think it is, now.

 

But they lease and rent and sell robots into all these different types of circumstances to replace people, right? But I had to learn. I’m not saying it’s a good thing or a bad thing. It’s going to happen with or without me. But I wanted to learn what was going on. Those building up a robotics industry here, investing in our AI industry here, that’s the new infrastructure. Because if we don’t do it, and China or Russia win those wars, we’re SOL. We’re out of luck, right?

 

And so, when we talk about the price of assets going up – if you’re talking about intellectual assets, if you’re hiring, like we were just saying, the price is skyrocketing. Montreal has become the center of the universe for computer vision. It’s not US-based schools that are dominating any longer in those areas. We’ve got lots more kids – MIT, all different schools, right? And kids are starting to realize there’s a place for them to go. And I’m out there telling people, the first trillionaire is going to come from somebody who comes up with something – 

Asked for his opinion on digital currencies, Cuban likened the inherently deflationary bitcoin to a work of art that appreciates as it ages.

But in Cuban’s view, the biggest tech stocks will eventually outperform bitcoin as they master the ability to innovate while also achieving massive scale.

KB: It’s just a digital asset that’s a collectible? Yeah.

 

MC: Right? And in this particular case, it’s a brilliant collectible that’s probably more like art than baseball cards, stamps, or coins, right, because there’s a finite amount that are going to be made, right? There’s 21.9 million bitcoins that are going to be made. And if enough people hold and don’t sell, and enough people borrow to buy, just like we saw in the stock market. Because look, as much as a share of stock is ownership in a company, that’s the all-time lie, right? You have no authority, no ownership.

 

KB: Unless you control it.

 

MC: Yeah. Unless you’re the controlling shareholder, or you are willing to spend a lot to make a lot of noise.

 

MC: It depends on what my expertise would be, right? I mean, I always tell people to  focus on what you know. And if you don’t know, just put it in an SPX cheap fund, right? And maybe, now, I might say, OK, put 5% in Bitcoin or Ethereum, just red or black, right? Because it’s like artwork, but it has –

 

KB: A finite amount of artwork.

 

MC: There’s a finite amount of artwork, right, or baseball cards. But yeah, I would just tell people an SPX fund. Because I think the job of America is still business. And I think, whatever benefits will come from AI or whatever, is going to–

 

KB: Filter into –

 

MC: Yeah. And I think the FANG stock’s are going to crush them. My biggest public holding is Amazon.

…Before the conversation turned to ICOs. Cuban insists ICOs are “an opportunity” though he says he avoids the “speculative” side of the market….which is confusing because the market is a massively speculative bubble where products are rare and “pitches” are legion.

KB: And then, when you move into ICOs, how do you think about ICOs? You mentioned
to me, it’s a seat license.

 

MC: Yeah. That’s exactly right. ICO tokens really are an opportunity – there’s two there’s two different ways to look at ICOs, right – one, as a quote unquote, “investment vehicle,” which I don’t, right? Again, that’s just a scarcity play. It’s like it’s like an IPO in some respects. It’s just, if the float is small, and you can convince enough people on the road show to buy, it’s going up, right?

In summary, Cuban is categorically bullish about AI and ICOs, which is unsurprising. After all, he’s a tech guy who made his fortune selling broadcast.com to Yahoo in what turned out to be an ill-fated acquisition for the once-mighty internet giant. Still, if one has billions of dollars to invest in projects based on their purported “impact”, so-called “opportunities” in the ICO market are never in short supply.

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Scientists Look For A Cure For Politically Undesirable Behavior

November 4, 2017 Tyler Durden 0

Via GEFIRA,

The ‘Free World’ has taken on where the Soviet scientists and psychiatrists left off.

German and American scientists of renowned Universities in Bonn and Lübeck do research on treatment for politically undesirable behaviour like their Soviet colleagues from the infamous Serbsky Central Research Institute in Moscow. In the Soviet Union people who protested the system had to undergo psychiatric treatment.

Vladimir Bukovsky, a world-known dissident survived one and described it.The same will be the fate of the so called Free World’s citizens if they fail to conform to the idea of a multi-cultural society. The powers that be have given a signal, and obliging, complaisant scientists are already busy working on bettering our collective and individual psyche. Apart from homophobia and Islamophobia, xenophobia is another psychiatric condition that needs to undergo therapy…hormonal therapy.

Throughout history, the world has been torn by two opposing factors that face each other with daggers drawn. These are natural biological, and unnatural forces, or reality and dystopia. It is natural for a human being to want to possess things and work as little as possible; to counter it, dystopian socialists, communists or Christian heretics came up with an idea of a society governed by the principle: From each according to his ability, to each according to his needs.

It was supposed to work. And it failed miserably everywhere it was installed and implemented, from Cuba to East Germany, to the Soviet Union, to North Korea. 

The human being, an evolutionary extension of the animal world, is endowed with certain indelible features at the genetic level. Group loyalty and fear of aliens are among them. Man cannot survive alone. Mankind is not a biologically monolithic, homogeneous family. Rather, it is made up of human groups (clans, tribes, nations, races) that as a result of their long development are moving apart from each other. Biology is the basis on which human communities create culture and ultimately civilization, not the other way round.

Human groups, which have come into being as a result of living separately from each other for ages and so have developed incompatible cultures and religions, compete for resources i.e. for survival. Since man cannot make it through life on his own, he is a part of a group (clan, tribe, nation). In order for the group to function well and safeguard its (and simultaneously its members’ survival success), each group member is equipped with two psychological mechanisms (i) in-group loyalty and (ii) out-group enmity.

Group members collaborate, and support each other even to the point of sacrificing themselves for the whole. That’s the origin of altruism. Defection to another group means weakening one’s own group and strengthening the alien group, which has always been regarded as the gravest mortal sin: treason. (Dante’s hell has Judas Iscariot in its centre, which is the severest punishment for it).Altruism towards members of the out-group is something between in-group loyalty and defection. Its exuberant instances are technically referred to as pathological altruism.

The phenomenon can be compared to the rivalry among soccer teams. The team’s (survival) objective is to win the cup. The prize will be shared by all team members. In order to achieve it, each one of them has to cooperate with the others: no cooperation with members of any other, opposing, team is thinkable. A team’s player may want to sacrifice his personal career for another player from the same team by helping him to score as many goals as possible and thus becoming the team’s star, or by fouling the opposite team’s player and thus risk being sent out of the playground (death), thus enhancing the chances of his team’s win, but the same will not make things easier on the playground for any member of the opposing team. Helping members of the other team means lessening the chances for winning the cup (survival) of one’s own team and, ultimately one’s own chances.

If my well-being and survival depends on that of the group that I am a member of, and, conversely, if my group’s survival is contingent on the cooperation, altruism and self-sacrifice of its members, including me, then in-group loyalty is in high demand whereas out-group (pathological) altruism is detrimental. That’s evolutionary mechanism. That’s game theory. That’s common sense. Everybody knows it. So do social engineers.

Since social engineers have come up with the idea of building new, multi-racial, multi-national, multi-religious, multi-cultural societies, they have encountered the natural barrier: xenophobia, which is another name for in-group loyalty and out-group avoidance. Xenophobia is a biological mechanism imprinted at the genetic level that carries a survival advantage. It tells an individual to create bonds with members of the same group and be on his guard against aliens.To put it in plain language: xenophobia is practised at the very basic personal level each time parents warn their offspring to be wary of strangers: not to open the door to them, not to trust them. So modern social engineers have a problem. They need to overcome this deeply rooted biological barrier.

A sign has been given, most probably followed by substantial grants and other financial incentives, and so scientists got down to work to find a cure for xenophobia. One of the research teams included psychologists and psychiatrists from Bonn, Tulsa, and Lübeck scientific institutions. Urged by the increasing globalization and the mass migration of peoples, as they say, the mentioned scientists, who otherwise dutifully recognize the evolutionary advantage of the in-group loyalty/out-group exclusion, nevertheless set themselves a task of demonstrating whether oxytocin can enforce the acceptance of aliens and reduce xenophobic out-group rejection. To this end they devised experiments in which subjects were asked to donate a certain amount of money to people in need, either compatriots or refugees. Before the experiment the subjects were screened for the level of xenophobia. During the experiment the subjects were either allowed to act on their own, or were exposed to peer pressure or were administered oxytocin intranasally. It turned out that (i) refugee-directed donation among the subjects scoring low on xenophobia were significantly increased by oxytocin, whereas (ii) oxytocin alone was not enough in the case of the subjects scoring high on xenophobia: their out-group avoidance (or parochial, as it is patronizingly named, altruism) could only be overcome by the orchestrated operation of oxytocin and peer pressure.

The conclusions are obvious.

Citizens of host countries must be forced to accept the influx of aliens whether they like it or not. If they do not comply then, in the name of high-flown ideals of universal brotherhood of men, they will be forced either by peer pressure or by oxytocin or by both.

Oxytocin suits this purpose very well as this hormone raises the emotional well-being, it so to say oh-so humane. Like Aldous Huxley’s soma in his book Brave New World. The human being with his biologically-driven likes and dislikes is not to be tolerated, he must be changed. By ideological interaction or by chemistry. He must not be left alone. He must accept what he does not like not merely passively. He must be made to like what he previously disliked.

There was systematic political abuse of psychiatry in the Soviet Union, based on the interpretation of political opposition or dissent as a psychiatric problem. The ‘Free World’ has taken on where the Soviet ‘scientists’ left off.

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This Chart Warns America’s Opioid Crisis Is About To Get Worse

November 4, 2017 Tyler Durden 0

The simple chart below from the United Nation’s Office on Drugs and Crime beautifully illustrates the next leg up in America’s opioid crisis. 
If you thought today’s situation was bad – think again. Afghanistan, the wor…

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1MDB Scandal Resurfaces As Singapore Cops Investigate Goldman’s Lucrative Bond Issues

November 3, 2017 Tyler Durden 0

We have another instalment in the investigation into the mind-boggling level of corruption at 1MDB, (1Malaysia Development Berhad), the Malaysian state-owned investment fund. Members of the Singapore police’s economic crime unit have interviewed current and former Goldman employees with respect to the 1MDB bond offerings arranged by the bank.

By way of a recap into this messy saga, the fund was set up in 2009 by Prime Minister Najib Razak who headed its advisory board. The aim of the fund was to promote economic development through global partnerships and attracting foreign investment. Instead, the fund built up $12 billion of debt, while a Malaysian parliamentary committee identified more than $4.2 billion of “irregular” transactions. Investigations into embezzlement and money laundering have been taking place in ten countries as investigators try to trace just how much money was illegally diverted into personal accounts.

Aside from Najib, a central figure in the 1MDB scandal is the “party boy” (he dated Paris Hilton) and Malaysian financier, Low Taek Jho. Low acted as a consultant for 1MDB and set up shell companies to collect proceeds from the fund. He has been identified as a “key person of interest” by the Singapore authorities.

Turning to Goldman Sach’s role, the bank earned a staggering $593 million from managing three incredibly lucrative (for Goldman) bond sales in 2012-13, which raised $6.5 billion.

As we asked in “US To Seize $1 billion In Embezzled Malaysian Assets Which Goldman Sachs Helped Buy”, considering that a typical fee for an emerging market sovereign or quasi-sovereign bond offering between $1bn-$5bn would be between 0.1 per cent and 0.3 per cent, according to Dealogic, this is nothing short of kickback to Goldman, and raises questions about why Goldman wilfully accepted such an overblown fee for a deal which any of its competitor banks would have done for a fraction of the cost.

Last year, Tim Leissner, Goldman’s Southeast Asia chairman resigned from the bank after writing a reference letter for Low on the bank’s letterhead. He was subsequently banned from the securities industry in Singapore (for 10 years) and US (indefinitely). As we noted here, Leissner had become irritated.

Irritated that Goldman wouldn’t support his move to Los Angeles to be with his famous wife Kimora Lee, irritated that the firm wouldn’t let him give an internship to the son of a shadowy, as-yet-unnamed go-between in a deal to finance a controlling stake in an Indonesian copper mine, and especially irritated that the bank seemed to be looking a lot harder at the deals he was working on in Southeast Asia in the wake of the 1MDB scandal. And why shouldn’t he be frustrated? After all, Leissner built Goldman’s SE Asia operation…And as far as 1MDB goes, Leissner didn’t recall anyone in New York complaining when the bank raked in hundreds of millions in underwriting fees for the deals that helped finance Najib’s slush fund. “It’s not my fault Najib messed the whole thing up,” Leissner must have been thinking. In any case, Goldman had seen enough by the start of 2016, and sensing that the tide was shifting, decided to pull a Fabrice Tourre and prepare Leissner for the proverbial sacrifical offering.

Fast forwarding to today and Singaporean prosecutors and police are probing more deeply into Goldman’s relationship with 1MDB. As Bloomberg reports

The Commercial Affairs Department, the police’s economic crime unit, and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Bhd., said the people, who asked not to be named because the queries are confidential.

 

Investigators are also looking into the firm’s links with Malaysian financier Low Taek Jho, who the U.S. has alleged controlled a plot to siphon billions of dollars from the bond proceeds, the people said…

 

The interviews, which took place as recently as October, add to the scrutiny the New York-based bank faces over its role in raising almost $6 billion for 1MDB in 2012 and 2013. The money was meant for development projects but U.S. prosecutors allege that the bulk of it was diverted by high-level 1MDB officials and their associates. Investigators in Singapore have asked for details about specific meetings involving Goldman Sachs officials concerning the bond deals, the people said. They’ve also quizzed the current and former bank employees about the nature of the firm’s relationship with Low, and whether he was considered a client, according to the people.

While the investigators told Bloomberg that the bank itself is not the focus of the investigation, it’s clear that there is renewed scrutiny on the outsize fees which Goldman earned from the bond issues. Bloomberg continues…

It’s not clear whether Singapore’s investigation will result in any charges, and if so, against whom.

 

Goldman Sachs’s work with 1MDB has also drawn scrutiny from U.S. authorities, including the Justice Department and New York’s banking regulator. Goldman Sachs earned some $593 million in fees and commissions for arranging the 1MDB bond deals — a sum that drew scrutiny from Malaysian politicians.

 

Investigators in Singapore have asked the current and former employees about the fees the bank received, as well as if any fees were due to the Abu Dhabi government-owned fund International Petroleum Investment Co. for guaranteeing two of the bonds, the people said.

In July 2016, a US lawsuit alleged that the offering circulars related to the bond issues contained “material misrepresentations and omissions”. These included how the proceeds would be used and whether officials from 1MDB and other related entities would benefit personally.

We expect that Goldman will stick to its previous defence that its fees somehow reflected the underwriting risks and market conditions at the time, however nonsensical that sounds.

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