The FBI's Decision Could Help Trump

Though he speaks to a working class constituency Donald Trump is hardly one of them. He is not a member of the monied elite eitherm despite his having money. On top of that he has a problem with the Republican traditionalists who are appalled by his brsh, loudmouthed ways and are reluctant to unify behind Trump's presidential candidacy.

The divide in the party, very similar on outward appearance to divied in Britain where both Labour and Conservative Members of Parliament are totally out of touch with their core supporters. The same is happening all over europe where the gap between the political establishment and citizens has never been wider.

The problem of the Republicans and their democratically chosen but not yet confirmed candidate seemingly climaxed late in the primary season when Trump had a virtually unassailable lead over his rivals, yet the GOP establishment tried in a clumsy and desperate effort to broker a deal between Cruz and Kasich in order to stop the Trump bandwagon. Obviously that effort failed miserably.

Senior Republican figures such as Paul Ryan have at last given their support to Trump's candidacy while we in new media (mostly solo acts unlike the corporate owned news channels) have been obsessing over Hillary Clinton's e-mails travails. Despite protestations to the contrary nobody was surprised by the FBI / DoJ decision not to charge Hillary with the crimes she obviously committed, disgusted but after we have reported on the lawlessness and authoritarianism of the Obama administration for seven and a half years, not surprised.

The fix to keep Killary our of jail might,however, undo all the difficulty that the Trump campaign has had unifying the party. The FBI's cave - in or cop out decision not to recommend charges be brought against Crooked Hillary could unite the Republicans into an unmoveable phalanx determined to stop her advancing to The White House.

Upon learning of the news that the FBI wasn't recommending charges, Trump made a point that it was going to continue to be a topic of discussion, even if as Bloomberg notes, Clinton campaign chairman John Podesta said "we're moving on." Paul Ryan followed suit, saying that FBI director Jim Comey would be called to hearings on the matter, as well as making it known that "no one should be above the law."

Paul Manafort, Trump's campaign chairman said "Running against Clinton is good on a lot of fronts. She is the epitome of the establishment and what people see as what's wrong with the country, and what they want changed. From the standpoint of our party, no one wants a third Obama term and that's what the country sees her as."

Trump will hope to build on the momentum in an upcoming speech that will unveil changes to his tax plan, and also could announce his running mate next week. As former Senator Scott Brown, a surrogate for Trump points out, "The unifying person of the party may not be Donald Trump, but Hillary. While many people may not like him, they are going to vote for him, because they don't like or trust her."

As a reminder, Trump surged ahead of Clinton in the latest Rasmussen poll, a signal that Trump's push on an "us vs the elites" type of mentality appears to be working already as well.


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Europe's Banks In Crisis As Brexit Vote Triggers The Crisis That Has Been Waiting To Happen

There's no denying it, Europe's banking system is collapsing. From shares in Deutsche Bank and Credit Suissehitting record lows to the sky high default risk in Italy's third largest lender Monte Paschi, the panic in Europe's funding markets is proving contagious.

Tumbling to a fresh post-Brexit low, Europe's Stoxx 600 Bank Index is setting new post 2008 lows.

The establishment, politicians and bureaucrats, big finance and the academics who pose as 'experts' (though in reality they understand less of economics that the guy who runs the fruit and veg. stall down your local street market) are unequivocally blaming Brexit for the panic engulfing the global economy. They are lying of course, as they lied in their efforts to generate enough fear and panic to scare British voters into voting to remain in the EU.

The current crisis however has been waiting to happen for two years; the global economy has never recovered from the 2008 crash, an illusion of recovery was conjured by the expedient of printing money (Quantitative Easing), Italian banks are always in crisis American banks and consumers are drowning in debt, the Japanese economy is a joke having been stagnant for nearly twenty years, and the real catalyst of the current panic, Deutsche Bank, as we have reported here and elsewhere, has been teetering on the brink for a year due to its having an unsustainable level of bad debt on the balance sheet (see yesterday's posts).

From this morning's news we learn things got worse overnight again.

from Reuters:

Deutsche Bank is looking to sell at least $1 billion of shipping loans to lighten its exposure to the sector whose lenders face closer scrutiny from the European Central Bank, sources told Reuters.

While the oil tanker trade has picked up, the container and dry bulk shipping industries are struggling with their worst downturn due to a glut of ships, a faltering global economy and weaker consumer demand.

Banking and finance sources familiar with the matter said Germany's biggest lender was initially looking to offload at least $1 billion.

"They are looking to lighten their portfolio and this includes toxic debt. It makes commercial sense to try and sell off some of their book," one finance source said. "They are not looking to exit shipping."

Deutsche Bank, which has around $5 billion to $6 billion worth of total exposure to the shipping sector, declined to comment.

In that quoted section there is a reference to yet another indicator that the global economy was in massive trouble that we reported on early this year, long before the Brexit campaigns had got into gear. Stock markets, currency exchange rates and interest rates can all be manipulated but The Baltic Dry Index cannot. It monitors the amount of freight (dry goods ergo Baltic Dry) excluding oil, bulk ore and bulk grain moving around the oceans. And early this year it hit low lowest level ever recorded in the modern era. And since then the index has hovered just above that level. It' can'y go much lower because shipping companies are practically giving away capacity on their ships.

And that is the root of the crisis in the global economy, Brexit is just a diversion.


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How markets are rigged to hide the debt problem
Debt problems are structural
Debt causes fear for stability of the dollar
Currency Wars: Russia and China attack the reserve currency
Eurogeddon: Debt the end of the One Europe project
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Our Brexit catalogue
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