US Navy Fires Hypervelocity Projectiles Through Destroyer’s Guns

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The US Navy has reportedly fired hypervelocity projectiles intended for electromagnetic railguns out of a 40-year-old deck gun that is standard issue on many cruisers and destroyers in hopes of providing a low-cost defense solution against drones and cruise missiles, a new report says.

Twenty hypervelocity projectiles were fired from the USS Dewey (DDG-105), an Arleigh Burke-class guided-missile destroyer, as part of a test conducted by the US Navy and the Defense Department’s Strategic Capabilities Office (SCO), unnamed officials told USNI News Monday. Continue reading

Turkey Will Be Ground Zero in the Next Global Debt Crisis

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Turkey is a beautiful country with a rich history including Greek, Roman and Muslim influences that make it one of the most fascinating places on Earth. It is literally a bridge between East and West: The mile-long Bosporus Bridge just north of Istanbul connects Europe and Asia across the Bosporus Strait.

Turkey has been a magnet for direct foreign investment from abroad and dollar-denominated loans by international banks to local enterprises. This investment enthusiasm is understandable given Turkey’s well-educated population of 83 million and its rank as the 17th-largest economy in the world, with a GDP of just under $1 trillion. Continue reading

Citi: World economy seems trapped in ‘death spiral’

Please see the source for the video.

 

“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday.

“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ‘significant and synchronized’ global recession and a proper modern-day equity bear market.”

Stubbs said that macro strategists at Citi forecast that the dollar would weaken in 2016 and that oil prices were likely bottoming, potentially providing some light at the end of the tunnel. Continue reading

Trump Says Yellen Keeping Rates Low To Protect Obama

Let it be no secret that the Obama administration will be leaving poison pills and traps behind should Trump win.

 

Make no mistake, what you saw with the Fed’s September meeting and subsequent (in)decision was an FOMC that simply froze like a deer in headlights. As we’ve documented exhaustively, there are no right answers and Janet Yellen only made it worse by, in Deutsche Bank’s words, “removing the fourth wall” and admitting that the committee is reflexive.

The Fed cannot hike for fear that a soaring dollar will accelerate EM outflows and plunge the world’s most important emerging economies into chaos. Continue reading