United States

As the US and countries across the globe continue the slow but steady march toward an all-out global war, it is important to remember that one of the worst wars in history – the Vietnam war – was initiated by the U.S. government based on a massive lie. On the 50th anniversary of the war in Vietnam in 2014,The Guardian newspaper published an exclusive report expose on the secrets and lies the US Government hid about the Vietnam war. The bone-chilling report set over 50-years ago is as relevant now than ever.

Reuters reports on the growing power of Al Qaeda in the Arabian Peninsula (AQAP), which has been made possible in large part by the Saudi-led war on Yemen supported by the U.S.:

If Islamic State’s capital is the Syrian city of Raqqa, then al Qaeda’s is Mukalla, a southeastern Yemeni port city of 500,000 people. Al Qaeda fighters there have abolished taxes for local residents, operate speedboats manned by RPG-wielding fighters who impose fees on ship traffic, and make propaganda videos in which they boast about paving local roads and stocking hospitals.

When trying to time the next US recession, most economists - as one would expect - look at economic data. The problem with such "data" as last year's farcical double seasonal GDP adjustments have shown, is that if the government is intent on putting lipstick on the pig that is US GDP, it will do just that over and over, unleashing non-GAAP GDP if it must, to avoid revealing the truth until it is prepared to do so.

There was one thing keeping US GDP growing in recent months: rising inventory. Well, no more. Moments ago the Dept of Commerce reported the latest inventory data and following major historical revisions, not only was last month's inventory print slashes from 0.3% to -0.2%, but the February Inventory number was a dramatic -0.5% drop, far below the -0.2% expected.

This was the biggest sequential drop since the spring of 2013.

It wasn't just inventories: wholesale sales also declined by 0.2%. The ongoing declines refuse to paint a pretty picture of the US economy.

Three weeks ago, when the Fed and Janet Yellen shocked markets with their extremely dovish statement in which they admitted the US Federal Reserve no longer is US data dependent, and instead is far more focused on global developments and especially China's dollar-pegged currency (which makes it impossible for the Fed to be hawkish without causing further FX instability and leading to more Chinese capital flight), CNBC's Steve Liesman asked Yellen point blank a question which would seem otherwise completely taboo: does the Fed have a credibility problem.

This was her response: