Shared posts

27 Sep 17:04

Trump's Unwinnable Trade War: Gold Explains Why

by Tyler Durden
Trump's Unwinnable Trade War: Gold Explains Why

Authored by Michael Shedlock via MishTalk,

Trump wants to cure trade imbalances via tariffs. It cannot possibly work.

Another Look at NAFTA

One of my readers proposed that problems US balance of trade issues started with NAFTA. Wrong!

Please consider Disputing Trump’s NAFTA “Catastrophe” with Pictures: What’s the True Source of Trade Imbalances?

Explaining Balance of Trade

Trump's Mission Impossible

It is impossible for tariffs to fix problems caused by making the dollar the world's reserve currency then removing the last constraints on global deficit spending!

If you support Trump's tariffs as some sort of cure to trade imbalances, please read the above sentence over and over again until it finally sinks in that Trump is on a foolish path.

Historic Balance of Trade

From 1866 to 1968 the US generally had a trade surplus.

The US had huge trade surpluses during and just after WWI and WWII.

Why?

The productive output of Europe was destroyed. US production was not harmed in either war.

Although no US production was destroyed in the Korean War or the War in Vietnam, in both cases US production was diverted from productive uses to asinine uses, especially true for the Vietnam war.

Other nations were not stupid enough to get involved in a significant way, if at all.

Chinese Imports

Tut tut some may say. Harsh words indeed.

Their argument is that Nixon established trade relations with China in 1972.

OK let's take a look.

US Imports from China did not soar until after China joined the WTO in 2001.

The US current account stared sinking well before NAFTA.

So, what is the cause?

No Enforcement Mechanism

Gold provided an enforcement mechanism against mercantilism, massive deficit spending, and huge government subsidies.

Starting August 15, 1971, when Nixon closed the gold window, there has been no enforcement mechanism.

That's a problem that tariffs cannot possibly cure.

Why the Delayed Response to Nixon?

Nixon said it was "temporary".

Guess what? It wasn't.

Tariffs cannot possibly fix this issue.

Tariffs can only make matters worse by increasing costs on consumers and industries.

Trump is barking up the wrong tree, and loudly.

Tyler Durden Fri, 09/27/2019 - 10:15
27 Sep 17:04

"We're A Group Of 12-Year-Olds Trying To Make A Difference" - 1992 UN Climate Crisis Redux

by Tyler Durden
"We're A Group Of 12-Year-Olds Trying To Make A Difference" - 1992 UN Climate Crisis Redux

Nearly 30 years before angry 16-year-old girl Greta Thunberg "shamed" world leaders in a tearful tirade at The UN, a 12-year-old girl “silenced the world for five minutes”.

In 1992, Severn Cullis-Suzuki - then 12-year-old daughter of Canadian environmentalist David Suzuki, addressed the plenary session of the UN Earth Summit in Rio de Janeiro.

In it, she described being “afraid to breathe the air” or go out in the sun, warned of mass extinctions of plants and animals and urged rich nations to stop spending so much money on war and “let go of some of our wealth”.

Sound familiar? It Should:

 

Here's Cullis-Suzuki's full speech:

We are a group of 12 and 13-year-olds trying to make a difference. We’ve raised all the money to come here ourselves, to come 5000 miles to tell you adults you must change your ways.

“Coming up here today I have no hidden agenda. I am fighting for my future. Losing my future is not like losing an election or a few points on the stock market. I am here to speak for all generations to come. I am here to speak on behalf of the starving children around the world whose cries go unheard. I am here to speak for the countless animals dying across this planet because they have nowhere left to go.

“I am afraid to go out in the sun now because of the hole in our ozone. I am afraid to breathe the air because I don’t know what chemicals are in it. I used to go fishing in Vancouver, my home, with my dad, until just a few years ago we found the fish full of cancers. And now we hear of animals and plants going extinct. Every day, vanishing forever.

“In my life, I have dreamt of seeing the great herds of wild animals, jungles and rainforests full of birds and butterflies. But now I wonder if they will even exist for my children to see. Did you have to worry of these things when you were my age? All of this is happening before our eyes and yet we act as if we have all the time we want and all the solutions.

I’m only a child and I don’t have all the solutions, but I want you to realise neither do you. You don’t know how to fix the holes in our ozone layer, you don’t how to bring the salmon back up a dead stream, you don’t know how to bring back an animal now extinct, and you can’t bring back the forest that once grew where there is now a desert. If you don’t know how to fix it, please stop breaking it.

“Here, you may be delegates of your governments, businesspeople, organisers, reporters or politicians, but really, you’re mothers and fathers, sisters and brothers, aunts and uncles, and all of you are someone’s child. I am only a child yet I know we are all part of a family, five billion strong. In fact, 30 million species strong. And borders and governments will never change that.

“I am only a child yet I know we are all in this together and should act as one single world towards one single goal. In my anger, I am not blind, and in my fear I am not afraid of telling the world how I feel. In my country we make so much waste, we buy and throw away, buy and throw away, buy and throw away and yet northern countries will not share with the needy. Even when we have more than enough, we are afraid to let go of some of our wealth.

“In Canada, we live the privileged life with plenty of food, water and shelter. We have watches, bicycles, computers and television sets, the list could go on for two days. Two days ago here in Brazil we were shocked when we spent time with some children living on the streets. This is what one child told us: ‘I wish I was rich. And if I were I would give all the street children food, clothes, medicines, shelter, and love and affection.’ If a child on the streets who has nothing is willing to share, why are we who have everything still so greedy?

“I can’t stop thinking that these are children my own age, that it makes a tremendous difference where you are born, that I could be one of those children living in the favelas of Rio, I could be a child starving in Somalia or a victim of war in the Middle East or a beggar in India. I am only a child yet I know if all the money spent on war was spent on finding environmental answers, ending poverty and finding treaties, what a wonderful place this earth would be.

“At school, even in kindergarten, you teach us how to behave in the world. You teach us not to fight with others, to work things out, to respect others, to clean up our mess, not to hurt other creatures, to share, not be greedy. Then why do you go out and do the things you tell us not to do? Do not forget why you are attending these conferences, who you are doing this for. We are your own children. You are deciding what kind of a world we are growing up in.

Parents should be able to comfort their children by saying, ‘Everything’s going to be all right, it’s not the end of the world, and we’re doing the best we can’. But I don’t think you can say that to us anymore. Are we even on your list of priorities? My dad always says, ‘You are what you do, not what you say’. Well, what you do makes me cry at night. You grown-ups say you love us, but I challenge you, please, make your actions reflect your words. Thank you.”

Tyler Durden Fri, 09/27/2019 - 10:35
27 Sep 17:03

'Feels Like 1776 Kind of Fight'...

27 Sep 17:03

'Terrifying spyware'...


'Terrifying spyware'...


(Third column, 4th story, link)


27 Sep 17:03

Most Unprepared For Recession...


Most Unprepared For Recession...


(Third column, 15th story, link)


27 Sep 17:03

New Yorker cover depicts Trump, Giuliani shoving Uncle Sam off a bridge

by Joe Concha
The latest issue of The New Yorker magazine, published Friday, depicts President Trump and personal attorney Rudy Giuliani throwing Uncle Sam off a bridge in "cement boots.""On Tuesday, [Speaker] Nancy Pelosi [D-Ca...
27 Sep 17:02

Geraldo Rivera Says He’d Like to Beat Up ‘Rotten Snitch’ Whistleblower for Trump

by Connor Mannion

Fox News correspondent Geraldo Rivera stated he’d like to beat up the anonymous whistleblower whose complaint helped kick-start an impeachment inquiry into President Donald Trump.

“This is gonna be what the impeachment is all about, maybe one or two little other things fall in,” Rivera said. “So it’s going to be the president of the United States in a conversation that was intercepted by a rotten snitch, I’d love to wap him, but that’s another story.”

“Wap” is a somewhat-archaic term meaning to beat or strike. Rivera’s comment echoes Trump saying earlier that the whistleblower should be punished for “treason.”

Rivera was speaking on Fox & Friends Friday morning about the whistleblower’s complaint, which alleges Trump was trying to coerce the Ukrainian government to help him gain an edge in the upcoming election.

Rivera also lamented the treatment of Trump, complaining the “poor president” was beset by “snitches and rats.”

“Imagine this poor president, his whole tenure in office has been marked by snitches, and rats, and backstabbers, and it’s amazing how he functions at all,” he said.

Co-host Ainsley Earhardt argued there is no proof the president did anything wrong by asking the Ukrainian president to investigate Joe Biden’s family.

“You would have to have proof of quid pro quo … if we don’t have proof that the president was holding back because he wasn’t getting information about Joe Biden’s son, he is not guilty,” she said.

Watch above, via Fox News.

6.2.5
27 Sep 17:02

Lawmakers warn about threat of political deepfakes by creating one...


Lawmakers warn about threat of political deepfakes by creating one...


(First column, 10th story, link)


27 Sep 17:01

Buyer Beware: Peloton IPO Crash Tells Us The Global IPO Market Is Going Bust

by Tyler Durden
Buyer Beware: Peloton IPO Crash Tells Us The Global IPO Market Is Going Bust

Day two, the Peloton IPO continues to collapse, at the 10 am hour, shares are trading down -7% in the 23-handle, and in the last 645 minutes of trading, are now down more than 13%. 

Peloton, having priced the IPO on Thursday at $29 - the upper end of the range - and being promoted by mainstream media as "oversubscribed," has been a bloodbath for insiders who bought 40 million shares at $29 each, now collectively down 17.5%.

As Bloomberg pointed out, the worst opening trades for a $1 billion or greater IPO since 2008 are:

  • SmileDirectClub -11% (Sept. 12)
  • ADT -9.6% (2018)
  • Uber -6.7% (May 10)

Peloton, opening-up at $27 on Thursday, was a 6.9% drop and thus the third-worst opening trade for a unicorn IPO.

There have been nearly 100 IPOs with better starts since 2008 after raising at least $1 billion.

None of this should be a huge surprise to readers as the value of Peloton on a fundamental basis, is nowhere close to $29, but rather worth $14 per share, something we outlined yesterday

The collapse of the Peloton IPO is a massive embarrassment for underwriters Goldman Sachs and J.P. Morgan Securities, who have done very little, as far as judging by price action, in stabilizing trading for the second day.  

It's very likely the IPO window is shutting, with news overnight of Endeavor Group Holdings pulled its planned offering. Endeavor is the second recent company to pull its IPO after WeWork's parent company pulled its offering earlier this month. 

And the reason for the horrible performance of the Peloton IPO could be due to the global IPO market is collapsing as a worldwide recession is imminent, reported Dealogic, first reported by the Financial Times.

Nearly 845 companies listed their shares via IPOs globally so far this year, that's a 25% decline versus the same period in 2018 and the lowest level since 2016. 

Translation: the IPO market is closing as speculative money is finished betting in the global stock market casino. 

"In more than two decades in the IPO market I've never seen so many risk factors and uncertainties," said Martin Steinbach, IPO leader for Europe, the Middle East, India and Africa for EY, the consultant. "These uncertainties create volatility like we saw over the summer period and volatility has a negative correlation with IPO activity."

Dealogic said Europe was the worst region for IPOs in 2019. Activity plunged by nearly 40% so far this year compared to the same period last year. The US posted a 23% decline. 

As shown in a series of charts below, 2019 IPOs in the US have been a complete bust. Any millennial who bought into the whole CNBC hype of buying Lyft and Uber at IPO day is significantly in the red, and will be in the red for a generation to come.

Other IPOs, including Levi Strauss and Pinterest, are also underperforming as well.

In the Asia-Pacific region, IPO activity so far this year dropped 9%, versus the same time last year.

The window to IPO companies around the world appears to be rapidly closing as a global recession is imminent.

We noted earlier this week that a fascinating trend is developing among the ultra-wealthy: the dash for cash ahead of the next market crash

Tyler Durden Fri, 09/27/2019 - 11:14
27 Sep 17:00

Turns Out, Title IX Isn’t Just A Guideline: Two Students Sue University of Kentucky for Lack of Women’s Sports

by Kelsey Trainor & Amba Jagnarine

That’s right. You know that pesky old Title IX, the civil rights law that prohibits discrimination on the basis of sex for federally funded institutions? Well, the University of Kentucky recently found out the hard way that Title IX is not actually a set of guidelines they should follow but an actual law they must abide by.

It was reported on Wednesday morning that two female University of Kentucky students had filed a federal lawsuit against UK, its board of trustees, athletic director, and university president alleging that “Based on statistical data UK has presented to the U. S. Department of Education, UK needs to add approximately 183 women to its athletic programs to be in compliance with Title IX.”

The complaint also alleges that several female university students have attempted to talk to UK about adding more women’s sports but to no avail, leading to less scholarship opportunities available for women in violation of Title IX.

Title IX itself is stated in fairly simple language but its effects have been felt tenfold since its implementation in 1972. The fact that UK is in such bold violation of this law is something to behold. The numbers do not lie.

According to the lawsuit and the publicly available report that UK filed with the United States Department of Education pursuant to the Equity in Athletics Disclosure Act, 20 U.S.C. § 1092 during the 2017-2018 academic year, women made up 55% of the student population but only comprise 41% of the participants in UK varsity sports.

The lawsuit also alleges that members of the women’s club field hockey, lacrosse, and triathlon teams approached the athletics department about gaining varsity status but their requests were denied.

Calling Game spoke to Kerryann Cook, Senior Partner at McGivney, Kluger & Cook, P.C about whether or not organizations–namely big Division 1 and 2 colleges do enough to ensure that Title IX is enforced.

“Too many universities erroneously treat Title IX as goal or guideline, and not a federal, legal mandate. Accountability via the civil tort system has been central to the evolution of Title IX compliance.”

It’s difficult enough to enforce proper Title IX conduct in colleges. It’s also nearly impossible to enforce it in high schools. While colleges have the NCAA as a centralized governing body, high schools don’t have any athletic governing body that protects young athletes.

As Kelsey McKinney over at Deadspin reported, the lack of a larger regulating body in high school makes it easy for high schools to be in violation of Title IX and slip under the radar. As McKinney states, it can be hard for young girls to recognize a Title IX violation, as they are already used to a bit of discrimination as it is.

While Title IX has its flaws (like encouraging a “separate but equal” precedent in women’s & men’s sports), it is disappointing when we see an organization as large as the University of Kentucky under fire for Title IX violations. The sense of entitlement that large organizations have to deny female athletes access to teams while UK basketball head coach John Calipari, the second highest-paid NCAA basketball coach earns over $8 million a year is incredibly frustrating to students, not only at UK, but to female athletes everywhere.

The fact remains that Title IX is not a guideline to follow or a set of standards to adhere to, it’s an actual law. Time to catch on UK.

Kerryann Cook’s commentary on this topic is her own and independent of McGivney, Kluger & Cook, P.C and she does not represent any of the parties involved in the ongoing litigation.

[Photo by Andy Lyons/Getty Images]

6.2.5
27 Sep 17:00

Genetics might explain why this man’s limbs had to be amputated after his dog licked him

Greg Manteufel lost his limbs after he contracted an infection, likely from his dog. Researchers think genes might be behind cases like these.
27 Sep 17:00

Former CIA officer who's a Democrat says Trump impeachment inquiry setting 'horrific precedent' - Fox News

27 Sep 16:59

Professor Rips Tom Brady’s ‘White Masculinity,’ Criticizes The Fact He Goes To The Kentucky Derby

by David Hookstead
He has six Super Bowl rings
27 Sep 16:59

Epstein butler dishes on Paris pad guests including Bill Gates, Steve Bannon...


Epstein butler dishes on Paris pad guests including Bill Gates, Steve Bannon...


(Third column, 4th story, link)


27 Sep 16:59

VEGAN DIET BLAMED FOR NFL QUARTERBACK'S BAD SEASON...


VEGAN DIET BLAMED FOR NFL QUARTERBACK'S BAD SEASON...


(Second column, 11th story, link)


27 Sep 16:58

Cult led by female buddha raided...


Cult led by female buddha raided...


(Third column, 10th story, link)


27 Sep 16:58

Microphones in AMAZON smart glasses could listen to all within earshot...


Microphones in AMAZON smart glasses could listen to all within earshot...


(Third column, 6th story, link)

Related stories:
'Terrifying spyware'...

27 Sep 16:58

4.9 Million People Affected By DoorDash Data Breach

by Audrey Conklin
'We immediately launched an investigation'
27 Sep 16:57

NATO denies Russia request to bar missiles in Europe

The North Atlantic Treaty Organization has rejected a request from Russian President Vladimir Putin to prohibit missile deployments in Europe, now that Moscow and the United States have left a 1988 nuclear treaty.
27 Sep 16:57

Democrats sue over North Carolina's congressional maps

by Reid Wilson
Democrats are headed back to court to challenge the validity of North Carolina's 13 congressional districts, just weeks after the state's highest court ruled that the Republican-controlled legislature unconstitutionally g...
27 Sep 16:56

Donald Trump Calls for Adam Schiff to Resign: He 'Lied to Congress'

by Charlie Spiering
President Donald Trump further ridiculed Rep. Adam Schiff on Friday, calling on him to resign after his failed attempt to embellish the president's conversation with Ukranian President Volodymyr Zelensky during a congressional hearing.
27 Sep 16:56

Senate 'Assault Weapons' Ban Outlaws 205 Guns

by AWR Hawkins
The Senate "assault weapons" ban outlaws 205 specific guns, magazines holding 11 rounds or more, and bump stocks, which are already illegal.
27 Sep 16:56

Cuba: U.S. Bans Raul Castro and Family for Gross Human Rights Abuses

by Frances Martel
The U.S. Department of State designated Cuban dictator Raúl Castro and four family members on Thursday, banning them from entering the United States and strengthening the case against them for "gross violations of human rights."
27 Sep 14:09

The New York Times Defends Outing Trump Whistleblower as CIA

by Elizabeth Nolan Brown

On the impeachment front… The anonymous whistleblower complaint about Donald Trump's July call with Ukraine's president (and subsequent alleged attempts to cover it up) was apparently lodged not long after a CIA officer raised the issue around the office.

"The officer first shared information about potential abuse of power and a White House cover-up with the C.I.A.'s top lawyer through an anonymous process," The New York Times reported on Thursday night. "The lawyer shared the officer's concerns with White House and Justice Department officials, following policy."

Then, about two weeks later, the officer "decided to file a whistle-blower complaint to [inspector general for intelligence agencies Michael] Atkinson, a step that offers special legal protections, unlike going to a general counsel," according to the Times.

Lawyers representing the person who filed the whistleblower complaint did not confirm that the CIA agent was their client, saying: "The whistle-blower has a right to anonymity."

Executive Editor Dean Banquet defended the paper's decision:

We decided to publish limited information about the whistle-blower—including the fact that he works for a nonpolitical agency and that his complaint is based on an intimate knowledge and understanding of the White House—because we wanted to provide information to readers that allows them to make their own judgments about whether or not he is credible. We also understand that the White House already knew he was a C.I.A. officer.

Meanwhile, Trump isn't letting whistleblowers and the possibility of impeachment dim his capacity for cruel immigration policy. Yesterday the administration announced that it would lower the refugee cap from its current 30,000 down to 18,000.

"The coming year's 18,000-person cap will be the lowest since the refugee resettlement program began in 1980, a major shift from the 110,000 refugee admissions former President Barack Obama proposed for fiscal year 2017," Politico points out.

The announcement comes at the same time as new figures on dwindling immigration rates:

The net increase of immigrants in the American population dropped to about 200,000 people in 2018, a decline of more than 70 percent from the year before, according to William Frey, chief demographer at the Brookings Institution, who conducted the analysis.

"It's remarkable," said David Bier, an immigration expert at the Cato Institute, of the 2018 numbers. "This is something that really hasn't happened since the Great Recession. This should be very concerning to the administration that its policies are scaring people away."


FREE MINDS


FREE MARKETS

Young people are leaving big cities. "Large U.S. cities lost tens of thousands of millennial and younger Gen X residents last year, according to Census figures released Thursday that offer fresh signs of cooling urban growth," The Wall Street Journal reports. According to the paper's analysis of census figures:

Cities with more than a half million people collectively lost almost 27,000 residents age 25 to 39 in 2018….It was the fourth consecutive year that big cities saw this population of young adults shrink. New York, Chicago, Houston, San Francisco, Las Vegas, Washington and Portland, Ore., were among those that lost large numbers of residents in this age group.

The drop in young urban residents last year was smaller than in 2017, when big cities lost nearly 54,000 residents in this age group. But the sustained declines signal a sharp reversal from the beginning of the decade, when young adults flooded into cities and helped lead an urban revival.

The 2018 drop was driven by a fall in the number of urban residents between 35 and 39 years old. While the number of adults younger than that rose in big cities, those gains have tapered off in recent years.


QUICK HITS

  • The next small but significant step in congressional criminal justice reform moves involves federal sentencing policy. The Prohibiting Punishment of Acquitted Conduct Act would "end the unjust practice of judges increasing sentences based on conduct for which a defendant has been acquitted by a jury," says a press release from sponsoring Senators Dick Durbin (D–Ill.) and Chuck Grassley (R–Iowa).
  • The president doesn't understand the difference between an apostrophe and a hyphen, among other things:

  • The Senate voted to confirm Eugene Scalia as the new secretary of labor.
  • Government shutdown averted.
  • A Mississippi city is claiming undocumented immigrants don't have a right not to be killed by police:

  • Bitcoin is back in a chaos spiral downward.
  • On the spectacular downfall of WeWork.
  • A new measure in the large Australian state of New South Wales "overturned a 119-year-old law that made it a criminal offense to procure or administer an abortion."
  • Tech executives in a CNBC poll voted Facebook the technology giant "most likely to face punitive action as a result of the federal government's antitrust review of Silicon Valley."
  • Uber's redesign will "combine Uber's ride-hailing and food delivery apps, boost new modes of transportation like scooters and add safety features."
  • Everybody's canceled!

27 Sep 14:08

Microphones in AMAZON smart glasses could listen to all within earshot...


Microphones in AMAZON smart glasses could listen to all within earshot...


(Third column, 3rd story, link)

Related stories:
'Terrifying spyware'...

27 Sep 14:08

UPDATE: China Unveils 'Super Surveillance Camera' That Links To Social Credit System...


UPDATE: China Unveils 'Super Surveillance Camera' That Links To Social Credit System...


(Third column, 9th story, link)


27 Sep 14:08

HORROR: Skydiver collides with semi-truck in fatal jump...


HORROR: Skydiver collides with semi-truck in fatal jump...


(Second column, 17th story, link)


27 Sep 14:07

Pelosi: No timetable on impeachment

by John Bowden
Speaker Nancy Pelosi (D-Calif.) on Friday would not commit to a timetable for impeachment proceedings, telling reporters that the members of the House Judiciary Committee would decide for themselves when its investigation...
27 Sep 14:07

Jon Voight Delivers Fiery Response To Impeachment Inquiry: ‘This Is War!’

by Virginia Kruta
'Let truth prevail. And may God show all the truth'
26 Sep 14:58

Beijing Accuses Washington Of Spreading "Anti-China Sentiment" In Hong Kong As Protests Drag On

by Tyler Durden
Beijing Accuses Washington Of Spreading "Anti-China Sentiment" In Hong Kong As Protests Drag On

Beijing is less-than-thrilled about American and British politicians offering words of encouragement and sympathy to  Hong Kong's protesters. It has made no secret of this.

But as the Hong Kong Human Rights and Democracy Act of 2019 finds growing support in Washington, Beijing is doubling down on its criticism of the US.

Hedge Funder Kyle Bass, who has been closely monitoring the situation in China and HK and frequently comments on twitter, recently bet against the Hong Kong dollar, which has been pegged to the dollar for 36 years. Bass claimed in a letter to investors earlier this year that the loss of Hong Kong's special economic privileges via a change in US law or an executive order from the president would be economically devastating for Hong Kong. The subsequent economic shock would likely be enough to force the HKMA to abandon its currency peg, he said.

Beijing likely understands this, and knows that without these special privileges, Hong Kong will be rendered useless as a pathway for capital flowing to and from the West.

With this animosity weighing on the US-China relationship, it's difficult to imagine how a trade breakthrough might be reached next month. But setting the issue of trade aside, the deputy commissioner of China's Ministry of Foreign Affairs has some more scathing comments about western interference in Hong Kong as Beijing doubles down on a narrative that's at the center of state propaganda about the protests. (of course, that narrative is aided by protesters waving American flags and appealing to President Trump to save them from China).

This time, they went a step further, accusing 'senior' US officials of personally meeting with the "anti-China" forces (apparently a reference to protest leader Joshua Wong's recent trip to Washington to testify at a Congressional hearing).

Song Ruan, deputy commissioner of China's Ministry of Foreign Affairs in Hong Kong, told foreign media that the U.S. and other Western countries were playing a "negative and disgraceful role" in the demonstrations that have gripped Hong Kong for more than three months. He said some foreign politicians "have sided with anti-China forces" in order to "sow trouble in China as a whole, and hold back China's development in every possible way."

"American senior officials had high-profile meetings with and spared no effort to cheer the anti-China forces who intend to mess up Hong Kong," Song said at the briefing, during which he also extolled China's decades of economic accomplishments less than a week before the 70th anniversary of the People's Republic of China on Oct. 1.

"They have distorted the truth, condoned the rioters and claimed support for the right to peaceful protests, but turned a blind eye to the crime of the rioters, who undermined law and order and assaulted the police and citizens," he said.

Echoing President Trump's own tactics, the deputy commission blamed the foreign press for writing stories that are "unfair to China."

"The top priority is to stop violence, end the chaos and restore order," Song said.

He also scolded journalists working for foreign media for what he described as unfair coverage of the political turmoil.

"Some foreign media have confounded right with wrong, applied double standards and acted selectively in reporting the Hong Kong situation," he said. "Instead of telling the truth, they have fanned the flames and cheered the opposition and violent extremists by offering them a platform to spread rumor."

Like Bass, China's Song warned that if Washington passes the Human Rights and Democracy Act of 2019, it could hurt Chinese and American businesses alike.

But Song warned that such a bill would have a negative impact on Hong Kong and the "one country, two systems" legal framework. "If the act is passed, it will undermine the confidence of international investors in Hong Kong, and stakeholders - including American businesses - will suffer," he said.

But the protests have already caused tremendous damage to the HK economy. The Asian Development Bank on Wednesday slashed its Hong Kong growth forecast for 2019 to just 0.3% from 2.5% in the prior forecast. Meanwhile, the protests have shown no signs of slowing down, as violent clashes between demonstrators and police continue, prompting many Hong Kongers to explore the possibility of emigrating.

Tyler Durden Thu, 09/26/2019 - 10:54