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Another Tesla Bursts Into Flames After Suspected Drunk Driving Accident In California

As the old joke goes, it must be a day that ends in “Y”, because another Tesla has burst into flames – this one after crashing into the parking lot of a California apartment complex early on Wednesday. According to NBC, the Encinitas Fire Department said that the driver was speeding east of S. Coast Highway 101 when he lost control and went off the roadway at about 2AM. The Tesla then crashed into a parking lot of an apartment complex and, after taking down a fence, burst into flames. Initial reports had indicated that the car crashed into the building, but it was still unclear as to whether or not the structure had been damaged. The driver was taken into custody on suspicion of drunk driving and firefighters arrived and worked for several minutes to battle the flames that were “shooting up from the car”. Fire crews had to remain on the scene for several hours to make sure that the Tesla battery didn’t catch fire again, according to the Encinitas Fire Department. There was no indication of whether or not the car was on Autopilot, but we will continue to follow the story and will update this article with details as they become...

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Will The Recent Run Of Strong Data Change The Fed’s Easing Plans

Authored by Marc Orsley of PrismFP Better data recently begs the question if this is a temporary bounce or a trend change to reflation Potential for China stimulus and the dovish global CB pivot to slow the data deterioration Despite the better data, FOMC voting members are still talking extremely dovish FF/IOER spread widening indicative of why the Fed will cut even if the data firms (don’t fight the Fed) Since the July 5th Payroll day, the US has seen a mini run of better data. Therefore, the question du jour has become: is this another temporary blip up in the data (like we saw in January and May) inside the larger downtrend of data deterioration, or is there truly a real turn in the data developing? The first thing to note is that after more than a year of the US data disappointing; economic surprise indices have entered the zone where the index tends to mean revert. Citi US Econ Surprise Index That’s not to say the data can’t still be weak. It’s just economist, who tend to be overly optimistic and playing from behind, catch up to the narrative that the data trend is lower and thus they downgrade all their forecast and voilà; surprise indices bounce. In order to identify if the better data is a blip or a reversal, there needs to be a catalyst....

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Facebook Won’t Say Whether Banned Individuals Can Use Libra Despite Claiming To Be ‘Politically Neutral’ 

Facebook’s second day of Congressional hearings over Libra was by most accounts a total debacle – between Rep. Carolyn Maloney (D-CA) suggesting that the social media giant ‘shouldn’t launch’ the cryptocurrency – as new currencies should be ‘left to democratically accountable institutions,’ and another lawmaker accusing the company of ‘winging it.’  “Would you trust your money with a company that is just winging it?” She isn’t buying what they are selling either. pic.twitter.com/zD3tG6zGTZ — Mister AntiBully (@MisterAntiBully) July 17, 2019 Perhaps the most significant revelation, however, was Facebook executive and Libra head David Marcus giving a disturbing answer over whether individuals banned from Facebook will be allowed to use the digital currency, while also claiming that the Libra Association will remain politically neutral.  Interesting question Duffy: “Can Milo Yiannopoulos use Libra? Can Louis Farrakhan? Both of those people are banned from Facebook.” Marcus: “I don’t know yet.” — Blake Montgomery 💀 (@blakersdozen) July 17, 2019 ⚠️WATCH: FACEBOOK REP **CONTRADICTS** THEMSELVES on political neutrality, when asked about the Libra Association’s ability to EXCLUDE people based on social/political views. Can they or can’t they? The answer is unclear. pic.twitter.com/4eNGZGDjlL — NewsChute (@NewsChute) July 17, 2019 Facebook also took flack for being, well, Facebook.  “Just because we may not fully understand a new technology proposal does not mean we should immediately call for its prohibition,” said Rep. Patrick McHenry of North Carolina – the Committee’s...

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Not The Onion! Woman Designs Chair To Prevent “Manspreading”

Authored by Paul Joseph Watson via Summit.news, A British woman has been awarded for designing a chair that prevents “manspreading” by forcing men to sit as if they don’t have any balls. I’m not even joking. “Manspreading,” otherwise known as ‘having a pair of testicles’ – is where men sit with their legs spread apart on public transport. 23-year-old Laila Laurel says she designed the chair “following her own experiences of ‘manspreading’”. “It came both from my own experiences of men infringing on my space in public, and also from ‘The Everyday Sexism Project’, a website founded by Laura Bates in which women self-testify about sexism they experience,” she told LadBible. “With my chair set I hoped to draw awareness to the act of sitting for men and women and inspire discussion around this,” added Laurel, who was given the Belmond Award for emerging talent (whatever that is). But here’s the kicker; Laurel has also designed a chair which encourages women to engage in the very same behavior she complains about the men doing. If you’re wondering if that makes any sense whatsoever then stop because it doesn’t. Also, from an aesthetic viewpoint, the designs look absolutely hideous. Unfortunately, there is no chair being designed to prevent female bagspreading. Stop the #bagspreading ! #manspreading #Hypocrisy #feminism pic.twitter.com/yKMHu1WReT — JaiArts (@jaiartz) June 17, 2017 The response to the design was not...

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Epstein Lied About Austrian Passport Under Different Name According To New Court Filing

An Austrian passport found in Jeffrey Epstein’s 21,000 square-foot Manhattan townhome, containing Epstein’s photograph but listing a different name, contains customs stamps indicating that he used it to enter at least four countries, – contradicting a defense argument that it was only on hand in the event of a hijacking. In a late Wednesday court filing, US Attorney Geoffrey Berman writes “The defendant’s July 16, 2019 letter asserts: “[A]s for the Austrian passport the government trumpets, it expired 32 years ago. And the government offers nothing to suggest — and certainly no evidence — that Epstein ever used it.”  Berman rebuts this claim, writing: “In fact, the passport contains numerous ingress and egress stamps, including stamps that reflect use of the passport to enter France, Spain, the United Kingdom, and Saudi Arabia in the 1980s.”  “The Government further notes that the defendant’s submission does not address how the defendant obtained the foreign passport and, more concerning, the defendant has still not disclosed to the Court whether he is a citizen or legal permanent resident of a country other than the United States.”  On Wednesday, Epstein attorney Marc Fernich wrote in a supplemental filing arguing for why Epstein should be granted house arrest, telling the court that “Epstein – an affluent member of the Jewish faith – acquired the passport in the 1980s, when hijackings were prevalent, in connection to Middle East travel. The passport was for personal protection in the event...

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The Dollar, Not Crypto, Is A National Security Issue

Authored by Peter Earle via The American Institute for Economic Research, U.S. Treasury Secretary Steve Mnuchin piled on to comments made recently by President Donald Trump by calling cryptocurrencies a “national security issue.” Bitcoin and crypto proponents more broadly have long wondered if (and how) the government of the United States would recognize the slow but steady encroachment of decentralized assets, and it appears to have begun. Facebook’s announcement of the Libra project on June 18, 2019, will likely prove the point on countless future historical timelines at which the U.S. government began a slow, ultimately ineffectiveassault upon the cryptocurrency realm. Everything that Mnuchin attributed to Bitcoin – for one thing, that it has been used in concert with such “illicit activity [as] cyber crime, tax evasion, extortion… illicit drugs, and human trafficking” – can be said, and to degrees an order of magnitude or more larger, about the U.S. dollar. It’s an argument suitable for children.  All of this is extremely bullish for Bitcoin and the entire cryptocurrency complex. A bipartisan political salvo against crypto assets will undoubtedly accelerate the pace of innovation as well as increasing the value proposition, and ultimately the market price, of assets that ensure privacy. Higher prices will draw more crypto developers into the market and direct more resources at capturing market share, which means — as in any market — that consumers are the ultimate beneficiaries. Mnuchin isn’t wrong,...

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“We’re Never Going To Go Away From Zero:” Presenting Kyle Bass’ Latest Trade

Here at Zero Hedge, we’ve dedicated plenty of attention to signs of “Japanification” in European bond markets… … with the issue taking on even more urgency now that we have influential bond strategists earnestly advocating the purchase of equities by the ECB, and the Fed in the middle of a policy U-turn that has prompted the market to price in at least three interest rate cuts by the end of the year… …previously “conspiratorial” ideas like the Fed buying equities to turbocharge its stimulus program are beginning to look eminently plausible. For readers who are unfamiliar with the term, “Japanification”, also known as Albert Edwards “Ice Age” concept, it involves the dawn of a new economic paradigm characterized by stagnant growth and pervasive deflation, where central bank debt monetization is needed to finance public spending to keep economies from sliding into contraction. Already, there’s reason to believe that both the US and Europe are heading for the same monetary policy trap as Japan. Case in point: the neutral rate – or r*, as the economists at the Fed like to call it – has failed to revert back to its pre-crisis level. And with the Fed likely to cut rates later this month and global bond yields tumbling to levels not seen in years, if ever, hedge fund manager Kyle Bass has revealed his latest trade in an interview...

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Trump on Omar: ‘There’s a Lot of Talk About the Fact That She Was Married to Her Brother’

President Donald Trump addressed a question about Rep. Ilhan Omar’s (D., Minn.) marital history on Wednesday, saying “there’s a lot of talk” about her having been married to her brother. “Well, there’s a lot of talk about the fact that she was married to her brother. I know nothing about it. I hear she was married to her brother. You’re asking me a question about it. I don’t know, but I’m sure that somebody would be looking at that,” Trump said at the White House. Omar is one of the four congresswomen Trump tweeted to “go back” to their countries of origin on Sunday, leading to a rebuke from the House of Representatives, mostly on party lines. The Minnesota Star-Tribune reported yesterday that “new investigative  documents released by a state agency have given fresh life to lingering questions about the marital history of Rep. Ilhan Omar and whether she once married a man — possibly her own brother — to skirt immigration laws.” According to the Tribune: Omar has denied the allegations in the past, dismissing them as “baseless rumors” first raised in an online Somali politics forum and championed by conservative bloggers during her 2016 campaign for the Minnesota House. But she said little then or since about Ahmed Nur Said Elmi, the former husband who swept into her life in 2009 before a 2011 separation. The questions surfaced again...

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Netflix Plummets After Subscriber Growth Hits A Brick Wall; US Subs Decline

Is the Netflix juggernaut finally dead? Back in April, when Netflix reported strong Q1 earnings, what surprised most investors was the company’s unexpectedly weak outflook, predicting a sharp slowdown in subscriber growth, with roughly 5 million in new subscriber adds. In retrospect, nobody was prepared for just how bad the final number would be, because moments ago while Netflix reported strong top and bottom line results, it was the collapse in Q2 subscriber growth that is the reason why the stock is plunging over 10% after hours, specifically Netflix reported that in Q2 it added a tiny 2.7 million subs, far below the company’s own 5.0 million forecast (from just 3 months ago), below the Wall Street consensus estimate of 5.06 million, and the lowest increase in three years! But first the good news: EPS of 60 cents was above the 56 cents expected, with revenue of $4.92 right on top of the expected $4.93 billion. Additionally, the company reported a rather impressive Q1 EBITDA of $836 million, well above the $584MM in Q1. Looking ahead, Netflix reported that Q3 forecast revenue would be $5.250 8BN, a 31.3% increase Y/Y, which is also above the estimate of $5.2BN, a number which would generate EPS of $1.04. Of course, if that was the extent of it, NFLX stock would be surging. However, the reason why Netflix is crashing after hours...

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Trump’s Fight With The Fed Over Interest Rates Is A Scripted Farce

Authored by Brandon Smith via Alt-Market.com, There is a very bizarre narrative being circulated in the mainstream economic media and it goes a little something like this: “The Federal Reserve has capitulated on liquidity tightening yet the US economy is “stronger than ever”, isn’t that weird?” There are a couple things wrong with this statement. First, the Fed has not yet capitulated on its tightening policy. In fact, we have been hearing since last November from the mainstream media and some alternative media that the Fed was going to lower its Fed Funds Rate and end monthly balance sheet cuts at “any moment”, yet several months later it still has not happened. Just last month the Fed cut another $38 billion in assets from its balance sheet; a move that was barely discussed in the mainstream because it does not fit with the prevailing delusion that the Fed has “already capitulated”. When the Fed cuts rates back significantly and the asset dumps stop, then and only then can anyone say with any authority that the Fed has ended its tightening cycle. Secondly, the US economy is not “stronger than ever”, it is at its weakest since just before the credit crash of 2008. And here is where the disconnect begins in Fed policy versus public expectations and the behavior of the Trump Administration. Almost EVERYONE, including the Federal Reserve, Donald Trump...

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