UBS warns “explosive” house price growth since 2013 has fuelled an overvalued market.

A New York times editorial dated Oct. 28 rebukes the Obama administration for what it calls “the military escalation in Iraq and Syria,” denounces Congress for not objecting to the fact that Obama has gone to war without Congressional authorization, and warns that it could lead to a direct war with Russia.

The Times editorial states:

“The Obama administration is taking steps to expand a military campaign that remains untethered to any coherent strategy…Instead of challenging an escalation of American military forces in the Syrian war, several prominent members of Congress are irresponsibly demanding even more hawkish approaches… The Pentagon continues to call the military campaign in Syria and Iraq an `advise and assist’ mission, a characterization that was misleading when the campaign began and is now absurd. By incrementally increasing its combat role in a vast, complicated battleground, the United States is being sucked into a new Middle East war.”

The editorial then says the Obama policy “lacks a legal framework and an attainable goal,” and adds:

“With a few exceptions, lawmakers seem completely unconcerned that they are allowing a president to go to war without formal authorization from Congress… Taking on Mr. Assad…would almost certainly be catastrophic because it would put the United States directly at war with Russia and Iran, which aid him militarily. Even if Washington were to prevail in forcing him from power, that could serve to embolden the Islamic State, which would only lead to more carnage.”

 

“That is not a proper technique and should not be used by law enforcement,” sheriff said.

Chinese Ambassador to the US Cui Tiankai yesterday directly denounced Obama’s overt threat of war on China through the provocation of sending warships into Chinese sovereign territory.

“I think what the United States is doing is a very serious provocation politically and militarily,” Cui said in an interview with the U.S. cable news network CNN. “It’s a clear attempt to escalate the situation and to militarize the region. So we’re very concerned about that.”

Cui called the U.S. action an “absurd and even hypocritical position” to ask others not to militarize the region, while the U.S., itself, is sending military vessels there so frequently, according to CNN.

He said the move was taken “in total disregard of the international law.” The UN Convention on the Law of the Sea has clear provision about the safety of navigation, freedom of navigation, and innocent transit, Cui said, noting that China has signed the UNCLOS, but the United States has not. “What the U.S. is doing is totally against the provision, the letter and spirit of the convention,” he said.

Cui said that the US move will in fact force China to deploy military forces into the region: “We have to make sure we have sufficient means to safeguard our sovereignty there, to protect our lawful rights there, and … maintain peace and stability there, and nobody will have any more illusion that it could continue to provoke,” he said.

“And it certainly will not weaken our position and commitment to developing a healthy and strong relationship with the United States. But this is a two-way track and we have to have reciprocal actions from the United States,” he added.

The U.S. press was full of vitriol and bravado, for Obama taking on the Chinese. David Ignatius of the Washington Post even ran a fantasy about Xi Jinping facing assassination threats and revolts within China because of his cleaning out the corrupt layers of the Chinese Communist Party.

Nonetheless, Japan’s NHK press reported, the commander of the U.S. Pacific Command, Admiral Harry Harris, will visit China next Monday for talks with the Chinese military. The talks were scheduled before the United States deployed the destroyer into Chinese sovereign territory.

Global Times, an official paper of the ruling Communist Party, issued a more virulent response. While advising that China “should stay calm,” it presents the necessary course: 

“In face of the U.S. harassment, Beijing should deal with Washington tactfully and prepare for the worst. This can convince the White House that China, despite its unwillingness, is not frightened to fight a war with the U.S. in the region, and is determined to safeguard its national interests and dignity. Beijing ought to carry out anti-harassment operations. We should first track the US warships. If they, instead of passing by, stop for further actions, it is necessary for us to launch electronic interventions, and even send out warships, lock them by fire-control radar and fly over the US vessels.”

Below is an interesting video on the Federal Reserve which explains how Fractional Reserve Banking and Open Market Committee operations work:

Communist Party trying to boost shrinking workforce, manage country’s transition to era of slower economic growth.