The Fed’s Built a Financial “Maginot Line”

 

Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown. That’s right: I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown

Circumstances lead me to believe it could play out like the meltdown I experienced in 1998 after Long Term Capital Management (LTCM) failed.

This time, however, there will be several crucial differences that will leave investors and regulators unprepared.

In the national defense community, military commanders are known for fighting the last war. They study their prior failures in preparation for the next conflict. The problem is that each war inevitably involves new tactics for which they’re completely unprepared.

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French Presidential Race: Marine LePen Far Ahead of Rivals in Secret Polling

As it was in America for Trump, it is now in France for Le Pen:

 

 

An editorialist at French daily, Le Figaro, has alluded to secret polling data which show the Front National’s Marine LePen [sic] scoring above 30% of intentions to vote in the first round of the French presidential election.

Surveys in the public domain consistently have populist LePen [sic] ahead of her rivals in the first round, at 26-28% of intentions to vote but losing to whichever rival she faces in the second. Continue reading

Vulnerable Military Satellites Creating a ‘Maginot Line’ in Space (Updated)

While the possibility of anti-satellite weapons, jamming and cyber-attacks aimed at the U.S. military’s fleets of communication satellites is making them vulnerable to adversaries, declining defense budgets constitute an equal threat to the space architecture the services rely upon, according to a report released July 24.

Like the Maginot Line that gave the French a false sense of security prior to the German Blitzkrieg in World War II, the U.S. military has assumed since the end of the Cold War that no one would dare launch an physical attack on its satellites because that would violate international norms. Just as the Germans did away with such niceties and invaded France through a neighboring country, an adversary could go after one of the military’s biggest Achilles’ heels, its space-based communication system, said Todd Harrison, senior fellow for defense budget studies at the Center for Strategic and Budgetary Assessments, and author of a new report, “The Future of Milsatcom.” Continue reading