Turkey Arrested and Deported Brussels Terrorist in 2015; Belgium Ignored Warning

Western nations are on a suicidal path towards oblivion. The liberal policies that afford the benefit of the doubt to people who want to behead their men and enslave their women will lead to more deaths, destruction, and denigrate an otherwise enlightened peaceful way of life.

Turkey arrested one of the ‘attackers’ in 2015, on the border of Syria. They knew he was a fuckhead. They warned the Belgian government of this fact and they, in turn, did nothing. The pole smokers in Brussels said they couldn’t tie him to a terrorist organization, so they let him go.

Really?

Erdogan told a news conference that Bakraoui was detained in the southern Turkish province of Gaziantep near the Syrian border and was later deported to the Netherlands. Turkey also notified Dutch authorities, Erdogan said.

A Dutch government official said Erdogan’s comments were “being carefully looked into,” but that they could not yet say if El Bakraoui had been in the Netherlands.

“One of the attackers in Brussels is an individual we detained in Gaziantep in June 2015 and deported. We reported the deportation to the Belgian Embassy in Ankara on July 14, 2015, but he was later set free,” Erdogan said.

“Belgium ignored our warning that this person is a foreign fighter.”

Turkey insists that they provided the carpet eaters in Brussels with ample evidence to detain Ibrahim El Bakraoui; but they opted to for the multiculturally correct path–which in turn led to 34 dead and 250 injured.

RIP Phife Dawg from a Tribe Called Quest. Growing up in the sewers of Brooklyn, this was one of my favorite groups in the late 80s to early 90s. A little later on I got into the gangster rap varietal and was entreated to the melodies of Onyx, DMX, Wu-Tang clan and many others. Phife died today and had been dealing with a variety of health concerns, diabetes being one of them, for over a decade. I believe he received a kidney transplant in 2008 and was on record saying he was addicted to sugar.

It might taste sweet, but sugar is an insidious poison that should be avoided, whenever necessary.

Today’s big story was the breakdown in commodity related stocks, like VALE and FCX. They represent the pseudo reflation trade that was promoted by all of Wall Street’s finest sophists. Just yesterday, James Cramer went onto the teevee to declare a bottom in the commodity trade and even suggested significant upside lied ahead, in spite of the indelible facts on the ground stating otherwise. A reasonable sequitur to all of this outward promotion is the presence of invective money changers wholly interested in getting liquid on you.

I really do believe there is a media conspiracy designed to take advantage of the layman, which is why iBankCoin enjoys its unbridled popularity amongst the unwashed masses.

My char-wallah greatly appreciates my candor and I am sure you do as well.

In closing, I remain long TLT with 25% of my assets and short XLE with another 50%. For the time being, the rest is idled in cash. I am as bearish as a bear can be and pine for the days of ominous clouds shrouding the horizon.

Spiraling bond yields and the toxic status of high yield has Grandpa pissed off, in search for yield. The traditional destination for old men looking for a little yield action, worldwide, are the utilities.

Its been like this since the beginning time, old cavemen crushing in the skulls of their neighbors for their utility common stock certificates.

Year to date, diversified utilities are up 14%, by far the best performing sector in the market.

Con Edison is in style, for christ’s sake.

Things are about to get real colorful around here. Both the Dow and NASDAQ are knifing lower now, off 89 and 50, respectively. Losses are most abundant in the commodity space, with gigantic slides in tankers (-6%), aluminum (-5.8%), gold (-4.4%) and copper (-4.4%).

Essentially, all of the perversion that was jacking worthless assets higher over the past 5 weeks are being corrected and checked.

A wise man once said ‘the market takes the stairs up and the elevator down.’

I say it’s gonna skip the elevator and jump out the fucking window.

It’s a low volume meltdown and Arthur Cashin doesn’t care for the Fed’s renewed interest in disseminating all of that smoke into their hall of limitless mirrors.

Stocks are inexorably lower today, in spite of the nonsense that is the Dow 30 flaunting minor losses.

The crazy people at the BOJ are intent on buying over $100 billion worth of their bonds, per month, and their yield curve has inverted because of it.

“We hold a lot, and we’re not selling,” said Yoshiyuki Suzuki, the head of fixed income in Tokyo at Fukoku Mutual Life Insurance, which has $59 billion in assets. “We can get interest income. If we sell, there are no good alternatives.”

Demand for their longer duration, 30 and 40 year, bonds have been met with woeful demand of the record breaking varietal. Moreover, the BOJ now represent more than a third of the entire JGB market, a number that will increase as their QE continues.

Demand for JGBs has increased so much since the start of negative-rate policy that it’s flipped the market for repurchase agreements on its head: Dealers who in normal circumstances would pay to borrow overnight cash in the repo market — offering debt as surety of repayment — are instead willing to pay to get access to the collateral.

In summary:

“How can the BOJ head for the exit?” Dan Fuss, vice chairman of Loomis Sayles & Co., said at an event in Tokyo last week. “If they open the exit door, there’s a fire on the other side.”

John D. Rockefeller must be rolling in his grave. His Standard Oil fortune is being managed by left wing lunatics, who grant millions to radical environment groups. The irony is delicious.

This just out via the Rockefellers. They hate evil fossil fuels, whilst shuttling to and fro from posh vacation destinations in their private jet.

What sort of stupid shit is Biden up to today? Oh, I don’t know. How about signing some stupid fucking book, in some non-descript hall, telling the press the Belgians have backbones like grandmas?

Traditionally, grandmothers are old as shit and have the weakest backbones in the human race. Some of them accidentally fall down and break their backbones in 5 places, reducing them into wheeled chair transport until death.

This makes as much sense as our President apologizing for the fucking Spanish American war of 1898 to the dictator scum of Cuba, which he did yesterday.

At least Biden is attempting to show leadership, albeit with asinine words and gestures. I am sure President Obama is enjoying Argentina today. If we’re lucky, we might be entreated to an Obama throwing of the U.K. under the bus, in relation to Falkan Island rhetoric.

A litany of miners are getting smoked out today, crushed under the weight of the bulls hubris. There are zero reasons to be long FCX, X, VALE or BHP after their recent runs.

Nevertheless, many of you remain long.

Considering the exasperated run in this sector, heretofore, there hasn’t been a more opportune time to sell in many moons, or sell short with extreme vigor and tenacity.

Bloomberg is reporting the company is in discussions to sell itself. Since they have a deal in place with Delta, I am guessing they’d be the interested party.

Richard Branson is a brilliant businessman and knows the airline industry well. If he does in fact sell VA, the industry may be topping out. I’d trust his instincts over the perpetually bankrupt American airline industry any day of to week.