Naked Capitalism Threatens Lawsuit Against Washington Post Over “Fake News” Story; Obama Starts Russia Witch Hunt
Earlier today, president Obama started a witch hunt based on Russia hacking claims.
In the second Russia-related story of the day, Yves Smith, author of Naked Capitalism, considers a lawsuit against the Washington Post for an extremely sloppy article on “Fake News”, primarily about Russia that mentioned her website.
The article listed Naked Capitalism, Zero Hedge, and 200 other sites for “spreading fake news”. Included in the list were Counterpunch, the Drudge Report, Truthdig, and Truth-out.
I failed to make the grade and almost feel slighted.
Earlier today, president Obama ordered a Russia Hacking Claim Probe.
Republican Senator Lindsey Graham, a friend and backer of Hillary Clinton, heads up Obama’s witch hunt.
The Census Bureau Wholesale Trade Report wholesales rose 1.4% while inventories declined 0.4%.
In a politically inspired witch hunt, a panel of 3 judges in the Netherlands convicted Geert Wilders of incitement to discrimination, and also of insulting an ethnic group.
The ethnic group in question was Moroccans, as if Morocco is a race. Charges stem from 2014 when Wilders replied “We’re going to take care of that.” to a group of cheering supporters who shouted that they wanted fewer Moroccans in the Netherlands.
No matter what one may think of Wilders personally, the charge appears ridiculous. Nonetheless, Geert Wilders Found guilty, With No Penalty when he could have been fined or jailed for his comments.
Yesterday, the Financial Times reported Italy demands more time from ECB to rescue Monte dei Paschi.
I was wondering how the bank or the Italian government was in a position to demand anything. It wasn’t.
The Dallas Police and fire pension fund was hit with an alleged “liquidity” crisis that forced the Dallas mayor Mike Rawlings to file a legal motion to halt withdrawals.
Acting in advance of the lawsuit, the pension board voluntarily killed withdrawals including $154 million in approved requests slated for Friday.
Those hoping to cash out were very upset, the rest breathed a sigh of relief. Make no mistake, this is a solvency crisis, not a liquidity crisis. Expect lawsuits.
There were wild fluctuations today in European bonds as the ECB announced it would Hold Interest rates at Zero but Taper Bond Purchases.
The ECB is stuck between opposing interests and some of the details of its announcement lead to Alice-in-Wonderland results.
Portland “Orecrats” Target Income Inequality: Pass Massive 25% Tax on Corporations Having “Excessive CEO Pay”
Liberals in the city of Portland Oregon have put their foot down against income inequality.
The “Orecrats” are not going after CEOs, but rather corporations that have CEO salaries the “Orecrats” deem excessive.
The tax penalty on corporations is as much as 25%.
The GDPNow Model forecast for fourth quarter GDP dipped to 2.6% from 2.9% on December 1.
Tuesday’s commerce reports on trade and factory orders played no part of the downgrade.
Instead, auto sales and the employment report from last Friday factored into the analysis.
Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold.
It’s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.
There’s fake news. There’s also non-news. Then there is idiotic advice that borders on being illegal (if not outright illegal).
Time Magazine is a sponsor of the latter.
In an opinion piece on Time Magazine, writer Mark Weston, author of The Runner-Up Presidency, says 65 Million Americans Should Threaten to Not Pay Taxes.
US factory orders rose 2.7% exactly matching the Econoday Consensus.
As with the trade deficit, economists got this number correct because of the advance report. Thus, this rise will not impact GDP estimates.
Donald Trump fired a shot at Boeing today. Citing cost overruns, he wants to cancel the air force order of “Airforce One”, the specialized plane that jets the president.
Here’s the Tweet.
The Census Bureau report on International Trade shows a widening trade deficit.
Exports decline 1.8%. Imports rise 1.3%.
Italy’s president, Sergio Mattarella, asked Renzi to stay on as prime minister. Renzi agreed to do so until a budget is in place, likely later this week.
The vast majority of the population wants an immediate election, but Mattarella wants another technocrat. Voter be damned, Italy’s 4th consecutive technocrat prime minister is coming up. I am available, and waiting a call.
The first mission of the new technocrat will be to pass legislation that will make it much harder for Beppe Grillo’s Five Star Movement (M5S) to get into power. Voters be damned again.
The Dallas Police and Fire Pension plan is severely underfunded. Not even a $1.1 billion taxpayer bailout the plan officials request will make the plan whole.
Discussion of a possible freeze in lump sum payments led to a run on withdrawals. The board still has not suspended lump sum payouts.
On Saturday, Dallas Mayor Mike Rawlings proposed targeting those who got rich from the system. This is sure to accelerate the run on assets via lump sum withdrawals.
In response to the Italian Referendum which caused prime minister Matteo Renzi to resign, the Euro/USD took a dive from 1.0672 to as low as 1.0506.
The Euro has since rallied strongly, gaining 2.7 percent. What’s going on?