by Keith Weiner
In my testimony in support of the gold legal tender bill this year, I discussed failing pension funds. Retirees who count on their pension checks are being told that their monthly check will be reduced by up to 60%. This is devastating to them, obviously. What isn’t obvious is the cause. In the news coverage of this, the angry pensioners are blaming the union, the fund manager, and Wall Street in general.
Turkey have threatened to send migrants back to Europe if the EU Parliament don’t grant visa-free travel to Turkish citizens. The Erdogan regime issued a stern warning to EU officials, saying that “The European Parliament will discuss the report that will open up visa-free travel in Europe to Turkish citizens.
Russia have accused America of risking nuclear war by installing a long-awaited missile defense system in Europe. Moscow have said that the American-built system put Russia’s security in danger, suggesting that the country hosting the system, Romania, could be reduced to “smoking ruins” as a result. Nytimes.com reports: “We have been saying right from when this story started that our experts are convinced that the deployment of the ABM system poses a certain threat to the Russian Federation,” the Kremlin spokesman, Dmitri S. Peskov, told reporters in a conference call.
In a dramatic development for the global nuclear balance of power, yesterday we reported that starting today, the United States would launch its European missile defense system dubbed Aegis Ashore at a remote airbase in the town of Deveselu, Romania, almost a decade after Washington proposed protecting NATO from Iranian rockets and despite repeated Russian warnings that the West is threatening the peace in central Europe.
One month ago, when we updated on the performance of Horseman Global, what until recently was the world's most bearish hedge fund with a record net short exposure of -98%...
... at least until Icahn Enterprises emerged with its even more gargantuan -149% net short...
... we cited fund CIO Russell Clark who observed the fund's dramatic -9.6% drop in the month of March, and made it clear that he wasn't going anywhere because he was confident that the move was nothing but a short squeeze, which - if anything - made Clark even more bearish.