Tuesday, 31 January 2017

Civil (Service) War.



Baltic Dry Index. 816 -11   Brent Crude 55.14

LIR Gold Target in 2019: $30,000.  Revised due to QE programs.

“The Democrats haven’t been this upset since Republicans took their slaves away.”

Anon.

We open this last day of January 2017 with high drama in the USA. President Trump has promptly fired holdover Acting Attorney General for, in effect, party political rebellion.  The Dems still haven’t come to terms with the fact that they lost the election in November. It may be pale compared to President Nixon’s “Saturday night massacre,” or President Reagan’s destruction of the union Patco, but it sends a clear signal to democrats in the civil service, insubordination won’t be tolerated.

Since love and fear can hardly coexist together, if we must choose between them, it is far safer to be feared than loved.

Niccolo Machiavelli.

Trump fires acting attorney general who wouldn’t defend travel ban

By Devlin Barrett and Damian Paletta  Published: Jan 30, 2017 11:52 p.m. ET

Trump says Sally Yates ‘betrayed’ Department of Justice

The White House on Monday fired Acting Attorney General Sally Yates, after she instructed Justice Department attorneys not to defend in court an executive order signed by President Donald Trump suspending immigration from seven majority Muslim countries.
Yates learned of her firing Monday evening, in a hand-delivered letter from the White House’s Office of Personnel, according to a person familiar with the matter

In a statement, the White House said Yates “betrayed the Department of Justice by refusing to enforce a legal order designed to protect the citizens of the United States.’’

----Yates was replaced by Dana Boente, the U.S. attorney for the Eastern District of Virginia, until Trump’s attorney general nominee, Jeff Sessions, is confirmed by the U.S. Senate, which could happen next week.
The decision by Sally Yates, who became the acting head of the Justice Department when Loretta Lynch stepped down as attorney general this month, was in response to the series of lawsuits that were filed in the first 24 hours in which immigration officials began enforcing Trump’s order.

More

http://www.marketwatch.com/story/justice-department-wont-defend-trumps-travel-ban-for-now-2017-01-30

It looks like trouble ahead in the EUSSR, in the clash between the loose ECB pushing inflation, and Germany heading towards a key general election in the Autumn. In the EUSSR Paymaster vs The Italian Bankster from Goldie, it’s like picking between which Sopranos mobster family you want in control. Another unintended consequence of nearly 50 years on the Great Nixonian Error of fiat money, communist money.

German Inflation at Highest Since 2013 Puts ECB in Spotlight

by Carolynn Look
30 January 2017, 13:00 GMT
German inflation accelerated to the fastest pace in three and a half years in January, providing ammunition for critics of the European Central Bank’s stimulus measures.

Consumer prices rose 1.9 percent from a year ago, data from the Federal Statistics Office showed on Monday. That’s up from 1.7 percent the previous month and the highest rate since July 2013, though below the median estimate of 2 percent in a Bloomberg survey. Prices slid 0.8 percent from December.
The surge in German inflation since the end of last year is a potential political flashpoint in the country, which faces elections in September, as savers remain burdened with near-zero deposit rates. Calls are mounting for the ECB to start talks over winding down its bond-buying program, which is scheduled to run until at least the end of this year, though policy makers have generally urged caution until it’s clear price increases are being sustained in the euro area as a whole.
“Monetary policy can’t just cater to one country but to the entire euro-zone economy,” Ewald Nowotny, governor of Austria’s central bank said on Monday in Vienna before the data were published. “German developments are watched, but they are just a part.”
Nowotny said that while the ECB’s Governing Council will “surely” have to take a decision on the future of quantitative easing before the end of 2017, he doesn’t expect that to happen until after the summer.
ECB President Mario Draghi said this month that Germans should demonstrate patience as the region’s recovery solidifies, noting that there are “no convincing signs” yet that underlying inflation is picking up. At the same time, Executive Board member Sabine Lautenschlaeger and Bundesbank President Jens Weidmann have signaled that the time is near to start a discussion about how to gradually normalize policy, and German Finance Minister Wolfgang Schaeuble has warned that the ECB’s stance could cause “political problems.”
German inflation, calculated using a national measure, was led by a 5.8 percent gain in energy costs, the statistics office’s report showed. Goods prices climbed 2.7 percent and services rose 1.2 percent.
Inflation in the euro area probably accelerated to 1.5 percent in January from 1.1 percent the previous month, a separate Bloomberg survey shows. Eurostat will release those figures on Tuesday.
In yet more news of Europe’s banksters acting as criminal money launderers, we ask once again why do these criminal enterprises still hold EU and USA banking licences?

“The world is a place that’s gone from being flat to round to crooked.”

Mad Magazine

Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425 Million

by Greg Farrell and Keri Geiger
Deutsche Bank AG has taken the first step to resolve allegations that it helped wealthy Russians launder billions of dollars, reaching a deal with New York’s Department of Financial Services that requires it to pay a $425 million penalty, the regulator said.

The New York settlement, approved by the bank on Monday, resolves allegations that Deutsche Bank employees used a “mirror-trading scheme” to help wealthy Russians move $10 billion out of that country from 2011 through 2014. The New York regulator said it appears that a close relative of a Deutsche Bank supervisor in Moscow received bribes worth a quarter million dollars so that the supervisor would clear the trades.

The bank is also poised to reach a similar agreement with the U.K.’s Financial Conduct Authority that will include an additional penalty of several hundred million dollars, a person familiar with the matter said.

The highest-profile probe into the matter is still under way. Federal prosecutors in the U.S. are pursuing a criminal investigation into whether the German lender’s internal controls failed to pick up the scheme, people with knowledge of the matter have said.

In addition to the financial penalty to the New York regulator, the bank will have to hire an independent monitor, its sixth in the U.S., according to Bloomberg research.

 “This Russian mirror-trading scheme occurred while the bank was on clear notice of serious and widespread compliance issues dating back a decade,” DFS Superintendent Maria Vullo said in a written statement. “The offsetting trades here lacked economic purpose and could have been used to facilitate money laundering or enable other illicit conduct, and today’s action sends a clear message that DFS will not tolerate such conduct.”
More

Finally, like a bad penny always coming back, Tepco and Fukishima remind us all why nuclear power is not part of mankind’s energy solution.

Tepco spots possible nuclear fuel debris at Japan's Fukushima reactor

Mon Jan 30, 2017 | 6:46am EST
Tokyo Electric Power (Tepco), the operator of Japan's wrecked Fukushima nuclear plant, said on Monday it may have found nuclear fuel debris below the damaged No. 2 reactor, one of three that had meltdowns in the 2011 disaster.
Should the finding be confirmed, it would mark a significant breakthrough in attempts to clean up the nuclear plant, after years of delays, missteps and leaks of radioactive water.
Finding the highly radioactive melted uranium rods may pave the way for Tepco to develop methods to remove the melted fuel.
Tepco detected a black lump of material directly below the reactor in an inspection by camera on Monday and could not rule out the possibility it was melted fuel, an official told a news briefing.
"This is a big step forward as we have got some precious data for the decommissioning process, including removing the fuel debris," the official said.
The company will analyze the data to decide whether it could send a robot into the reactor for further investigation, he said.
In the world's worst nuclear calamity since Chernobyl in 1986, three reactors at Tepco's Fukushima plant melted down after a magnitude 9 earthquake struck off the coast of Japan in March 2011, triggering a tsunami that devastated a large area and killed more than 15,000 people.
About 160,000 people fled their homes after the meltdowns caused explosions that dumped radioactive materials across a swath of Fukushima prefecture. Many of those people are unlikely to return.
It took Tepco about two months to admit the reactors had melted down, confirming what experts had been saying for weeks.
Tepco has made some progress, such as removing hundreds of spent fuel rods in one of the damaged buildings. But it has failed to establish the location of the melted fuel rods in the other three damaged reactors at the plant.
The utility has been developing robots that can swim under water and negotiate obstacles in damaged tunnels and piping to search for the melted fuel rods.
But as soon as the robots get close to the reactors, the radiation destroys their wiring and renders them useless.
In December, the government nearly doubled its projections for costs related to the Fukushima nuclear disaster to 21.5 trillion yen ($188 billion), increasing pressure on Tepco to step up reforms and improve its performance.
More

At the Comex silver depositories Monday final figures were: Registered 29.04 Moz, Eligible 150.57 Moz, Total 179.61 Moz. 

Crooks and Scoundrels Corner

The bent, the seriously bent, and the totally doubled over.
Below an old, old, story with never a happy ending. The moral of this story is, if you’re going to lie, steal, and cheat, and expect to get away with it, you have to be a US based bankster or Great Vampire Squid.
Why did I take up stealing? To live better, to own things I couldn't afford, to acquire this good taste that you now enjoy and which I should be very reluctant to give up.

Cary Grant. To Catch A Thief.

Ex-tycoon Batista held on return to Brazil on graft charges: report

Mon Jan 30, 2017 | 8:41am EST
Eike Batista, once Brazil's richest man, flew into Rio de Janeiro on Monday and was detained by federal police in connection with charges including an alleged $16 million bribe to a former governor, Globo news television reported.
Batista, a brash entrepreneur who became the face of Brazil's now-fizzled commodities boom, had been sought since last week by Brazilian police, who raided his Rio mansion and confiscated his luxury cars as part of their bribery investigation.
The 60-year-old businessman, who five years ago had a net worth exceeding $30 billion and was considered among the world's 10 richest people, arrived aboard an American Airlines flight from New York at Rio's international airport just after 10 a.m. local time (1200 GMT).
Since the police raid last week, a Brazilian judge declared him a fugitive and requested his name be added to the wanted list of Interpol, the international police agency.
"I am returning to answer to the courts, as is my duty," Batista said in a brief interview with Brazil's Globo television network at New York's John F. Kennedy International Airport. "It's time for me to clear this up."
Batista told Globo he never intended to flee and was in New York on business. Batista declined to answer a reporter's question about whether he considered himself guilty or innocent.
Batista's lawyer, Fernando Martins, told Reuters that he did not yet know to which prison his client would be taken.
Inmates with a college degree - which Batista does not have - are usually separated from the rest of the population in Brazil's crowded and chaotic prison system, which has suffered a series of violent riots this year.
A former wildcat gold miner, Batista attracted ravenous demand for shares in his mining and energy ventures. With the decline in oil and mineral prices in recent years, Brazil fell into a recession, and Batista's empire evaporated.
As the bonanza faded, investigators in Brazil discovered large-scale corruption around many major projects from the boom years.
Starting with a probe into kickbacks around state-run oil company Petroleo Brasileiro SA, the investigation shed light on a culture of bribery among government officials, politicians and many big companies, especially engineering, energy and infrastructure groups reliant on public licenses and contracts.
Police said last week that Batista had paid roughly $16 million to former Rio Governor Sergio Cabral in exchange for support of the businessman's many Rio-based endeavors. Cabral, who resigned from office in 2014, has been jailed since last year in connection with other corruption charges.
The oil companies OGX Petroleo and OGX Oleo e Gas and mining company MMX, which were founded by Batista, said on Monday he no longer holds administrative roles and his arrest would have no material impact on them.
The professors who taught Efficient Market Theory said that someone throwing darts at the stock tables could select stock portfolio having prospects just as good as one selected by the brightest, most hard-working securities analyst. Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient.

Warren Buffett.

Solar  & Related Update.

With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported. Is converting sunlight to usable cheap AC or DC energy mankind’s future from the 21st century onwards? DC? A quantum computer next?

Canal-top solar power plants: One example of Narendra Modi's Gujarat Model that's working well

Mehsana (Gujarat): As far as the eye can see, line after line of solar panels stretch out in the midday sun beating down on the village of Chandrasan here in this eastern Gujarat district, which squeezes in 80 more people per sq km than India’s already crowded average of 441 people per sq km.

But there is no land conflict involved with the Chandrasan installation because the solar panels unfurl over a 750 m length of irrigation canal.

The canal-top solar panels were installed in India’s sunniest state in 2012 and now offer hope for a country three times as densely populated as China, at a time when India aims for almost a nine-fold increase in solar capacity between between 2017 and 2022 to fulfil global climate-change commitments and reduce its dependence on coal-fired power plants.

The canal-top idea was first tabled at a 2011 Vibrant Gujarat Summit by the then Chief Minister of Gujarat, Narendra Modi, said Bela Jani, a spokesperson at state-owned Gujarat State Electricity Corporation Limited (GSECL). The aim was to utilise the area above the canals, saving the government the cost, time and inconvenience associated with land acquisition.

Gujarat alone has a canal network of 80,000 km. Using even 30% of this network for canal-top solar projects, according to GSECL estimates, 18,000 MW of power could be produced in just Gujarat–almost equal to the current coal-based installed capacity of Delhi, Rajasthan and Telangana–and 90,000 acres of land, or twice the size of Kolkata, could be saved.

In other words, installing solar-panels over 30% of Gujarat’s canals could be used to meet nearly a fifth of India’s solar power targets by 2022.
More

The monthly Coppock Indicators finished December

DJIA: 19763  +74 Up NASDAQ:  5383 +70 Up. SP500: 2239 +75 Up

No comments:

Post a Comment