Category Archives: Europe

Trump Backgrounder for the Leftist Media

In today’s Trump Doral, Florida presser, the MSM are reporting in a variety of terse ways, that Donald Trump is asking the Russians to hack the DNC and God knows what else. For the record, this is the full reference that is being “precis’d”. The most serious hacks going on right now are the media hacks.

“If it is Russia, which it’s probably not, nobody knows who it is, But if it is Russia, it’s really bad for a different reason, because it shows how little respect they have for our country. When they would hack into a major party and get everything, but it would be interesting. I will tell you this. Russia, if you’re listening, I hope you find the thirty thousand emails that are missing. I think you’ll probably be rewarded mightily by our press. Let’s see if that happens next.”

The Progressive Left

“The fundamental flaw in both the left and its media is that they are craven. Without a moral compass and no sense of integrity or righteousness, they will chase every gold cloaked squirrel that runs in front of them, which is why they are where they are today: roadkill.”

Durden: zerohedge.com: “Deutsche Bank Poses The Greatest Risk To The Global Financial System”: IMF

“Deutsche Bank Poses The Greatest Risk To The Global Financial System”: IMF

by Tyler Durden, Jun 30, 2016. Zerohedge.com

Over three years ago we wrote “At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World” in which we introduced a bank few until then had imagined was the riskiest in the world.

As we explained then “the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank. The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000….  Or roughly $2 trillion more than JPMorgan’s.”

So here we are three years later, when not only did Deutsche Bank just flunk the Fed’s stress test for the second year in a row, but moments ago in a far more damning analysis, none other than the IMF disclosed that Deutsche Bank poses the greatest systemic risk to the global financial system, explicitly stating that the German bank “appears to be the most important net contributor to systemic risks.”

Yes, the same bank whose stock price hit a record low just two days ago.

Here is the key section in the report:

Domestically, the largest German banks and insurance companies are highly interconnected. The highest degree of interconnectedness can be found between Allianz, Munich Re, Hannover Re, Deutsche Bank, Commerzbank and Aareal bank, with Allianz being the largest contributor to systemic risks among the publicly-traded German financials. Both Deutsche Bank and Commerzbank are the source of outward spillovers to most other publicly-listed banks and insurers. Given the likelihood of distress spillovers between banks and life insurers, close monitoring and continued systemic risk analysis by authorities is warranted.

Among the G-SIBs, Deutsche Bank appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse. In turn, Commerzbank, while an important player in Germany, does not appear to be a contributor to systemic risks globally. In general, Commerzbank tends to be the recipient of inward spillover from U.S. and European G-SIBs. The relative importance of Deutsche Bank underscores the importance of risk management, intense supervision of G-SIBs and the close monitoring of their cross-border exposures, as well as rapidly completing capacity to implement the new resolution regime.

The IMF also said the German banking system poses a higher degree of possible outward contagion compared with the risks it poses internally. This means that in the global interconnected game of counterparty dominoes, if Deutsche Bank falls, everyone else will follow.

Notwithstanding moderate cross-border exposures on aggregate, the banking sector is a potential source of outward spillovers. Network analysis suggests a higher degree of outward spillovers from the German banking sector than inward spillovers. In particular, Germany, France, the U.K. and the U.S. have the highest degree of outward spillovers as measured by the average percentage of capital loss of other banking systems due to banking sector shock in the source country.

The IMF concluded that Germany needs to urgently examine whether its bank resolution, i.e., liquidation, plans are operable, including a timely valuation of assets to be transferred, continued access to financial market infrastructures, and whether authorities can ensure control over a bank if resolution actions take a few days, if needed, by imposing a moratorium:

Operationalization of resolution plans and ensuring funding of a bank in resolution is a high priority. The authorities have identified operational challenges (e.g., the timely valuation of assets to be transferred, continued access to financial market infrastructures) and are working to surmount them. In some cases, actions to effect resolution may require a number of days to implement, and the authorities should ensure they can maintain control over the bank during this period, including by using their powers to impose a more general moratorium for a specific bank.

Here is the IMF’s chart showing the key linkages of the world’s riskiest bank:

And while DB is number 1, here are the other banks whose collapse would likewise lead to global contagion.

Considering two of the three most “globally systemically important”, i.e., riskiest, banks just saw their stock price scrape all time lows earlier this week, we wonder just how nervous behind their calm facades are the executives at the ECB, the IMF, and the rest of the handful of people who realize just close to the edge of collapse this world’s most riskiest bank (whose market cap is less than the valuation of AirBnB) finds itself right now.

Judicial Watch: Law Enforcement Sources: Gun Used in Paris Terrorist Attacks Came from Phoenix

Law Enforcement Sources: Gun Used in Paris Terrorist Attacks Came from Phoenix

by Judicial Watch Blog, June 29, 2016

One of the guns used in the November 13, 2015 Paris terrorist attacks came from Phoenix, Arizona where the Obama administration allowed criminals to buy thousands of weapons illegally in a deadly and futile “gun-walking” operation known as “Fast and Furious.”

A Report of Investigation (ROI) filed by a case agent in the Bureau of Alcohol, Tobacco Firearms and Explosives (ATF) tracked the gun used in the Paris attacks to a Phoenix gun owner who sold it illegally, “off book,” Judicial Watch’s law enforcement sources confirm. Federal agents tracing the firearm also found the Phoenix gun owner to be in possession of an unregistered fully automatic weapon, according to law enforcement officials with firsthand knowledge of the investigation.

The investigative follow up of the Paris weapon consisted of tracking a paper trail using a 4473 form, which documents a gun’s ownership history by, among other things, using serial numbers. The Phoenix gun owner that the weapon was traced back to was found to have at least two federal firearms violations—for selling one weapon illegally and possessing an unregistered automatic—but no enforcement or prosecutorial action was taken against the individual. Instead, ATF leaders went out of their way to keep the information under the radar and ensure that the gun owner’s identity was “kept quiet,” according to law enforcement sources involved with the case. “Agents were told, in the process of taking the fully auto, not to anger the seller to prevent him from going public,” a veteran law enforcement official told Judicial Watch.

It’s not clear if the agency, which is responsible for cracking down on the illegal use and trafficking of firearms, did this because the individual was involved in the Fast and Furious gun-running scheme. An ATF spokesman, Corey Ray, at the agency’s Washington D.C. headquarters told Judicial Watch that “no firearms used in the Paris attacks have been traced” by the agency. When asked about the ROI report linking the weapon used in Paris to Phoenix, Ray said “I’m not familiar with the report you’re referencing.” Judicial Watch also tried contacting the Phoenix ATF office, but multiple calls were not returned.

The ATF ran the Fast and Furious experiment and actually allowed criminals, “straw purchasers,” working for Mexican drug cartels to buy weapons at federally licensed firearms dealers in Phoenix and allowed the guns to be “walked”—possessed without any knowledge of their whereabouts. The government lost track of most of the weapons and many have been used to murder hundreds of innocent people as well as a U.S. Border Patrol agent, Brian Terry, in Arizona. A mainstream newspaper reported that a Muslim terrorist who planned to murder attendees of a Muhammad cartoon contest in Garland, Texas last year bought a 9-millimeter pistol at a Phoenix gun shop that participated in the ATF’s Fast and Furious program despite drug and assault charges that should have raised red flags. Judicial Watch has thoroughly investigated Fast and Furious and has sued the Obama administration for information about the once-secret operation.

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Ball: Paris Climate Conference: A Sideshow To More Frightening Use Of False IPCC Climate Science

Reprinted from WUWT Paris Climate Conference: A Sideshow To More Frightening Use Of False IPCC Climate Science by Dr. Tim Ball,  January 3, 2016.  from  WUWT President Obama used the Paris Climate Conference to advance his legacy: an agreement was … Continue reading

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Witness the Carbon Footprint of This Fully Armed and Operational Climate Summit

Witness the Carbon Footprint of This Fully Armed and Operational Climate Summit by John Hayward, November 30, 2015. Breitbart. Skepticism about climate change dogma is reaching a generational peak. One of the reasons is that climate change alarmists stubbornly refuse … Continue reading

Quote Of The Year.

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[Can’t see anyone coming up with anything better…!]

Indeed.

This is a Clash of Civilizations. We are in WWIII and only one side is taking it seriously.

John the Libertarian on November 14, 2015 at 11:43 AM


Related: The Pope concurs…

Steyn: The Barbarians Are Inside, And There Are No Gates [Updated]

[Editorial note: The topic of fluffy, empty condolences was big on Twitter yesterday. We take exception to the worldwide propensity to reflect “solidarity” with France with what can only be seen as obscene spectacles such as building lights in the French Tricolor colours, while making absolutely no commitment to actually do anything about radical Islam and Islamists. Western nations and their leaders need to wake-the-hell up. Islam is not compatible with western values and thought, nor is it tolerant of the values that millions have fought and died for.]

[Update: Mark has expanded his comments on the Paris issue in today’s editorial from him. Read also Cool civilizational death wish goes viral.

The Barbarians Are Inside, And There Are No Gates

by Mark Steyn, November 13, 2015

Additional resources:
Additional images from the New York Times
Extensive coverage from the Daily Mail, London

As I write, Paris is under curfew for the first time since the German occupation, and the death toll from the multiple attacks stands at 158, the vast majority of them slaughtered during a concert at the Bataclan theatre, a delightful bit of 19th century Chinoiserie on the boulevard Voltaire. The last time I was there, if memory serves, was to see Julie Pietri. I’m so bloody sick of these savages shooting and bombing and killing and blowing up everything I like – whether it’s the small Quebec town where my little girl’s favorite fondue restaurant is or my favorite hotel in Amman or the brave freespeecher who hosted me in Copenhagen …or a music hall where I liked to go to hear a little jazz and pop and get away from the cares of the world for a couple of hours. But look at the photographs from Paris: there’s nowhere to get away from it; the barbarians who yell “Allahu Akbar!” are there waiting for you …when you go to a soccer match, you go to a concert, you go for a drink on a Friday night. They’re there on the train… at the magazine office… in the Kosher supermarket… at the museum in Brussels… outside the barracks in Woolwich…

Twenty-four hours ago, I said on the radio apropos the latest campus “safe space” nonsense:

This is what we’re going to be talking about when the mullahs nuke us.

Almost. When the Allahu Akbar boys opened fire, Paris was talking about the climate-change conference due to start later this month, when the world’s leaders will fly in to “solve” a “problem” that doesn’t exist rather than to address the one that does. But don’t worry: we already have a hashtag (#PrayForParis) and doubtless there’ll be another candlelight vigil of weepy tilty-headed wankers. Because as long as we all advertise how sad and sorrowful we are, who needs to do anything?

With his usual killer comedy timing, the “leader of the free world” told George Stephanopoulos on “Good Morning, America” this very morning that he’d “contained” ISIS and that they’re not “gaining strength”. A few hours later, a cell whose members claim to have been recruited by ISIS slaughtered over 150 people in the heart of Paris and succeeded in getting two suicide bombers and a third bomb to within a few yards of the French president.

Visiting the Bataclan, M Hollande declared that “nous allons mener le combat, il sera impitoyable“: We are going to wage a war that will be pitiless.

Does he mean it? Or is he just killing time until Obama and Cameron and Merkel and Justin Trudeau and Malcolm Turnbull fly in and they can all get back to talking about sea levels in the Maldives in the 22nd century? By which time France and Germany and Belgium and Austria and the Netherlands will have been long washed away.

Among his other coy evasions, President Obama described tonight’s events as “an attack not just on Paris, it’s an attack not just on the people of France, but this is an attack on all of humanity and the universal values we share”.

But that’s not true, is it? He’s right that it’s an attack not just on Paris or France. What it is is an attack on the west, on the civilization that built the modern world – an attack on one portion of “humanity” by those who claim to speak for another portion of “humanity”. And these are not “universal values” but values that spring from a relatively narrow segment of humanity. They were kinda sorta “universal” when the great powers were willing to enforce them around the world and the colonial subjects of ramshackle backwaters such as Aden, Sudan and the North-West Frontier Province were at least obliged to pay lip service to them. But the European empires retreated from the world, and those “universal values” are utterly alien to large parts of the map today.

And then Europe decided to invite millions of Muslims to settle in their countries. Most of those people don’t want to participate actively in bringing about the death of diners and concertgoers and soccer fans, but at a certain level most of them either wish or are indifferent to the death of the societies in which they live – modern, pluralist, western societies and those “universal values” of which Barack Obama bleats. So, if you are either an active ISIS recruit or just a guy who’s been fired up by social media, you have a very large comfort zone in which to swim, and which the authorities find almost impossible to penetrate.

And all Chancellor Merkel and the EU want to do is make that large comfort zone even larger by letting millions more “Syrian” “refugees” walk into the Continent and settle wherever they want. As I wrote after the Copenhagen attacks in February:

I would like to ask Mr Cameron and Miss Thorning-Schmidt what’s their happy ending here? What’s their roadmap for fewer “acts of violence” in the years ahead? Or are they riding on a wing and a prayer that they can manage the situation and hold it down to what cynical British civil servants used to call during the Irish “Troubles” “an acceptable level of violence”? In Pakistan and Nigeria, the citizenry are expected to live with the reality that every so often Boko Haram will kick open the door of the schoolhouse and kidnap your daughters for sex-slavery or the Taliban will gun down your kids and behead their teacher in front of the class. And it’s all entirely “random”, as President Obama would say, so you just have to put up with it once in a while, and it’s tough if it’s your kid, but that’s just the way it is. If we’re being honest here, isn’t that all Mr Cameron and Miss Thorning-Schmidt are offering their citizens? Spasms of violence as a routine feature of life, but don’t worry, we’ll do our best to contain it – and you can help mitigate it by not going to “controversial” art events, or synagogues, or gay bars, or…

…or soccer matches, or concerts, or restaurants…

To repeat what I said a few days ago, I’m Islamed out. I’m tired of Islam 24/7, at Colorado colleges, Marseilles synagogues, Sydney coffee shops, day after day after day. The west cannot win this thing with a schizophrenic strategy of targeting things and people but not targeting the ideology, of intervening ineffectually overseas and not intervening at all when it comes to the remorseless Islamization and self-segregation of large segments of their own countries.

So I say again: What’s the happy ending here? Because if M Hollande isn’t prepared to end mass Muslim immigration to France and Europe, then his “pitiless war” isn’t serious. And, if they’re still willing to tolerate Mutti Merkel’s mad plan to reverse Germany’s demographic death spiral through fast-track Islamization, then Europeans aren’t serious. In the end, the decadence of Merkel, Hollande, Cameron and the rest of the fin de civilisation western leadership will cost you your world and everything you love.

So screw the candlelight vigil.

Mark has written extensively about this topic in his books: Lights Out, America Alone and After America.

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Freund: The Arab Press Reacts to the European Refugee Crisis

The Arab Press Reacts to the European Refugee Crisis by Charles Paul Freund, September 12, 2015. Reason.com “We are a nauseating nation,” wrote the Saudi journalist ‘Ali Sa’d Al-Moussa in Al-Watan on September 5, in reaction to images of Syrians and … Continue reading