Thursday, September 3, 2015

Today's Links

1--Understanding the Historic Divergence Between Productivity and a Typical Worker’s Pay: Why It Matters and Why It’s Real EPI


2--Drowned Syrian toddler embodies heartbreak of migrant crisis


3--High yield enters liquidity death spiral


Junk-rated energy companies are in the grip of a liquidity death spiral. Many of them will have to be restructured, either in bankruptcy court or outside. But the non-energy junk-rated companies hope they won’t be affected, that investors will continue to buy their bonds as if nothing had happened.
So what has happened?
It’s more difficult for junk-rated companies, especially in the energy sector, to sell new bonds. Without new bonds, they can’t pay off their maturing debt, and they can’t service their bank loans and make interest payments on existing bonds. Without a constant flow of ever increasing, cheap, new credit, the fruits of the credit bubble turn toxic.


Early this year, junk bond issuance in the US still ran ahead of last year. But June was bad; only $21.2 billion in junk bonds were issued. It sent shivers down Wall Street’s spine. They blamed the Greek debt crisis. And July was terrible. China’s stock market bubble was imploding. Frazzled investors lost their appetite for risk; and only $10 billion in junk bonds were issued. August was no better at $10.2 billion, according to S&P Capital IQ’s LCD. Year-to-date, $205.8 billion of junk bonds were issued, down 1.4% from the same period last year.


4--Most workers actually making LESS than 5 years ago


5--Risk of big stock drops grows: Robert Shiller
"The CAPE ratio right now is around 25. It's high," he said. The historic average is around 17, a level that would correspond with about 11,000 on the Dow and 1,300 on S&P 500. A retracement to those levels would represent more than 30 percent declines.
Shiller said he's not saying that will happen, just the CAPE ratio serves as a "warning signal."...


"The monthly CAPE ratio reached a peak of 44 in the year 2000 and that was followed by an important [market] drop. It went down to 13 and came back up to 27 in 2007 and it was followed by another drop," he said.
"Nobody can really forecast the market accurately. But I think this is a risky time," Shiller concluded—adding he personally has been reducing his portfolio's exposure to U.S. stocks. "[But] everyone's different. People need to look at their own risk situation."


6---Worst refugee crisis since WWII


7--Santelli on the Lehman Dynamic,


short rates rise, yield curve flattens and hell breaks loose


8--US’s agenda in Yemen - to prevent any independent regime from coming to power’


Achieving a political settlement in Yemen is going to be very difficult given the commitment of US-backed forces to seize total power in the country, says Abayomi Azikiwe, editor of the Pan-African news wire.
In the Yemeni capital Sanaa, Islamic State has claimed responsibility for two bombings outside a mosque, killing at least twenty people.
RT: Yemen's been a hot bed for Al-Qaeda, but Islamic State (IS, formerly ISIS/ISIL) is now taking over. Does this come as a surprise?
Abayomi Azikiwe: No, not at all. There have been many reports that IS is funded indirectly or directly through Saudi Arabia, the Gulf Cooperation Council (GCC). The Saudi GCC coalition has been bombing Yemen since March 26; they are backed by the Pentagon. They have of course had access to US intelligence resources, refilling technology and the State Department has even said they think that the government of ousted fugitive President Hadi, who is now based in Riyadh, is the legitimate regime in Yemen. So it’s not surprising that IS would be taking the same position as the Saudi GCC alliance as well as the US.


9---Assad & ISIS responsible for drowned Syrian boy, says Cameron


10--EEF to Showcase Investment Opportunities in Russian Far East
Russian President Vladimir Putin will deliver a wide-ranging speech, similar to the one given at the St. Petersburg International Economic Forum. Russian Ambassador to China Andrei Denisov said that the head-of-state will meet with representatives from Chinese business circles.

11---Foreign powers behind crisis in Syria: UN


Syria is gripped by a conflict largely driven by foreign powers in line with their "geostrategic interests," says a new UN report, criticizing the international community's failure to protect asylum seekers fleeing the violence-wracked Arab country. 
"The war [in Syria] is increasingly driven by international and regional powers, primarily in accordance with their respective geostrategic interests," the United Nations Commission of Inquiry on Syria said in its latest report published on Thursday.
The report is based on 355 interviews as well as medical records, photographs and satellite imagery, documented murders, rapes and abductions committed across Syria between January and July 2015.
The document warned that the Takfiri Daesh (ISIL) terrorist group has expanded its terror campaign in the central and southern parts of Syria, saying, "A resonant cry for peace and accountability rings out.”
The report expressed concerns about “an alarming exacerbation of the sectarian dimension, instigated by the intervention of foreign" militants and extremist elements.


The UN commission of inquiry, led by Paulo Pinheiro, further called on the international community to allow in more Syrian refugees, emphasizing that negligence of the Syrians is causing a refugee crisis in Europe.
The panel demanded "expanded resettlement, humanitarian admission, flexible visa policies, family reunification, or academic and sponsorship schemes."
The foreign-sponsored conflict in Syria, which flared up in March 2011, has reportedly claimed more than 240,000 lives up until now. Over 2,000 Syrians have died at sea during their journey towards Europe over the past four years


The Syrian government has repeatedly called on countries supporting and funding terrorists, particularly Saudi Arabia, Qatar, and Turkey, to stop their hostile practice against the Syrian people.
The UN says the militancy has displaced over 7.2 million Syrians internally, and compelled over four million others to take refuge in neighboring countries, including Jordan and Lebanon.


12--Syria blames Turkey for pushing refugees to Europe


13---HRW raps 'longstanding' rights abuses in Saudi Arabia


The HRW report warned that under Saudi Arabia’s newly-appointed ruler, 119 people, including convicts for nonviolent drug offenses, were executed, showing a significant increase when compared to 88 recorded in 2014....


The document also criticized Saudi Arabia for failing to protect the rights of the country’s nine million foreign workers, noting that many foreign workers are subject to hard labor.
The report further accused the kingdom of imposing bans on the public practice of all religions other than Islam and restricting the access of the country’s Shia minority to public education, employment and the justice system


14---http://www.paulcraigroberts.org/2015/09/02/europes-refugee-crisis/
Europe is suffering a refugee crisis of Europe’s own making. By mindlessly and immorally supporting for 14 years Washington’s illegal and unjustified wars in the Middle East and North Africa that have murdered and displaced millions of peoples, European governments have created a flood of refugees into Europe. Instead of accepting their responsibility for peoples whose lives Europe has helped to ruin, European governments are employing fences and violence to keep out the hordes of peoples displaced by Washington’s violence and the violence that Washington’s violence unleashed.


15--Why Russia Military Won't Intervene in Syria or Anywhere Else
16--THE STATE OF UKRAINE. Ukraine just celebrated its independence day. Not a happy experience. A Ukrainian source says, since independence, it has had the worst performing economy in the world. In the first six months of this year it's dropped 16% year on year. (English summary) Even the US media suspects that new IMF money has been stolen. Eight thousand soldiers and police have defected to the Donbass fighters; 1300 security officers. A US poll shows negligible support for the situation. How many Ukrainians have fled to Russia? Several million: last year Russia had more asylum requests than anywhere. Ukrainian refugees are welcomed in Russia, not so much elsewhere. Crime. Theft. Even the Western media occasionally notices: Demoralised Ukraine troops start to lose faith in Kiev, Kiev forced to fight its own fascist militia and Ukraine Is Too Corrupt for Debt Deal to Work. Disaster.




17--Turkish Parliament approves motion on Syria, Iraq amidst opposition fury at interim gov’t
http://www.todayszaman.com/national_turkish-parliament-approves-motion-on-syria-iraq-amidst-opposition-fury-at-interim-govt_398207.html




The Turkish Parliament, which convened in an extraordinary session on Thursday, approved a motion authorizing the government to send troops abroad and allow foreign troops on Turkish territory.
The motion, which is in response to the ongoing crisis in Syria and the regional threat of the terrorist Islamic State in Iraq and the Levant (ISIL), authorizes the government to send troops to Iraq and Syria to counter the ISIL threat.
All the parties apart from the HDP voted in favor of the motion authorizing the government to send troops abroad and to allow foreign troops on Turkish territory



 



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