Monthly Archives: January 2017

Trump’s visa ban also applies to dual citizens

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“Those who hold dual nationality in the seven countries banned from entering the U.S. by President Trump will also be barred from entering the country, the Wall Street Journal reported Saturday.  The Journal said it got an advance look at a statement by the State Department that the refugee ban extends beyond just citizens of Iraq, Iran, Somalia, Sudan, Syria, Libya and Yemen, but also to people who may originally come from those countries but have a passport from another nation or dual nationality.”

Read more: http://thehill.com/blogs/blog-briefing-room/news/316692-trumps-visa-ban-also-applies-to-dual-citizens-report

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White House to Dissenting U.S. Diplomats: ‘Get With the Program’ or Leave

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“The White House on Monday warned State Department officials that they should leave their jobs if they did not agree with President Trump’s agenda, an extraordinary effort to stamp out a wave of internal dissent against Mr. Trump’s temporary ban on entry visas for people from seven predominantly Muslim countries.”

Read more: https://www.nytimes.com/2017/01/30/us/politics/trump-immigration-ban-memo.html

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John Hussman: On Governance

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“The problem our nation faces is a serious one. We have now paired a massive speculative bubble with an errant pin that has every prospect of creating disruption. A steep financial retreat was already baked in the cake prior to the election. My concern is that having reached this precipice, there are few policies that have the capacity to make the consequences substantially better, but many that could make the outcomes substantially worse.”

Read more: https://www.hussmanfunds.com/wmc/wmc170130.htm

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Calif. legislature will force schools to teach Russians hacked 2016 election

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“California Assemblymember Marc Levine (D) intends to introduce legislation to change school curricula to include the role of Russian hacking in the 2016 presidential election.  ‘Students need to understand how [President] Trump’s policies are colored by the way he rose to power,’ said Levine.   He says he will introduce the ‘Pravda Act of 2017’ within the next few weeks.  ‘We have a duty to history to make it remember the Kremlin’s decision to hand pick a candidate,’ said Levine.”

Read more: http://thehill.com/policy/cybersecurity/315714-cal-state-lawmaker-wants-russian-election-hacks-taught-in-school

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A Libertarian Builds Low-Cost Private Schools for the Masses

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“Bob Luddy was tired of trying to convince North Carolina educrats to improve the state’s public schools, so he built his own network of low-cost private schools that the government can’t meddle with.”

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Facebook blocks RT from posting until after Trump inauguration

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“RT has been blocked from posting content to its Facebook page. The ban, according to the Facebook bot, will last until Saturday 10:55pm Moscow time (2:55pm EST) and will extend across US president-elect Donald Trump’s inauguration.”

Read more: https://www.rt.com/news/374157-facebook-blocks-rt-content/

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Calif. government covered up $1.9B budget shortfall for months

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“Gov. Jerry Brown’s administration miscalculated costs for the state Medi-Cal program by $1.9 billion last year, an oversight that contributed to Brown’s projection of a deficit in the upcoming budget, officials acknowledged this week.  The administration discovered accounting mistakes last fall, but it did not notify lawmakers until the administration included adjustments to make up for the errors in Brown’s budget proposal last week. The Democratic governor called for more than $3 billion in cuts because of a projected deficit he pegged at $1.6 billion.”

Read more: http://www.foxnews.com/politics/2017/01/18/1-9b-accounting-error-adds-to-california-deficit-projection.html

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Rest in Peace, Bond Bull Market

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“Bonds have been in an uptrend since the 1980s. This historic bull market has survived three recessions, the dot-com crash, and the 2008–2009 financial crisis.  Many investors have only seen bond prices go up…that is, until recently.”

Read more: http://www.caseyresearch.com/articles/rest-in-peace-bull-market

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Sovereign Debt Pile-Up Spurs Wave Of Downgrades To Kick Off 2017

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It’s not just global sovereign debt.  Cities like Dallas and Chicago are increasingly at odds with ratings agencies skeptical of their ability to repay investors.

S&P indicated that global sovereign debt downgrades are likely to outpace upgrades in 2017.

S&P downgraded the City of Dallas over skepticism it will be able to fund the promises its pension fund made to former city employees without going deeper into debt.

Meanwhile, the City of Chicago is locked in a dispute with Moody’s over its recently issued “junk” bond rating.  Going forward, the city will seek a better rating by retaining S&P and Fitch instead.

In the minds of government officials, the debate is no longer about debt-to-GDP ratios, debt service as a percentage of tax collections, or other metrics that indicate an outlook that views ever-increasing debt as a drag on economic growth.  Their rhetoric is laser-focused on removing obstacles to borrowing ever more money.

How can this end well without a major adjustment?

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Glenn Greenwald: The Deep State Goes to War With Trump, As Democrats Cheer

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“When it comes time to expose actual Trump corruption and criminality, who is going to believe the people and institutions who have demonstrated they are willing to endorse any assertions no matter how factually baseless, who deploy any journalistic tactic no matter how unreliable and removed from basic means of ensuring accuracy?”

Read more: https://theintercept.com/2017/01/11/the-deep-state-goes-to-war-with-president-elect-using-unverified-claims-as-dems-cheer/

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