Daily Digest

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Daily Digest 10/2 - India’s Shadow-Bank Bust Has a Lehman Echo, Is It Nature Or Nurture?

Tuesday, October 2, 2018, 9:05 AM

Economy

India’s Shadow-Bank Bust Has a Lehman Echo (Sparky1)

Not only do India’s state-run banks have bulky exposure to IL&FS, they have also lent to some of the same projects that put it in trouble. Nomura reckons that IL&FS Transport Network’s road assets are being carried as standard on the balance sheets of many banks. That’s laughable, given that IL&FS Transport’s own one-year default probability is approaching 10 percent, according to a proprietary Bloomberg model. Asking banks to reclassify these advances as nonperforming and make provisions at a time when they have no profits and $200 billion in stressed assets would be a stab to the heart of India’s financial system.

Global De-Dollarization Spells Jolts and Crises for US Economy (Paul D.)

The dollar’s special status is to U.S. hegemony what Samson’s hair was to his super strength. If the dollar were to be replaced as the international reserve currency, the U.S. could no longer pay its bills simply by printing more money. The result, for a country that is no longer the world’s dominant exporter on the international market, could cause the economy to freeze up, and possibly produce apocalyptic shortages of fuel and food.

Nifty can stabilize if it reclaims 11,170, pull back rally on the cards (Sparky1)

Technically, the index formed a Bearish Belt Hold pattern and there is a higher chance of a short coverings rally as we inch closer to expiry.

So is it nature not nurture after all? (Jesper A.)

Someone who defended the data in that book but took exception to its conclusions is the American psychologist and geneticist Robert Plomin, a pioneer of what’s sometimes called “hereditarian” science. In his new book, Blueprint: How DNA Makes Us Who We Are, Plomin takes recent genetic research and draws some provocative conclusions, but they are about individuals rather than groups.

Venezuela's Socialism...And Ours (Matt H.)

We know socialism does not work. It is an economic system based on the use of force rather than economic freedom of choice. But while many Americans seem to be in a panic over the failures of socialism in Venezuela, they don’t seem all that concerned that right here at home President Trump just signed a massive $1.3 trillion dollar spending bill that delivers socialism on a scale that Venezuelans couldn’t even imagine. In fact this one spending bill is three times Venezuela’s entire gross domestic product!

In the Heart of a Dying Empire (Paul D.)

In his book, Woodward describes a National Security Council meeting in August 2017, in which the adolts in the room saved the president from his worst impulses. He describes how an impatient Donald Trump “exploded, most particularly at his generals. You guys have created this situation. It’s been a disaster. You’re the architects of this mess in Afghanistan... You’re smart guys, but I have to tell you, you’re part of the problem. And you haven’t been able to fix it, and you’re making it worse... I was against this from the beginning. He folded his arms. ‘I want to get out... and you’re telling me the answer is to get deeper in.’”

Your Cat’s Dirty Litter Box Is Putting You Both at Risk (Thomas R.)

Cats are finicky when it comes to their bathrooms. If the box isn’t clean, they will try to hold it in. The longer you delay the cleaning, the longer they try to avoid using the bathroom. This may eventually lead to a myriad of urinary tract diseases, the most common of which are UTI, bladder inflammation, and kidney blockage and failure. We have previously published a blog post explaining these feline diseases, which you can read here.

European Natural Gas Prices Are Set To Rise Further (Michael S.)

Extraordinarily high temperatures last summer and a tighter LNG market have driven gas prices in Europe higher in September, and prices are likely to continue rising in the next couple of months

Human Population Isn't Going To Explode - But That Doesn't Mean We're Safe (Paul D.)

The IPCC has often been accused of ignoring population as a driver of climate change and global warming. Population projections are very much a part of the calculations for future scenarios on emission, mitigation and adaptation—but some would like a more explicit mention of the impact of population reduction on greenhouse gas emissions.

Why are humans killing 100 million sharks every year? (Paul D.)

"We have a huge problem on our hands," said Walsh, who also runs a research institute to look into conservation and protection of sharks. "There's no doubt that the decline is anything less than a disaster. I blame humans for it - over-fishing, nets and poachers."

Gold & Silver

Click to read the PM Daily Market Commentary: 10/1/18

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

Matt Holbert's picture
Matt Holbert
Status: Silver Member (Offline)
Joined: Oct 3 2008
Posts: 145
Environmentally Destructive Holidays

There are many signs that we are not going to change our destructive lifestyles. This is just one of them:

https://www.tikkun.org/nextgen/environmentally-destructive-holidays

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
$21.43 trillion to $21.6 trillion in two days

The Daily History of the Debt Results

Historical returns from 09/25/2018 through 10/01/2018

The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

( Debt Held by the Public vs. Intragovernmental Holdings )

Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/25/2018 15,761,483,505,663.41 5,721,291,402,230.08 21,482,774,907,893.49
09/26/2018 15,761,091,412,843.05 5,709,968,280,566.15 21,471,059,693,409.20
09/27/2018 15,732,905,321,143.44 5,698,981,813,553.02 21,431,887,134,696.46
09/28/2018 15,761,154,524,132.45 5,754,903,659,047.78 21,516,058,183,180.23
10/01/2018 15,771,323,483,176.73 5,835,624,900,369.55 21,606,948,383,546.28

 

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sand_puppy
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Posts: 2033
Ambrose Evans-Pritchard: On Kavanaugh, Starr Investigation

Ambrose Evans-Pritchard recounts his tale of dishonesty with a young Brett Kavanaugh during the Starr investigation of Vince Foster's death.

 

Picture above:  Brett Kavanaugh sits behind Kenneth Starr during his testimony before the House Judiciary Committee regarding the possible impeachment of President Bill Clinton in 1998.

I followed the story of Vince Foster's death with great interest a couple of decades ago.  I personally have concluded that Foster was murdered and the machinery of state was used to sequester evidence and hide the murder.

Evans-Pritchard, a Daily Telegraph journalist, tells a story that has a young Brett Kavanaugh, working with Kenneth Starr deep in the belly of the corrupt machinery of state where "investigations" are actually coverups.

It centers around the issue of witness tampering, intimidation, and falsifying the testimony of a key witness, Knowlton, one of the first witness at the scene of Fosters death.

[Knowlton] was a crime scene witness in the death of Vincent Foster, the White House aide and ex-law partner of Hillary Clinton. At the time this was a mystery case, a big story during my tenure as the Sunday Telegraph’s bureau chief in Washington.

I had tracked down Mr Knowlton and discovered that the Starr probe had never spoken to him, even though he had been the first person at the Fort Marcy death location and had highly-relevant information.

I showed him his FBI ‘302’ witness statement from the earlier, superficial Fiske probe. He had never seen the words attributed to him before.

Mr Knowlton was stunned. It contradicted his express assertions. He said the FBI had tried repeatedly to badger him into changing his story on key facts. Each time he refused. Now it appeared they had written in what they wanted to hear. He agreed to go public and accused the FBI of falsifying his witness statement. This was to court trouble.

As soon as the print edition of the Telegraph reached Washington, the Starr investigation issued a subpoena calling Mr Knowlton to the grand jury. He was to face questioning by Brett Kavanaugh.

Mr Kavanaugh was then a cocky 30 year-old from the affluent WASP suburbs of Northwest Washington, very much the country club boy with a high sense of his status, and Georgetown Prep and Yale Law School behind him....

What happened first was an eye-opener. Before testifying, he suffered two days of what appeared to be systematic intimidation by a large surveillance team. This was observed by two other witnesses, including Chris Ruddy, now the powerful chief executive of NewsMax.

I informed Mr Starr’s office that their grand jury witness was being intimidated. So did Mr Knowlton’s lawyer, who asked for witness protection. Nothing was done. Mr Kavanaugh brushed it off, saying the Telegraph was behind all this mischief in order to “sell newspapers”.

When Mr Knowlton appeared at the grand jury – thinking he was doing his civic duty – he says he was subjected to two and a half hours of character assassination by Mr Kavanaugh. There was little attempt to find out what he knew about the Foster death scene.

Mr Ruddy called me in shock from Dupont Circle to recount what he saw. A deeply-shaken Mr Knowlton contacted me from his home several times, until his phone was cut off.

-----

Few people are aware that the US federal prosecutor handling the death investigation at the outset, Miquel Rodriguez, had resigned earlier from the Starr investigation after a bitter dispute.

His resignation letter – later leaked – said he was prevented from pursuing investigative leads, that FBI witness statements did not reflect what witnesses had said, that the suicide verdict was premature, and that his grand jury probe was shut down just as he was beginning to uncover evidence. An informed source told me his work had been sabotaged by his own FBI agents.

---

The nub of the dispute was over compelling evidence of a wound in Foster’s neck, which contradicted the official version that Foster shot himself in the mouth and had essentially been suppressed. The key crime scene photos had vanished and the FBI labs said others were over-exposed and useless.

Mr Rodriguez, by then suspicious, slipped them to the Smithsonian Institution and had them enhanced. One showed a black stippled ring like a gunshot wound in the side of Foster’s neck. This remains secret but I have seen it.

The photo was pivotal. It confirmed what several people who handled the body had originally stated.

I interviewed the first rescue worker on the scene and when I asked him about the mouth wound, he grabbed me, and said with frightening intensity: “listen to me buddy, Foster was shot right here,” jabbing his finger into my neck. He said the FBI had pressured him too into changing his story and that official narrative was a pack of lies.

---

Mr Kavanaugh went on to write the Starr Report on the Foster death.

But Mr Knowlton got the last word, literally. He filed a 511-page report at the US Federal Court with evidence alleging a pattern of skullduggery, and asked that it be attached to the Starr Report.

The three top judges did not agree but they ordered that a shorter 20-page version be attached at the end, despite vehement protest from the Starr office. This had never happened before in the history of the office of the independent council.

This summary asserts that the FBI had “concealed the true facts”, that there had been witness tampering, and that the report had wilfully ignored facts that refuted its own conclusions. There it sits in perpetuity, a strange rebuke for Mr Kavanaugh by his own fellow judges on the federal bench.

davefairtex's picture
davefairtex
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Posts: 5683
the vince foster case & AEP

That's fascinating.  AEP has been the business editor for the Telegraph for years now.  I read his stuff and he comes across as a smart guy, if a bit stuck in the mainstream.

For him to say this about Vince Foster murder investigation is...well its just astonishing.  He's not the kind of guy to go off into conspiracy land.  He is - therefore - so credible that I must therefore believe that whatever he wrote about this must be something approaching truth.

Conclusion: Kavanaugh is a swamp creature.  He chose being a swamp creature over going after the truth about Foster. He wasn't unique about this (his whole team went along with the charade), but neither was he a particularly stand-up guy.

Vince Foster.  What is the secret that the special prosecutor - of the Clintons - would decide to wrap his whole team around an axle (along with the FBI investigators!) to cover it up?  What did Foster know?  And what would the prosecution of his murderer uncover?

This reminds me of the hints we got from the Nixon tapes about the 2IC at the FBI Mark Felt ("Deep Throat"): Haldeman said of Felt, "if we move on him, then he'll unload everything.  He knows everything that is to be known at the FBI."  Nixon left him in place, even though Felt was feeding Woodward information about Nixon that ended up taking him down.  And Nixon knew it!  For some reason, the unknown (and unspoken) danger from Felt far surpassed his activities as "Deep Throat."  Felt terrified them all.

Same thing seems to be true about the Foster murder.  The truth, whatever it is, was incredibly important to keep secret.  AEP is such a credible source - he's absolutely credible.

Fascinating.  There are some critical truths that cut clean across party lines.  The scandals we see only involve the stupid stuff.  Foster's killer goes free (and the secret remains in place), while Clinton gets impeached for Monica Lewinsky.

Like Kavanaugh gets challenged by the sex stuff - rather than for his police-state leanings.

AEP.  Who would have thought?

cmartenson's picture
cmartenson
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Posts: 5969
At a loss here to understand...

The number of cases where the FBI has merely operated as the "fixer" for the system is overwhelming.  In fact, it seems to be the rule rather than the exception.

So I am at a loss for how many on the left have come around to viewing the FBI as a paragon of virtue, and how Comey got away with his Boy Scout act on his book tour without anyone challenging him on the squeeky clean image he was selling.

What about:

  • Lon Horiuchi?
  • COINTELPRO?
  • The TWA flight 800 "clean up and scrubbing" operation the FBI pulled?
  • The Vince Foster failure to investigate?
  • Infiltrating Occupy Wall Street and the Quakers and anybody else even mildly associated with seeking to question the existing power structure?

This is the real FBI.  This is who they actually are and have been for a very long time.  When an organization goes rogue and commits massive crimes, I'm of a mind to remember that.  That's their DNA.  

Here's the latest.  It's ugly:

Collusion bombshell: DNC lawyers met with FBI on Russia allegations before surveillance warrant

Congressional investigators have confirmed that a top FBI official met with Democratic Party lawyers to talk about allegations of Donald Trump-Russia collusion weeks before the 2016 election, and before the bureau secured a search warrant targeting Trump’s campaign.

Former FBI general counsel James Baker met during the 2016 season with at least one attorney from Perkins Coie, the Democratic National Committee’s private law firm.

That’s the firm used by the DNC and Hillary Clinton’s campaign to secretly pay research firm Fusion GPS and Christopher Steele, a former British intelligence operative, to compile a dossier of uncorroborated raw intelligence alleging Trump and Moscow were colluding to hijack the presidential election.

The dossier, though mostly unverified, was then used by the FBI as the main evidence seeking a Foreign Intelligence Surveillance Act (FISA) warrant targeting the Trump campaign in the final days of the campaign.

The revelation was confirmed both in contemporaneous evidence and testimony secured by a joint investigation by Republicans on the House Judiciary and Government Oversight committees, my source tells me.

It means the FBI had good reason to suspect the dossier was connected to the DNC’s main law firm and was the product of a Democratic opposition-research effort to defeat Trump — yet failed to disclose that information to the FISA court in October 2016, when the bureau applied for a FISA warrant to surveil Trump campaign adviser Carter Page.

“This is a bombshell that unequivocally shows the real collusion was between the FBI and Donald Trump’s opposition — the DNC, Hillary and a Trump-hating British intel officer — to hijack the election, rather than some conspiracy between Putin and Trump,” a knowledgeable source told me.

Baker was interviewed by lawmakers behind closed doors on Wednesday. Sources declined to divulge his testimony, other than to say it confirmed other evidence about the contact between the Perkins Coie law firm and the FBI.

The sources also said Baker’s interview broke new ground both about the FBI’s use of news media in 2016 and 2017 to further the Trump case and about Deputy Attorney General Rod Rosenstein’s conversations in spring 2017 regarding possible use of a body wire to record Trump.

“The interview was one of the most productive we had and it opened up many new investigative leads,” one source said.

Another said Baker could not answer some questions about FBI media contacts, citing an ongoing investigation by the Justice Department inspector general into alleged illegal leaks, during and after the election, about the Trump collusion probe and other matters.

These revelations illustrate anew how much the FBI and Justice Department have withheld from the public about their collaboration and collusion with clearly partisan elements of the Clinton campaign and the DNC, Fusion and Steele, that were trying to defeat Trump.

The growing body of evidence that the FBI used mostly politically-motivated, unverified intelligence from an opponent to justify spying on the GOP nominee’s campaign — just weeks before Election Day — has prompted a growing number of Republicans to ask President Trump to declassify the rest of the FBI’s main documents in the Russia collusion case.

So…the FBI lied to the FISA court (a lie of omission, which is quite serious in their business…try “leaving out something important” when the FBI talks to you and  - bang! – that’s a felony), and has been hiding, obstructing and otherwise impeding any investigation into its own activities in attempting to derail a US presidential election in favor of one candidate over another.

Many people on the left shrug or even applaud these efforts because they were arranged against Trump. The ends justify the means.  But this ignores the slippery slope and just how destructive to the idea if not the ideal of democracy this is.

The FBI is a rogue organization.

Perhaps not any worse or further off the reservation than the CIA or the NSA, but it still needs to be cleaned up.  The only way I know for sure to do that is for accountability to land back within its walls.  People need to go to jail. They need to have to defend themselves in court using their own money.  The remaining agents need to see that up close and personal.

I view the FBI as probably consisting of 95% dedicated agents of high integrity.  But that other 5%?  Well, if the FBI cannot find a way to internally police itself, then someday they may well find themselves policed from the outside.  Right now I would heavily support Trump opening up that can of worms because, well, it’s way overdue and there’s no sign that the FBI has the capability to do this to or for itself.

But a solid house cleaning would be the very best thing for the organization in the long term.  I guess it’s kind of like an alcoholic…sometimes they have to hit a wall before they can get better.

So I remain at a loss to understand why so many people are suddenly willing to forget the FBI's long history of skullduggery and malfeasance as if none of that happened and the FBI suddenly morphed into a paragon of virtue.

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