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Top Democrat Slams “Studio Gangster” Trump

Rep. Hakeem Jeffries (D-NY) said on Sunday that President Trump is a “studio gangster” – talking tough but not backing it up, after Trump walked out on an infrastructure meeting last week with House Speaker Nancy Pelosi (D-CA) and Chuck Schumer (D-NY), citing the ongoing Congressional investigations into he and his administration. “Donald Trump is functionally a studio gangster. He pretends to be a tough guy but he really is just playing that role on TV,” Jeffries told MSNBC‘s Chuck Todd, adding “He pretends to be a tough guy, but he is really just playing that role on TV. Hopefully, he will have gotten this temper tantrum out of his system. He can come back from Japan. We have crumbling bridges, roads, tunnels, airports, mass transportation systems. We need to get to work to fix it. We have a plan and we’d like to do it in a bipartisan way.”  “You know, the president didn’t just walk out on a meeting with [House Speaker] Nancy Pelosi and infrastructure, Chuck. He walked out on the American people,” he added.  Jeffries danced around the question of impeachment, saying “We work for the American people. We have a constitutional responsibility to serve as a check and balance on a potentially out-of-control executive branch. But we will not overreach. We will not overinvestigate. We will not overpoliticize that responsibility. We will proceed as...

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Macron Suffers Huge Blow With Defeat To Le Pen

In what may be the biggest shock from today’s European parliamentary elections, President Emmanuel Macron is set to suffer a blow with French voters set to hand a victory to Marine Le Pen’s National Rally, picking the vocal Eurosceptic and nationalist over the former Rothschild banker. Macron’s Republic on The Move will have just 22.5% of the vote compared with 24% for Le Pen, according to pollsters Ifop. With Macron and Le Pen neck and neck ahead of the elections, the outcome will be a humiliation for the liberal politician who said before the elections that everything less than 1st place would be a defeat. Rounding out the The Greens were third with 13%, the conservative Republicans got 8%, while the implosion of the Socialists continues, coming in dead last with just 6.5% of the vote. Macron’s default took place even as turnout was up around 10% points from 2014, however the increase was particularly marked in regions where Le Pen’s party has gained ground in the past years. In other words, as establishment apathy gets entrenched, the populist vote is increasingly demanding to be heard. It gets worse: to the shock of globalists and statists everywhere, this is Le Pen’s second straight victory in the EU vote. In 2014 she beat the conservatives by 4 percentage points with Macron’s Socialist predecessor Francois Hollande trailing in third. As Bloomberg...

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“The Fund Went Seriously Wrong This Month” – The World’s Most Bearish Hedge Fund Suffers Spectacular Loss

According to (always wrong) conventional wisdom, anybody who has remained bearish on global markets since the financial crisis has not only lost a boatload of money, but has missed out on the opportunity to cash in on one of the most torrid bull markets in recent memory. They should also be out of business, insolvent or both. However, as Horseman Global’s Russell Clark has proven over and over again, this is not the case at all. A few years back, we anointed Horseman “The world’s most bearish hedge fund” for a very simple reason: Of all existing asset managers, Horseman may be the one with the biggest and longest net short position in history. Just look at the chart below, which shows not only that Clark’s net exposure was a remarkable $-60.58% (after -88.14% in March), with a gross short position of 108%, but that he had been effectively net short since 2011. Yet, to assume that Clark has either thrown in the bearish towel, or somehow lost his shirt over the past ten years would be a mistake. Actually, his fund outperformed the S&P 500 for the period between 2012 – when he first went net short – until the end of 2018, only underperforming in  2016. In 2014, Clark posted double-digit returns when oil prices cratered (he was short). In 2013, he made money shorting Brazilian equities....

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Farm Crisis: Corn Planting Slowest On Record For This Time Of Year

American farmers have some of the most corn acres left to plant, last week, than any other date on record, reported the Crop Progress Report -written by the United States Department of Agriculture (USDA). The USDA warned corn planting is currently at 49% complete, behind the 80% five-year average. Highlights from the report: Corn emerged from the ground 19% vs. 10% last week, 47% a year ago Soybeans planted 19% vs. 9% last week and 53% a year ago Soybeans emerged 5% vs. 24% a year ago Spring wheat planted 70% vs. 45% last week, and 76% a year ago Spring wheat emerged 26% vs. 10% last week and 34% a year ago Cotton planted 44% vs. 26% last week and 50% a year ago Winter wheat 66% g/e vs. 64% last week, and 36% a year ago Kansas 60% g/e vs. 56% a week ago As of last weekend, Iowa farmers had 70% of their corn planted versus the 89% five-year average. Illinois farmers had 24% of their corn planted versus the 89% five-year average. Indiana farmers had 14% planted versus the 73% five-year average. In the western Corn Belt, farmers had 70% of their corn planted versus the 86% five-year average. “Disastrous weather conditions have led to an anomalous amount of corn yet to be planted across the United States. After 10-20 inches of rainfall since the...

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Begging For Help: NM Gov Changing Her Tune On Immigration “Crisis”

Authored by Sarah Cowgill via LibertyNation.com, So much for the border crisis being a charade – Gov. Grisham went to the Swamp to beg for help. The radical-leftist governor of New Mexico, who sent National Guard troops packing in February, needs federal help now, it seems. She’s in the Swamp to beg for funding as illegal immigrants overwhelm the state. After months of neglecting the border cities and towns, toeing the DC elite party line of no “crisis” here, and facing a veritable citizens’ revolt in the Land of Enchantment, Governor Michelle Lujan Grisham is demanding federal government assistance for the dire situation – one she exacerbated through indifference to constituents. Michelle Lujan Grisham And it comes on the heels of yet another county drawing a line in the sand and refusing any further influx of illegal immigrants seeking asylum. Sierra County, boasting a population 11,116 and a 21% poverty rate, joined Otero and Lincoln counties in passing resolutions opposing the relocation of migrants to their communities. This isn’t just happening in these three counties, either – it’s an untenable and cruel situation being thrust on an impoverished state by government officials who seem to be mere puppets for the Democratic Party. According to Deming City Administrator Aaron Sera, in Luna County, buses unload between 300 and 500 immigrants each day. As a town of a 14,183, it has been mercilessly overwhelmed by...

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It’s Like “Negotiating With The Devil” – Revolutionary Guard Admiral Slams Washington Warmongers

Tehran and Washington haven’t had formal diplomatic relations since the Iranian Islamic Revolution deposed the Shah back in 1980. And according to one senior official with the Islamic Revolutionary Guard Corps., there’s good reason for that. Negotiating with the US, said IRGC Rear Admiral Ali Fadavi, is like “negotiating with the devil,” and negotiating with the devil, as the Quran says, “bears no fruit.” Fadavi was quoted by Iran’s Fars News agency during a discussion of the longstanding rupture in diplomatic relations between the two countries. Last month, President Trump designated the IRGC a “foreign terrorist organization.” Fadavi went on to denounce the growing American military presence in the region as the “weakest in its history,” and added that the influence of Iran’s regional arch-rival Saudi Arabia was “the weakest in its history,” according to RT. Because of unspecified “credible” threats involving Iran, the Pentagon has been steadily expanding its military presence in the region. The USS Abraham Lincoln carrier strike group, stationed near the Persian Gulf, was recently joined by three guided-missile destroyers. A B-52 bomber squadron is on alert at a base in nearby Qatar, and Trump has reportedly signed off on a plan to send another 1,500 troops to the region to reinforce the American presence in Iraq, as well as a dozen fighter jets and a drone fleet. Washington has claimed that its latest show...

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Tariffs On China Do Not Solve Lack Of US Competitiveness

Authored by Tom Luongo, I’ve been making arguments for months that Donald Trump’s trade war with China is the height of stupidity. While Trump has the power to do what he’s been doing – sanctioning actors and applying tariffs – some power is best left not used. The simple fact is that America is uncompetitive. This is at a deep and structural level. It’s at an education level. And this is something Trump’s trade team and his adherents refuse to admit. When it comes to manufacturing and assembly, U.S. workers are not worth the money they are paid. Period. Don’t take my word for it. Take Tim Cook’s. In an eye-opening interview from the end of 2017 Cook explains the basic problem with the U.S. And China has an abundance of skilled labor unseen elsewhere, says Cook: “The products we do require really advanced tooling, and the precision that you have to have, the tooling and working with the materials that we do are state of the art. And the tooling skill is very deep here. In the US you could have a meeting of tooling engineers and I’m not sure we could fill the room. In China you could fill multiple football fields.” Cook credits China’s vast supply of highly skilled vocational talent: “The vocational expertise is very very deep here, and I give the education system a lot of...

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“You’ve Been Had”: Elon Musk’s Grand Hyperloop Vision Debunked As “Scam”

It looks as though everybody, including the media, is starting to understand that Elon Musk’s once grandiose “Hyperloop” idea, to be built by The Boring Company, isn’t the futuristic game changer that it was pitched as. In fact, it’s looking more and more like a very rudimentary idea that’s been around for decades: a car in a tunnel.  And people are catching on that this is not what Musk repeatedly talked about when baffling the public with bullshit publicly describing the idea of a Hyperloop. Over the weekend, the author of a new article for Jalopnik about the Hyperloop couldn’t help but simply refer to it as “a scam” on Twitter. I cannot overstate what a scam this whole deal has been. https://t.co/Ss5o77OxQo — Aaron W. Gordon (@A_W_Gordon) May 25, 2019 Indeed, 6 months ago the world laughed heartily in unison when the idea of mass transit via electrified skates for frictionless movement was instead substituted by a Tesla Model X bumping its way through an underground tunnel like an amusement park ride at about 50 miles an hour. Back then, Musk claimed that the bumpiness was only temporary: “That bumpiness will definitely not be there down the road—it will be smooth as glass.” And a new video on The Boring Company’s Twitter account does seem to show that the track has been paved. It shows a vehicle purportedly traveling at 127 miles an hour through...

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“Intervention” Is Coming…

Authored by Sven Henrich via NorthmanTrader.com, Sorry no weekend video this weekend, instead I just wanted to offer some commentary on some of the macro charts I recently posted on twitter. The larger message of all of these charts: Intervention is ultimately coming be it in the form of rate cuts and/or QE. It’s just a matter of the how and the when. Intervention is needed as the macro wheels are turning. Like it or not intervention remains the lifeblood of these markets, they just can’t do without and every bull case in the past 10 years has remained entirely dependent on it. To perhaps most succinctly summarize the state of markets: Support of equities and remaining in control so far: The Fed, buybacks and political jawboning. Going against equities: Macro reality. Upside triggers this year: Potential miracle saves in form of a China deal and somehow a Brexit deal by the end of October perhaps with new political leadership. Potential downside triggers this year: The weight of the emerging macro picture wrestling control away from the forces of intervention. And this macro reality is painting a consistent picture across the board and I’m just highlighting a few of these: Durable goods year over year: No expansion, regressive growth similar to the lead up to the 2008 recession. Median sales prices of homes sold year over year: It’s the...

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Tester: I Have Not Seen Seen A Democratic Candidate Who Appears Capable of Winning Back Rural America

Sen. Jon Tester (D., Mont.) said he has not yet seen a Democratic presidential candidate with a shot of winning back rural America during an appearance on CBS’s Face the Nation on Sunday. “You gave a speech making the case that Democrats actually do have a shot at winning back rural america. But you said they can’t promise things that don’t make sense like free college or jobs for everybody. Have you seen a Democratic candidate that fits that description for you?” host Margaret Brennan asked. “No, but I have seen some policies come out of some Democrats that fit that description,” Tester said. “And I think it’s important that we stay connected with reality. College is too high. We need to figure out ways to drive it down, but I’m not sure that there doesn’t need to be skin in the game if you go to college. The same thing with health care. And one other proposal that was put out said you’re going to have a job, the job’s going to pay livable wages. You just can’t do that. It’s not that easy. It would be great — it’s great to say it, but it’s hard to implement it. Let’s be grounded in common sense and move forward.” “So the bottom line is that whoever comes out of this 24, 25 people who are running for president, needs...

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