(THIS ARTICLE IS COURTESY OF THE LOS ANGLES TIMES NEWSPAPER)
(THIS ARTICLE IS COURTESY OF THE LOS ANGLES TIMES NEWSPAPER)
(THIS ARTICLE IS COURTESY OF THE ‘DAILY BEAST’ NEWS)
The ramifications of Alexandria Ocasio-Cortez’s stunning primary defeat of longtime Queens Democratic boss and Congressman Joe Crowley (D-NY) extend well beyond the confines of Capitol Hill.
The 28-year-old member of Democratic Socialists of America—who shockingly won in New York’s 14th congressional district on a leftist platform of Medicare for All, abolishing ICE, and a federal jobs guarantee—inspired a major boost in membership for the organization on Wednesday.
According to Lawrence Dreyfuss, a program associate for DSA, the organization saw a surge of 1,152 new memberships on Wednesday—about 35 times more sign-ups than on an average day.
The last major membership bump DSA experienced was in the month following President Trump’s election, during which time they had about six times more sign-ups than in the previous month.
DSA has undergone a renaissance of sorts in the Trump era, ballooning in size from some 5,000 members in November 2016 to 40,000 nationwide.
The left-wing group’s growth has been attributed in part to broader resistance to the new administration and wider acceptability of the “democratic socialist” label championed by Sen. Bernie Sanders (I-VT).
“The people of NY-14 demanded more from its representative than empty promises and deep pockets,” Christian Bowe of DSA’s National Political Committee said after Ocasio’s win. “We’re proud of this victory, and we know this is only one of many more to come.”
DSA members themselves had begun winning elections, primarily on the state level, prior to Ocasio-Cortez. Among those who’ve achieved political success in the past year are Lee Carter, elected to the Virginia House of Delegates in 2017, and Summer Lee and Sara Innamorato, who both defeated long-term incumbent Democrats in Pennsylvania.
(THIS ARTICLE IS COURTESY OF THE BRAZILIAN NEWS AGENCY 247)
Former director of the Lula Institute, Celso Marcondes analyzes that the October presidential elections, whose absolute majority of the voting intentions is for former president Lula, can be postponed; “Atrocious doubt, reinforced after the fall of Pedro Parente, that four months of the election will not arise a movement to defend the postponement of the electoral process,” he says
(THIS ARTICLE IS COURTESY OF CNBC)
Political uncertainty in Italy has unhinged world markets, raising the specter of a euro crisis that could ripple across the global economy and even force the Federal Reserve to slow its rate-hiking plans.
Several strategists say there is little chance the euro zone’s third-largest economy will move to leave the single currency, creating a continent-wide crisis of confidence. But internal chaos and a new election could make for a rocky summer for markets and even put a dent in European economic growth.
Italy moved to the foreground as the latest source of angst for markets, after a weekend of drama in which President Sergio Mattarella on Sunday blocked the formation of a government that would have been decidedly against the euro.
The anti-establishment 5-Star Movement, Italy’s biggest party, and the far-right League party picked euro critic Paolo Savona as their economy minister. The two parties, both critical of Europe’s single currency, had won more than half the votes in March’s parliamentary elections. Mattarella vetoed the choice and instead asked Carlo Cottarelli, a former IMF official,toform a temporary government, but both parties object to him, and a new vote is now expected in late July.
The euro sank, losing 0.7 percent Tuesday to $1.1540, and investors dumped Italian bonds while seeking safety in U.S. Treasurys and German bunds. The 2-year Italian yield briefly snapped above 2.73 percent, a sharp move from just 0.48 percent on Friday and a negative yield earlier this month.
Global equity markets slumped, with the Dow tumbling more than 450 points. Banks led the selloff, and the S&P financial sector declined more than 3 percent. In Europe, yields on Italian bank debt spiked as bank shares sold off.
Chris Rupkey, chief financial economist at MUFG Union Bank, said a rash of recent data has already raised concerns about European growth. “This could be the straw that breaks the camel’s back in the case of prospects for Europe. It will spill over into the U.S. They won’t buy as many of our imports,” he said.
“When world economic growth has been threatened in the last three years, it was a concern. It hurts confidence on the economic outlook for the U.S.,” he said. “Given what we know right now, I would not be comfortable rushing out and forecasting a rate hike in September.”
But Rupkey also said the markets are reacting to news that occurred over a three-day holiday weekend in the U.S. and may not be as turbulent in upcoming sessions. “It’s not a full-blown European sovereign debt crisis yet. For one thing, the Italian 10-year yield is a little over 3 percent. Back in 2012, it was at 8 percent. It’s not the same situation yet.”
“I’m sure many American traders wish that Europe, in general, would stop having these mini referendums on whether the euro is going to survive,” said Rupkey. “It’s going to be really dragged out. I don’t think we can trade on this every day. I don’t think 10-year yields in Italy are going to go higher and higher every day, waiting for that vote. The focus is going to shift back pretty quickly to the U.S., which is employment and wage data on Friday.”
For some traders, the Italian political crisis is deja vu to the Greek debt crisis, which wound down three years ago after fanning fears that the whole financial and economic fabric of the euro zone could unravel.
“The chaos in Europe is pushing down U.S. interest rates so money is flowing to the U.S., fleeing Europe, making people think, that [with falling interest rates], coupled with the rising dollar, that the Fed responds by maybe having second thoughts about the trajectory of Fed policy,” said Marc Chandler, head of foreign exchange strategy at Brown Brothers Harriman. “It also is a risk to the real economy because Europe’s a big trading partner.”
The Federal Reserve, driven by a stronger U.S. economy, is on track to raise interest rates for a second time this year at its meeting June 13. The Fed has forecast three hikes for this year, but the markets had been expecting an added hike in September, in addition to December.
“The Fed is going to raise in June, raise in September and then they’re going to play it by ear,” said Peter Boockvar, CIO at Bleakley Advisory Group.
The U.S. 2-year Treasury yield, the most sensitive to Fed rate hikes, slipped to 2.38 percent, after touching 2.60 percent recently. The 10-year dipped to 2.82 percent from 3.12 percent just several weeks ago.
Chandler said he does not expect a new Italian government to push to exit the euro, though it could threaten other measures. Italy is the biggest debtor in the euro zone, with 2.3 trillion euros in debt, or 132 percent of GDP last year. That is double Germany’s level and well above the 87 percent of the euro zone.
“Their tactics would be to make some demands like: ‘Let’s cut taxes. Let’s use our t-bills to pay down our arrears. … Let’s keep challenging the EU,'” Chandler said. “That’s the back door to leave. You place demands on the EU.”
He said the next coalition government could have a list of proposals to challenge the existing rules of the EU. “That’s why despite what their lips say, ‘We’re not looking to leave immediately,’ what it increases is the stress on the system, the demands they are placing,” Chandler said.
But the likelihood Italy leaves the euro are “slim to none,” he said.
Spain is another worry for markets, with a vote of confidence later this week on the administration of Prime Minister Mariano Rajoy because of a campaign finance scandal. That could force a new election for that country, which has already seen a deep divide over the Catalan region’s wish to split from Spain.
“The outcome in Italy is hard to see as an investment-friendly outcome. It’s much easier to see an investor-friendly outcome in Spain. Spain is bad, but Italy is a lot worse,” he said.
Chandler said one outcome in the next election is that Silvio Berlusconi, former prime minister, could run for office again. A court ruled that the three-time prime minister may again seek office, after being banned because of tax fraud for more than five years. Berlusconi has been supportive of a “parallel” currency to the euro, Chandler said.
Also unclear is how the European Central Bank will respond to the turmoil kicked up by Italy, and some strategists say ECB President Mario Draghi would be sure to retain stimulus as needed. The ECB is expected to announce in September that it will put aside its asset purchases, but if Italy’s woes spill into the broader economy, that could be in doubt.
“He’s completely lost control of the Italian bond market in two weeks,” said Boockvar. “I think he’s going to do his best to verbally calm nerves, but as far as legally using his balance sheet to help, I don’t see what he can do.”
But some traders appear to see the Italian situation as enough of a red flag to slow the Fed, particularly after the U.K. Brexit vote led to a market correction.
“The market is still pricing in a Fed hike for next month. It’s already in the cards. Why would the Fed not raise interest rates, given the kind of economic data we expect this week?” said Chandler. “Where I really see this having an effect is on the back end, the September hike.”
Robert Sinche, chief global strategist at Amherst Pierpont, does not see enough damage from Italy to slow the Fed.
“I think this will be a lot of noise, but I’ve seen this movie three or four times before. Italy stays in [the euro zone], and life goes on. There could be a little more uncertainty over the summer. They’ve realized that, which is why they pushed up the election to late July/early August,” he said.
“The ECB has been notoriously quiet because I think they like the signals the market is sending to Italy on the type of fiscal policies they’re talking about,” said Sinche. “I think we’ve had this spasm of risk off and in another couple of days we’ll be focused on some other bright light that comes along. I think what we’re seeing now is really a lot of liquidations of shorts in the bond market that were feeling pretty confident in Fed hikes and inflation.”
(THIS ARTICLE IS COURTESY OF BRAZIL 247 NEWS)
With Brazil in collapse and Lula with 39% in the polls, TSE ministers today assess whether a convicted in the second instance can register their candidacy; The measure aims to remove the former president, who, as a political prisoner, is the only person with legitimacy to take Brazil out of the abyss he is in, but may also reach Jair Bolsonaro, who is the subject of two penalties in the Supreme Court
(THIS ARTICLE IS COURTESY OF CNN)
Dublin, Ireland (CNN)Ireland has voted an emphatic “Yes” to amend the country’s constitution to enable legislation that would allow women to have an abortion in a historic and emotionally charged referendum.
(THIS ARTICLE IS COURTESY OF NPR AND THE BROOKINGS INSTITUTE)
(THIS ARTICLE IS COURTESY OF VOX NEWS)
So, Trump Is Mad At The FBI For Them Doing Their Job, Are You Mad At Them Too?
I am not a fan of Donald Trump nor am I a fan of Hillary Clinton, personally I believe that these two should have gotten married, they are just alike. In November of 2016 we the people of the U.S. knew going in to election day that we were all going to end up with an habitual liar as our next President, the only question was, male of female. I have no doubts at all that both of these people as well as several of the people who are close to them are nothing but liars and crooks. It is my personal belief that Hillary, Bill, Donald, Donald Jr, Erick, Jarred Kushner and Ivanka should all be forced to live out the rest of their lives in one 4×8 jail cell in the basement of Leavenworth Prison in Kansas. In that last election I voted for the third-party candidate Gary Johnson, not because I thought that he could win, I never even knew what he said he stands for, I just couldn’t drag myself to have to say that I voted for Donald or for Hillary.
Now to the main part of this article. As most everyone who lives here in the States probably knows President Trump is very mad at the FBI because he strongly feels that they should never ever have been investigating reported crimes being committed during the election cycle by himself and his indentured whores. Yet he does feel that they should have been investigating crimes he says that the Hillary Campaign were/are guilty of. I have no doubt that Hillary and her campaign committed many federal, state and local crimes, yet Trump feels that his campaign should get a free pass from the FBI for their crimes. It appears to me that Donald and his henchmen committed about every election crime that is possible to be committed including treason with several foreign and even hostile governments. Personally I would be very upset if the FBI and several of the other ‘Policing Agency’s’ weren’t still investigating Hillary and Donald’s crimes, after all, that is their job! How do you feel about this issue? Should the FBI just give political campaigns a free hand to do any thing with anyone no matter how many laws they are breaking?I still strongly believe that the Special Council should be working hard on ‘the money trail’ and this would include the filed taxes of these fore mentioned players. Remember, Donald still has not made his taxes public, there is a reason for his lies on this matter. On just one issue, one business, his golf club in Ma-largo Florida shows how crooked his is and how willing he is to commit tax fraud. He tells his visitors and golfing buddies that this business is worth over a 100 million dollars yet when he filed his property taxes on it he reported that it was only worth 1 million dollars so that he would only have to pay 1% of the taxes due. Folks, almost all of the houses around this club are valued at more than one million dollars. Donald, just like Hillary, is nothing but a fraud a thief and a liar and he should be in prison, not the Oval Office!
(THIS ARTICLE IS COURTESY OF THE TIMES OF ISRAEL)
Female. Feminist. Feminine.
a girl living in the wrong century who loves reading, writing and all things book-ish
reading, loving and reviewing great books
Life hacks, fashion and beauty tips, celebrity updates, health gyan and profuse knowledge about everything and anything under the sun!
Always honest, never unkind