MamaCaptain 1st Anneversary

‪#‎妈妈爱心123‬ 新闻公布会。。

美国散文作家爱默生说：【人生最美好的一项补偿，就是凡事诚心诚意的帮助别人，最终自己也一定受益。】。

所以，你想要获得好的成就、好的姻缘,就是要布施、要服务、要帮助别人。

分享与回馈就如同在黑暗中点燃一支小小的蜡烛，让在黑暗 中的人得到温暖。 同时，也能让自己得到温暖与亮光。

欢迎各位藏宝家人，与妈妈123，万众同心献爱心…16/7/2016，不见不散

Mama love 123 Charity Event Press Conference happening in Kuala lumpur .

[Sun]Charity benefits the giver more than the receiver.

[Sun]We make a living by what we get , but we make a life of what we give.

[Sun]No one has ever become poor from dedicating to charity, you can make a difference.

[Sun]True Charity is the desire to be useful to others with no thought of recompense.

See you in 16/7/16 Spice Stadium Penang, Lets togrther spread the love to All [Gift][Hug]

 

 

 

 

Taxpayer funded health insurance co-ops are going bankrupt under Obamacare

by: Daniel Barker

(NaturalNews) The bad news concerning Obamacare is growing even worse. Last week, Blue Cross Blue Shield submitted a request for rate hikes of 60 percent for its policyholders in Texas. Then, a couple of days later, the news broke that Ohio’s InHealth Mutual co-op is going bust, making it the 13th of 23 non-profit co-ops set up under the Affordable Care Act (ACA) to declare bankruptcy.
From FreeBeacon.com:

“The Ohio Department of Insurance asked to liquidate the company, saying that the company was in a ‘hazardous financial condition.’ The co-op served nearly 22,000 consumers who now have 60 days to find another policy offered by another company on the federal exchange.

“The company recorded an underwriting loss of $80 million in 2015 despite the $129 million in taxpayer-backed loans granted to the co-op by the federal government.”
Reports say that $3 million in claims per week were being filed with the insurer, creating a situation in which a 60 percent rate hike in 2017 would have been necessary to cover the outlays.
Ohio Director of Insurance Lt. Gov. Mary Taylor said:
“Our examination of the company’s financials made it clear that the company’s losses would prevent it from paying future claims should its operations continue. Under Ohio law, we acted with certainty to protect the consumers.”

The collapse of Obamacare

Many experts now believe that the remaining 10 ACA co-ops will also fail, contributing what pundits are already calling the “collapse of Obamacare.” This means that taxpayers will have to cover the expenses, since it’s unlikely that any significant portion of the $1.24 billion allocated to establish the co-ops will ever be paid back.
As Sen. Rob Portman (R., Ohio) recently testified in a Senate Permanent Subcommittee on Investigations hearing:
“The Subcommittee obtained the failed co-op’s most recent financial statements, and those statements show that none of the failed co-ops have repaid a single dollar, principal or interest, of the $1.2 billion in federal loans they received.
“It is unlikely they will pay any significant fraction back. The latest statements show that the failed co-ops’ non-loan liabilities exceed $1.13 billion—which is 93 percent greater than their reported assets, including money they expect to receive. On top of that, they owe $1.2 billion to the federal government. We should not hold our breath on repayment.”
At the same hearing, Dr. Scott Harrington, a Wharton School professor and expert onhealth insurance, echoed Portman’s remarks:
“The future of the 11 co-ops still providing coverage in 2016 is uncertain, but future closures seem likely…
“Very little, if any, of the $1.24 billion in federal start-up and solvency loans to establish those co-ops will be repaid, and at least several will be unable to meet all of their obligations to policyholders and health care providers.”

Majority of Americans do not want Obamacare

The failure of the co-ops leaves many Americans scrambling to find new insurers, while most of the rest face skyrocketing premium rates. And on top of that, U.S. taxpayers will now have to cover the $1.24 billion collapse of the co-op system.
Obamacare has proven to be an utter failure in terms of providing affordable health care for all Americans. The Obama administration continues in its attempts to paint a rosy picture concerning the “success” of the ACA, but Americans know better – a majority of the populace says it wants to see Obamacare repealed.
From The American Spectator:
“Meanwhile, no amount of Obama administration or media propaganda can cover up the one indisputable fact that a majority of Americans see every day with their own eyes — the ‘Affordable Care Act’ is unaffordable. Rather than reducing costs, as promised, it has driven them up. And it’s going to get worse.”
The media chooses to ignore the latest polls, but the message is clear – Americans aresick and tired of Obamacare.
Sources:
http://freebeacon.com
http://freebeacon.com
http://www.zerohedge.com
http://dailysignal.com
http://spectator.org/obamacare-poll-most-enrollees-hate-their-plans/

Here’s What the Brexit Did to the World’s 400 Richest People

 
Something “unexpected” happened after the Brexit vote: the UK was the best performing European market.
 
Tyler Durden, The Anti-Media
Waking Times Media
For all the scaremongering and threats of an imminent financial apocalypse should Brexit win, including dire forecasts from the likes of George Soros, the Bank of England, David Cameron (who even invoked war), and even Jacob Rothschild, something “unexpected” happened yesterday: the UK was the best performing European market following the Brexit outcome.
This outcome was just as we expected three days ago for reasons that we penned in “Is Soros Wrong“, where we said:

“In a world in which central banks rush to devalue their currency at any means necessary just to gain a modest competitive advantage in global trade wars, a GBP collapse is precisely what the BOE should want, if it means kickstarting the UK economy.”

On Friday, the market started to price it in too, and in the process revealed that the biggest sovereign losers from Brexit will not be the UK but Europe.
Not only, though. Because as we noted yesterday in “Who Are The Biggest Losers From Brexit?,” there is an even bigger loser than the EU: Britain and Europe’s wealthiest people.
Britain’s 15 wealthiest citizens had $5.5 billion erased from their collective fortune Friday after the country voted to leave the European Union. Britain’s richest person, Gerald Grosvenor, led the decline with a loss of $1 billion, according to the Bloomberg Billionaires Index. He was followed by Topshop owner Philip Green, fellow land baron Charles Cadogan and Bruno Schroder, majority shareholder of money manager Schroders Plc.
It wasn’t just Britain: as Bloomberg added overnight, the world’s 400 richest people lost $127.4 billion Friday as global equity markets reeled from the news that British voters elected to leave the European Union. The billionaires lost 3.2 percent of their total net worth, bringing the combined sum to $3.9 trillion, according to the Bloomberg Billionaires Index. The biggest decline belonged to Europe’s richest person, Amancio Ortega, who lost more than $6 billion, while nine others dropped more than $1 billion, including Bill Gates, Jeff Bezos and Gerald Cavendish Grosvenor, the wealthiest person in the U.K.
Ironically, it turns out that when George Soros threatened “The Brexit crash will make all of you poorer – be warned,” what he really meant is “it will make me poorer.“ And yes, George, the people were warned which is why they voted the way they did.

---

This article (Here’s What the Brexit Did to the World’s 400 Richest People) was originally created by Tyler Durden at www.zerohedge.com and published by The Anti-Media. It is re-posted here with permission.

German Fear of Inflation is Causing Collapse of Europe

by Martin Armstrong

Germany’s obsession with anti-inflation policies inspired by the Hyperinflation of the 1920s is so misguided that it is not threatening to collapse all of Europe. Former ECB banker Lorenzo Bini Smaghi has now even called to rescue the Italian banks with European taxpayers’ money. He is correct in warning that the insistence of Germany on the prohibition of state funding bailouts could evolve into a threat to the entire European financial system. The ECB is desperately trying to support the euro, but a strong currency only promotes deflation – not recovery.

The German hypeinflation was the result of a collapse in confidence because of the 1918 Communist revolution in Germany. Nobody would lend the government money after they invited the Russian communists to take over Germany. This had NOTHING to do with printing money. That was the result of the collapse in confidence, not the original cause.

This misguided interpretation of the German hyperinflation is causing the exact same response. People are hoarding cash, not investment, and banks are collapsing. Deutsche Bank says it need 150 billion euros. This is a full blown sovereign debt crisis that will tear Europe apart. Negative interest rates are accelerating the process.

Cracks in EU widen as debt-ridden Spain and Portugal are hammered with sanctions

SPAIN and Portugal are set to be slapped with sanctions by European finance ministers after failing to get a grip on their budget deficits.

By Lana Clements 

 

GETTY

Spain and Portugal are going to be hit with EU sanctions

The two debt-laden countries have not taken effective action to bring their deficits below three per cent in line European Union (EU) rules, the European Council's economic and finance group said today.
The trouble states now have 10 days to appeal against automatic penalties that amount to around 0.2 per cent of GDP.
Peter Kažimír, minister for finance of Slovakia and president of the Council today said: "I am sure that we will have a smart, intelligent result at the end.”

It's feared fines could help stoke flames of anti-EU sentiment in both Spain and Portugal.
And earlier this week French Finance Minister Michel Sapin waded into the debate and this week said Portugal should not be punished.
He said: "Portugal has made enormous efforts in the past years. It does not deserve excessive discipline."

 

French Finance Minister Michel Sapin said Portugal should not be punished

The council today said both Spain and Portugal's responses to its deficit targets had been insufficient.
Portugal's deadline for correcting the deficit had already been extended by two years to 2015, as a result of the recession that the country faced.
Lisbon had been given deficit targets of 5.5 per cent of GDP in 2013, four per cent in 2014 and 2.5 per cent of GDP in 2015 - but recorded an actual deficit of 4.4 per cent last year.

Spain also had its deadline for addressing the deficit deadline extended by two years from 2012 to 2014 - and then another two years until 2016 - as the economy continued to struggle under high unemployment and low growth.
It had been given deficit targets of 6.5 per cent of GDP for 2013, 5.8 per cent for 2014, 4.2 per cent of GDP for 2015 and 2.8 per cent of GDP for 2016.
But the deficit amounted to 5.9 per cent of GDP in 2014 and 5.1 per cent of GDP in 2015.
The Council today concluded that Spain is not set to correct its deficit in 2016 as required.

• 

 

URGENT! BANK RUNS HAVE BEGUN IN ITALY!!!!! ATM's Being Emptied!!!!

We have numerous reports of BANK RUNS taking place right now throughout Italy.  Reports of lines of people at ATM's are draining the automatic tellers of all cash.
This comes after weeks of speculation about the health of several Italian banks, including the oldest Bank Monte dei Paschi, which has been in business since the year 1472 - twenty years before Columbus discovered America!
Snce March of this year, SuperStation95 has been reporting the Italian banking system is a “leaning tower” heading toward collapse at literally any moment.  And as Italy’s banks begin to go down like dominoes, it is going to set off financial panic all over Europe unlike anything we have ever seen before.
We even wrote about the troubles in Italy back in January, but since that time the crisis has escalated.  At this point, Italian banking stocks have declined a whopping 68 percent since the beginning of 2016, and when you look at some of the biggest Italian banks the numbers become even more frightening.
Shares of Monte dei Paschi were down 4.7 percent, and they have now plummeted 86 percent since the start of the year.  Shares of Carige were down 38 percent, and they have now plunged a total of 88 percent since the start of the year.  This is what a financial crisis looks like, and just like we are seeing in South America, the problems in Italy appear to be significantly accelerating.
So what makes Italy so important?
Well, we all saw how difficult it was for the rest of Europe to come up with a plan to rescue Greece.  But Greece is relatively small – they only have the 44th largest economy in the world.
The Italian economy is far larger.  Italy has the 8th largest economy in the world, and their government debt to GDP ratio is currently sitting at about 132 percent.
There is no way that Europe has the resources or the ability to handle a full meltdown of the Italian financial system.  Unfortunately, that is precisely what is happening.  Italian banks are absolutely drowning in non-performing loans, and represents “the greatest threat to the world’s already burdened financial system."
As this "run" continues, Italian banks will fail and be closed.  Once they are closed, it will begin to take out big banks elsewhere in Europe, from whom the Italian Banks have borrowed.  That will spark bank runs in Europe, and some very  (VERY) large banks in Europe will fail.  Once that happens, it will hit Banks in the USA . . . . game over.
We encourage readers in the rest of the world to have CASH MONEY in their possession at home, in case banks are closed for a "bank holiday" which could last for WEEKS.   If the banks are closed, CREDIT and DEBIT CARDS WILL NOT WORK.  You have to have enough cash to survive . . . enough to buy FOOD and perhaps FUEL.  Never mind paying bills; this could end-up being "survival."  Folks without cash will starve.
 Earlier today in Rome:

TRIGGERED BY EUROGROUP ANNOUNCEMENT: NO ITALY BANK BAILOUT

Eurogroup head Jeroen Dijsselbloem earlier today said he was not "particularly" worried about Italian banks. More interesting was his insistence that “there have always been and will always be bankers that say ’we need more public money to recapitalize our banks.... and I will resist that very strongly because it is, again and again, hitting on the taxpayer." He then added that "the problems with the banks need to be sorted out in the banks and by banks.”
He sided further with Germany's Angel Merkel camp when he said that he finds the ease in which bankers ask for public funds to sort out problems is “very problematic.”
Dijsselbloem added that “there has to come an end to” bankers asking politicians to solve their problems.
His statement comes just a day after David Folkerts-Landau, the chief economist of Deutsche Bank,called for a €150 billion bailout for European banks, confirming that it is no longer just an "Italian" issue.
Dijsselbloem's further comments showed that he won't be easily swayed absent a market-wide panic and/or a steep slump in the economy.
“I think they’re talking constructively to try and find solutions within the European frameworks,” says Dijsselbloem before a meeting in Brussels Monday cited by Bloomberg. “Yes, there are issues of non-performing loans in the Italian banks, but that’s not a new issue. It needs to be dealt with. It will have to be dealt with gradually. There will be no big solutions.”
“It’s not an acute crisis. That also gives us some time to sort these things out. So as long as the authorities in Italy and the banking authorities are constructively talking, I think we should allow them the time to do that”
BRRD rules are “clear. They are, of course, also strict in the sense that they make very clear when there needs to be a bail-in and who needs to be bailed-in in what order. And within that framework a solution still can be found. I mean, you still have to deal with banks sometimes. And it’s still possible. But it has to be done within those rules."


Customers wait for access to ATM's

He wasn't the only one. Also today Austrian Finance Minister Hans Joerg Schelling says he has “no” sympathy for bending bank bail-in rules.  "Europe has few rules, but these rules must be adhered to. And we can’t discuss the rules every two years. If we give ourselves rules, we must apply them."
His punchline was one we first noted two weeks ago, when Renzi tried to scapegoat the Italian push for a bailout on Brexit: "What’s happening in Italy has nothing to do with Brexit. The non-performing loans under discussion for offloading into a bad bank have been around for many years and have nothing to do with Brexit. One shouldn’t use Brexit as an excuse for one’s own failures. I expect there to be a tough position” toward Italy.
Needless to say this was the worst possible news for an Italian banking sector which many view as the next contagion hotspot, and which as the chart below shows continue to trade at crisis level.

Last modified on Monday, 11 July 2016 12:19

Who's Most Afraid Of Contagion From Italy's Bank Meltdown?

Submitted by Don Quijones via WolfStreet.com, 
French and German banks.
Contagion is the reason Italy’s banking crisis is all of a sudden Europe’s biggest existential threat. Greece’s intractable problems are out of sight, out of mind; Brexit momentarily spooked investors and bankers; but Italy’s banking woes have the potential to wipe out investors and undo over 60 years of supranational state-building in Europe.

The last few days have seen growing calls for taxpayer-funded state intervention, a practice that was supposed to have been consigned to the annals of history by Europe’s enactment of new bail-in rules on Jan 1, 2016. The idea behind the new legislation was simple: never again would taxpayers be left exclusively holding the tab for European banks’ insolvency issues while bondholders were getting bailed out. But even before the new rules have been tried out, they are about to be broken, or at least bent beyond all recognition.
A loophole has already been found in the rules that would allow the Italian government and European authorities to raid European taxpayers in order to prop-up Italy’s third largest publicly traded bank, Monte Dei Paschi, while leaving bank bondholders and creditors whole, as Reuters reported a few days ago:

The rules, which have been in force since January, allow a state to directly acquire a stake in a bank that fails a stress test and cannot raise capital in the markets because of “a serious disturbance” in the domestic economy.

Oh, and no bank is officially allowed to pass or fail the European Central Bank’s 2016 stress tests, as we reported a few months ago, after a number of banks, including nine Italian banks, failed the test in 2014. Clearly, those at the top of the financial pecking order — banks and their bondholders — are protected once again from the disastrous consequences of another market meltdown, one that in many ways they precipitated.
The fact that in Italy, thanks in part to a quirk of the tax code, some €200 billion of bank bonds are held by retail investors adds an extra political dimension to the mix, as The Economist points out:

If the bail-in rules are applied rigidly in Italy, the outcry from savers will both damage confidence and leave the door to power open for the Five Star Movement, a grouping that blames Italy’s economic troubles on the single currency.

But it is the direct contagion effect that has Europe’s policymakers and central bankers most concerned. Contagion is a particularly acute problem in the Eurozone due to the so-called “doom loop” that exists between sovereigns and their banks, thanks in large part to the ECB’s tireless efforts to underpin both Europe’s biggest banks (by providing them with an endless supply of free money) and its bond markets (by doing “whatever it takes” to make European sovereign bonds virtually risk-free).
As a result, banks have been able to make a tidy margin by simply buying government bonds at officially zero risk. Another consequence, whether intended or not, has been to create a very dangerous relationship of mutual dependence between governments and banks. When banks invest heavily in government debt, they become dependent on the government’s good performance, which is clearly not a given, especially in the Eurozone. Meanwhile, the governments depend on the banks to continue purchasing their debt, which for the moment is a given. However, if either one falters, the consequences can be dire for both.
Despite pressure from fiscally hawkish Eurozone countries such as Germany, the Netherlands, and Finland to put an end to the doom loop by removing the risk-free status of certain sovereign bonds, to the barely concealed horror of Italian and Spanish politicians and bankers, recent figures from Standard & Poor’s show that banks across the EU have been investing more heavily than ever in government debt, increasing their exposure to €791 billion. The total amount that international banks have lent to Italy alone is €550 billion.
So which country’s banks are most exposed to Italian sovereign debt (apart from Italy itself)?
France — and by a long shot!
As Die Welt reports, the total exposure of French banks to Italian debt exceeds €250 billion. That’s triple the amount of exposure of the second most exposed European nation, Germany, whose banks hold €83.2 billion worth of Italian bonds. Deutsche bank alone has over €11.76 billion worth of Italian bonds on its books. The other banking sectors most at risk of contagion are Spain (€44.6 billion), the U.S. (€42.3 billion) the UK (€29.77 billion) and Japan (€27.6 billion).
These elevated levels of exposure help to explain why no matter how much Angela Merkel would love for the Eurozone’s new bail-in rules to be universally applied to the letter — for her own political survival, if nothing else — the risk of contagion, including for the already deeply distressed Deutsche Bank, is simply too great to be ignored. If Italian banks began falling like flies, it would only be a matter of time before investors began selling (or shorting) Italian bonds en masse, by which point the Doom Loop would be in full flow. And once it starts, it’s very hard to stop.
“The whole banking market is under pressure,” former ECB executive board member Lorenzo Bini Smaghi told Bloomberg. “We adopted rules on public money; these rules must be assessed in a market that has a potential crisis to decide whether some suspension needs to be applied.”
In other words, European taxpayers, get your wallets out, again. Your banks need you!
Oh, and Smaghi, besides being a former central banker, is also the current chairman of Société Générale, one of France’s biggest banks, presumably heavily exposed to Italian banks and sovereign debt, and as such a large potential beneficiary of a massive taxpayer-funded bailout of Italian banks.
It didn’t take long before David Folkerts-Landau, Chief Economist at Deutsche Bank – whose shareholders have gotten crushed and whose bondholders are getting restless – picked up the baton and told the Welt am Sonntag that a US TARP-like European bank bailout of €150 billion was needed to “recapitalize the banks.” This is code for using taxpayer money to bail out bondholders and stockholders, along with executive compensation, including his own. By Don Quijones, Raging Bull-Shit.
So the European banking crisis is coming into full bloom. Deutsche Bank in February tried a ludicrous ruse: buying back its own bonds. But even that miracle-nonsense has now flopped and its shares and CoCo bonds have plunged. Read…  I’m in Awe at How Fast Deutsche Bank is Coming Unglued

Tax Collection Numbers for June Show The Economy Is Not Improving

US consumer can longer afford to eat out. Fed’s labor market index tumbles.BLS jobs report is completely manipulated, when looking at the tax collection numbers it show the economy is sinking and sinking fast. It is 2007-2008 all over again.Japan is being used as a test environment for helicopter money. Cameron is stepping down, but 1000 law makers are asking to take control of article 50 and place the control with parliament. IMF cuts Euro zone growth for 2016 and 2017. The bailout begin in Europe

Citibank to close Venezuela government accounts

(Amwal Al had)  Venezuela’s President Nicolas Maduro said on Monday that Citibank NA C.UL, planned to shut his government’s foreign currency accounts within a month, denouncing the move by one of its main foreign financial intermediaries as part of a “blockade.”
“With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela’s accounts,” Maduro said in a speech, adding that the government used the U.S. bank for transactions in the United States and globally.
“Do you think they’re going to stop us with a financial blockade? No, gentlemen. Noone stops Venezuela.”
Citibank, a unit of Citigroup Inc (C.N), could not immediately be reached for comment about the purported measure against Venezuela’s monetary authority and the Bank of Venezuela which is the biggest state retail bank.
With the OPEC nation’s economy immersed in crisis, various foreign companies have been pulling out or reducing operations.
Critics say the socialist economics of Maduro and his predecessor Hugo Chavez have been a disaster for Venezuela, while the government blames its political foes and local businessmen for waging an “economic war” against it.
Due to strict currency controls in place since 2003, the government relies on Citibank for foreign currency transactions.

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The "Mystery" Of Who Is Pushing Stocks To All Time Highs Has Been Solved

Source: Zero Hedge

One conundrum stumping investors in recent months has been how, with investors pulling money out of equity funds (at last check for 17 consecutive weeks) at a pace that suggests a full-on flight to safety, as can be seen in the chart below which shows record fund outflows in the first half of the year - the fastest pace of withdrawals for any first half on record...


... are these same markets trading at all time highs?  We now have the answer.
Recall at the end of January when global markets were keeling over, that Citi's Matt King showed that despite aggressive attempts by the ECB and BOJ to inject constant central bank liquidity into the gunfible global markets, it was the EM drain via reserve liquidations, that was causing a shock to the system, as net liquidity was being withdrawn, and in the process stocks were sliding.


Fast forward six months when Matt King reports that "many clients have been asking for an update of our usual central bank liquidity metrics."
What the update reveals is "a surge in net global central bank asset purchases to their highest since 2013."

And just like that the mystery of who has been buying stocks as everyone else has been selling has been revealed.
But wait, there's more because as King suggests "credit and equities should rally even more strongly than they have done already."

More observations from King:

 

 

The underlying drivers are an acceleration in the pace of ECB and BoJ purchases, coupled with a reversal in the previous decline of EMFX reserves. Other indicators also point to the potential for a further squeeze in global risk assets: a broadening out of mutual fund inflows from IG to HY, EM and equities; the second lowest level of positions in our credit survey (after February) since 2008; and prospects of further stimulus from the BoE and perhaps the BoJ.

His conclusion:

 

 

While we remain deeply skeptical of the durability of such a policy-induced rally, unless there is a follow-through in terms of fundamentals, and in credit had already started to emphasize relative value over absolute, we suspect those with bearish longer-term inclinations may nevertheless feel now is not the time to position for them.

And some words of consolation for those who find themselves once again fighting not just the Fed but all central banks:

 

 

The problems investors face are those we have referred to many times: markets being driven more by momentum than by value, and most negatives being extremely long-term in nature (the need for deleveraging; political trends towards deglobalization; a steady erosion of confidence in central banks). Against these, the combination of UK political fudge (and perhaps Italian tiramisu), a lack of near-term catalysts, and overwhelming central bank liquidity risks proving overwhelming – albeit only temporarily.

Why have central banks now completely turned their backs on the long-run just to provide some further near-term comfort? Simple: as Keynes said, in the long-run we are all dead.

Global Stocks Surge On Rising Hopes Of Japan "Helicopter Money"

A quick headline search for the phrases "Japan stimulus" and "helicopter money" is all one needs to understand the very familiar reason for today latest overnight global stock rally, which has sent the USDJPY surging some more, in the process pushing the Nikkei higher by 2.5%, China up over 1% (with the help of some late FX intervention by the PBOC), European stocks up 1%, US equity futures up 0.5%, and so on, in what is a global wave of green on the back of the helicopter money which after Bernanke's visit to Japan, market participants are now convinced is just a matter of time.
As Bloomberg puts it, "global stocks advanced for a fourth day and commodities rose, buoyed by the prospect of stimulus in major economies."  And that is all there is to it.

While risk on assets soared, government bonds sank with the yen, which has now tumbled by over 300 pips since our warning to cover any USDJPY shorts last Thursday, when we previewed precisely these events warning that "something big" was coming. The MSCI All-Country World Index reached its strongest level since June 24, and the yen had its biggest two-day slide since 2014 after Japanese Prime Minister Shinzo Abe vowed to speed up efforts to defeat deflation. The pound rose for a third day as Home Secretary Theresa May prepared to take over as the U.K.’s next prime minister. Daimler AG led gains in European stocks and credit markets strengthened after earnings that beat analysts’ predictions. U.S. crude rebounded from a two month low.

In case it is still confusing what continues to drive the rally, here are some more hints:

"Risk remains very much on, as central banks around the world are turning more accommodative. That is trumping any fears investors may have concerning global growth,” Societe Generale strategists write in note.
“Risk appetite is in the ascendancy, and as a consequence we are seeing higher-yielding currencies rally and haven currencies including the yen decline,” said Jeremy Stretch at CIBC. “It’s a case of hopes for additional Japanese fiscal stimulus.”
Oh and remember Brexit, and the doomsday warnings should it pass? Well, global equities are now back to where they were when the U.K. voted for Brexit. Since then, futures traders have cut wagers on higher interest rates from the Federal Reserve while Abe won an election and said he would order ministers to begin compiling fresh stimulus. The majority of economists expect the Bank of England to cut interest rates this week and traders are betting there will be further monetary easing in the euro area this year.
And since central banks are once again pushing equities higher, this means that the Stoxx Europe 600 Index rose 1 percent as of 10:58 a.m. London time, after surging 4.4 percent over the last three trading days. Japan’s Topix climbed 2.4 percent and the MSCI Asia Pacific Index gained 1.2 percent. The U.K.’s FTSE 100 Index reached its highest level since August 2015. Futures on the S&P 500 added 0.5%following the gauge’s 0.3 percent advance to an all-time high on Monday. Alcoa Inc. unofficially kicked off the U.S. earnings season after markets closed Monday, reporting profit for the second quarter that topped analysts’ estimates.
While stocks were propped up by central banks, bonds got spooked that there could be a surge in supply to finance the upcoming helicopter money paradrop. As a result, yields on 10Y Treasuries rose four basis points to 1.47%, after climbing seven basis points on Monday as an auction of three-year notes attracted the weakest demand since 2009. Gains last week week pushed 10- and 30-year yields to record lows. The U.S. is due to sell $20 billion of 10-year notes Tuesday, followed by $12 billion of 30-year bonds Wednesday. German 10-year bonds, perceived to be among the safest debt securities in the euro area, declined for a second day, pushing the yield up by three basis points to minus 0.14 percent. Yields on French securities with a similar due date increased three basis points to 0.15 percent.
Global Market Snapshot

• S&P 500 futures up 0.5% to 2141
• Stoxx 600 up 0.9% to 336
• FTSE 100 up 0.1% to 6690
• DAX up 1.3% to 9962
• German 10Yr yield up 5bps to -0.12%
• Italian 10Yr yield up less than 1bp to 1.21%
• Spanish 10Yr yield up less than 1bp to 1.16%
• S&P GSCI Index up 1.4% to 361
• MSCI Asia Pacific up 1.3% to 132
• Nikkei 225 up 2.5% to 16096
• Hang Seng up 1.6% to 21225
• Shanghai Composite up 1.8% to 3049
• S&P/ASX 200 up 0.3% to 5353
• US 10-yr yield up 5bps to 1.48%
• Dollar Index down 0.46% to 96.12
• WTI Crude futures up 1.8% to $45.57
• Brent Futures up 2.1% to $47.24
• Gold spot down less than 0.1% to $1,355
• Silver spot up 0.9% to $20.46

Top Global Headlines

• Xerox Said in Talks to Acquire, Then Split R.R. Donnelley: Xerox would be acquirer, merge R.R. Donnelley with spun units
• Seagate Expands Job Cuts to 6,500 as PC-Component Market Suffers: Cuts jobs to 14% of workforce, seeks to reduce costs
• Airbus, Boeing Get a Boost From Asia’s Appetite for Air Travel: China, Vietnam airlines order jets at Farnborough show; Boeing, Airbus Duel for $12 Billion Deal With India SpiceJet: Planemakers said to offer steep price cuts for discounter deal
• Alcoa Tops Estimates as Parts Business Shines Ahead of Split: Investors cheer split plan
• Lyft Is ‘Very Likely’ to Expand Outside U.S., Co-Founder Says: Global alliance includes China’s Didi Chuxing, India’s Ola and Southeast Asia’s Grab
• Imperva Said to Be Working With Qatalyst to Explore a Sale: Cybersecurity firm targeted by activist Elliott last month
• UBS’s Orcel Signals Halt to Years of Investment Bank Cuts: 2016 is going to be a tough year for everyone’ on pay
• Holder’s DoJ Overruled Advice to Prosecute HSBC, Report Says: Republican lawmakers say Holder misled Congress in testimony
• Adidas Sues Skechers, Says It Stole Shoe Design: Reuters: Co. says Skechers infringed two patents
• Facebook to Announce Plans to Use Microsoft’s Office 365: WSJ: Plans to be announced Tuesday
• SEC Investigating Tesla for Poss. Securities Law Breach: CNBC/DJ: Co. didn’t notify investors of autopilot accident

Looking at regional markets, another session of gains for Asian equities following a record close in the S&P 500 with risk on sentiment in full swing. Nikkei 225 (+2.5%) outperformed again amid a softer JPY following expectations of an imminent announcement of additional stimulus from PM Abe. ASX 200 (+0.3%) and Hang Seng (+1.6%) also extended on gains with the latter benefiting from upside in gaming names with analysts at UBS noting a strong start for July in Macau gaming revenue. Shanghai Comp (+1.8%) fluctuated between gains and losses before closing higher as participants await key data releases later in the week. JGBs fell following the improvement in risk sentiment while yields saw some upside across the curve, particularly in the long end following a lacklustre 30yr auction in which the b/c was lower than the prior announcement allied with a rise in the tail in price. Japan are to contemplate the size of economic stimulus for the time being and it is possible that they will issue construction bonds as a form of stimulus.
Top Asian News:

• Yen Extends Biggest Decline Since 2014 Before Stimulus Details: Prime Minister Shinzo Abe said he planned to add fiscal stimulus
• BYD Loses Bulk of $270 Million Electric Bus Order in China: Shenzhen Western Bus cancels buses after adjusting capacity
• Sun Hung Kai Billionaire Kwok Freed on Bail Pending Appeal: Former Sun Hung Kai co-chairman had been in jail since 2014
• Ground Zero of China’s Slowdown Leaves Locals Looking for Exit: China’s regions increasingly split between winners and losers

In Europe, equities trade in positive trade once again today, continuing the trend seen in both US and Asia, to see a high of 2908 in the EUROSTOXX (+1.7%), the best performer of the European bourses is the FTSE MIB which is currently up 2.1% as financials are leading the sectors in terms of performance. Also of note the automakers are performing well as Daimler (DAI GY) posted positive sales results and boosted guidance. After the solid performance in equities, fixed income has fallen of the back of strong risk appetite and as such, Bunds haver slipped back below the 166.00 level to trade at the lowest level since July 4th. Elsewhere, Gilts also trade lower but have been relatively steady alongside comments from BoE's Carney during his appearance at the Treasury Select Committee.
Top European News

• Daimler Rises as Profit Surprises and Mercedes Seals Sales Lead: Takata air-bag recalls cost almost EU500m, carmaker confident of reaching full-year operating-profit goal
• Sanofi Sees Cure for Cancer Woes in Moving West for Acquisitions: French drugmaker seeks ready drugs as well as bolder pioneers
• Covestro Cut Loose From Bayer Puts New Freedom to Work: Covestro stake could help Bayer get financing for Monsanto
• Airbus Said Close to Winning Germania Order for 25 A320neo Jets: Order would be valued at $2.68b at list prices,
• May Starts Work to Steady U.K. for Brexit After Promotion: Next U.K. leader best known to U.S. in fight against terrorism
• EU Finance Chiefs Call for Accelerated Brexit With May Ascent: Britain needs to trigger Article 50 to start exit from bloc
• Soapmaker Nirma Said to Plan $596 Million Bonds for Lafarge Deal: Nirma beats Indian billionaire Piramal, JSW in cement bidding

In FX, Japan’s currency fell 0.6 percent to 103.41 per dollar, adding to a 2.3 percent decline from the day before. Sunday’s election, which saw Abe’s ruling group score a convincing victory in the upper house, “opens up the scope for sweeping reforms,” said Mark McCormick, North American head of foreign-exchange strategy at Toronto-Dominion Bank. "The Bank of Japan is likely to add to the macroeconomic stimulus package by easing monetary policy along with a more supportive fiscal environment.” The pound rose 1 percent, its biggest gain since before the June 23 referendum, as May’s confirmation as the only remaining candidate to replace David Cameron removed a layer of political uncertainty. The Australian dollar rallied 1.3 percent, the best performance among 31 major currencies, as a report showed business confidence picked up last month and investors favored higher-yielding currencies. The MSCI Emerging Markets Currency Index added 0.1 percent. South Africa’s rand led gains, climbing 1 percent and Mexico’s peso advanced 0.7 percent.
In commodities, crude oil climbed 1.7 percent to $45.53 a barrel in New York before data forecast to show U.S. inventories fell for an eighth week. Nickel jumped 2.8 percent to $10,330 a metric ton in London amid speculation of supply cuts in the Philippines, the biggest ore producer, as the government threatens to close mines that don’t meet environment and safety standards. Goldman sees the price climbing to $12,000 over the next six months as the bank increased its price forecasts for most industrial metals through 2017. Copper, lead and zinc all gained more than 1 percent. Steel rebar jumped as much as 5.8 percent in Shanghai as the production hub of Tangshan city in China’s Hebei province was said to be restricting output before a memorial event. Iron ore climbed 5.9 percent in Singapore.
On today's US calendar, we get the NFIB small business optimism survey for June which printed at 94.5, modestly higer than the 93.8 expected. Also we'll get the JOLTS job openings report for May where the focus will be on the hiring and quits rates. That said given the rebound in payrolls for June this data may look a little stale. The other data due out this afternoon will be the wholesale inventories and trade sales report.
* * *
Bulletin Headline Summary from RanSquawk and Bloomberg

• European equities once again trade higher amid upbeat sentiment in Asia overnight and yesterday's record close in the S&P 500
• JPY continues to be swayed by ongoing stimulus expectations in Japan, although some momentum was taken out of the move after Japan failed to unveil any further details on the size of the package
• Looking ahead, highlights include US Wholesale Inventories, JOLTS Job Openings, API Crude Oil Inventories and potential comments from Fed's Bullard, Tarullo and Kashkari
• Treasuries lower in overnight trading as global equities rally along with commodities amid rising hopes of more stimulus; auctions continue with $20b 10Y notes (reopen), WI 1.485%; last sold at 1.702% in June, lowest since Dec. 2012.
• Theresa May is on a fast track to succeed David Cameron as prime minister and now has just two days rather than two months to build a team to rescue the U.K. from its worst political crisis in a generation and begin extricating it from the EU
• Mark Carney defended the Bank of England against criticism that it undermined its independence by highlighting the risks of a British decision to quit the European Union in the run-up to the referendum
• Banks’ demand for cash increased in the Bank of England’s third liquidity operation since the U.K. vote to leave the European Union sparked financial market turmoil
• Japanese Prime Minister Shinzo Abe told former Federal Reserve Chairman Ben S. Bernanke at a meeting in Tokyo he wants to speed up the nation’s exit from deflation, underscoring his commitment to implementing fresh economic stimulus
• The Bank of Japan will need to reduce the pace of its record purchases of government debt as it is approaching the limits of the bond market, said a former BOJ executive director
• The global search for bond returns has pushed Ukrainian government debt to highs not seen since before the first bullets were fired amid anti-government protests on Kiev’s central Maidan square more than two years ago
• China’s assertions to more than 80 percent of the disputed South China Sea have been dealt a blow with an international tribunal ruling it has no historic rights to the resources within a 1940s map detailing its claims
• President Obama will send 560 more troops to Iraq to help retake Mosul, the largest city still controlled by the Islamic State. The additional troops are the latest escalation of the American military role in Iraq

US Event Calendar

• 10:00am: Wholesale Inventories, May, est. 0.2% (prior 0.6%); Wholesale Sales, May, est. 0.5% (prior 1%)
• 10:00am: JOLTS Job Openings, May, est. 5.65m (prior 5.788m)
• 1:00pm: U.S. to auction $20b 10Y notes (reopen)

Central Banks

• 9:15am: Fed’s Tarullo speaks in Washington
• 9:35am: Fed’s Bullard speaks in St. Louis
• 5:30pm: Fed’s Kashkari speaks in Marquette, Mich.
• 9:30pm: Fed’s Mester speaks in Sydney

DB's Jim Reid concludes the overnight wrap
With a new PM (Theresa May) now suddenly in place in the UK - two months earlier than expected - the post Brexit policy agenda will soon be set. A combination of a new PM and Brexit is an opportunity for one country at least to embark on a major policy shift in a world where economic policy is in danger of going slowly down a col-de-sac. Obviously we may just have more of the same (loose monetary policy and fiscal straight jackets) but it's possible that the UK might use Brexit as an excuse to loosen fiscal policy with the Bank of England there to support it. Indeed it wouldn't be a surprise to see looser fiscal policy and more UK QE before year end and if that's not officially called helicopter money it might as well be. So watch to see who the new UK chancellor is and what they say. Listening to Theresa May yesterday you get the sense she would move away from deficit reduction being at the centre of policy. However the favourite for the Chancellorship according to the press seems to be Phillip Hammond who is known to be a fiscal hawk. So a fair bit of intrigue ahead. It's likely her cabinet will be in place by Thursday. One interesting comment May made recently was that Article 50 wouldn't be triggered this year. Whether this changes given her unexpected early coronation will also be closely watched.
Also under the spotlight right now is Japan where markets are on edge over the possibility of a hotly anticipated large fiscal stimulus package announcement. This comes following comments from PM Abe yesterday and the suggestion is that he is due to meet former Fed Chair Bernanke today after Bernanke met with BoJ Governor Kuroda yesterday. There’s been no announcement so far this morning but the story is dominating the wires. Our Japanese economists are noting that the market is expecting a package in the range of JPY10-20tn and the Nikkei newspaper also suggested that the government is considering issuing new debt for the first time in four years.
Japanese equity markets have rallied for a second consecutive day with the news. The Nikkei is +2.65% and the Topix +2.59%. The yen has weakened -0.30% although JGB’s are relatively little moved. Bourses elsewhere in Asia are firmer too. The Hang Seng (+0.60%), Shanghai Comp (+0.08%), Kospi (+0.05%) and ASX (+0.88%) in particular are all up.
The moves this morning come after markets yesterday continued to bask in the glow of Friday’s strong payrolls number. While moves were more modest by comparison, the S&P 500 managed to shrug off a stronger day for the Dollar closing up +0.34% and more notably at a new all time high when it passed the intraday record set back in May last year. The Nasdaq (+0.64%) also briefly passed the 5000 level for the first time this year and the Dow (+0.44%) is now within 90pts of its all time high made last year. The positive sentiment continued after the closing bell when Alcoa kicked off earnings season by reporting beats at both the earnings and revenue lines, sending shares up 4% in extended trading.
Markets in Europe were even more impressive yesterday with the Stoxx 600 closing up +1.64% and the DAX +2.12%. Meanwhile and in what feels fairly remarkable given the events of recent weeks, the FTSE 100 (+1.40%) has now entered a bull market having risen 21% from the February lows. Even the FTSE 250 surged +3.27% yesterday and has pared its post Brexit loss now to just 4%. The Euro Stoxx Banks index was up +1.50% too although that still has a fair way to go to get back to those pre-referendum levels with the index still down 18% in that time.
Just on the subject of banks, late last night the IMF weighed in on the Italian Bank debate, saying that ‘concerns related to the bail in of retail investors should be dealt with appropriately’. According to the FT the IMF mission chief for Italy said that ‘there is adequate flexibility within the existing state aid and BRRD framework to be able to deal with the problems’ and that ‘the framework exists and the framework is able to handle that’. This came after PM Renzi said earlier in the day that he sees an accord between Italy and the EU as ‘within reach’.
Where we did see a change in price action yesterday was in rates markets, where in contrast to the leg lower yields took post payrolls on Friday, sovereign bonds weakened for the most part yesterday. Indeed Treasuries stood out most with 10y yields there ending over 7bps higher at 1.431% and back to the highest in a week. 2y yields were also 5bps higher and at the highest post the UK referendum vote. Commentary attributed this partly to a weak 3y auction where demand was said to be the weakest since 2009 (based on the bid-to-cover ratio).
In terms of newsflow there wasn’t a huge amount to report outside of the latest UK political developments. We did hear from one of the most hawkish members at the Fed in Kansas City Fed President George who, having withdrawn her dissent for higher rates at the June FOMC meeting, said that the US economy is ‘at or near full employment’ and that while short term interest rates remain at historic lows, ‘keeping rates too low can also create risks’. George also said that the Fed has ‘largely achieved what it can on its dual mandate’ and that ‘I view the current level of Fed policy as too low’.
Away from this, in terms of the data that we got yesterday, in France the latest business sentiment reading in June came in unchanged at 97. Over in Italy the latest industrial production data was seen as disappointing (-0.6% mom vs. +0.1% expected) with the broader Euro area report looming tomorrow. Meanwhile in the US the lone data release yesterday came in the form of the June labour market conditions index (composed of 19 labour market indicators) which fell 1.9pts in June following a 3.6pt fall in May.
Looking now at the day ahead, this morning in Europe we’re kicking off shortly after this goes out in Germany where we’ll get the final revision to the June CPI report. Over in the US the early data release is the NFIB small business optimism survey for June which is expected to come in little changed relative to May. Following that, this afternoon we’ll get the JOLTS job openings report for May where the focus will be on the hiring and quits rates. That said given the rebound in payrolls for June this data may look a little stale. The other data due out this afternoon will be the wholesale inventories and trade sales report.
Away from the data it’s a busy day of Fedspeak. Tarullo (2.15pm BST), Bullard (2.35pm BST) and Kashkari (10.30pm BST) are all scheduled to speak today. Meanwhile the BoE is due to publish the record of the Financial Policy Committee’s meeting held on June 28th with Governor Carney due to speak shortly after at 10am BST.

U.S. Social Security Administration Admits That Their Reserves Will Be Depleted By 2034

In case you missed this last month, The U.S. Social Security Administration admits in their official report that that their reserves will be depleted By 2034 and that scheduled tax income is projected to be sufficient to pay only 75% of benefits thereafter, until 2090.
Here are relevant excerpts from the extensive 272 page report:
[Related: Social Security Administration To Rely On "Other-Than-Legal Immigration" To Take Up Slack & Pay For Baby Boomer's Benefit Checks - What happens when a criminal government fleeces the people for their entire lives by forcing them to pay into a mandatory 'social security' program yet then spends all the money that was slated for those benefits? Why, they rely on a younger host of illegal aliens- excuse me, "other-than-legal immigration," as they politely put it, to take up the slack in future generations. Here is what the Social Security Administration says about immigration in their official 272-page '2016 OASDI Trustees Report.' OASDI stands for old age, survivor and disability insurance, which is more commonly referred to as Social Security.]
Also be sure to see this, from WhatReallyHappened.com: FLASHBACK - BILL CLINTON LOOTED SOCIAL SECURITY TO CREATE HIS FEDERAL BUDGET SURPLUS
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Social Security
The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. Workers earn these benefits by paying into the system during their working years. Over the program's 80-year history, it has collected roughly $19.0 trillion and paid out $16.1 trillion, leaving asset reserves of more than $2.8 trillion at the end of 2015 in its two trust funds.
The Bipartisan Budget Act of 2015 was projected to postpone the depletion of Social Security Disability Insurance (DI) Trust Fund by six years, to 2022 from 2016, largely by temporarily reallocating a portion of the payroll tax rate from the Old Age and Survivors Insurance (OASI) Trust Fund to the DI Trust Fund. The effect of updated programmatic, demographic and economic data extends the DI Trust Fund reserve depletion date by an additional year, to the third quarter of 2023, in this year's report. While legislation is needed to address all of Social Security's financial imbalances, the need remains most pressing with respect to the program's disability insurance component.
The OASI and DI trust funds are by law separate entities. However, to summarize overall Social Security finances, the Trustees have traditionally emphasized the financial status of the hypothetical combined trust funds for OASI and DI. The combined funds satisfy the Trustees' test of short-range (ten-year) close actuarial balance. The Trustees project that the combined fund asset reserves at the beginning of each year will exceed that year's projected cost through 2028. However, the funds fail the test of long-range close actuarial balance.
The Trustees project that the combined trust funds will be depleted in 2034, the same year projected in last year's report. The projected 75-year actuarial deficit for the combined Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds is 2.66 percent of taxable payroll, down from 2.68 percent projected in last year's report. This deficit amounts to 1.0 percent of GDP over the 75-year time period, or 20 percent of program non-interest income or 16 percent of program cost.

---

After 2019, interest income and redemption of trust fund asset reserves from the General Fund of the Treasury will provide the resources needed to offset Social Security's annual deficits until 2034, when the reserves will be depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2090. The ratio of reserves to one year's projected cost (the combined trust fund ratio) peaked in 2008, declined through 2015, and is expected to decline steadily until the trust funds are depleted in 2034.

---

In 2015, Social Security's reserves increased by $23 billion to $2.8 trillion by the end of the year. The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, averted a near-term shortfall in Social Security's Disability Insurance (DI) Trust Fund. The temporary reallocation of tax rates from the Old-Age and Survivors Insurance (OASI) fund to the DI fund means that DI will be able to pay full benefits until 2023. OASI is able to pay full benefits until 2035, and the combined OASDI funds 1 until 2034, both unchanged from last year.

---

Each of these trust funds' operations will contribute increasing amounts to Federal unified budget deficits in future years as trust fund bonds are redeemed. Until 2028, interest earnings and asset redemptions, financed from general revenues, will cover the shortfall of HI tax and premium revenues relative to expenditures. In addition, general revenues must cover similar payments as a result of growing OASDI bond redemption and interest payments through 2034 as the trust fund is drawn down.

---

DI Trust Fund reserves will increase until 2019 and then fall steadily until they are fully depleted in 2023. Payment of full DI benefits beyond 2023, when tax income would cover only 89 percent of scheduled benefits, will require legislation to address the financial imbalance.
The OASI Trust Fund, when considered separately, has a projected reserve depletion date of 2035, the same as in last year's report. At that time, income would be sufficient to pay 77 percent of scheduled OASI benefits.
The combined OASDI trust funds have a projected depletion date of 2034, the same as in last year's report. After the depletion of reserves, continuing tax income would be sufficient to pay 79 percent of scheduled benefits in 2034 and 74 percent in 2090.
The OASDI reserves are projected to grow in 2016 because total income ($944.6 billion) will exceed total cost ($928.9 billion). This year's report indicates that annual OASDI income, including payments of interest to the trust funds from the General Fund, will continue to exceed annual cost every year until 2020, increasing the nominal value of combined OASDI trust fund asset reserves. Social Security's cost is projected to exceed its non-interest income by $73 billion in 2016, and annual non-interest income deficits will persist through 2090. The trust fund ratio (the ratio of projected reserves to annual cost) will continue to decline gradually (Chart E), as it has since 2008, despite this nominal balance increase. Beginning in 2020, net redemptions of trust fund asset reserves with General Fund payments will be required until projected depletion of these reserves in 2034.

---

How Are Social Security and Medicare Financed? For OASDI and HI, the major source of financing is payroll taxes on earnings paid by employees and their employers. Self-employed workers pay the equivalent of the combined employer and employee tax rates. During 2015, an estimated 168.9 million people had earnings covered by Social Security and paid payroll taxes; for Medicare the corresponding figure was 172.7 million. Current law establishes payroll tax rates for OASDI, which apply to earnings up to an annual maximum ($118,500 in 2016) that ordinarily increases with the growth in the nationwide average wage. When the cost-of-living adjustment (COLA) for December of any year is zero, as occurred in 2015, the maximum taxable earnings amount does not increase for the following year. In contrast to OASDI, covered workers pay HI taxes on total earnings. ...
Who Are the Trustees? There are six Trustees, four of whom serve by virtue of their positions in the Federal Government: the Secretary of the Treasury, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security. The other two Trustees are public representatives appointed by the President, subject to confirmation by the Senate. The two Public Trustee positions are currently vacant.

LINKS:

• Report Summary: https://www.ssa.gov/oact/TR/2016/index.html
• FULL REPORT 272 PAGES https://www.ssa.gov/oact/TR/2016/tr2016.pdf

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HERE IS THE CLOSE-UP VERSION. GO TO MINUTE 20. Trump says that the "Israel Did 9/11' Protester is "A Trump Guy, He's On Our Side, He's Very Committed, he's Got a lot of energy."

Here is the wide-shot footage from the back of the room. If you watch starting at around minute 20, That's when I interrupt him, and he responds to me. Then a few minutes later, he stops his speech again to watch the Secret Service take me out, and he is referring to me when he says: [21:18] Oh! Don't hurt him. Don't hurt him. Be very nice. Be very nice. Yep. Be nice to him. Don't hurt him. See how nice I'm being? I'm only doing it for them, you know that (points to the media) Don't hurt him! (21:34) Tell me, ... I love you too, maam.. Look. Is there more fun than a Trump rally? (21:48) Is there more fun?  


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Martin Hill is a Catholic paleoconservative and civil rights advocate. His work has been featured in the Los Angeles Daily News, San Gabriel Valley Tribune, The Orange County Register, KNBC4 TV Los Angeles, The Press Enterprise, LewRockwell.com, WhatReallyHappened.com, Infowars.com, PrisonPlanet.com, Economic Policy Journal, TargetLiberty.com, FreedomsPhoenix, Haaretz, TMZ, Veterans Today, Jonathan Turley blog, The Dr. Katherine Albrecht Show, National Motorists Association, AmericanFreePress.net, RomanCatholicReport.com, WorldNetDaily, HenryMakow.com, OverdriveOnline.com, Educate-Yourself.org, TexeMarrs.com, Dr. Kevin Barrett's Truth Jihad radio show, Strike-The-Root.com, Pasadena Weekly, ActivistPost.com, Los Angeles Catholic Lay Mission Newspaper, KFI AM 640, IamtheWitness.com, Redlands Daily Facts, SaveTheMales.ca, BlackBoxVoting, The Michael Badnarik Show, The Wayne Madsen Report, Devvy.com, Rense.com, FromTheTrenchesWorldReport.com, BeforeItsNews.com, The Contra Costa Times, Pasadena Star News, Silicon Valley Mercury News, Long Beach Press Telegram, Inland Valley Daily Bulletin, L.A. Harbor Daily Breeze, CopBlock.org, DavidIcke.com, Whittier Daily News, KCLA FM Hollywood, The Fullerton Observer, Antiwar.com, From The Trenches World Report, and many others. Archives can be found at LibertyFight.com and DontWakeMeUp.Org.

US probe into HSBC money laundering ‘hampered’ by George Osborne - reports

Source: RT

Chancellor George Osborne sought to influence a US investigation into HSBC, after the bank admitted laundering money for drug cartels and terrorists, by warning prosecution could throw the global financial system into turmoil.

A US House of Representatives committee report found the British Chancellor and Financial Services Authority (FSA) intervened in a US Department of Justice (DOJ) investigation into illegal activities by the banking giant.
According to the report, prepared by Republicans, the DOJ considered criminal charges in addition to a £1.2 billion (US$1.6 billion) fine it levied in December 2012, but came under pressure from Osborne to drop prosecution.
The report, ‘Too big to jail: Inside the Obama Justice Department’s decision not to hold Wall Street accountable’, said Osborne sent a letter in September 2012 to Ben Bernanke, then-chairman of the Federal Reserve.
“Chancellor Osborne insinuated in his letter of September 10 that the US was unfairly targeting UK banks by seeking settlements that were significantly higher than ‘comparable’ settlements with US banks,” the report claimed.
In the letter, Osborne wrote that questions over HSBC’s continued ability to clear US dollars “would risk destabilising the bank globally, with very serious implications for financial and economic stability, particularly in Europe and Asia.”
In addition to Osborne, the then-UK banking regulator, the FSA, also “weighed in very strongly” against a criminal prosecution, according to an email from a senior Treasury Department official.
The committee report also found that intervention from the FSA “appears to have hampered the US government’s investigations and influenced DOJ’s decision not to prosecute HSBC.”
If DOJ had gone ahead with a criminal prosecution, and HSBC had been found guilty, the US government would have had to review and possibly revoke the bank’s license to do business in the country.
Then-Attorney General Eric Holder subsequently overruled the advice of his own prosecutors, who were pushing for criminal charges to be levied.
In March 2013, Holder told the US Congress that some banks were “too large” to prosecute.
“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” he said.