Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are : id handle category description 1 housing_finance "Housing Finance News/ML-Implode Main" 2 hedge_funds "Hedge Funds News" 3 fed "The Fed, Central Banking and fin. reg." 4 foreclosures "Foreclosures (News)" 5 chavez "Hugo Chavez Watch (News)" 6 builders "Home Builders News" 7 banks "Banks News" 8 credit_bubble "Credit Bubble and Crash (News)" 9 peak_oil "Peak Oil and Energy Security (News)" 10 BRIC_v_us "BRIC countries vs. U.S. (News)" 11 gov_bk "Government Bankruptcy (News)" 12 mediawatch "Mainstream Media Watch" 13 Our commentary "IEHI Original Commentary" 14 rebalancing "Economic Rebalancing (News)" 15 pm "Precious Metals News" 16 inflation "Inflation and Deflation News" 17 nr "Natural Resources News" 18 consumer "Consumer Capitulation/Issues and Populism" 20 pe "Private Equity Implosion (News)" 21 recession "Recession/depression News" 22 ML_implosion "Mortgage Lender IMPLOSIONS" 23 HF_implosion "Hedge Fund IMPLOSIONS" 24 HB_implosion "Home Builder IMPLOSIONS" 25 Bank_implosion "Bank IMPLOSIONS" 26 ML_update "Mortgage Lender UPDATES" 27 HF_update "Hedge Fund UPDATES" 28 HB_update "Home Builder UPDATES" 29 Bank_update "Bank UPDATES" 30 RFWS "Radio Free Wall Street" 31 FHA "FHA and Mtg Regulation (News)" 32 martial_law "Martial Law/Big Brother/NWO Watch" 33 pension "Retirement Implosion (News)" 34 mtgindustry "Mortgage Industry (News)" 35 econlists "Econ insider lists" 36 iehi_fb "IEHI facebook feed" 37 robin_fb "robin facebook" 38 IEHItwitter "IEHI Twitter Feed" 39 ak_linkedin "akrowne LinkedIn (mtg industry)" en-us iehi-feed-61278 Fri, 09 Dec 2016 18:26:02 GMT Trump victory sets off a tsunami of lobbying activity by companies http://implode-explode.com/viewnews/2016-12-09_Trumpvictorysetsoffatsunamioflobbyingactivitybycompanies.html ``One thing seems certain: With Republicans in charge of the House, the Senate and the executive branch, much of the action will probably move back to Congress after eight years of legislative gridlock. And that holds out potential benefits and dangers as interest groups jockey to insert possibly lucrative items into comprehensive bills on health care, taxes, financial changes and other budget items.

"We're trying to figure out how to manage expectations," said John Feehery, director of government affairs at Quinn Gillespie & Associates, a leading lobbying firm. "But understand that we are not going to have an administration that has a disgust and dislike for the business community."

The supplicants are many. The Alliance of Automobile Manufacturers, which includes a dozen major carmakers, sent a memo to the Trump transition team two days after the election, pressing for a rollback in fuel-efficiency standards that President Obama set at the beginning of his term.

...

The health-care industry -- encompassing doctors, hospitals, health services and pharmaceuticals, which collectively spend about half a billion dollars a year on lobbying -- is eager to capi­tal­ize on Trump's early vow to abolish Obama's Affordable Care Act and his later pledge to keep parts of it.

"The device tax, the health insurance tax, the Cadillac tax -- certainly all those are on the chopping blocks," said Wood, the lobbyist. Those items -- the tax on medical devices, penalties for not signing up for insurance and a surcharge on especially generous employer plans -- were central to Obama's effort to raise revenue to deliver affordable coverage to millions of uninsured Americans.

The American Hospital Association and the Federation of American Hospitals have a separate overriding issue: stopping the deep cuts in Medicare re­imbursements that were part of the Obama health-care changes and that will begin to take effect next year. Tens of billions of dollars are at stake for doctors and hospitals. Their slogan is to "repeal, restore and replace." Restore means restoring Medicare and Medicaid payments.

Suddenly, the hospitals have reason to hope. The dozens of House bills passed in recent years to end Obamacare kept the Medicare cuts in place so the savings could be used to balance other spending or tax-cut plans. But there was an exception. The one GOP House member who proposed a bill that would have canceled the Medicare cuts was Rep. Tom Price (R-Ga.) -- Trump's choice for secretary of health and human services and the person who will play a key role in how the Trump administration unravels health-care restructuring.

The oil industry also stands to reap benefits, and not just in the most obvious ways. For example, the selection of a new Securities and Exchange Commission chairman more friendly to banks could help oil and gas firms, which have been pressured to include in their SEC disclosures calculations about climate risk and more information about their political contributions.

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The telecommunications industry also is keeping a close eye on developments at the Federal Communications Commission. The Trump transition has announced three people on its FCC landing team, all of whom come from the American Enterprise Institute and all of whom are foes of the agency's net neutrality rules.

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iehi-feed-61277 Fri, 09 Dec 2016 18:20:43 GMT Homeowners Will Have To Fight To Keep Their Homes When HAMP Ends http://implode-explode.com/viewnews/2016-12-09_HomeownersWillHaveToFightToKeepTheirHomesWhenHAMPEnds.html iehi-feed-61276 Fri, 09 Dec 2016 17:37:21 GMT With Wrestling Hire, Trump's Treating Voters Like 'A Bunch Of Jabronies' http://implode-explode.com/viewnews/2016-12-09_WithWrestlingHireTrumpsTreatingVotersLikeABunchOfJabronies.html The McMahons spent a reported $100 million on Linda's two unsuccessful runs for the United States Senate. It could be argued that their Trump contributions were more cost-effective, since she'll finally hold a federal job -- after giving roughly one-tenth as much money to Trump's initiatives as she did to her own.

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McMahon joins fast-food exec Andrew Puzder, Trump's adamantly anti-worker choice for Secretary of Labor, as a Trump contributor/nominee. But Puzder got even more bang for his buck, as might be expected from someone whose corporation pushes $4 meals. He only kicked in $150,000 to Trump's campaign, and he'll be in the cabinet.

The "jabronies" thing doesn't worry us as much as the prospect of the U.S. being run by, in effect, a real-world version of the gang from "Idiocracy".

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iehi-feed-61275 Fri, 09 Dec 2016 17:28:02 GMT Behold, the ‘most frightening chart' that Albert Edwards wants investors to see http://implode-explode.com/viewnews/2016-12-09_BeholdthemostfrighteningchartthatAlbertEdwardswantsinvestorstose.html The chart by Guy Stear, head of emerging markets and credit research at Société Générale, shows credit spreads holding steady even as political uncertainty spikes to an unprecedented level... According to Edwards, that cognitive dissonance is all wrong.

"Markets shrugged off the Brexit vote in a couple of days. They shrugged off Donald Trump's election in a single day. They shrugged off the Italian referendum result in a couple of hours. Heck, in this mood they would shrug off an alien invasion of planet Earth," he said. "But global political risk is now at such elevated levels that investors must surely be on another planet."

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iehi-feed-61274 Fri, 09 Dec 2016 16:22:38 GMT From Sandy Hook truthers to the pizzagate fake news, lies and conspiracy theories warped reality in 2016 http://implode-explode.com/viewnews/2016-12-09_FromSandyHooktrutherstothepizzagatefakenewsliesandconspiracytheo.html Lucy Richards was arrested Monday for acting on her warped assumptions. Richards, indicted by a federal grand jury in Fort Lauderdale, was a so-called Sandy Hook "truther," subscribing to some freakish theory that the massacre of 20 elementary school children and six teachers on Dec. 14, 2012, was an elaborate hoax. That the killings never happened... Richards was charged with emailing a series of death threats to one of those parents...

Richards, 57, a Tampa resident, faces three felony counts for "transmitting threats through interstate communications." Three Florida men who've been the nation's leading promoters of this mendacious bunk face no such worries.

...

Trump has also been a guest on a talk show hosted by Alex Jones, America's leading propagator of insane conspiracy theories. "When I think about all the children Hillary Clinton has personally murdered and chopped up and raped, I have zero fear standing up against her," Jones said in a YouTube video posted two days before the election. "Yeah, you heard me right. Hillary Clinton has personally murdered children. I just can't hold back the truth anymore."

Jones has also described blood-drinking Satanic rituals practiced by the Clinton team. Our birther-in-chief famously told Jones on an earlier podcast, "Your reputation is amazing. I will not let you down."

Bad news: it wasn't just 2016; these trends don't stop until they blow up. See: the rise of the Third Reich; the French Revolution. Unfortunately, this garbage serves to discredit legitimate non-mainstream analysis (as we feature around here), which was illustrated vividly by the Washington Post's "blacklist"....

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iehi-feed-61273 Fri, 09 Dec 2016 16:00:00 GMT Former bank boss David Murray warns of disastrous property crash (AU) http://implode-explode.com/viewnews/2016-12-09_FormerbankbossDavidMurraywarnsofdisastrouspropertycrashAU.html iehi-feed-61272 Fri, 09 Dec 2016 15:42:11 GMT Market indicator hits levels last seen before major plunges http://implode-explode.com/viewnews/2016-12-09_Marketindicatorhitslevelslastseenbeforemajorplunges.html iehi-feed-61271 Fri, 09 Dec 2016 15:38:47 GMT Trumponomics Will Collapse Under a Mountain of Debt - Stockman http://implode-explode.com/viewnews/2016-12-09_TrumponomicsWillCollapseUnderaMountainofDebtStockman.html ... there is not a snowballs chance in the hot place that policies designed to pile still more debt on top of the mountains we already have can rejuvenate the U.S. economy. The key to recovery is firing the debt addicted money printers at the Fed, not passing the baton to fiscal stimulators on Capitol Hill... Indeed, notwithstanding all of the candidate's raging about "draining the swamp" the only Federal programs he talked about on the campaign trail where the ones he intends to increase or to protect from the budgetary sword.

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At the same time, Federal revenues have already hit the flat-line. Collections for the full year of FY 2016 rose by just $18 billion (0.6%) to $3.267 trillion; and actually declined at an $80 billion or 2% annualized rate during the last two quarters of the year ending in September.

... So unless economic growth and revenue collection pick up almost instantly, the implied FY 2018 baseline deficit for the Trump Administration could be as high as $930 billion. And that's assuming no further slippage in revenues or outright recession during the next two years.

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iehi-feed-61270 Fri, 09 Dec 2016 15:37:53 GMT The Future of Bitcoin Is Not as a Digital Currency http://implode-explode.com/viewnews/2016-12-09_TheFutureofBitcoinIsNotasaDigitalCurrency.html iehi-feed-61269 Fri, 09 Dec 2016 15:22:10 GMT Barely Half of 30-Year-Olds Earn More Than Their Parents (ONCE IT WAS NEARLY ALL) http://implode-explode.com/viewnews/2016-12-09_BarelyHalfof30YearOldsEarnMoreThanTheirParentsONCEITWASNEARLYALL.html In 1970, 92% of American 30-year-olds earned more than their parents did at a similar age, they found. In 2014, that number fell to 51%.

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Reversing the trend will be very difficult, the economists found. If income distribution remains as tilted toward the wealthy as it is now, they calculate, it would take sustained growth of more than 6% a year, adjusted for inflation, to return to an era where nearly all children outearned their parents. Since World War II, the U.S. hasn't experienced anything near that level of growth for a lengthy period of time.

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The paper doesn't provide specific reasons for the declining fortunes of younger Americans, but it generally blames the slowdown in economic growth and, especially, the widening income gap between the wealthy and the rest of society.

"Wages have stagnated in the middle class," said Mr. Chetty in an interview. "When you're in that situation, it becomes very hard for children to do better than their parents."

Mr. Chetty, 37, has explored poverty and income mobility in a series of papers that have gained widespread attention across the political spectrum. His research finds that upward mobility depends heavily on government policies, a position common among Democrats, as well as on neighborhood churches and two-parent families, as Republicans often argue.

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iehi-feed-61268 Fri, 09 Dec 2016 15:17:34 GMT It is almost certain that there will be another euro crisis in 2017 http://implode-explode.com/viewnews/2016-12-09_Itisalmostcertainthattherewillbeanothereurocrisisin2017.html So 2017 will be the year the British leave the EU, the year Italian banks go bust and Italy's new government is headed for the first time ever by people who want to break up the euro, and it could be the year that Le Pen wins in France.

...

It was announced yesterday that Banca Monte dei Paschi di Siena, the world's oldest bank and the third largest lender in Italy, will be bailed out by the government this weekend.

This is the beginning. In fact, the Italian State may well have fired the gun for capital to leave the country and head to Germany.

Contagion will spread to France and it is against this background that France will host its presidential election.

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iehi-feed-61267 Thu, 08 Dec 2016 18:23:28 GMT Deutsche Bank Records Said to Show Silver Rigging at Other Banks ("SMOKING GUN" EVIDENCE) http://implode-explode.com/viewnews/2016-12-08_DeutscheBankRecordsSaidtoShowSilverRiggingatOtherBanksSMOKINGGUN.html ``Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide "smoking gun" proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

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"Plaintiffs are now able to plead with direct, `smoking gun' evidence,' including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices," the plaintiffs said in their filing. The new scheme "far surpasses the conspiracy alleged earlier."

The plaintiffs are seeking permission to file a new complaint with the additional allegations. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.

...

"UBS was the third-largest market maker in the silver spot market and could directly influence the prices of silver financial instruments based on the sheer volume of silver it traded," the plaintiffs allege. "Conspiring with other large market makers, like Deutsche Bank and HSBC, only increased UBS's ability to influence the market."

The ZeroHedge coverage pastes in many more vivid details...

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iehi-feed-61266 Thu, 08 Dec 2016 16:54:51 GMT Putting the Boot into Italy - Charles Gave http://implode-explode.com/viewnews/2016-12-08_PuttingtheBootintoItalyCharlesGave.html

The diagnosis is simply that Italy has become woefully uncompetitive, and as a result, is not solvent. This much is clear from the perilous state of its banking system, which is always the outcome when banks lend to firms that have been rendered uncompetitive by some reckless central banker. Short of imposing Greek-style slavery on Italy, there is not much hope of solving the problem, but I rather doubt that the Italian electorate will be as patient as its neighbours across the Ionian sea.

...

Hence, an Italian sovereign default of some variety is now a near certainty. While a central bank can address a liquidity problem, it cannot fix a solvency issue, especially one as large as Italy's. The only remedial action that can now be taken is to throw good money after bad, which is exactly what I expect Mario Draghi to do, especially as he played such a key facilitators' role in getting Italy into the euro system in the first place. Such actions -- possibly to be announced on Thursday at the European Central Bank's policy setting meeting -- can of course merely postpone the day of reckoning, but will solve absolutely nothing.

The rational approach for investors is to shun Italian financial assets such as bank equities or government bonds until such time as exchange rates are once again market determined prices. This has to be the most well-telegraphed, and now inevitable, national bankruptcy that I have seen in my 45-year career. There is no reason to be dragged under the steam roller as there are many other markets and assets to play in.

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iehi-feed-61265 Thu, 08 Dec 2016 16:39:58 GMT As Beijing Battles to Keep Yuan at Home, Chinese Prepare to Sell http://implode-explode.com/viewnews/2016-12-08_AsBeijingBattlestoKeepYuanatHomeChinesePreparetoSell.html As Beijing struggles to slow the outflow of cash and an erosion in its stockpile of foreign currency, the clock is about to restart on individuals' annual foreign-exchange quotas, which is expected to set off a fresh gush of outflows. The foreign-exchange pile fell by almost $100 billion in January this year, after the quota reset.

...

The pressure to get out of the yuan hasn't abated. Data from the People's Bank of China on Wednesday showed that China's currency holdings shrank by $69 billion in November to $3.052 trillion, the fifth straight month of declines and the worst month since January. The reserves are now at the lowest level since March 2011.

"Everybody is predicting more depreciation to come, so I'd better hurry," said Ms. Shen, who plans to use the dollars for overseas trips.

...

Harrison Hu, China economist at Royal Bank of Scotland, predicted that a tightening of the reins on households' foreign-currency purchases is likely in the coming months. "Banks, under ‘window guidance,' may apply implicit quantity controls," Mr. Hu said, referring to possible instructions from regulators.

...

The Institute of International Finance, a Washington-based group of global financial institutions, estimates net capital outflows of $530 billion from China in the first 10 months of the year. But some analysts say the amount could be even greater as more Chinese companies and individuals send or carry yuan funds offshore directly without converting them into dollars first.

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iehi-feed-61264 Thu, 08 Dec 2016 16:36:13 GMT Don't buy the lie that Obama's leaving behind a healthy economy http://implode-explode.com/viewnews/2016-12-08_DontbuytheliethatObamasleavingbehindahealthyeconomy.html These geniuses remind me of Mark Twain trying to palm off the idea that "Wagner's music is better than it sounds." If the economy is so all-fired ducky, how come Americans just tossed out the party that's claiming credit for it? The truth is that the Obama years have been among America's worst for the economy. His eight years will go down in history as the Great Recession, even though for much, even most, of the span, we weren't technically in a recession.

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Except for pumping up Wall Street and producing what Trump calls a "false economy." The recent declines in the unemployment rate are due less to the uptick in employed persons than to an increasing number of persons leaving the labor force.

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And the recent record Dow Jones average? It's pumped up by the Federal Reserve. It's nowhere near a record if the Dow is calculated in the most traditional measure of value. The gold value of the Dow peaked way back in 1999.

All this is why Bloomberg News has been reporting the "Rust Belt's transformation into the Trump Belt." It cites this week new research on "how bad things have become" in Michigan, Ohio, Pennsylvania and Wisconsin.

For older men in those states, Bloomberg reports, inflation-adjusted pay is below the level in -- wait for it -- 1979. That's two generations lost.

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iehi-feed-61263 Wed, 07 Dec 2016 23:01:52 GMT Message to Modi: Do No More Harm (INDIA CRACKS OPEN DOOR TO ARBITRARY GOLD CONFISCATION) http://implode-explode.com/viewnews/2016-12-07_MessagetoModiDoNoMoreHarmINDIACRACKSOPENDOORTOARBITRARYGOLDCONFI.html ... the idea of a war on unaccounted-for wealth remains central to demonetization's popular appeal, which means Modi will have to find other ways to keep that narrative going. So the government has now begun to push income-tax officials to conduct raids on those who might be concealing assets in forms other than cash, such as gold.

...

What this means, unfortunately, is that India's income tax officers have just won the lottery. During a raid, they can, on the spot, decide whether or not to confiscate a family's gold holdings. And remember, India has an enormous amount of gold -- 20,000 metric tons, much of it inherited. (The rules governing simple searches are different, but few know that.) Rather than cleaning up tax administration, the government has handed tax officials more power than they've had for decades. The rich will pay what they need to escape harassment; the rest will suffer.

The worry is that the government, having committed itself to draconian measures to seize black money, will resort to more such attempts to live up to its promises. An India in which individuals are constantly concerned about their ability to explain their returns and their assets to powerful and poorly monitored tax officers is not one in which investment is likely to pick up. It fell another 5.6 percent in the latest GDP figures -- the third successive quarter it's dropped.

... many analysts agree with former Prime Minister Manmohan Singh, who's predicting the new policy will knock 2 percentage points off that world-beating GDP growth rate.

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iehi-feed-61262 Wed, 07 Dec 2016 21:55:49 GMT Boeing sweats under Trump spotlight as SoftBank feels warmth (IS TRUMP-ERVENTION CRONY CAPITALISM??) http://implode-explode.com/viewnews/2016-12-07_BoeingsweatsunderTrumpspotlightasSoftBankfeelswarmthISTRUMPERVEN.html

The president-elect jumped into corporate affairs again Tuesday, tweeting first to criticize one company and then to hail another. He began at 8:52 a.m. New York time by calling out Boeing Co. over costs to develop new Air Force One jets. Just over five hours later he celebrated a $50 billion investment in the U.S. by Japanese telecommunications firm SoftBank Group Corp.

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The tweets, coming after Trump last week announced a deal with United Technologies Corp. to cancel plans to close a U.S. factory, dominated news and moved markets even as details in both cases remained sketchy and the impacts unclear. Trump again showed a willingness to use his bully pulpit to criticize or congratulate companies over actions affecting American workers and government spending.

"This is extraordinary," said Mohan Tatikonda, a professor at Indiana University's Kelley School of Business. "For a president to get involved at the level of spot locations, spot companies, spot plants, is I think unprecedented."

...

The market reacted again early Wednesday after Trump said he will bring down drug prices, sparking a drop in biotechnology stocks. That comment came from a Time Magazine interview, however, not Twitter.

A president who's too eager to pick winners and losers may prompt business owners to seek special treatment in Washington instead of focusing on improving operations, said Anne Krueger, an economics professor at Johns Hopkins University's School of Advanced International Studies.

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iehi-feed-61261 Wed, 07 Dec 2016 21:53:07 GMT Reverse mortgage firms fined $799,000 over deceptive consumer ads http://implode-explode.com/viewnews/2016-12-07_Reversemortgagefirmsfined799000overdeceptiveconsumerads.html American Advisors Group, Reverse Mortgage Solutions and Aegean Financial reached consent agreements with the Consumer Financial Protection Bureau after the regulator's investigation found they used ads whose scripts featured similarly misleading though reassuring claims:

"Can I lose my home? "No you cannot lose your home"... [but] consumers who get reverse mortgages typically must pay for property taxes, insurance, and maintenance costs. They can default and lose their homes if they fail to comply with the loan terms, the CFPB said.

"These companies tricked consumers into believing the could not lose their homes," CFPB Director Richard Cordray said in a statement issued with the consent orders. "All mortgage brokers and lenders need to abide by federal advertising disclosure requirements in promoting their products."

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iehi-feed-61260 Wed, 07 Dec 2016 21:44:19 GMT Trump picks Iowa Gov. Terry Branstad -- a `friend' of China's leader -- as Beijing ambassador http://implode-explode.com/viewnews/2016-12-07_TrumppicksIowaGovTerryBranstadafriendofChinasleaderasBeijingamba.html Branstad has extensive ties to China and a personal friendship with Chinese President Xi Jinping that dates back decades. If his nomination goes through, the move could help reassure China's leadership that Trump understands the importance of healthy relations with Beijing... China's Foreign Ministry did not confirm the report but reacted warmly.

...

Under the Obama administration, experts say, the post of ambassador to Beijing had declined somewhat in importance. China policy was largely run out of the White House, with the president tending to immerse himself in many of the details.

...

China has been a fast-growing market for Iowa's agriculture and processed food, with exports from the state up by a factor of 13 between 2000 and 2010 to $6.3 billion, according to Chinese state media.

That fact alone may reassure some people that Trump will not start a trade war with China, since retaliation from Beijing in the shape of reduced soybean and corn imports would hurt not only Iowa but also other Republican-controlled agricultural states.

...

Branstad was a vocal backer of the Trans-Pacific Partnership, the 12-nation trade deal championed by the Obama administration that Trump has pledged to rip up on his first day in office. Branstad said his state's large agricultural industry would benefit from the accord, boosting exports of pork, corn and poultry and creating jobs.

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iehi-feed-61259 Wed, 07 Dec 2016 17:49:10 GMT Standing Rock is a modern-day Indian war. This time Indians are winning http://implode-explode.com/viewnews/2016-12-07_StandingRockisamoderndayIndianwarThistimeIndiansarewinning.html Along the snowy banks of the Missouri river, a new story is being painfully birthed. It tells us that frontiers must at some point close. That endless taking must become care-taking. And that Indigenous rights, cast aside for too long, are a key to protecting land and water and preventing climate chaos. America is waking up to new heroes.

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Almost everywhere these fossil fuel projects have emerged, Indigenous peoples have been their first and fiercest opponents: the Cheyenne stopping coal in Montana, the Lummi defeating an export terminal in Washington, and throughout my country of Canada, Indigenous peoples standing in the way of mines and tar sands pipelines. Forget all those supposedly progressive heads of state who have touted the Paris climate accord but effectively undermined it with their actions: real climate leaders, those keeping carbon in the ground, are doing so directly on the land.

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The Lakota, like other Indigenous peoples, have always had to be depicted as the "evil instigators." How else could they be "hunted like wolves," as one US general commanded in 1865; how else could the government violate the treaties that guaranteed them a huge tract of the plains, include the path taken by the proposed Dakota access pipeline. Their lands--seized for gold, parcelled for cattle grazing, flooded for dams--have shrunk and shrunk. That is why they are poor and America has become rich.

...

But brave activism has shown that an unbroken history of ugliness and violence is never a guarantee of the future. It turns out treaty rights were never a specimen of the past. They were always living and sacred obligations. In ways clear to more and more people, they have also become the most powerful non-violent weapon for a habitable planet. Which means that honouring the treaty and land rights of Indigenous peoples is now not only a long-overdue moral and legal duty: a stable climate depends on it.

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