– August France Markit services PMI 55.5 vs 55.8 expected
– August France Markit composite PMI 55.6 vs 55.4 expected
No significant changes in the EUR. EURUSD trading at 1.1757, while EURGBP is at 0.9162.
The post August France Markit manufacturing PMI…
– August France Markit services PMI 55.5 vs 55.8 expected
Tillerson saying that North Korea is demonstrating a level of restraint not seen in the past
U.S. Secretary of State Rex Tillerson went out of his way Tuesday to note that North Korea hadn’t carried out “provocative acts” since the UN Security Council imposed new sanctions on the country, saying that restraint might lead to negotiations
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USDJPY hitting the low for today at 109.37
Yen is leading the rest of the pack so far as UDJPY takes a slight tumble.
There’s support nearby in the form of the 100H MA and the 38.2% fib retracement level at 109.37.
The post USDJPY touching session lows…
As I noted in last Friday’s piece, Donald Trump Finally Comes Out of the Closet, the firing of Steve Bannon represents the most significant event to occur during the Trump administration thus far. For the purposes of this piece, it’s important to review some of what I wrote:
Irrespective of what you think of Bannon, him being out means Wall Street and the military-industrial complex is now 100% in control of the Trump administration. Prepare for an escalation of imperial war around the world and an expansion of brutal oligarchy.
The removal of Bannon is the end of even a facade of populism. This is now the Goldman Sachs Presidency with a thin-skinned, unthinking authoritarian as a figurehead. Meanwhile, guess who’s still there in addition to the Goldman executives? Weed obsessed, civil asset forfeiture supporting Jefferson Sessions. The Trump administration just bacame ten times more dangerous than it was before. With the coup successful, Trump no longer needs to be impeached.
Here’s another prediction. Watch the corporate media start to lay off Trump a bit more going forward. Rather than hysterically demonize him for every little thing, corporate media will increasingly give him more of the benefit of the doubt. After all, a Presidency run by Goldman Sachs and generals is exactly what they like. Trump finally came out of the closet as the anti-populist oligarch he is, and the results won’t be pretty.
Of course, his cheerleaders will remain enthusiastically in denial about what’s happened to their hero, but Trump has been totally brought to heel, a fact that’ll become increasingly crystal clear in the months ahead. This is now your standard Wall Street and military-industrial complex run Presidency.
Last night’s announcement of a recommitment to the Afghanistan war is the earliest evidence that Trump has been completely castrated and will now play by status quo rules with little to no friction. This Presidency will very quickly begin to look like the fifth George W. Bush term (Obama was three and four), on every single issue of genuine importance to oligarchs. Wedge cultural issues will continue to be hyped up hysterically by the corporate media since people can’t help themselves from taking the bait. It’s the perfect way to divide and conquer the populace, while pushing through what they really want. Oligarchs could care less about the outcomes of social issues, which is why they intentionally and incessantly hype them up. They’ll do anything to prevent the public from coming together in opposition to war, Wall Street bailouts and elite criminality generally, and the public is very easy to manipulate. The quicker smart Trump voters wise up to what’s happened, the better.
If you haven’t watched Trump’s Afghanistan speech by now you really should. It’s not good enough to read anyone else’s summary, you need to hear it for yourselves. It’s only 25 minutes long.
As I started listening, I sensed myself getting angry. It was the same empty, bullshit propaganda I’ve been hearing from U.S. Presidents my entire life. This broken record of disingenuousness has become simply unbearable, and even worse, I know it’s going to work on millions upon millions of Americans. We refuse to think for ourselves, and we refuse to admit the obvious. There will be hell to pay for this ignorance and denial.
Trump begins by explaining to the American public why he made a flip-flop that would make Barack Obama blush. He claims there are three conclusions he came to as a result of his grand introspection and wisdom. Let’s tackle the absurdity of each of them one by one.
First, he says he doesn’t think the U.S. should pull out because “our nation must seek an honorable and enduring outcome.” Let’s revisit a few facts. First, at 16 years old, this is already the longest war in American history. It was a war started after the most deadly terrorist attack on American soil, and near the height the U.S. imperial power. Nevertheless, the war’s been a complete and total failure. It was a failure under Bush, it was a failure under Obama and it will be a failure under Trump. To believe that Trump will usher in an “honorable and enduring outcome” in Afghanistan is to say he will succeed where his predecessors failed merely because…he’s Trump. Not gonna happen.
His second conclusion is that he doesn’t want to repeat what he deems to have been the big mistake made in Iraq; namely, that the U.S. left too soon. This is extremely telling. He doesn’t talk about how the war was based on a gigantic lie pushed by neocons and the “liberal” corporate press from The Washington Post to The New York Times. The biggest mistake in Iraq was starting the war in the first place. If we can’t admit such an obvious lesson from Iraq, of course all the solutions we come up will prove to be failures. The American empire is running on empty, fueled by never-ending insanity and a drive to vacuum in billions exporting weapons. There’s no vision, no wisdom and absolutely no exit strategy.
His third point revolves around how Pakistan has become a growing problem due to its harboring terrorists. He demands a change of course and increased cooperation. Guess which country he didn’t mention? The greatest sponsor of Islamic radicalization the world has ever seen: Saudi Arabia. This once again proves that Trump represents the same old tired thinking that’s been running the U.S. economy and society into the ground for decades. This is now a 100% establishment Presidency, which will be completely defined by establishment thinking. In other words, imperial collapse is coming.
Then towards the end of the speech, Trump says the following:
In every generation we have faced down evil, and we have always prevailed. We prevailed because we know who we are and what we are fighting for.
Unfortunately, here’s the cold hard truth: We have no idea who we are, and we have no idea what we are fighting for. We’ve become the very evil he claims to be fighting against as the nation morphed into a pernicious, destructive, and immoral empire. This is the heart of the problem — we are constantly lying to ourselves. Of course, we’ll never set things on the right track if we can’t diagnose the disease in the first place.
We’ve torched our national treasure and goodwill by running around the world trying to push everybody around, and simultaneously institutionalized a corrupt and predatory neo-feudal society at home. We’ve ignored our own people in a foolish and self-destructive quest to maintain and grow empire and the results will not be pretty.
Finally, let’s end with a little something to contemplate.
Guess who’s winning the war on terror. pic.twitter.com/QbGEMJIBcS
— Michael Krieger (@LibertyBlitz) August 22, 2017
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Forex news for Asia trading Wednesday 23 August 2017
USD/JPY popped above 109.70 in early Asian trade, carrying on its US-time rally. It managed to get above 109.80 briefly before stabilising somewhat circa 109.70. Yen crosses were generally higher alo…
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More from Trump’s speech in Arizona
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That’s how long it took for Canadian Prime Minister and liberal hero Justin Trudeau to realize his promise to welcome all immigrants and refugees to Canada may have been a little short-sighted. After the prime minister proudly proclaimed on Twitter back in January that Canada would welcome all those fleeing “persecution and war,” the prime minister changed his tone this week when he warned refugees crossing into Canada from the US that sneaking into the country illegally wouldn’t fast-track the process of granting asylum.
To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith. Diversity is our strength #WelcomeToCanada
— Justin Trudeau (@JustinTrudeau) January 28, 2017
In the months that have passed since Trudeau made his famous promise, the number of refugees streaming over the border into the Canadian province of Quebec surged dramatically, straining local resources available to process their claims of asylum and provide necessities like food and shelter. The asylum seekers are primarily Haitians who fear that the Trump administration might revoke a special protected status implemented after the 2010 earthquake.
Here’s Trudeau, who was speaking at – of all places – a news conference before Montreal’s Pride parade:
“If I could directly speak to people seeking asylum, I’d like to remind them there’s no advantage,” Trudeau said at a news conference Sunday in Montreal.
“Our rules, our principles and our laws apply to everyone.”
Trudeau also stressed that anyone seeking refugee status will have to go through Canada’s “rigorous” screening process.
The surge of migrants has overwhelmed both the Canadian legal system and the capabilities of local agencies tasked with aiding refugees. We reported earlier this month that Canada sent soldiers to a popular crossing site in upstate New York to help build a small encampment for newly arriving refugees. But beads have quickly filled up. According to CBC News, more than 3,800 people walked over the border into the province during the first two weeks of August, compared to the 2,996 who crossed throughout all of July.
As CBC notes, Unlike in the United States, Haitians have no special status in Canada, and about half of Haitians seeking refugee status in Canada have already been denied during the past couple of years.
Trudeau critic Michelle Rempel said the Canadian government too willingly ignored the brewing refugee crisis on its doorstep, and continues to play down the need to deal with the problem.
“Conservative immigration critic Michelle Rempel said Trudeau is downplaying the urgent need to deal with the surge in people crossing the border.
“They knew it was going to be a problem this summer. And their response has been building tent cities on the U.S./Canada border,” she said in an interview with CBC News.”
Too help alleviate the problem, Rempel says the federal government should increase funding for the IRB, the board that evaluates all asylum claims. Even before the surge at the border, the IRB was hopelessly backlogged, ensuring that claimants could remain in the country in a legal limbo while they waited for their hearing.
Allowing the department to process claims more quickly would remove this incentive for asylum seekers to cross illegally.
Still, given his professed love for immigration and multiculturalism, we wonder just how far Trudeau will go to stanch the tide of refugees. Will there be more soldiers and more camps? Or will Trudeau hire an army of claims processers to start kicking people out of the country – or at least ensure that those allowed to remain deserve to do so?
One thing’s for sure: He’s going to need to do something.
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EUR vs USD tug of war all set for the big stage
The biggest event on the agenda this week is the Jackson Hole meet this Friday.
Markets have been in a good mood to start the week – shrugging off the missile threats from North Korea, the mess in Washing…
The US appears to be breaking the tax reform deadlock. House Speaker Paul Ryan reiterated that tax reform is different from healthcare reform. The former is “far easier” to pass as Republicans, which is control of both the House and the Senate, have bu…
European Central Bank President Draghi to speak at the Opening Ceremony of the 6th Lindau Meeting on Economic Sciences
– Giving the keynote opening speech
Just a heads up. Draghi is also speaking later in the week at the Jackson Hole symposium