19-Year Old Sets Own Ferrari On Fire Because He Wanted A New One

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– 19-Year Old Sets Own Ferrari On Fire Because He Wanted A New One (ZeroHedge, Aug 12, 2015):

On October 24, 2014, the 19-year old son of a wealthy Swiss businessman walked into a brothel in the Bavarian town of Augsburg.

Although by almost any standard he led a rather splendid existence, on this particular night he had reached his breaking point. The problem: he drove a 2011 Ferrari 458 Italia.

Ferrari2011Italia_0

That may look nice enough, but the issue is that there’s a 2014 Ferrari Italia, and let’s face it, no one – and we mean no one – would want to be caught dead in the vehicle shown above when the one shown below is just waiting to be driven off the lot.

2014Ferrari458_0

Of course this is exactly the type of situation that insurance – or, more acurately, insurance fraud – is for.

And so this young man – allegedly with the help of the Ferrari dealer – did what anyone would do in this situation: he drove to Bavaria, went to see a prostitute (one needs an alibi), and paid two accomplices $15,000 to douse the old junker in gasoline and light it on fire. 

Read more19-Year Old Sets Own Ferrari On Fire Because He Wanted A New One

Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”

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– Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” (ZeroHedge, Aug 12, 2015):

During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite the fact that the country is mired in recession. For many in the periphery, the notion of an economic recovery is fiction, plain and simple.

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Our Government, Destroyer of Jobs

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– Our Government, Destroyer of Jobs (Of Two Minds, Aug 12, 2015):

If our government can’t destroy all the private-sector jobs directly, it will do so indirectly by borrowing so much money the system collapses.

Conventional economists and pundits are puzzled why jobs growth has been so anemic in this “recovery.” Here’s one factor they overlook: our government. In theory, our government is supposed to encourage private sector job growth. In reality, all the hundreds of pages of regulations are killing job growth, one small business and one job at a time.

Correspondent/entrepreneur Ray Z. was kind enough to share his experience of trying to open a bagel shop and create six jobs:

Read moreOur Government, Destroyer of Jobs

DAX Crashes After Germany Warns Greek Bailout “Insufficient”

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– DAX Crashes After Germany Warns Greek Bailout “Insufficient” (ZeroHedge, Aug 12, 2015):

With the Greek bailout deal now nearly done, all that stands in the way of disbursal is the Greek parliamnent and a predictably incalcitrant Germany which, according to Bild (citing EU sources) has now determined that the new bailout plan is “insufficient.”

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Uncle Warren Strikes Again: Kraft Heinz Cuts 2,500 Jobs

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–  Uncle Warren Strikes Again: Kraft Heinz Cuts 2,500 Jobs (ZeroHedge, Aug 12, 2015):

Thanks, Uncle Warren.

The Kraft-Heinz merger engineered earlier this year by everyone’s favorite folksy octogenarian billionaire along with 3G will cost some 2,500 people their jobs, as the combined entity looks to cut costs.

CEO (and 3G partner) Bernardo Hees has already slashed jobs on the Heinz side of things, so now it’s apparently time for Kraft employees to do their part to facilitate merger “synergies.”

Via AP:

Read moreUncle Warren Strikes Again: Kraft Heinz Cuts 2,500 Jobs

Rotten Apple: Former Leader Breaking Down

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– Rotten Apple: Former Leader Breaking Down (Dana Lyons’ Tumblr):

This is just a quick-hitter post on another former leader that is breaking down. As we have mentioned several times – in particular on July 22 and August 5 – the ever-thinning stock market rally is starting to lose the relatively few leaders still keeping it afloat. That July post noted the relative weakness in the equal-weight Nasdaq 100, even as the cap-weighted index remained near its highs. One reason was the performance of Apple Inc. (AAPL), the largest stock in the index, and the entire U.S. market. When AAPL is moving higher, it can mask a lot of problems in the broader market. Unfortunately for bulls, AAPL is beginning to crack. It began on the day of the July post when it got crushed following its earnings release. It has since broken down more, recently dropping below its post-2009 UP trendline.

Apple-AAPL

Read moreRotten Apple: Former Leader Breaking Down

Gold & Silver Surge As Dollar Dumps

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–  Gold & Silver Surge As Dollar Dumps (ZeroHedge, Aug 12, 2015):

Just 3 weeks after the world could not purge itself fast enough of ‘pet rocks’, Gold is pushing to one-month highs this morning (at $1120) and Silver just broke a key technical level at its 50-day moving average as USD weakness and global turmoil have seen Precious metals gain for the last few days…

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Good timing?

Dollar Tumbles As Fed Rate Hike Suddenly Looking Very Uncertain To Goldman, Bank Of America

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– Dollar Tumbles As Fed Rate Hike Suddenly Looking Very Uncertain To Goldman, Bank Of America (ZeroHedge, Aug 12,  2015):

After China’s shocking currency devaluation, which some more conspiratorially-minded observers have concluded was China’s retaliation to the west for the IMF’s recent snub that pushed back China’s evaluation for inclusion into the SDR to some indefinite point in 2016, the only question on everyone’s mind is whether the Fed will delay or outright cancel any imminent “data-dependent” rate hikes as a result of the implicit tightening of monetary conditions thanks to China, and the dramatic appreciation of the USD which would not have taken place without China.

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Yuantervention: PBOC Devalues The Yuan, Then Scramble To Support It In The Open Market

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– Yuantervention: PBOC Devalues The Yuan, Then Scramble To Support It In The Open Market (ZeroHedge, Aug 12, 2015):

As we noted earlier, the most surprising development out of this mornings repeat rout in the Chinese currency was not that it happened: after all as we laid yesterday out there is at least 10-15% in immediate downside left for the Yuan but that shortly before the market close, China’s central bank intervened via “at least one major Chinese state-owned bank sold large amount of dollar shortly before market closed, prompting rapid gain in yuan, according to two traders at onshore banks” Bloomberg reported adding that at least one state bank continuously sold dollar until USD/CNY reached around 6.38.

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The FBI Considers the IRS and DOJ, Domestic Terrorists

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– The FBI Considers the IRS and DOJ, Domestic Terrorists (First Rebuttal, August 11, 2015):

Eventually it was bound to happen.  The ever increasing ambiguous laws that allow the government to prosecute, or worse, simply negate all Constitutional protections of its citizens would come back to hang them.  In an unusual circumstance, what is essentially one party in D.C. when it comes to matters of covering up governmental criminality, has split into a two party system.  Specifically, a sect of the Republican party known as Tea Partiers pushed unrelentingly to expose the criminality acted upon members of its own tribe by various government agencies.

Read moreThe FBI Considers the IRS and DOJ, Domestic Terrorists

Hillary Clinton Turns Over E-mail Server To Feds As Bernie Sanders Surges Ahead In New Poll

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– Hillary Clinton Turns Over E-mail Server To Feds As Bernie Sanders Surges Ahead In New Poll (ZeroHedge, Aug 12,  2015):

Hillary Clinton, who just months ago was for all intents and purposes running unopposed in a bid to return to The White House, only this time around as President, has discovered that the controversy surrounding her handling of sensitive information will likely prove to be a very serious issue for voters going forward.

An attempt to restore the public trust by releasing thousands of pages of e-mails only exacerbated the situation, as some who reviewed the correspondence sent from the former Secretary of State’s private e-mail server now say that although none of the transmitted information was classified at the time it was sent, there are accepted (if sometimes unwritten) standards that top diplomats are expected to follow and Clinton almost certainly did not follow protocol. 

Read moreHillary Clinton Turns Over E-mail Server To Feds As Bernie Sanders Surges Ahead In New Poll

The Biggest Reason Why China Is Finished

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H/t reader squodgy:

“Erm….I’m confused….again.”

CHINA-FLAG

– The Biggest Reason Why China Is Finished (The Daily Sheeple, Aug 11, 2015):

When discussing the rise and fall of any civilization, most armchair historians are quick to point out the numerous factors that contribute to the growth of a nation. They like to cite things like technological progress, law and order, the arts, economic prosperity, and military prowess. However, they tend to overlook one major factor that makes everything possible. That is the people themselves, and the demographic trends that make them successful.

If you examine history, you’ll find that the peak of any advanced civilization often coincides with population growth, especially if that growth is disproportionately higher than neighboring civilizations. The economic competitiveness of a nation is directly related to the percentage of their population that is of working age; so if the population explodes and those people have plenty of economic opportunities, that nation will be incredibly successful.

Read moreThe Biggest Reason Why China Is Finished

The Fed Is Out Of Options, “QE Is All It Can Do Here” Art Cashin Predicts

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Captain Obvious strikes again …

– The Fed Is Out Of Options, “QE Is All It Can Do Here” Art Cashin Predicts (ZeroHedge, Aug 11,  2015):

“…they’re in a kind of silly loop where they did QE expecting a reaction… didn’t get it.. and then they did QE again because it didn’t live up to their expectations… but I think they have no other options, if things get negative on the economy, QE is all they can do.”

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US ex-intelligence chief on ISIS rise: It was ‘a willful Washington decision’

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See also:

– US Allows Ally Turkey to Bomb Only Group Effectively Fighting ISIS

– British SAS Special Forces ‘Dressed Up As ISIS Rebels’ Fighting Assad in Syria

– US ex-intelligence chief on ISIS rise: It was ‘a willful Washington decision’ (RT, Aug 10, 2015):

The US didn’t interfere with the rise of anti-government jihadist groups in Syria that finally degenerated into Islamic State, claims the former head of America’s Defense Intelligence Agency, backing a secret 2012 memo predicting their rise.An interview with retired Lieutenant General Michael Flynn, former head of the Defense Intelligence Agency (DIA), given to Al Jazeera’s Mehdi Hasan, confirms earlier suspicions that Washington was monitoring jihadist groups emerging as opposition in Syria.

General Flynn dismissed Al Jazeera’s supposition that the US administration “turned a blind eye” to the DIA’s analysis.

Read moreUS ex-intelligence chief on ISIS rise: It was ‘a willful Washington decision’

Scotland Announces Total Ban On GMO Crops

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braveheart

– Scotland Announces Total Ban on GM Crops (Sustainable Pulse, Aug 9, 2015):

Growing genetically modified (GM) crops will not be permitted in Scotland, Rural Affairs Secretary Richard Lochhead has announced as he moved to protect Scotland’s clean, green status.

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Mr Lochhead has confirmed that the Scottish Government intends to take advantage of new EU rules allowing countries to opt out of growing EU-authorised GM crops.

Read moreScotland Announces Total Ban On GMO Crops

Dr. Farina: Sub-lethal Doses of Glyphosate (Roundup) affect Honeybee Navigation

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– Dr Farina: Sub-lethal Doses of Glyphosate affect Honeybee Navigation (GMO Evidence, Aug 11, 2015):

Navigation

This study shows it’s not only neonicotinoid insecticides that are destroying honeybees’ ability to navigate and therefore contributing to colony collapse.

Effects of sub-lethal doses of glyphosate on honeybee navigation

Full study: http://jeb.biologists.org/content/early/2015/07/09/dev.117291.short

Authors

María Sol Balbuena, Léa Tison, Marie-Luise Hahn, Uwe Greggers,Randolf Menzel and Walter M. Farina

Abstract:

Glyphosate (GLY) is a herbicide that is widely used in agriculture for weed control. Although reports about the impact of GLY in snails, crustaceans and amphibians exist, few studies have investigated its sub-lethal effects in non-target organisms such as the honeybee Apis mellifera, the main pollen vector in commercial crops. Here, we tested whether exposure to three sub-lethal concentrations of GLY (2.5, 5 and 10 mg/L corresponding to 0.125, 0.250 and 0.500 µg/animal) affects the homeward flight path of honeybees in an open field. We performed an experiment in which forager honeybees were trained to an artificial feeder, and then captured, fed with sugar solution containing GLY traces and released from a novel site (the release site, RS) either once or twice. Their homeward trajectories were tracked using harmonic radar technology. We found that honeybees that had been fed with solution containing 10 mg/L GLY spent more time performing homeward flights than control bees or bees treated with lower GLY concentrations. They also performed more indirect homing flights. Moreover, the proportion of direct homeward flights performed after a second release at the RS increased in control bees but not in treated bees. These results suggest that, in honeybees, exposure to GLY doses commonly found in agricultural settings impairs the cognitive capacities needed to retrieve and integrate spatial information for a successful return to the hive. Therefore, honeybee navigation is affected by ingesting traces of the most widely used herbicide worldwide, with potential long-term negative consequences for colony foraging success.

Dr. Zaller: Glyphosate (Roundup) Reduces the Activity and Reproduction of Earthworms

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– Dr Zaller: Glyphosate Reduces the Activity and Reproduction of Earthworms (GMO Evidence, Aug 11, 2015):

Earthworms

Glyphosate-based herbicides reduce the activity and reproduction of earthworms and lead to increased soil nutrient concentrations.

Full Study:  http://www.nature.com/srep/2015/150805/srep12886/full/srep12886.html

Authors: 

Mailin Gaupp-Berghausen, Martin Hofer, Boris Rewald, Johann G. Zaller

Abstract

Herbicide use is increasing worldwide both in agriculture and private gardens. However, our knowledge of potential side-effects on non-target soil organisms, even on such eminent ones as earthworms, is still very scarce. In a greenhouse experiment, we assessed the impact of the most widely used glyphosate-based herbicide Roundup on two earthworm species with different feeding strategies. We demonstrate, that the surface casting activity of vertically burrowing earthworms (Lumbricus terrestris) almost ceased three weeks after herbicide application, while the activity of soil dwelling earthworms (Aporrectodea caliginosa) was not affected. Reproduction of the soil dwellers was reduced by 56% within three months after herbicide application. Herbicide application led to increased soil concentrations of nitrate by 1592% and phosphate by 127%, pointing to potential risks for nutrient leaching into streams, lakes, or groundwater aquifers. These sizeable herbicide-induced impacts on agroecosystems are particularly worrisome because these herbicides have been globally used for decades.

Read moreDr. Zaller: Glyphosate (Roundup) Reduces the Activity and Reproduction of Earthworms

Spain Turns Down Oxitec GM Flies Release Again

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– Spain Turns Down Oxitec GM Flies Release Again (Sustainable Pulse, Aug 7, 2015):

After protests by a broad coalition of NGOs against plans to release genetically engineered olive flies in Spain, the UK company Oxitec has now withdrawn its application. As reported by Spanish media, Oxitec was informed by regional authorities that the experiments will not be allowed.

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After 2013, this is the second time that the company has failed to get approval for its application in Spain. Once released, the genetically engineered flies might spread throughout the Mediterranean region and all the locations where native populations of olive flies occur. A broad coalition of mostly representative organisations from Mediterranean countries are demanding that any release of these flies should be banned completely.

Source: www.testbiotech.org/en/node/1321

“We would like to congratulate the farmers and environmentalists in Spain on this important and successful outcome. Nevertheless, we have to assume that this will not remain the last attempt at releasing such organisms. The next generation of genetically engineered organisms is already in the laboratories”, Christoph Then says for Testbiotech. “Looking at scientific publications it is easy to believe there will soon be a surge in the release of organisms that cannot be controlled.”

Read moreSpain Turns Down Oxitec GM Flies Release Again

John Kerry Warns “Dollar Will Cease To Be Reserve Currency Of The World” If Iran Deal Rejected

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Flashback:

– Hedge Fund Manager Kyle Bass: Senior Obama Administration Official Said: ‘We’re Just Going To Kill The Dollar’ (Video)

–  John Kerry Warns “Dollar Will Cease To Be Reserve Currency Of The World” If Iran Deal Rejected (ZeroHedge, Aug 11, 2015):

Scaremongery… or maybe the whole point, as Obama’s former chief economist noted, is to lose reserve status. Take That China!!

As Jared Bernstein previously explained…

There are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?

But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.

Read moreJohn Kerry Warns “Dollar Will Cease To Be Reserve Currency Of The World” If Iran Deal Rejected

“Minority Report”-esque Big Brother Billboards are Coming to England

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Minority Report-esque Big Brother Billboards are Coming to England

 – “Minority Report”-esque Big Brother Billboards are Coming to England (Liberty Blitzkrieg, Aug 10, 2015):

Much of the shift is being driven by today’s enhanced data-collection and analysis power. Ocean’s three new billboards in Birmingham, shaped like large human eyes, will broadcast ads like regular digital billboards, but have the ability to change based on how many of a certain group are within “eyesight” of the camera. 

But software will analyze the feeds to pick up facial features and how long a person looked at an advertisement, according to Olivier Duizabo, chief executive of Quividi, the company that made the software.

– From the Wall Street Journal article: England to Roll Out Tailored Billboards

I assume many of you have seen the movie Minority Report. For those who haven’t, there’s a famous scene during which the protagonist, John Anderton, who works in the department of Precrime, walks through a mall and is bombarded with personalized billboards. The year is 2054. If what is happening in England is any indication, it’s not going to take anywhere near that long.

Before getting into today’s story, here’s the relevant clip from the movie:

Read more“Minority Report”-esque Big Brother Billboards are Coming to England

The New York Times Warns About the Pentagon Labeling Journalists “Unprivileged Belligerents”

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Journalism

– The New York Times Warns About the Pentagon Labeling Journalists “Unprivileged Belligerents” (Liberty Blitzkrieg, Aug 10, 2015):

This post is a follow up to a piece I published in June titled: New Thousand Page Pentagon War Manual Potentially Lumps Journalists in with “Unprivileged Belligerents.” Here’s an excerpt:

A 1,176 page Pentagon war manual was recently released that hasn’t received the attention it deserves. The book of combat instructions, titled “Department of Defense Law of War Manual,” apparently covers rules of war for all branches of the U.S. military.

One passage in particular is generating controversy, where journalists seem to be thrown into a convoluted and opaque category, in which they could be seen as “unprivileged belligerents” as opposed to civilians. Naturally, this has sparked concern that journalists the U.S. government doesn’t like could be lumped into the “unprivileged belligerents” category and subsequently murdered at will.

Now the New York Times is concerned as well, and rightfully so. In an Op-ed today, the paper explains that:

Read moreThe New York Times Warns About the Pentagon Labeling Journalists “Unprivileged Belligerents”

Protesters Declare They Are Ready For War As America’s Impoverished Inner Cities Threaten To Erupt

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– Protesters Declare They Are Ready For War As America’s Impoverished Inner Cities Threaten To Erupt (Economic Collapse, Aug 10, 2015):

Are we about to witness a new round of racially-charged protests, riots and demonstrations all across the United States?  On Sunday night, a protest that had been organized to commemorate the one year anniversary of Michael Brown’s death in Ferguson, Missouri took a very violent turn.  An 18-year-old named Tyrone Harris that is being described as a “real close” friend of Michael Brown opened fire on police with a stolen handgun.  Police returned fire and Harris got hit.  He is now in the hospital and his prognosis is uncertain.  Of course this just raised tensions to an entirely new level, and at this point a state of emergency has been declared in Ferguson.

So what would cause an 18-year-old young man to pick up a gun and start firing at police?

Read moreProtesters Declare They Are Ready For War As America’s Impoverished Inner Cities Threaten To Erupt

This Is Not A Drill: India, Russia And Thailand Prepare For Currency War

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Currency wars

– This Is Not A Drill: India, Russia And Thailand Prepare For Currency War (ZeroHedge, Aug 11, 2015):

When China sneezes, the world catches a cold. Alternatively, when China devalues, the rest of the (exporting) world scrambles to not be the last (exporting) nation standing, and to do so next, before everyone else does.

Case in point, at least three major emerging market nations announced they are bracing for currency war.

First India, where NDTV ask rhetorically “How China’s Devaluation of Renminbi Impacts India” and answers:

Read moreThis Is Not A Drill: India, Russia And Thailand Prepare For Currency War

China Enters Currency War – Devalues Yuan By Most On Record

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Begun The Global Currency Wars Have

– China Enters Currency War – Devalues Yuan By Most On Record (ZeroHedge, Aug 11, 2015):

Update: The Chinese currency complex is collapsing… 12 month NDFs just hit a new 5 year lows against the USD – biggest plunge since Lehman

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S&P futures have retraced most of the day-session gains…

Read moreChina Enters Currency War – Devalues Yuan By Most On Record

China “Loses Battle Over Yuan”, And Now The Global Currency War Begins

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– China “Loses Battle Over Yuan”, And Now The Global Currency War Begins (ZeroHedge, Aug 11, 2015):

Almost exactly seven months ago, on January 15, the Swiss National Bank shocked the world when it admitted defeat in a long-standing war to keep the Swiss Franc artificially weak, and after a desperate 3 year-long gamble, which included loading up the SNB’s balance sheet with enough EUR-denominated garbage to almost equal the Swiss GDP, it finally gave up and on one cold, shocking January morning the EURCHF imploded, crushing countless carry-trade surfers.

Fast forward to the morning of August 11 when in a virtually identical stunner, the PBOC itself admitted defeat in the currency battle, only unlike the SNB, the Chinese central bank had struggled to keep the Yuan propped up, at the cost of nearly $1 billion in daily foreign reserve outflows, which as this website noted first months ago, also included the dumping of a record amount of US government treasurys.

And with global trade crashing, Chinese exports tumbling, and China having nothing to show for its USD peg besides a propped and manipulated stock “market” which has become the laughing stock around the globe, at the cost of even more reserve outflows, it no longer made any sense for China to avoid the currency wars and so, first thing this morning China admitted that, as Market News summarized, the “PBOC lost Battle Over Yuan.”

That’s only part of the story though, because as MNI also adds, the real, global currency war is only just starting.

currency-war

Read moreChina “Loses Battle Over Yuan”, And Now The Global Currency War Begins