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“What Happens When The Market Can No Longer Pretend”: Charting Today’s Minsky Moments Dynamics

October 28, 2017 Tyler Durden 0

Back in July, Deutsche Bank’s derivative strategist Aleksandar Kocic believed he had found the moment the market broke, which he defined as a terminal dislocation between market and economic policy uncertainty: as he wrote 4 months ago, it was some time in 2012 that markets “lost their capacity to deal with uncertainty.”

It was also some time in 2012 that traders and market participants realized central banks have not only taken over the market, but have no intention of ever leaving as the alternative is a crash that wipes out 8 years of artificial “wealth effect” creation and puts the very concept of fractional reserve and central banking in jeopardy.

This intention was confirmed last week when as Kocic again wrote overnight, it became clear – once again – that Central Banks’ main agenda “is management of the risk of policy unwind” which has two different aspects, especially for those who still believe there is such as a thing as a “market.” Kocic explains:

  • On one hand, it is reassuring that Central Banks are cognizant of severity of the risk and are showing appropriate flexibility in adjusting their reaction functions to incorporate these realities.
  • On the other hand, this is less good because it does not allow the market to reposition and, thus, normalize. By soliciting feedback from the markets, Central Banks are further encouraging bad behavior making things potentially worse by postponing the resolution further into the future.

This is also the “nightmare scenario” envisioned by Eric Peters: a world in which central banks inject more and more liquidity and “stimulus”, and yet inflation does not rise, resulting in greater and greater financial inflation, i.e., asset bubbles, and a Fed chair who is confused about the “mystery” of inflation.

Yet while the Fed is mystified by the lack of “real economic” inflation – just because it is unwilling to admit it has blown yet another bubble – investors are mystified by something else entirely. As Kocic explains, the common theme constraint in this world in which central banks are focused on “risk policy unwind”, the same risk they created, is that investors, and people in general, are facing fixed long-term liabilities. In such a world, “with continued political pressure to reduce taxes and avoid more deficit spending, welfare programs and safety nets are being further dismantled and, through continued privatization, those costs are being passed onto consumers. This means that long-term liabilities are not going down any time soon; if anything, they are most likely to continue to grow”

In this environment, in which demographics + debt + disruption = deflation, “investors are looking for higher returns and money managers are pressured to deliver in an increasingly challenging environment as risk premia continue to compress across the board. The dilemma money managers are facing is either to engage in short term risky strategies or face redemptions.

This is another way of saying “you will either become part of the crowd or your career is over.” And since most financial professionals have conceded, and are indeed part of the crowd, “anything that would disturb this mechanism is likely to make markets unhappy and cause “tantrums” which could escalate and potentially trigger unwind of the existing positions creating a situation that would be difficult, if not impossible, to manage.”

Since this forces current flawed monetary policy to persist and remain “transparent, predictable and overly accommodative”, it further reinforces “bad behavior and focus on short term strategies with disregard to their long-term consequences.” Which is Kocic’s traditionally verbose way of saying all traders care about is the year end bonus; as for what happens after, to paraphrase Louis VX, “Apres moi, le deluge.”

In practical terms, this means that while markets appear to be locally stable, they “are effectively dancing on the edge of metastablity whereby practically any non-trivial shock can be destabilizing” as “people had abandoned any long-term agenda and have concentrated all the efforts on extracting as much as possible in the near term.” This goes back to what Kocic said back in June when he first defined the market’s “metastable” (dys)equilibrium, and predicted that eventually it would lead to “cataclysmic events.”

Picking up where he left off, Kocic explains that investor confusion, or rather schizophrenia, is the result of an “overhang of almost a decade of unprecedented stimulus and one-sided positioning” which has made “the market is vulnerable to violent selloffs.”

 This is a consequence of Central Banks’ complicity and shrinking of the horizons – the future is degrading into an optimized present. At this point, there is an implicit symbolic pact between Central Banks and the markets.

This brings the old trope created by Kocic when he looks at the interplay between the Fed and markets as manifestations of second, third and higher level intentionality, or as the DB analyst puts it, “the Fed knows that the market knows and the market knows that the Fed
knows that the market knows, so everyone knows, but pretends that nobody
knows and the game goes on.”

 Which, of course, is the $64 trillion question, “what happens if there is an exogenous
circuit breaker and we can no longer pretend?
” Or, what happens when the Fed can no longer fake that things are normal…

But what?

Which brings us to the question of crisis catalysts – what is the “non-trivial” shock that will break the current cycle of metastability and unleash the next “cataclysm.”

To answer, Kocic looks at the interplay of volatility and leverage in history, one “which defines the dynamics of the economy. Generally, reduced uncertainty engenders higher levels of leverage which in turn leads to additional compression of risk premia and a buildup of risks. Ultimately the system becomes unstable and results in a crisis, which in turn forces the system to deleverage in a highly volatile manner. In a way, continued prosperity and stability in itself is destabilizing leading to riskier lending as the asset prices of collateral decline. This is the essence of Minsky’s take on financial markets.

And since it has become the Fed’s sole purpose to prevent this mean reversion from taking place, perhaps ever, ultimately the tension in markets boils down to this simple question: how long can the Fed prevent the “Minsky moment” from asserting itself, sending volatility soaring and ending the current unstable state, ironically by injecting ever more of the one catalyst that unleash the next crisis: debt.

Below is Kocic’ explanation of what the Minsky dynamics for the “new, centrally-planned, normal” market look like, how the interplay of vol and leverage could spark the next crisis, and what catalysts could send the world spiraling into a state of currency, and unconstrained, crisis. 

The forgotten horizon: Where the wild things are

 

Excess liquidity can cause asset bubbles and market crises. However, excess liquidity cannot do it alone; it must be helped by deregulation and an asset that can convert liquidity into inflation. So far, both of these factors have been under control post 2008 – the financial sectors have been regulated and an asset class capable of forming a bubble is not on the horizon. However, and this is where the risk lies, as there is political pressure to deregulate the markets and inject additional fiscal stimulus, the door is being open for unprecedented liquidity injection to backfire in the long run.

 

What should we do if we really have to worry beyond the short-term horizon? In our view, the experience of the past eight years could hold a key to understanding the response of the markets to potential normalization in rates and volatility. Since the early days of the crisis, we have had four episodes of violent selloff with repricing of similar intensity: QE1, QE2, Taper tantrum, and 2016 US Presidential elections. However, each time, that the market was addressing different kind of risk with a distinct pattern of repricing of the volatility surface.

 

In order to establish cognitive coordinates of the problem which allow us to generalize the past experience, we discuss the general framework of volatility evolution in the context of leverage. There is a relationship between leverage and vol which defines the dynamics of the economy. Generally, reduced uncertainty engenders higher levels of leverage which in turn leads to additional compression of risk premia and a buildup of risks. Ultimately the system becomes unstable and results in a crisis, which in turn forces the system to deleverage in a highly volatile manner. In a way, continued prosperity and stability in itself is destabilizing leading to riskier lending as the asset prices of collateral decline. This is the essence of Minsky’s take on financial markets.

 

During the conundrum years of the mid-zero-zero decade, there were several factors that led to subsequent instabilities and the 2008 crisis. In addition to low rates catalyzing the growth of the housing market, we had an increasingly predictable monetary policy on the back of further reduction of economic uncertainty and transfer of convexity risk to the banks’ balance sheets without a clear transmission mechanism to the capital markets. This led to continued decline in volatility and compression of risk premia as investors sought higher levels of risk in order to insure stable returns. This is the period of lowest volatility and highest leverage. In order to capture these dynamics, we describe the market behavior in terms of leverage and volatility (or risk premia), see the figure below. In this space, there are four quadrants corresponding to different regimes and the market trends with quasi-cyclical trajectories capturing the evolution of financial markets as they transition through different operating modes.

 

The low-vol/high-leverage state is intuitively easy to understand — we have already seen its full realization during the conundrum years, about a decade ago, and are currently getting a taste of its modified version. High-vol/high-leverage would correspond to the period of unsustainable public or private debt, such as the ones observed in certain emerging market economies, with typically high inflation and currency problems. High-volatility/low -everage would correspond to forced and disorderly deleveraging. Low-volatility/low-leverage is a regime we are trying to avoid.

 

 

The figure captures generalized trajectories of volatility and leverage as seen in the last 10-15 years. This approach is a conceptual relative to the Minsky’s idea of endogeneity of financial crises. To illustrate the market evolution in this context, we start our journey somewhere in the lower left quadrant and follow the trajectory along the ellipse in the clockwise direction. We can think of this starting point as being some time around the middle of the last decade. As the risk premia compress, leverage increases leading to higher levels of risk taking, which results in a crisis. The volatility spikes up while the system begins to deleverage. At some point the government steps in and for awhile there is an uncertainty about whether it would be able to contain the crisis without causing serious long-term side effects.

 

Volatility continues to grow despite the decline in leverage until there are first signs of relaxation and market stabilization. As vol goes through a turnaround the system continues to deleverage, we are leaving the upper half of the plane. The success of policy response up to that point brings in some optimism about future economic growth and risk premia begin to compress.

 

We are currently in the lower half plane. As we transition from the lower right to the lower left quadrants, the policy unwind begins. During taper tantrum, the system faces a dilemma between forced deleveraging (e.g. unwind of the Fed balance sheet and disorderly bear steepener) or gradual deleveraging with uneventful exit and transition deeper into the lower left quadrant (this is denoted as the “Base case”). This path requires some fine tuning as efforts are made not to overregulate the system and slip into a deflationary trap.

 

At around the same vol levels, during the 2016 presidential elections, new risk is resurfacing. With protectionist rhetoric and promises of additional fiscal spending, the risks of opening corridor to high inflation and currency crisis is back on the table, but this time, due to massive growth of retail balance sheet this becomes entangled with uncertainty about the long-term monetary policy response in this context.

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SOLVED: JFK and others murdered by the Elite Shadow One World Order

October 28, 2017 globalintelhub 0

(GLOBALINTELHUB) – 10/28/2017 —

Since all the people involved in the JFK murder and investigation are dead, one might wonder why all the fuss about documents from 50 years ago really matter.  FX traders are mostly conspiracy theorists, either they are part of the FX rigging scandal making billions off the backs of unsuspecting clients that don’t understand FX, or they are traders trying to guess why markets move the way they do in order to protect their positions.  In any case, FX traders see how FX moves ahead of terrorist events, and how the US Dollar tracks several hours ahead of key global military events.  Also, the world really hasn’t changed much, especially the architecture of modern political power, so a look into the past can be also a look into the present.  The parallels of JFK and Trump are interesting, both being from rich families and both in some way ‘turned’ against the mainstream establishment.  Although the world is too different now for a fair comparison, and JFK and Trump are nearly polar opposites when it comes to them individually.  While the recent data dump of documents presents more circumstantial evidence than ever before – all from the ultimate source (the US Government) any ‘smoking gun’ document has long been destroyed.  Perhaps the only smoking gun is the ‘burned memo’ which could be a cryptic assassination directive.

While the world wonders about President Trump, 54 years ago, a US President was murdered in broad daylight in Dallas, Texas; John Fitzgerald Kennedy – the only Irish Catholic President, and possibly one of the only US Presidents that was not a Freemason.  To this day, the facts surrounding this event remain clouded.  The ‘official’ Warren Commission report presents fanciful theories about a “Magic Bullet” that was able to go in and out of JFK’s body multiple times, and other wild fantasies.  But this official report is ‘official’ and any other explanation of the events of that day are ‘conspiracy theories.’  As time has passed, and secondary information surfaces, there are indications of the true power of the information that was kept secret for so long.

The murder of JFK is perhaps one of the most significant events of the 20th century.  In the past 10 years, new information has surfaced that portends to a major re-investigation into the issue.  As well, a generation has passed since the event which took place 1963.  This article presents two unique viewpoints, previously unpublished, as well as looking at some recently released evidence:

  1. The book titled Kennedy’s Last Stand: Eisenhower, UFOs, MJ-12 & JFK’s Assassination
  2. New evidence that has surfaced since the making of Oliver Stone’s “JFK” in 1991
  3. Groundbreaking documentary created BEFORE release of documents “JFK to 911 is a Rich Man’s Trick”

The Warren Commission came up with nonsensical conclusions he said, such as the “Magic Bullet” and the lone assassin theory, that Oswald did it by himself.  No one took it seriously, at the time, but what could anyone do?  It was obviously much bigger than one agency, even bigger than the office of the President, so whatever power lurking in the shadows – was not one to mess with!

Part 1: The Book that all JFK researchers should read

Kennedy’s Last Stand: Eisenhower, UFOs, MJ-12 & JFK’s Assassination – This is a must read, for those interested in the topic of ‘information’ and ‘informatics’ even if you’re not interested in the subject of UFOs.  The point here is that documentary evidence regarding the UFO conspiracy is real and comes from the top.  A group so powerful (MJ-12) they shut out the President (Eisenhower) who overcame them only by threatening to invade Area 51 with the Army.  In the past 20 years, new evidence has surfaced, some of which is presented in the book.  Most significantly, the book points a paper trail right to the top of the CIA and beyond.

Small background on UFO phenomenon as it pertains to this story; UFOs were first discovered by the military over Los Angeles during World War 2.  It was alarming because the Army believed that it was the enemy Japanese attacking, all they saw were ‘airships’ shooting down from the sky; the idea of Aliens or UFOs wasn’t common knowledge at the time.  See a brief summary of the “Battle of Los Angeles”:

The Battle of Los Angeles, also known as The Great Los Angeles Air Raid, is the name given by contemporary sources to the rumored enemy attack and subsequent anti-aircraft artillery barrage which took place from late 24 February to early 25 February 1942 over Los Angeles, California.  The incident occurred less than three months after the United States entered World War II as a result of the Japanese Imperial Navy‘s attack on Pearl Harbor, and one day after the bombardment of Ellwood on 23 February. Initially, the target of the aerial barrage was thought to be an attacking force from Japan, but speaking at a press conference shortly afterward, Secretary of the Navy Frank Knox called the incident a “false alarm.” Newspapers of the time published a number of reports and speculations of a cover-up.

Some contemporary ufologists and conspiracy theorists have suggested the targets were extraterrestrial spacecraft.  When documenting the incident in 1949, The United States Coast Artillery Association identified a meteorological balloon sent up at 1:00 am that “started all the shooting” and concluded that “once the firing started, imagination created all kinds of targets in the sky and everyone joined in”.  In 1983, the U.S. Office of Air Force History attributed the event to a case of “war nerves” triggered by a lost weather balloon and exacerbated by stray flares and shell bursts from adjoining batteries.

After this ‘battle’ UFOs were on the radar of the military – literally.  Military planners, practically, incorporate every kind of potential attack into their strategy planning.  UFOs were not looked at scientifically by the military – simply as a potential threat, whether from Hitler or another planet they didn’t care.

The second event that marked this age was the Roswell crash, still a big mystery to this day.  Apparently, there were 2 crashes, one with actual biological bodies, and the press release was designed to take the focus away from the more sensitive site.  According to the book, everything was taken to Area 51 for review, where the facility was placed under the security of the CIA and managed by a group formed by Truman known as MJ-12.  A lot of this is not science fiction when considering Nazi scientists developed rockets that NASA still uses to this day via Project Paperclip.  Remember that all of this happened around a time when USA was becoming a superpower, the CIA was just formed, along with the military industrial complex – including its corporate technology arm, still in use today (Silicon Valley).

Where did the explosion of scientific developments come from such as Kevlar, the Microprocessor, fiber optics, stealth, weather modification, and other technologies come from?  Many of these developments came out by the hundreds month after month by research labs like PARC:

PARC (Palo Alto Research Center Incorporated), formerly Xerox PARC, is a research and development company in Palo Alto, California,[1][2][3] with a distinguished reputation for its contributions to information technology and hardware systems.[citation needed]

Founded in 1970 as a division of Xerox Corporation, PARC has been in large part responsible for such developments as laser printing, Ethernet, the modern personal computer, graphical user interface (GUI) and desktop paradigm, object-oriented programming, ubiquitous computing, amorphous silicon (a-Si) applications, and advancing very-large-scale integration (VLSI) for semiconductors.

This all shortly after the Roswell incident.  Looking at all this from a technology standpoint is not so sensational.  The fact that the Roswell crash was in fact a UFO possibly operated by a ‘robot’ or ‘drone’ from another planet or another timeline is not so far fetched.  If the reader could be transported back to the middle ages of Europe equipped with a laser pointer, iPhone 7, automatic handgun, and other wizard’s tools, certainly the people would think that the user is a “God” who practices “Magic”.

The interesting twist in this book is how JFK wanted to unmask all this, use it for the good of the world (in partnership with Russia) and how the group who operates above the US Government, in this case MJ-12, ordered the hit via a secretive assassination directive:

An Mj-12 directive to kill JFK

The most dramatic directive, likely drafted by Dulles (MJ-1), Director of CIA under JFK and apparently approved by six other MJ-12 members was a cryptic assassination directive. In full, this states: see last memo in series in link below.

http://www.majesticdocuments.com/pdf/burnedmemo-s1-pgs3-9.pdf  

Draft – Directive Regarding Project Environment – When conditions become non-conducive for growth in our environment and Washington cannot be influenced any further, the weather is lacking any precipitation … it should be wet.

The term “it should be wet” is a coded command to kill someone.  

Detractors of this book will say that the author is reaching to connect the dots, and this cryptic message is not ‘clearly’ the smoking gun evidence that everyone is looking for.  But is it?  Have a deeper look through these documents here: 

6404101-JFK-MJ12

To the less educated researcher, documents such as the letter from respected scientists Oppenheimer and Einstein regarding the UFO issue, and the letter from the anonymous CIA leaker re: James Angleton; may be of more significance, as the authenticity of these documents is more verifiable, and anecdotally more believable.  Einstein for example published thousands of public essays and letters on various important topics of the day; this was a time when the power Elite relied on high IQ scientists.

There is no alternative paper trail, with a more powerful suggestion – solving the JFK murder.  Most of the files have been released in a searchable archive, which you can find here:  https://www.archives.gov/research/jfk

It is not likely that in the next 20 years another ‘smoking gun’ document will be discovered, although it’s possible (it could be in some relatives attic, next to baseball cards and grandpas pipe saved from last century).  So it’s reasonable to conclude that 95% of relevant information regarding the JFK scenario is out there, somewhere – in the ether.  With the speed and velocity of the internet sleuth community, if there was such a relevant document such as photo (right) – it would have been distributed and redistributed, analyzed and discussed, ad nauseum.

What is the significance of this event, you ask?  It’s a singularity, as they describe in physics (a point at which a function takes an infinite value, especially in space-time when matter is infinitely dense, as at the center of a black hole).  From one perspective, it was simply a power grab by ‘faction 2’ from ‘faction 1’ as some describe big power politics.  The Kennedy clan were outsiders, they were social climbers, they went against the power structure of the haves – case closed.  But Kennedy or someone else – something more meaningful happened here.  A group called the “Shadow Government” stopped Kennedy from exercising the powers granted to him by the Constitution and by the voters.  It puts the entire system into question, proving basically that the United States operates by Mob Rule not so much different than a banana republic.  A group of rich families and companies with deep pockets control the country through their trained surrogates.  The continuation of this can be seen with political families such as Bush and Clinton who have a statistically unusual amount of deaths of associates, friends, and workers surrounding them.  Some were even afraid to work for the Clinton camp due to the high number of workers who ‘suicided’, disappeared, had heart failure, or stabbed themselves in the back 10 times.

Let’s thread through the irony of the power structure for the last 30 years with this interesting photo, and comparison, of a figure outside the Texas School Book Depository:

The photo on right, comparing the posture of a figure standing in a suit and tie is striking.  George H.W. Bush Sr. later went on to be the director of the CIA, only for 2 years, under Gerald Ford.  But Bush’s impact on the establishment would be large, as he would later be Reagan’s Vice President (and rumored that was more of a ‘President’ during this time than Reagan ever was) and eventually President of the United States, and father of a future president, George W. Bush (his son).

(NOTE: It is interesting that the shadowy figure would 30 years later popularize the phrase “One World Order”)

What kind of ‘organization’ is out of the public view, has the means to organize such an assassination, and the motive?  All points to one organization, really the only capable organization of organizing such a project.  Look at some evidence, such as this list compiled by Wikispooks, of attempted or successful assassination attempts on foreign leaders organized by the CIA since World War 2: https://wikispooks.com/wiki/US/Foreign_Assassinations_since_1945 And here’s “Alleged Assassination Plots Involving Foreign Leaders” as compiled by the US Senate in 1975: CIA_Alleged Assassination Plots Involving Foreign Leaders

With such overwhelming evidence of the CIA’s involvement in foreign assassinations, if only one of these ‘plots’ is true it’s reasonable to assume they all are true because after all, the CIA is a spy agency, not an overt military operation, so most of this is done with the clandestine service.  And, if the CIA really does have a ‘hit squad’ trained to topple and kill foreign dictators, then it is reasonable to assume this same operative group inside the CIA could potentially use this same group domestically.  In fact, it is the only group in the world capable of assassinating a US President so successfully, including the use of insiders to change the course of the motorcade, for example.

Or to use another analogy as a means of deductive logic, 95% of hackers are inside jobs – in other words, hackers very rarely breach security from the ‘outside’ – they rely on a rogue employee, security expert, or insider to provide key information such as passwords or other details needed to complete the job.  This must have been the case with the murder of JFK because without those on the inside, such an epic target would not have been possible to hit.  It was for this reason the ‘higher ups’ at the FBI wanted this case closed and not discussed, because there clearly were insiders working against JFK who provided key info and modifying security protocols leading to the assassination.

As referenced by NY Times, the peak of outrage against the CIA for such plots was in the mid 1970s:

The peak of outrage against government-sponsored assassination was the mid-1970s, when the Senate Select Committee to Study Governmental Operations — better known as the Church committee — spent more than 60 days questioning 75 witnesses about C.I.A. plots of the late 1950s and early 1960s. Back in the darkest days of the cold war, the agency had devoted significant resources and creativity to devising unhappy ends for unsavory or inconvenient foreign leaders. Among those listed for assassination were Patrice Lumumba of the Congo, Ngo Dinh Diem of South Vietnam, Rafael Trujillo of the Dominican Republic and, most famously, Fidel Castro of Cuba, who survived no fewer than eight C.I.A. assassination plots. The senators on the committee were intent on divining the full extent of the government’s role in these plots. How much direct authority, for example, did Presidents Dwight Eisenhower and John Kennedy exert over them? The committee’s conclusions were vague at best. The truth was that neither president would have allowed his hand to show in such affairs.  Times have changed. Our president now interrupts regularly scheduled broadcasting to announce the news of an assassination himself.

Perhaps the details of the JFK murder, public coverage, and FBI investigation would have been different had it happened in 2010.  Certainly it was a different time, before the internet, and at a time of much happiness and prosperity.  Since “JFK” we’ve had “911” which is another game changer event that put the US on a different path as it was during the 90s.  Perhaps every generation needs such an event to ‘remind’ them of who is in charge?  (Dr. Tony Blanton from Pine Crest Prep School is ringing in my ears ‘history is a struggle between the haves and the have nots and you are the movers and the shakers who are going to change society’)

What secrets are the ‘shadow government’ protecting or are they simply exercising their power to show the have nots that their ownership of the planet is above any government, any nation state, religion, or other entity?  The UFO issue is concerning, particularly due to security concerns; because the information we do know is only bits and pieces from whistle-blowers and a few encounters that are not well documented.  There are rumors that Eisenhower himself made a deal with the Aliens to keep them a secret in exchange for technology transfer through the military and corporate America.  Maybe it was a good deal, maybe it never happened – who knows?  The point is that, until real discovery and disclosure is achieved, we will be in the dark regarding important issues that can impact daily life on planet earth.  Some important questions we need to ask beyond the shock value of understanding we are not alone in the universe:

  • Who are these aliens, what do they want?  What has been ‘agreed’ with them, if anything, and what current involvement do they have with US Military operations?
  • What of the stories that some of these creatures are multi-dimensional, or from another ‘timeline’ (that they aren’t aliens from other planets but beings that live in many dimensions)?
  • How can we address issues of exo-politics if the CIA was dethroned as the sole security to Area 51 and ultimately, controlling the diplomacy between such aliens, if any?
  • Is there any truth to the stories they are abducting humans for purposes of experimentation, whether it be biological or genetic?  What about the ‘hybrid’ projects?  If there is truth to it, how to stop it?
  • Do aliens have any current business arrangements with US corporations, US politicians, or are involved in major conflicts in any way?  If so, this urgently needs to be addressed, and contracts re-evaluated.  For example there are many accounts that UFOs were seen when nuclear warheads went dead (if even for a test).
  • Are there any secret government ‘libraries’ or ‘archives’ where files about aliens are kept, if so – where are they and in what format?

What’s interesting about this issue that it seems to be a wealth of information right here under our own desert.  It’s like the metaphor about exploring space when we know less about our deep oceans.  There again, rumors of alien bases under the deep seas.  The amount of information regarding the veracity of such stories is immense, and it has gone parabolic in the last years as many who were alive and working during these times before modern security protocols and training were in place, are retired, dying, or have passed information onto children.

Part 2: The New Evidence

1963 was a long time ago.  New facts and evidence have surfaced, most interestingly – we are on the precipice of a major data dump by the US Government still to be determined, scheduled for ‘sometime’ in 2o17.  See explanation from http://2017jfk.org :

In 1992, the President John F. Kennedy Assassination Records Collection Act mandated that in 2017 all remaining JFK records and redactions be released. However, the National Archives has recently informed federal agencies that if they intend on maintaining secrecy over these records they should begin preparing appeals to the next president of the United States. We are working to ensure that the law is upheld.  We are calling on you, fellow Americans, to come together and ensure that our government upholds the law.

The parallel of the information secrecy both for the JFK murder and the UFO issue, and their purported interconnection, is interesting.  If state secrets or a modern political organization were not at stake, why the hold up to release information about JFK?  Everyone mostly already believes it was the CIA, a group we have shown capable of organizing assassinations of many foreign leaders, and recently (2016) was caught meddling in a US domestic election.  The UFO issue can be the motive to cover up the JFK murder for so long, so deeply.  And the less obvious, more subtle ‘can of worms’ argument, that if the US Government lied and hid the facts about JFK, of course – everything else including the 9/11 investigation would be open for re-investigation.  This is another reason for waiting for so long because there’d be no one to ‘blame’ as those who orchestrated the conspiracy / cover-up would all be dead by now (or so the thinking of this strategy goes).

One interesting tape was in fact found in ‘Grandpa’s Attic’ – claimed to be the most significant piece of evidence since 1963:

A recording of radio communications to and from Air Force One on November 22,1963, discovered in 2011, is among the most important new pieces of JFK evidence to emerge in recent years,

The tape, an edited excerpt from a longer recording, captures some of the communications of the leaders of U.S. national security agencies as they learned about the assassination of a sitting president.

I wrote about the importance of the Air Force One tape in the fall of 2013:

“Audio engineer on the trail of a long-lost JFK tape” (JFK Facts, Nov. 6, 2013)

“Enhanced Air Force One tape captures top general’s response to JFK’s murder”  (JFK Facts, Oct. 19, 2013)

You can listen to it here.

Where was the Air Force One tape found?

This old-fashioned reel of analog tape surfaced at Philadelphia auction house in 2011. The recording was found in the estate of the family of Gen. Chester Clifton, a military aide to JFK. Clifton died in 1991. His children put the estate up for auction.

Bill Kelly, a JFK researcher, enlisted Primeau Forensics, a Michigan audio engineering firm, to produce a cleaned-up version of the tape.

What is significant in this piece of information, as far as data analysis is concerned, is the source.  It was an unclassified transcript of a non-essential to the JFK operation (Project Environment).  It only ‘suggests’ through information via what was said and not said, and as such, is not a ‘smoking gun’.  But much like the UFO phenomenon, in a similar thread – it seems that it’s simply IMPOSSIBLE to keep such a high profile operation secret for so long.  The analogy to the UFO issue is Dr. Steven Greer’s “Disclosure Project” available at www.disclosureproject.org; in summary:

Beginning in 1993, I started an effort that was designed to identify firsthand military and government witnesses to UFO events and projects, as well as other evidence to be used in a public disclosure. From 1993, we spent considerable time and resources briefing the Clinton Administration, including CIA Director James Woolsey, senior military officials at the Pentagon, and select members of Congress, among others. In April of 1997, more than a dozen such government and military witnesses were assembled in Washington DC for briefings with Congressmen, Pentagon officials and others. There, we specifically requested open Congressional Hearings on the subject. None were forthcoming.

These materials are, as you can now discern, only the tip of the iceberg of what we have recorded on digital videotape. That is, from over 120 hours of testimony by over 100 witnesses we transcribed only 33 hours and then further edited materials down to a fraction of that amount. Moreover, the full archive represents the testimony of only 100 witnesses of the more than 400 identified to date. The edited testimony will be appearing in book form. A portion of it appears in The Disclosure Project Briefing Document and only small excerpts and summary bios of testimony appear in this Executive summary. We hope in the future to secure funding for a 5-6 part broadcast quality video documentary series to be made from the videotaped testimony we have as the impact of hearing and seeing these witnesses speak is very moving.

This then brings me to my last point: The witnesses who have given testimony to date are extraordinarily brave men and women – heroes in my eyes – who have taken great personal risks in coming forward. Some have been threatened and intimidated. All are risking the ever-present ridicule that attends this subject. Not a single one of them has been paid for his or her testimony: It has been given freely and without reservation for the good of humanity. I wish to personally thank them here and extend to them my personal, highest respect and gratitude.

This summary is focusing on the testimony of important first-hand witnesses. We have thousands of government documents, hundreds of photographs, trace landing cases and more, but it is impossible to include them in a summary of this length. These materials will be made available for any serious scientific or Congressional inquiry.

These 2 issues are interrelated on so many levels, it’s only fitting that both have strong nonclassified, civilian groups dedicated to identifying, collecting, archiving, sorting, and classification of all relevant information on the topics.  They are after all, significant issues, with implications on all sciences.  These 2 topics may even be more important than recent scientific discoveries.  For example, as hundreds of high level government witnesses have testified in the disclosure project, one of the technologies kept under lock and key by the CIA (as reverse engineered from ET) are several energy technologies including but not limited to ‘zero point’ energy which would literally, instantly end our dependence on oil, coal, and nuclear.  This is just the tip of the iceberg, as hundreds of ground breaking tech has been leaked from ET such as thorium ‘clean’ nuclear technology, Kevlar, nanotechnology, advanced long distance energy communication, the ability to manipulate space time (or at least, to pass through a ‘wrinkle’ in time), and hundreds of others.  The business element of this provides a solid motive alone, without religious, social, or political implications.  There would be no need for 90% of the Fortune 500, the stock market would crash and the entire economic system as we know it would be immediately restructured (who would pay for gas when free energy is available?).

The public stated reason, for locking away the JFK files for 75 years, which plausibly is also the reason of keeping UFO information secret; is that the public ‘cannot handle the truth’ – that it would be ‘too much to handle’ – the first implication being some embarrasing political facts, such as the fact that the CIA with the help of insiders like LBJ were critical to the murder or completely organized it themselves.  But that’s not hard to swallow, generations of hardened Americans watching real-time cameras on missiles bombing and maiming brown people (mostly) have become desensitized to such emotional dribble.  But the elephant was in the room all along – this ‘shocking’ fact really is shocking, because it would change every aspect of life on our planet – quite literally (not figuratively).  For example, having free energy would change manufacturing, transportation, computing – just about everything.  It would change war, it would have implications into governance, we can skip religious implications and take the lead from the Catholic Church who is ahead of the information curve on this issue (for obvious reasons).

There is a lot of new evidence, much of which has been referenced in the below documentary – we chose this as an example because it was likely overlooked during the sweep of evidence hiding.

So there we have it, the JFK murder has been solved.  

WHO – It was a sub-set of the Intelligence aparatus, MJ12/CIA under the direction of Allen Dulles operated by Jesus James Angleton, involving multiple CIA agents including but not limited to George H.W. Bush Sr.

WHAT – The murder of John Fitzgerald Kennedy (JFK) US President, Elite leader, representative of the powerful Kennedy clan, Irish Catholic, father, patriot, and civil servant

WHERE & WHEN – Dallas, Texas November 22, 1963

HOW – A fine tuned machine prepared the ultimate kill scene, which involved extensive research and planning, significant funding, resources, highly skilled and trained soldiers, and a ‘cover-up’ scenario which had to involve LBJ and others around JFK.

WHY – To maintain the big Illuminati secret – that the US Government has obtained technology from other worlds, given to us directly and reverse engineered, and this transfer of tech continues to this day – and that the revelation of what happened to JFK regarding the UFO issue would start a chain of events that would finally lead to the complete disclosure of this technology, and thus – change the entire global political and economic system forever.

Part 3: JFK to 911 Everything is a Rich Man’s Trick

This is a well documented detailed documentary that simply connects the dots between JFK and 911, and basically exposing the ‘pattern’ of such events, we can include the recent shootings in Las Vegas to the long string of such events.  Some call them ‘false flag’ operations or “PsyOps” but really they are no more significant than your local pest control guy planting nests of ants and roaches near your home when business is slow.  Since World War 2 there has not been a serious threat to the United States – and at the same time the US Military ‘over prepared’ for the possibility of going to war with ten planets, so all that needs to be justified.  The Military Industrial Complex needs an enemy, it doesn’t matter if the enemy is Russia, or terrorists.. or aliens..

READ OUR LATEST BOOK SPLITTING BITS @ WWW.PLEASEORDERIT.COM/BITS

Research Links

BOOKS – Kennedy’s Last Stand: Eisenhower, UFOs, MJ-12 & JFK’s Assassination

An interesting leaked email from Edgar Mitchell to John Podesta

The New Starting Point – Another look at JFK with new research

Mark the Date – List of classified documents to be released regarding JFK

7 Key Facts we’ll learn with release of JFK files

Was JFK shot for his interest in UFOs?

Short list of investigative groups, information sources, and other JFK related material sources:

http://jfkfacts.org

http://aarclibrary.org

http://maryferrell.org

http://jfklancer.com 

 

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Official: Taliban kill 9 police in eastern Afghanistan

October 28, 2017 rbksa 0
Author: 
AP
Sat, 2017-10-28 03:00
ID: 
1509205302267765200

KABUL: At least nine police officers were killed Saturday in separate attacks by Taliban insurgents on police checkpoints in eastern Ghazni province, a provincial official said, and the US military said a service member died from injuries sustained in a helicopter crash in the east.
Arif Noori, spokesman for the provincial governor, said two police checkpoints came under attack by Taliban fighters in the early hours leaving nine police dead and two police wounded. He said six insurgents were killed and nine others were wounded in the battle, which lasted almost an hour.
The Taliban claimed responsibility for the attack, according to their spokesman Zabihullah Mujahid. He said 14 police were killed, including both commanders of the checkpoints.
Afghan forces have struggled to combat a resurgent Taliban since US and NATO forces formally concluded their combat mission at the end of 2014, switching to a counterterrorism and support role.
In eastern Logar province, a US service member died from injuries sustained in a helicopter crash late Friday, a statement from the US military said. Six other US crew members were injured in the crash and were receiving medical treatment, it said.
“We are deeply saddened by the loss of our comrade,” said US Gen. John Nicholson, commander of Resolute Support in Afghanistan. “On behalf of all of Resolute Support, our heartfelt sympathies go out to the families and friends of our fallen comrade and those injured in this unfortunate event.”
The statement said the crash was not the result of enemy action. “We have full accountability of all personnel and the crash site has been secured,” it said.
Earlier, Salim Saleh, spokesman for the provincial governor in Logar, told The Associated Press that a military helicopter made an emergency landing as it was taking off and hit a tree.
He said the helicopter was supporting an operation to eliminate insurgents from Karwar district.
Zabihullah Mujahid, a Taliban spokesman, claimed their fighters shot down the helicopter in Karwar district.

Main category: 
related_nodes: 
Suicide bomber kills 9 rival insurgents in Afghanistan
Taliban push into Afghan provincial capital

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To B2X or Not to B2X: How Exchanges Will List the SegWit2x Coin

October 28, 2017 jody 0

The SegWit2x hard fork is drawing closer by the day. Within little over two weeks after the publication of this article, a group of Bitcoin companies and miners plans to double Bitcoin’s block weight limit as per the New York Agreement.But it currently seems certain that not everyone will adopt this incompatible protocol change. As such, the SegWit2x fork would result in two different blockchains and two different currencies. For the purpose of this article, these two blockchains will be referred to as the “original chain” and the “SegWit2x chain,” with their respective coins.The big question, right now, is which of these two blockchains would be considered the “real” Bitcoin, with the currency ticker “BTC.” Since no single individual or entity is really in charge of this decision, Bitcoin exchanges play a major role: they list the currencies that are traded under specific names.To find out which coin is likely to earn the ticker “BTC,” here’s an overview of the 20 largest Bitcoin exchanges based on trading volume according to data from Bitcoinity, and their stance on this naming issue.1. Bitfinex: original chain is “BTC”, SegWit2x chain is “B2X”Hong Kong–based cryptocurrency exchange Bitfinex is the largest Bitcoin exchange in the world by trading volume.Interestingly, Bitfinex also offers a futures exchange, on which claims on the future versions of the coins on both chains are already traded. These futures are currently labeled as “BT1” for coins on the original chain, and “BT2” for coins on the SegWit2x chain.In Bitfinex’s announcement of these futures, published on October 5, as well as the accompanying terms and conditions, the exchange also reveals that “the order books for the BT2 trading pairs will become the order books for the B2X pairs.” Meanwhile, the BT1 futures will be settled into BTC. In other words, the coins on the original chain will be listed as “BTC”, while the coins on the SegWit2x chain will be called “B2X.”2. BitMEX: original chain is “BTC”BitMEX, a cryptocurrency exchange officially based in the Republic of Seychelles, is the second-largest Bitcoin exchange in the world based on trading volume.In a blog post published on October 13, BitMEX announced it would continue to list coins on the original chain as “BTC.”Moreover, because SegWit2x will not implement strong replay protection, BitMEX will not list coins on the SegWit2x chain at all, nor offer any other type of support. 3. Bitstamp: unknownBitstamp, which is officially based in the United Kingdom but operates from several European countries, has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.Bitstamp did sign a hard fork statement insisting on consensus and strong replay protection for hard forks earlier this year, though that statement referred to a potential Bitcoin Unlimited hard fork — not SegWit2x.4. GDAX: hash power decides which chain is “BTC”U.S.-based cryptocurrency exchange GDAX is effectively the exchange-arm of Coinbase. And Coinbase is a signatory of the New York Agreement.Regardless, it’s not certain that Coinbase (and therefore probably also GDAX) will list coins on the SegWit2x chain as “BTC.” In fact, the company could well list the coins on the original chain as “BTC” — but public statements have been somewhat contradictory.The company initially put out a statement saying that the coins on the original chain would be listed as “BTC,” and the coins on the SegWit2x chain as “B2X.” However, this initial statement was effectively withdrawn the very next day, as the company put out a new statement “clarifying” that Coinbase will actually list the coins with the most accumulated hash power backing it as “BTC.” And on Twitter, company CEO Brian Armstrong suggested that it’s not just hash power but also market cap that will decide which coin will be listed as “BTC.”5. bitFlyer: unknownbitFlyer is the biggest Bitcoin exchange in Japan. bitFlyer is also a signatory of the New York Agreement in support of the SegWit2x hard fork, which suggests that the exchange will at least support the coin on the SegWit2x chain. bitFlyer has not yet made any public statements concerning the naming of the coin(s), however, and did not respond to inquiries from Bitcoin Magazine.6. Kraken: unknownU.S.-based Bitcoin and cryptocurrency exchange Kraken has not yet made any public statements concerning the SegWit2x fork, either.In response to inquiries from Bitcoin Magazine, the exchange also refrained from commenting on the naming issue and instead stated:“Kraken makes no promises/guarantees/warranties on the outcome of the fork. We will make our best effort to handle things in a way that benefits the most clients, but clients should manage their own wallets/coins if they want perfect control.”7. HitBTC: original chain is “BTC”, SegWit2x chain is “B2X”Like Bitfinex, cryptocurrency exchange HitBTC is already offering a futures market where the two future coins are traded.And in an announcement published on October 17, the exchange said it will list the coins on the SegWit2x chain as “B2X.” The coins on the original chain will continue to be listed as “BTC.”However, HitBTC does note that the “Bitcoin community might encourage ‘BTC’ title being relocated to the SegWit2x token.” They added: “Whatever happens, we will proceed with the decision that will be the most convenient for our traders.”8. Bitcoin.de: unknownThe German Bitcoin exchange bitcoin.de has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.9. CoinsBank (formerly known as BIT-X): original chain is “BTC”United Kingdom–based cryptocurrency exchange CoinsBank (formerly known as BIT-X) has not made any public statements concerning the SegWit2x fork.In response to inquiries from Bitcoin Magazine, however, the exchange indicated that it will list coins on the original chain as “BTC” and will not support the SegWit2x chain.They stated:“We inform you that we are proponents of the BTC core and not planning to support other branches.”10. CEX.IO: original chain is “BTC”, SegWit2x chain is “B2X”United Kingdom–based Bitcoin exchange CEX.IO will list coins on both chains. In a blog post published on October 20, the exchange announced it will list the coins on the SegWit2x chain as “B2X.” It also states in the announcement that coins on the original chain will continue to be listed as “BTC.”11. itBit: unknownU.S.-based Bitcoin exchange itBit has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.12. Gemini: hash power decides which chain is “BTC”In an October 24 blog post written by Cameron Winklevoss, one Gemini’s founders, the U.S.-based Bitcoin exchange explained that it “will be measuring total cumulative computational difficulty of the blockchain to determine what we will call Bitcoin and BTC and on the Gemini platform.” In other words, Gemini will give the name “BTC” to the coin that has the most hash power attributed to it.It may also list the coin that does not attract the majority of total hash power, but the exchange has not given any guarantees yet, nor did it mention a name for this coin.13. Coinfloor: unknownU.K.-based Bitcoin exchange Coinfloor has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.Coinfloor did sign the hard fork statement insisting on consensus and strong replay protection for hard forks, which originally referred to the potential Bitcoin Unlimited hard fork.14. BTCC: unknownLike Bitfinex and HitBTC, Hong Kong–based Bitcoin exchange BTCC is already offering a futures market where the two future coins are traded. These coins are currently referred to as “1MB” for the coin on the original chain, and “2MB” for the coin on the SegWit2x chain.However, as opposed to Bitfinex and HitBTC, BTCC has not announced what it will call the two coins after the split has occurred. The exchange also did not immediately respond to inquiries from Bitcoin Magazine.15. BitMarket: unknownPolish Bitcoin exchange BitMarket has not yet made any public statements concerning the SegWit2x fork. The exchange did respond to inquiries from Bitcoin Magazine, but it did not reveal which coin will be listed under what name or ticker.Instead, a BitMarket representative stated:“We reserve the right to decide whether to support or not [the] given fork of the Bitcoin. Our decision will depend on the stability of the fork’s network and what issues it may cause in the future.”16. QuadrigaCX: unknownCanadian Bitcoin exchange QuadrigaCX has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.QuadrigaCX did sign the hard fork statement insisting on consensus and strong replay protection for hard forks, originally referring to the potential Bitcoin Unlimited hard fork.17. Mercado Bitcoin: original chain is “BTC”Brazilian Bitcoin exchange Mercado Bitcoin recently signed a statement on behalf of the Brazilian and Argentinian Bitcoin communities in opposition of SegWit2x.When asked by Bitcoin Magazine, the exchange further explained that it may or may not list the coins on the SegWit2x chain, which will in part depend on whether or not the SegWit2x chain implements strong replay protection. (This currently seems very unlikely.)If Mercado Bitcoin does list this coin, it will use the ticker “B2X” because “the market is converging to this ticker.” They added: “We also tend to consider the Core version the legitimate one.”18. Bitso: unknownMexican Bitcoin exchange Bitso is a signatory of the New York Agreement in support of the SegWit2x fork. The company has since also confirmed that it will support coins on both chains — even though it did sign the Bitcoin Unlimited–inspired hard fork statement insisting on consensus and strong replay protection for hard forks.Regarding names and tickers, a Bitso representative told Bitcoin Magazine:“We have not yet decided on ticker names but hope to make an official statement soon.”19. The Rock Trading: original chain is “BTC”Malta-based Bitcoin exchange The Rock Trading has not yet made any public statements concerning the SegWit2x fork. It did, however, sign the Bitcoin Unlimited–inspired hard fork statement insisting on consensus and strong replay protection for hard forks.And, when asked by Bitcoin Magazine, The Rock Trading CTO Davide “Paci Barbarossa” Barbieri said the exchange will list the coins on the SegWit2x chain as “B2X” — if the exchange lists that coin at all.Said Barbieri:“As stated publicly, we are generally against any hard forks; we do not currently guarantee that we will handle SegWit2x, or that we will list it; as far as I know replay protection is still a concern.”And: “If we do [list the coin on the SegWit2x chain] we will probably call it B2X or something like it.”20. EXMO: unknownU.K.-based cryptocurrency exchange EXMO has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.This article will be updated as the news develops. Did I miss anything? Feel free to let me know at aaron@bitcoinmagazine.com.The post To B2X or Not to B2X: How Exchanges Will List the SegWit2x Coin appeared first on Bitcoin Magazine.

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Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market

October 28, 2017 C. Edward Kelso 0

Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD MarketBank of America Merrill Lynch (BAML) reported how bitcoin has the potential of reaching over one and a half billion dollars as a market for exchanges, suggesting Cboe Global Markets, Inc. (Cboe), due to its out-front attitude on cryptocurrencies, will be an early winner in such an exchange-traded fund (ETF) environment.  Also read: The Bitcoin […]

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