• Swordsmyth's Avatar
    Today, 09:33 PM
    Late last week, we argued that one could ignore China's sinking retail sales, industrial production, capital expenditures, record low and declining sub-6% GDP and even its fading monthly credit injections and impotent credit impulse, and instead what matters most for the world's second biggest economy with the world's biggest financial system (at around $40 trillion, roughly double that of the US) is the following chart showing the market cap to total assets ratio for the four largest commercial banks in China, which as Saxo Bank found, hit a new all-time low of 5.8% in Q3 as total assets grew an annualized 8% in Q3 while market cap of the four banks declined. This means that Chinese investors - who happen to know best what is truly going on behind the scenes - are not valuing these new assets as high quality, and the dynamic in China right now is that the current credit expansion is just offsetting the surge in bad loans, whose real amount Beijing has been keeping under wraps ever since the great bank debt for equity swap of 1999, but which we know is far higher the propaganda number of around 1.5% The net effect is zero credit transmission to the real economy in China constraining economic growth, which in turn makes banks especially vulnerable to failure as a result of even modest capital outflows. Confirming that there is something fundamentally broken with China's debt transmission mechanism and that, by implication, Chinese bad loans are soaring, two weeks after we reported that there was a bank run at Henan Yichuan Rural Commercial Bank which brought the bank to the verge of collapse, the WSJ reported that Harbin Bank, a politically-linked midsize Chinese lender based in the capital of northeast Heilongjiang province, became the latest Chinese financial institution to get a state bailout after its key private shareholders were replaced by government investors. Harbin Bank, which is one of the biggest banks in China’s northeast with 622 billion yuan in assets as of June 30, 2019, and trades on Hong Kong’s stock exchange, becomes the fifth bank - after Baoshang Bank , Bank of Jinzhou, Heng Feng Bank, and Henan Yichuan Rural Commercial Bank - to be bailed out by the state, and will be 48%-controlled by two government entities after six private shareholders shed their stakes, according to a bank statement issued late on Friday. Total consideration for the shares involved came to almost 15 billion yuan, or around $2.1 billion, the bank said, though it described the transactions as transfers rather than stock sales, which is to be expected if the bank was being bailed out instead of actually selling a viable stake. As has been the customary case, the bank didn’t provide any reason for the transactions in the statement, and Chinese bank regulators made no comment on the action.
    332 replies | 13472 view(s)
  • Swordsmyth's Avatar
    Today, 09:16 PM
    They have taken all power over the bureaucracy to themselves. The President is prevented from doing anything to the bureaucracy without the consent of Congress. If you want to get technical they have invented a new branch of government and transferred power from the executive branch to it and making it accountable to them more than to the President.
    14 replies | 176 view(s)
  • Swordsmyth's Avatar
    Today, 09:06 PM
    I didn't. Beginnings can take a long time.
    69 replies | 4174 view(s)
  • Swordsmyth's Avatar
    Today, 09:04 PM
    Other than the war power and emergency power delegation you are completely wrong. Congress has unconstitutionally imposed controls on the executive and transferred power from the President to the bureaucracy and the courts. It all started with the institution of the civil service system that prevented the President from firing bureaucrats at will and instituted the deepstate.
    14 replies | 176 view(s)
  • Swordsmyth's Avatar
    Today, 08:48 PM
    :sleeping: You aren't worth educating.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 08:42 PM
    Or just beginning.
    69 replies | 4174 view(s)
  • Swordsmyth's Avatar
    Today, 08:40 PM
    Saudi Arabia’s “crown jewel” — Aramco, officially the Saudi Arabian Oil Company — announced on Sunday that it is only offering 1.5 percent of itself for sale in December, at a price far less than Crown Prince Mohammed bin Salman (MBS) had hoped for. And if things don’t meet even those minimum now greatly reduced expectations, the company could pull the offering before it goes public in December. When first floated in 2016, MBS suggested he could sell five percent of the state-owned and controlled oil company and receive $100 billion to jump start his Vision 2030. He assumed that his “jewel” is worth $2 trillion. Analysts looking through the 600-page prospectus that was released last week on the deal aren’t impressed, with many suggesting a much lower valuation, perhaps as low as just $1 trillion. That could turn MBS’s dream into a nightmare. If the offering goes well, he might receive $25 billion. If it doesn’t go well it might generate nothing at all, leaving behind bad press and a warning to investors to stay away from such offerings in the future. The New American has pointed out some of the risks investors face if they provide the funds needed to pay for MBS’s dream, including the company’s recently declining profits as oil prices have dropped, a credit downgrade by Fitch Ratings following the murder of Washington Post journalist Jamal Khashoggi (which occurred on MBS’ watch), the company’s deliberate manipulation of its numbers to make the offering look better than it actually is, and the September attacks on its production facilities that cut its production suddenly and severely. Now there’s the risk that the offering won’t take place at all. The company’s “road show” or “book building” tour across the globe apparently hasn’t gone well according to Wall Street Journal: “International investors have so far signaled that a $1 trillion to $1.5 trillion valuation would be more reasonable for them to consider investing.” The company is undertaking a massive marketing effort to sell shares to Saudi’s citizens, with billboards touting the offering, talk-show hosts talking up the “opportunity,” and even Islamic officials “approving” the purchase of shares for the common folks. MBS himself is pressuring some of the country’s richest individuals (many of whom he investigated and temporarily incarcerated over charges of corruption) to “invest” in his company, with the clear implication that if they don’t, he could revisit their alleged illegal activities. That’s not an investment; that’s blackmail. It’s increasingly unlikely that any of the funds raised will ever help MBS reduce his country’s near total reliance on oil for its budget. In April, the Saudis entered the bond market for the first time, raising $12 billion in the process. This was necessary to help fund the country enormous and increasing annual deficit spending. In 2018, revenues fell short of spending to the tune of $36 billion, with a similar shortfall likely this year. Next year, the country’s finance minister expects that the country’s deficit will widen to $50 billion. So, as large as the potential IPO might be (if it happens it would be the second largest in history), the proceeds will quickly be absorbed by the government to cover its excessive welfare state spending. MBS’ Vision 2030 will remain just that: a vision. As The New American noted, the initial offering would provide the company with a measure of just how hungry investors are to holding a share of Aramco in light of a declining world economy and soft oil prices. The idea is that if the offering goes well, a second, much-larger offering would come, reflecting the initial offering’s price. But money managers were leery that the price of such a small initial offering could be manipulated to make it appear that the company is worth more than it is.
    3 replies | 44 view(s)
  • Swordsmyth's Avatar
    Today, 08:39 PM
    Saudi Arabia’s “crown jewel” — Aramco, officially the Saudi Arabian Oil Company — announced on Sunday that it is only offering 1.5 percent of itself for sale in December, at a price far less than Crown Prince Mohammed bin Salman (MBS) had hoped for. And if things don’t meet even those minimum now greatly reduced expectations, the company could pull the offering before it goes public in December. When first floated in 2016, MBS suggested he could sell five percent of the state-owned and controlled oil company and receive $100 billion to jump start his Vision 2030. He assumed that his “jewel” is worth $2 trillion. Analysts looking through the 600-page prospectus that was released last week on the deal aren’t impressed, with many suggesting a much lower valuation, perhaps as low as just $1 trillion. That could turn MBS’s dream into a nightmare. If the offering goes well, he might receive $25 billion. If it doesn’t go well it might generate nothing at all, leaving behind bad press and a warning to investors to stay away from such offerings in the future. The New American has pointed out some of the risks investors face if they provide the funds needed to pay for MBS’s dream, including the company’s recently declining profits as oil prices have dropped, a credit downgrade by Fitch Ratings following the murder of Washington Post journalist Jamal Khashoggi (which occurred on MBS’ watch), the company’s deliberate manipulation of its numbers to make the offering look better than it actually is, and the September attacks on its production facilities that cut its production suddenly and severely. Now there’s the risk that the offering won’t take place at all. The company’s “road show” or “book building” tour across the globe apparently hasn’t gone well according to Wall Street Journal: “International investors have so far signaled that a $1 trillion to $1.5 trillion valuation would be more reasonable for them to consider investing.” The company is undertaking a massive marketing effort to sell shares to Saudi’s citizens, with billboards touting the offering, talk-show hosts talking up the “opportunity,” and even Islamic officials “approving” the purchase of shares for the common folks. MBS himself is pressuring some of the country’s richest individuals (many of whom he investigated and temporarily incarcerated over charges of corruption) to “invest” in his company, with the clear implication that if they don’t, he could revisit their alleged illegal activities. That’s not an investment; that’s blackmail. It’s increasingly unlikely that any of the funds raised will ever help MBS reduce his country’s near total reliance on oil for its budget. In April, the Saudis entered the bond market for the first time, raising $12 billion in the process. This was necessary to help fund the country enormous and increasing annual deficit spending. In 2018, revenues fell short of spending to the tune of $36 billion, with a similar shortfall likely this year. Next year, the country’s finance minister expects that the country’s deficit will widen to $50 billion. So, as large as the potential IPO might be (if it happens it would be the second largest in history), the proceeds will quickly be absorbed by the government to cover its excessive welfare state spending. MBS’ Vision 2030 will remain just that: a vision. As The New American noted, the initial offering would provide the company with a measure of just how hungry investors are to holding a share of Aramco in light of a declining world economy and soft oil prices. The idea is that if the offering goes well, a second, much-larger offering would come, reflecting the initial offering’s price. But money managers were leery that the price of such a small initial offering could be manipulated to make it appear that the company is worth more than it is.
    916 replies | 36783 view(s)
  • Swordsmyth's Avatar
    Today, 08:25 PM
    The laws defining Due Process which the Bill of Rights refers to. WRONG, the Constitution and laws govern impeachment and Congress power over it is restricted by them
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 08:13 PM
    Because he hates America and all Americans.
    6 replies | 42 view(s)
  • Swordsmyth's Avatar
    Today, 08:12 PM
    It's a deal that is being finalized.
    6 replies | 42 view(s)
  • Swordsmyth's Avatar
    Today, 08:04 PM
    WRONG. It would be better if the agriculture industry wasn't subsidized they have long been subsidized while the rest of us were allowed to be destroyed by Chinese trade warfare.
    6 replies | 42 view(s)
  • Swordsmyth's Avatar
    Today, 07:57 PM
    Which is why it is so good that we are leaving. We will leave all the others too.
    10 replies | 65 view(s)
  • Swordsmyth's Avatar
    Today, 07:56 PM
    LOL Keep dreaming. It will make your defeat all the more delicious.
    24 replies | 275 view(s)
  • Swordsmyth's Avatar
    Today, 07:54 PM
    All of a sudden you want us to believe you weren't using sarcasm? Try explaining these: (that was your 1st post) Why would it be a good thing unless you mean that he is guilty? Not only are you wrong as I showed in my reply but you are claiming that the "evidence" against Jordan has some substance to it which it has not.
    61 replies | 509 view(s)
  • Swordsmyth's Avatar
    Today, 07:46 PM
    That's why they want a purely digital monetary system. They will be able to delete anyone's money at will.
    43 replies | 913 view(s)
  • Swordsmyth's Avatar
    Today, 07:44 PM
    Yes. Everyone should get a good laugh at your expense.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 07:42 PM
    Wrong, they are limited by the BoR among other limitations. Their rules are not law and were never passed as legislation and signed by a President. They remain bound by the actual laws governing investigations and by the Constitution which even a law passed by them couldn't breach.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 07:20 PM
    Even as American forces are controversially "securing" select oil fields in the Deir Ezzor region of eastern Syria, they are simultaneously continuing withdrawal from northern Syria near border areas in keeping with Trump's prior ordered draw down amid the Turkish military operation against Kurdish militias. And that means Russia is continuing to move into locations the US has abandoned. “We entered the base and took the inner and external perimeter under control,” a senior Russian military police inspector said after on Friday Russian combat helicopters were filmed landing at a sprawling air base in northern Syria, newly vacated by US forces. “Now sappers are looking and going through every building to make sure there aren’t some kind of explosive substances left behind or some kind of surprises here for us,” he said. Russian state media boasted that the major base is now "under new management". The Russian military police took an airfield in northern Syria, where the American base used to be located. pic.twitter.com/5T7fpITRwx — Ali Özkök (@Ozkok_A) November 15, 2019 Russian Defense Ministry (MoD) video showed elite forces hastily securing Sirrin Air Base in the northern Aleppo area, among the largest military installations previously occupied by American forces in Syria. Though flying the Russian flag as they moved in, the MoD indicated Sirrin is now controlled by Syrian government forces, also to be used as a joint distribution center for humanitarian aid.
    10 replies | 65 view(s)
  • Swordsmyth's Avatar
    Today, 07:16 PM
    It looks like Trump has things well in hand.
    3 replies | 45 view(s)
  • Swordsmyth's Avatar
    Today, 07:15 PM
    Exactly. We are to call Jordan a pedophile because dubious politically motivated accusations are made that he didn't have anything to do with any abuse but may have heard something about it. But all the evidence against others for actual crimes is to be ignored.
    61 replies | 509 view(s)
  • Swordsmyth's Avatar
    Today, 07:08 PM
    Lady Emma Arbuthnot, the Westminster chief magistrate enmeshed in a conflict of interest, will no longer be presiding over the extradition proceedings of imprisoned WikiLeaks publisher Julian Assange, said WikiLeaks lawyer Jen Robinson, at an event in Sydney on Friday night . “Yes, there was some controversy about her sitting on the case,” Robinson said. “She won’t be sitting on the case going forward.” Robinson told Australian journalist Quentin Dempster at the event that she was “not sure” who would take over from Arbuthnot. Robinson made her remarks in response to a question from the audience about Arbuthnot’s reported conflict of interest in the case. Robinson did not provide further details. She spoke in future tense, but it is not clear if she was referring to Arbuthnot maintaining supervision of the case while turning over the courtroom duties to another judge, which she did weeks ago, retaining the right to influence rulings, or whether Arbuthnot has recused herself from the case. Consortium News has contacted Robinson to provide clarification. More at: https://www.zerohedge.com/geopolitical/assanges-judge-out-after-conflicts-interest-exposed
    0 replies | 22 view(s)
  • Swordsmyth's Avatar
    Today, 06:57 PM
    And under O'Bummer they ran America too. Trump really is fighting the second war of independence for America.
    3 replies | 43 view(s)
  • Swordsmyth's Avatar
    Today, 06:54 PM
    LOL Congress isn't bound by the Constitution? They ARE bound by it and all laws that are pursuant to it. Impeachment IS a criminal case, it specifically is according to the Constitution and his term in office IS his property. Congress may indeed investigate and prosecute the President but they MUST have a crime or at least reasonable suspicion to do so.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 06:45 PM
    The Reasonable Suspicion for all those investigations and any more that they think of is that it was her turn.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 06:44 PM
    Perhaps you can explain what he said that you object to?
    14 replies | 176 view(s)
  • Swordsmyth's Avatar
    Today, 06:42 PM
    They openly gloat about not following any rules and try to tell us that the rules don't apply to them. Then their trolls come and tell us they are right and that we must follow all the rules while the enemy breaks them all. Nobody ever survived a gunfight using boxing gloves.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 06:40 PM
    The entire movement has been overrun, it is filled with leftists who happened to agree with real liberty lovers on a few topics like ending wars and ending the Fed. The only hope to revive it is to graft on Trump and conservative Republicans.
    74 replies | 524 view(s)
  • Swordsmyth's Avatar
    Today, 06:35 PM
    I see, but saying the House has the power of impeachment DOES mean they have unlimited power? Please explain that. 5thA: nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law
    74 replies | 524 view(s)
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Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

Robert Heinlein

Give a man an inch and right away he thinks he's a ruler

Groucho Marx

I love mankind…it’s people I can’t stand.

Linus, from the Peanuts comic

You cannot have liberty without morality and morality without faith

Alexis de Torqueville

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Those who learn from the past are condemned to watch everybody else repeat it

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