Just News – Zero Hedge – James Montier: This Is A “Greater Fool Bubble” And I’m Getting Out

Zero Hedge – James Montier: This Is A “Greater Fool Bubble” And I’m Getting Out
How does one explain the existence of this particular “greedy bear”? To Montier the cognitive dissonance noted above is a function of the Fed-reflated bubble the US finds itself in: the near rational – or cynical – bubble, also known as the greater fool bubble. Here’s Montier:
I am not a great fan of this nomenclature as it suggests a veneer of respectability that I find undeserved. To me these are really better described as greater fool markets. They are cynical bubbles in that those buying the asset in question don’t really believe they are buying at fair price (or intrinsic value), but rather are buying because they want to sell to someone else at an even higher price before the bubble bursts. Chuck Prince, the former CEO of Citibank, aptly demonstrated the typical cynical bubble mentality when in July of 2007 he uttered those fateful words, “As long as the music is playing, you’ve got to get up and dance. We are still dancing.”
If the presence of the proposed buyer of last resort rings a bell, it’s because that’s precisely the market environment the Fed has created: there is no longer any risk not because fundamentals are strong or the economy is improving, but because the Fed will always step in and rescue the market when things turn south. Montier agrees:
I would suggest that this is exactly the sort of market we are observing at the current juncture. Fund managers for the most part all agree that the US market is expensive but still they choose to own equities – a cynical career-risk-driven position if ever there was one. I have been amazed by the number of meetings I’ve had recently where investors have said they simply “have to own US equities.”
While such a bubble can make speculators extremely wealthy if only for a period of time – because putting money into what everyone knows is a ridiculous valuation is not investing, it’s speculation, and as Montier admits “that the US equity market is obscenely overvalued can hardly be news to anyone” – it only works as long as there is at least one more greater fool to sell to.

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Just News – Zero Hedge – Turkey Detains 449 People For Criticizing Invasion Of Syria On Social Media

Zero Hedge – Turkey Detains 449 People For Criticizing Invasion Of Syria On Social Media
Erdogan Spokesman: Opposing War Means Glorifying Terrorism
As Turkey’s invasion of northern Syria continues, so too does their policy of arresting anyone seen as even sort of opposed to the attack.
The Turkish Interior Ministry now says 449 people have been detained for criticizing the war on social media, and 124 more detained for taking part in actual protests.
https://www.reuters.com/article/us-mideast-crisis-syria-turkey-security/turkey-detains-nearly-600-for-opposing-syrian-offensive-idUSKBN1FP109

Just News – Zero Hedge – Little Barbies: Sex Trafficking Of Young Girls Is America’s Dirty Little Secret

Zero Hedge – Little Barbies: Sex Trafficking Of Young Girls Is America’s Dirty Little Secret
So what can you do?
Educate yourselves and your children about this growing menace in our communities.
Stop feeding the monster: Sex trafficking is part of a larger continuum in America that runs the gamut from homelessness, poverty, and self-esteem issues to sexualized television, the glorification of a pimp/ho culture—what is often referred to as the pornification of America—and a billion dollar sex industry built on the back of pornography, music, entertainment, etc.
This epidemic is largely one of our own making, especially in a corporate age where the value placed on human life takes a backseat to profit. It is estimated that the porn industry brings in more money than Amazon, Microsoft, Google, Apple, and Yahoo.

Just News – Zero Hedge – Welcome To Londonistan: 423 New Mosques; 500 Closed Churches

The War In Yemen Explained In 200 Seconds
The war in Yemen just marked its second anniversary.
“What war” you may ask given the lack of mainstream media coverage?
Here’s Planet America’s Chas Licciardello to explain how the war is causing one Yemeni child to die of malnutrition every 10 minutes, and what America’s role in the conflict is…

Welcome To Londonistan: 423 New Mosques; 500 Closed Churches
British multiculturalists are feeding Islamic fundamentalism. Muslims do not need to become the majority in the UK; they just need gradually to Islamize the most important cities. The change is already taking place.
British personalities keep opening the door to introducing Islamic sharia law. One of the leading British judges, Sir James Munby, said that Christianity no longer influences the courts and these must be multicultural, which means more Islamic. Rowan Williams, the former Archbishop of Canterbury, and Chief Justice Lord Phillips, also suggested that the English law should “incorporate” elements of sharia law.
British universities are also advancing Islamic law. The academic guidelines, “External speakers in higher education institutions”, provide that “orthodox religious groups” may separate men and women during events. At the Queen Mary University of London, women have had to use a separate entrance and were forced to sit in a room without being able to ask questions or raise their hands, just as in Riyadh or Tehran.
“London is more Islamic than many Muslim countries put together”, according to Maulana Syed Raza Rizvi, one of the Islamic preachers who now lead “Londonistan”, as the journalist Melanie Phillips has called the English capital. No, Rizvi is not a right-wing extremist. Wole Soyinka, a Nobel Laureate for Literature, was less generous; he called the UK “a cesspit for Islamists”.
“Terrorists can not stand London multiculturalism”, London’s mayor Sadiq Khan said after the recent deadly terror attack at Westminster. The opposite is true: British multiculturalists are feeding Islamic fundamentalism. Above all, Londonistan, with its new 423 mosques, is built on the sad ruins of English Christianity.
The Hyatt United Church was bought by the Egyptian community to be converted to a mosque. St Peter’s Church has been converted into the Madina Mosque. The Brick Lane Mosque was built on a former Methodist church. Not only buildings are converted, but also people. The number of converts to Islam has doubled; often they embrace radical Islam, as with Khalid Masood, the terrorist who struck Westminster.

 

Economy News – Zero Hedge – New Study Says Robots Took All Of Detroit’s Jobs, Not Mexico

Zero Hedge – New Study Says Robots Took All Of Detroit’s Jobs, Not Mexico
by Tyler Durden Mar 28, 2017 10:40 PM
As Trump gets ready to renegotiate NAFTA and impose tariffs on companies looking to outsource production to Mexico, a new study from MIT and Boston University suggests that industrial robots, not Mexico, may be the bigger factor contributing to the high levels on unemployment in the Midwest.
Entitled “Robots and Jobs: Evidence From US Labor Markets,” the authors of the study found that the addition of 1 robot per 1,000 workers results in an 18-35 bps reduction in the employment-to-population ratio and 25-50bps reduction in wages.  Per Bloomberg:
One additional robot per thousand workers reduces the employment-to-population ratio by 0.18 percentage points to 0.34 percentage points and slashes wages by 0.25 percent to 0.5 percent, based on their analysis. To put that in context, the U.S. saw an increase of about one new industrial robot for every thousand workers between 1993 and 2007, based on the study.
“The employment effects of robots are most pronounced in manufacturing, and in particular, in industries most exposed to robots; in routine manual, blue collar, assembly and related occupations; and for workers with less than college education,” the authors write. “Interestingly, and perhaps surprisingly, we do not find positive and offsetting employment gains in any occupation or education groups.”
Worth noting: the authors estimate that robots may have increased the wage gap between the top 90th and bottom 10 percent by as much as 1 percentage point between 1990 and 2007. There’s also room for much broader robot adoption, which would make all of these effects much bigger.

Study – Robots and Jobs: Evidence from US Labor Markets
Daron Acemoglu, Pascual Restrepo
NBER Working Paper No. 23285
Issued in March 2017
As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing concern about the future of jobs and wages. We analyze the effect of the increase in industrial robot usage between 1990 and 2007 on US local labor markets. Using a model in which robots compete against human labor in the production of different tasks, we show that robots may reduce employment and wages, and that the local labor market effects of robots can be estimated by regressing the change in employment and wages on the exposure to robots in each local labor market—defined from the national penetration of robots into each industry and the local distribution of employment across industries. Using this approach, we estimate large and robust negative effects of robots on employment and wages across commuting zones. We bolster this evidence by showing that the commuting zones most exposed to robots in the post-1990 era do not exhibit any differential trends before 1990. The impact of robots is distinct from the impact of imports from China and Mexico, the decline of routine jobs, offshoring, other types of IT capital, and the total capital stock (in fact, exposure to robots is only weakly correlated with these other variables). According to our estimates, one more robot per thousand workers reduces the employment to population ratio by about 0.18-0.34 percentage points and wages by 0.25-0.5 percent.

Zero Hedge – The Robots Win: Blackrock Bets On Computers Over Human Stock Pickers, Fires Dozens
by Tyler Durden Mar 28, 2017 6:53 PM
As part of a massive overhaul that has been hinted at in recent months, and was unviled on Tuesday, BlackRock announced a reorganization of its actively managed equities business that will include job losses, pricing changes and a greater emphasis on computer models that inform investments.
BlackRock’s new strategy centers on a view that has been facilitated by the not so stealthy central bank takeover of capital markets in recent years, according to which it is difficult for human beings to beat the market with traditional bets on large U.S. stocks. As a result, at least seven stock portfolio managers are among several dozen employees who are expected to go as part of the revamp.
Instead of handing their funds to other humans for investing purposes, for the first time BlackRock’s Main Street customers will be able to buy lower-cost quantitative stock funds that rely on data and computer systems to make predictions, an investment option previously available only to large institutional investors. This option also virtually assures that the next market crash will be unlike anything ever seen. Some existing funds will merge, get new investment mandates or close.
For now the overhaul is only taking place at Blackrock, and represents the most dramatic attempt to rejuvenate a unit that has long lagged rivals in performance. Clients have pulled their money from the actively managed stock business in three of the past four years even as BlackRock’s total assets climbed to a record $5.1 trillion, according to the WSJ. BlackRock had $275.1 billion in active equity assets under management at the end of December, down from $317.3 billion three years earlier.

News – Zero Hedge – U.S. Journalist Investigating “Migrant Crime” In Sweden Has To Leave Under “Police Escort” For His Own Safety

Zero Hedge – U.S. Journalist Investigating “Migrant Crime” In Sweden Has To Leave Under “Police Escort” For His Own Safety
After Trump called attention to the rising tide of migrant crime in Sweden last week, independent journalist Tim Pool decided to head to Stockholm for a first-hand look at the “crime-ridden migrant suburb” of Rinkeby.  Unfortunately, upon arrival Pool didn’t get to do much investigating before arousing the suspicion of a couple of masked men who proceeded to follow him through the streets eventually leading to his prompt police escort out of the city out of fear for his crew’s safety.

Zero Hedge – Former Marine’s Facebook Post On VA Treatment Of Patients Causes Outrage
A former Marine and his wife say the scene inside a Veterans Administration hospital in Durham, North Carolina, was so shocking that they took pictures and posted them to Facebook.
Now, as AP reports,  thousands of people are expressing outrage and the head of the medical center says an employee involved has been removed from patient care pending an internal review.

If You See THIS Label On the Fruit Do Not Buy It at Any Cost!
by ANYA V
Most of us don’t know that the stickers attached to the fruits and vegetables are there for more than just scanning the price.
The PLU code, or the price lookup number on the sticker can help you determine if  the product is genetically modified, organic or produced with chemical fertilizers, fungicides or herbicides.
1. A four-digit code beginning with a 3 or a 4 means the produce is probably conventionally grown. The last digits of the code represent the kind of the fruit or vegetable you are buying. For example, bananas are always labeled with the code of 4011.
2. If there are five numbers, and the first is “8″, then the product is genetically modified. The label on genetically modified banana (GE-genetically engineered of GMO) would contain the numbers 84011.
3. A five-digit number that starts with a 9 means the item is organic. Organic bananas are labeled with 94011.
EWG ( The Environmental Working Group) analyzed pesticide residue testing data from the U.S. Department of Agriculture and Food and Drug Administration to come up with rankings for these popular fresh produce items.

ONE GERMAN WEEKEND: TWO CASES OF ‘SOUTHERN TYPES’ GANG-RAPING WOMEN
Posted on March 1, 2017 11:00
By David Frankenhuis
Two women in Germany last weekend became the victim of brutal sexual assaults in two separate incidents. In both cases, the attackers were described as ‘southern types’, operating in small bands.
Carnival rape, crying woman in Leverkusen
On Sunday night, a 31-year-old woman in the city of Leverkusen was victimised by a gang of three men in the district of Lützenkirchen. She was attacked by all three of the perpetrators and subsequently raped on a lawn by one of them. After the assault, the men fled in an unknown direction, Freie Zeiten reports.
Passers-by had, later on, found the crying woman sitting in the streets. She was dressed up as a hippie since she had been out celebrating Carnival.
According to the victim, the men were dressed in dark clothes, in between 20 and 30 years of age, and all had a ‘southern appearance’. This usually means they come from countries such as Algeria, Tunisia, Morocco and Egypt.
The police are asking the public for help, and an arrest has yet to be made in this case.
Violent gang rape on Hamburg riverbank
In Hamburg, two men on Sunday evening sexually assaulted a 46-year-old woman after beating her. The violent gang rape took place near a bridge called the Lombardsbrücke, which is located on the riverbank of the Alster.
On  Monday morning, the injured victim went to a hospital where she was investigated and treated, Focus.de and other local media report. Afterwards, she spoke to police to file a complaint.
In this case, as well, the woman referred to the rapists as being of southern descent, meaning Northern Africans or, in German police lingo, the so-called ‘Nafri’s’. She could not describe the assailants more accurate.
During the interrogation, the victim mentioned an elderly couple passing by the location of the attack. They may be important witnesses, police have stated.

Economy News – KWN – Greyerz – This May Crash Europe’s Financial System And Lead To The Next Global Crisis And Collapse

Zero Hedge – Minimum Wage Massacre: Wendy’s Unleashes 1,000 Robots To Counter Higher Labor Costs
by Tyler Durden Feb 28, 2017
Wendy’s chief information officer, David Trimm, said the kiosks are intended to appeal to younger customers and reduce labor costs. Kiosks also allow customers of the fast food giant to circumvent long lines during peak dining hours while increasing kitchen production.
As Dispatch.com reports, the Dublin-based burger giant started offering kiosks last year, and demand for the technology has been high from both customers and franchise owners.

KWN – Gerald Celente: Broadcast Interview – Available Now

KWN – ALERT: Legend Art Cashin Just Issued A Dire Warning
On the heels of another record breaking week for the Dow, legend Art Cashin just issued a dire warning.
Eric King:  “When you look at the stock market, Art, we keep hitting one record high after another on the Dow.  As the market continues to melt-up, do you sometimes step back and say, ‘I’ve seen this movie before and it doesn’t always have a good ending?’”
Art Cashin:  “Well, it’s funny you say that.  I wrote in my comments yesterday about the fact that the Dow being up nine consecutive record closes has only happened five times since 1897.  And in virtually all of those cases it didn’t end well.  It didn’t end badly immediately after the streak was broken but a year or so later there were problems.  The most recent time we’ve seen it they had 12 records in a row in early 1987, (laughter) and we all have some scars from what happened later in 1987.  It also happened in 1929.

Thomas Dishaw – Barclays bank goes down over the weekend, millions unable to access cash or use credit cards
A server crash on Barclays network Saturday gave many customers an unwanted glimpse into the chaotic future of a cashless, automated society. The crash left many unable to access their funds, unable to use internet or telephone banking and caused many cash machines to go down as a result of hardware failure.
Customers noted that their debit cards were declined even for small purchases like a 17p banana. Many took to social media to express frustration over the inability to withdraw money from in ATMs or be able to pay for purchases in shops and pubs around the world. Some reported being stranded because they could not access funds to buy tickets to return home. Others expressed desperation of not being able to feed themselves or their families.
Panic set in when Barclay’s admitted they had not idea how long it would take to fix the issue, even speculating that it could take until Monday. The bank released a statement saying it was “working to fix” a problem and advised customers to use other banks’ cash machines. It added that telephone banking and in-branch payments were also affected and apologized “for any inconvenience.” Barclays also reiterated the fact that no customer will lose out financially because of the hardware crash and any relevant fees would be reimbursed as soon as possible, another concern that some users called out.
There is still no word how many of Barclay’s 15 million card customers were affected by the outage. There is no doubt this experience echoes the fears and concerns many still have of completely cashless societies. Becoming dependent on cards leaves us vulnerable to situations like this. And the increase of automation results in fewer bank branches where you can go in and manually withdraw money from your account.
Globalists have indoctrinated many of us to believe that electronic currency is more convenient and easier to access than paper currency. But the advantage for cash remains that it is tangible and can be used to trade goods at face value, whereas we see in this scenario that if the value on your debit or credit card cannot be accessed, it doesn’t exist.

KWN – Greyerz – This May Crash Europe’s Financial System And Lead To The Next Global Crisis And Collapse
With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, spoke with King World News about why Target2 may crash Europe’s financial system and lead to the next global crisis and collapse.
100 Years Of Massive Credit Expansion
To own gold is not climbing a wall of worry. For anyone who understands the problems that the world is now facing, physical gold ownership gives peace of mind and the best insurance that money can buy. So why are less than 0.5% of world financial assets invested in gold and gold stocks? There are several reasons for this. Firstly, 100 years of massive credit expansion and money printing have mainly inflated the asset classes that investors understand, be it stocks, bonds or property. Also, financial repression, which in layman’s terms means manipulation, has totally distorted most financial markets. With the help of derivatives, governments, central banks, investment banks and hedge funds can create false markets in most investment areas. If a market is massive and global, like currencies, they are very hard to manipulate, except if several major sovereign states collude. But in a small market like gold and silver, it is extremely easy to manipulate prices. Even more so when a lot of it is done with the assistance and blessing of governments…