The worst terrorist attacks are those you can’t foresee and can’t do much to prevent. That’s why the events of the past 48 hours are so concerning.
Market Roundup
On Saturday night, a bomb exploded in New York’s Chelsea neighborhood. No one was killed, fortunately, but 29 people were injured.
It appears a pressure cooker packed with shrapnel and explosives was used in the attack, just like with the 2013 Boston Marathon bombing. A second device was found a few blocks away before it could go off.
Also on Saturday night, a man stabbed several shoppers in a St. Cloud, Minnesota, shopping mall called the Crossroads Center. He ultimately managed to injure (but not kill) nine people before being shot dead by an off-duty police officer. Investigators identified a Somali-American man named Dahir Adan as the attacker, and ISIS claimed responsibility for his actions.
Meanwhile, a bomb went off Saturday morning in Seaside Park, New Jersey. The device was apparently targeting a charity race, but no one was hurt because the start had been delayed by logistical issues.
Finally, a backpack full of pipe bombs was discovered in Elizabeth, New Jersey, not far from a train station last night. Five devices were found, one of which detonated when experts attempted to diffuse them.
Police announced earlier today that they were seeking a 28-year-old man named Ahmad Khan Rahami as part of the investigation into the incidents. He is a U.S. citizen who originally came here from Afghanistan. Rahami was later caught after a shootout with police in New Jersey.
Only time will tell if Rahami is guilty and if so, what his precise motives were. But the attacks are just the latest in a string of troubling incidents here and abroad.
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| Lone wolves don’t require the large infrastructure, financing, and communications work that 9/11 did. |
They don’t require the large infrastructure, financing, and communications work that 9/11 did. The perpetrators don’t have to be trained, sophisticated experts – just “lone wolves” who can be recruited through the Internet. And the targets aren’t the kind of hardened sites that are difficult to strike. That makes these attacks very hard to prevent.
Our own Jeff Cantor has written about ways to protect yourself, and I recommend you check out his work here. The research group Stratfor has also suggested things you can do. Plus, the Department of Homeland Security promotes a policy called “If You See Something, Say Something.”
But the reality is, the terrorism threat isn’t going away – not here, and not overseas. It’s just one more thing we have to factor in to our daily lives, not just as investors but as Americans (or citizens of other threatened nations).
With that said, what do you think of the latest attacks in New York and New Jersey? Is there anything law enforcement or intelligence agencies could have done to prevent them? What can we do in our daily lives to reduce our vulnerability? Any and all suggestions are welcome, so please pass them along in the comment section below.
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Shifting back to the markets, we’re clearly seeing more near-term volatility. But what does that mean for the rest of 2016 and beyond? Are stocks finding their footing again, or just pausing before a substantial fall?
Reader Chuck B. said he’s not yet sold on the idea of an imminent plunge: “A market collapse isn’t likely to happen suddenly and surprisingly. It will probably begin with various-sized drops and partial or complete recoveries. Then, perhaps after a ‘black swan’ event of some sort, the big drops will begin – one after another – until the bottom area is reached. The details remain unclear.”
But Reader Anthony G. warned that a sharp drop could surprise unprepared investors: “The artificial growth can evaporate overnight. The billionaires are right on target. The central bank shortcut will lead to disaster.”
Reader Hapuna also sounded a cautious note: “Anyone with a way to connect to the Internet knows that a storm is brewing. It is not just the investment world that is close to blowing. It is the political scene and the entire financial spectrum. There is almost no wiggle room left.
“Soon the crash will occur and with it fortunes will be lost and a few gained. I am on the short side right now. Plus, I am holding a larger proportion of cash and equivalents. The everything bubble is actively searching for a pin.”
On the other hand, Reader David C. suggested taking the other side of that trade could pay off: “Is there anyone out there who isn’t ‘really worried’ about something, which means they have probably sold? And aren’t some of these guys hugely short the market, too? Is it possible they are ‘talking their book?’ I am not buying but I have sold puts on stocks I like.”
Finally, Reader Glenn said he still sees opportunity north of the border: “Glad to hear you’re in Toronto (where I live). I hope you get the opportunity to spend some time investigating the TSX. I believe there are some great opportunities here in Canada.
“Our banking system is very secure, the stocks offer great dividends, and they have shown solid growth this year. Yes, our natural resources stocks have been hit hard due to low oil prices. But there could be buying opportunities. Don’t forget the gold stocks here as well.”
Thanks for taking the time to weigh in. Markets are swinging sharply from one day to the next while investors try to figure out where interest rates are headed next. Depending on what the Federal Reserve and Bank of Japan announce later this week, we could see some real fireworks. Stay tuned, and be sure to add your opinions online if you haven’t done so yet.
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OPEC is having a tough time building consensus for a price-supporting production cut. A key obstacle: Countries like Libya, Nigeria, and Iran want to boost their output in the wake of regional fighting and sanctions. Other OPEC members like Saudi Arabia don’t want to turn their own taps off because that would cause them to lose market share.
Two days before the Federal Reserve’s next policy decision, the Wall Street Journal covered Boston Fed President Eric Rosengren’s concerns about a commercial real estate bubble – and suggested those concerns could influence any rate decision. The article is worth a read if you have a minute, as it covers some of the same ground I’ve covered here in Money and Markets.
Does a Chinese debt-pocalypse loom? That’s what the Bank for International Settlements (BIS) seems to be concerned about.
The Swiss advisory group to world central banks said China’s government and private sector have borrowed so much money that the nation’s outstanding debt now totals 255% of GDP. Moreover, a BIS measure of how quickly debt is piling up is now at three times the level considered to be high risk.
Will OPEC ever be able to get its members lined up behind a production cut? Or are they going to fail, sending prices lower? What do you think about the WSJ‘s coverage of a potential commercial real estate crisis? Any thoughts on China’s debt issues? I’d love to hear from you about these matters in the comment section below.
Until next time,
Mike Larson
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Mike Larson graduated from Boston University with a B.S. degree in Journalism and a B.A. degree in English in 1998, and went to work for Bankrate.com. There, he learned the mortgage and interest rates markets inside and out. Mike then joined Weiss Research in 2001. He is the editor of Safe Money Report. He is often quoted by the Washington Post, Reuters, Dow Jones Newswires, Orlando Sentinel, Palm Beach Post and Sun-Sentinel, and he has appeared on CNN, Bloomberg Television and CNBC.
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And Barack says nothing. What does that tell us?
It tells us that these “attacks” are law enforcement issues, local, with FBI assistance, and not sufficient to raise hysteria by Presidential commentary–especially since no one was killed. Leave it to another to suggest he would be able to prevent “lone wolf” attacks, while still maintaining the US as a democracy.
Um, that he has a steely well considered resolve and big picture thoughtfulness that ends up killing important ISIS leaders nearly every week and took out Bin Laden as he still has to deal with the fallout of the Bush/Cheney disaster.
Let’s be fair to Mr. Obama, after all he has improved his golf game as POTUS.
I don’t know about our intelligence agencies and police but there is a great deal that Obama could have done to prevent this. He could have demanded full vetting of every Muslim seeking legal immigration (particularly Sunnis who are responsible for 90+% of all terror incidents). Instead of overruling enforcement efforts by the Border Patrol and and all of INS he could have commended them and taken harsh action against violators – just like they do in almost all of the civilized world.
Your comment suggests that you are clueless about how thoroughly we vet. Stop parroting those who want you to be hysterical and who profit from violence 24/7.
What about all those shootings at schools, churches and malls carried out more often by white Christians? Who’s going to vet them or even stop them? Are they not also lone wolf terrorists?
The best way to end terrorism is to get out of the Middle East and Africa . The more resources we throw at this so called war the more recruits for Jihad the terrorist organizations will throw at us. We are giving them the fuel for their fire. They will do to us what we did to the the Soviet Union. Bankrupt us.
I prefer Colin Kaepernick approach to the violence that may appear more often.
Come on; he had filed a lawsuit against the police and he was a radicalized Islamic. Our government cannot even say the word terrorist or Islamic terrorist. NYC Mayor was pathetic. If we would stop being so PC about this, maybe folks would identify those terrorist living here. But in San Bernadino, fear of being called Islamophobic prevented information from coming in this way from folks observing and tipping off the authorities.
well makes you wonder where they getting this stuff from. if guy moved here when he was 2 he didn’t learn it from where he was born .he learn it from the way he was raised.i think they got to wonder why some many of them have came here brought up business’s here moved their whole family here.but yet we our all racist .they our sueing over. Bec their keeping people up all night & people want to rest. Bec they have jobs business to run to .but that racism if you don’t agree with everything they want . make you wonder why they all really here .
Hey Mike, during your visit to Toronto, did you pass through our train station? It’s called “Union Station”. Did you see the depressing art work in the subway station? Pretty depressing huh? Yet Toronto thinks it’s first rate city. It’s a first rate depressing city.
AMERICA HATERS
Who let these various “terrorists” into the country in the first place? Is there no accountability in the U.S. Immigration process and those who sign-off on admitting certain individuals ( Middle Eastern Males) into the country and issuing them a visa ? The whole system needs to be fixed and a “new broom” put in charge. Heads should roll. We need some real accountability instead of mindless bureaucracy.
Well the guy in Minnesota was 7 when his parents brought him here, and the guy in NJ was also young, and brought by his parents. He went to school here, and worked in his father’s restaurant. The problem with the police was about how long the restaurant stayed open at night, and the protagonists were the father and older brother. Just when was Obama supposed to intercede regarding these latest 2 terrorists. And, yes, the NJ guy may have made a trip to his birth country recently. I believe that kind of travel is allowed for American citizens (like Melania Trump has traveled to Slovenia).
ya I totally agree .this started getting like this really bad when bush pass that law if they make it to us soil file paper saying they afraid they get to stay .rep refuse to change anything on law .when Obama try few years ago.seem to me these people started coming over buying all business up that went under when bush left office.then bringing all their families here with Visa work program that bush help make up also . & beding card that if they are afraid then they get to stay after they make us soil .can’t tell me people coming by the thousands in boats .if they so poor have nothing.how the hell they making thousands miles here .they had have family here paying for that to get them here. ..if you think about why we being hacked & they no so much about how break the laws how to steal identify.bec just like the guy in md Stived 10 people he was security guard.i sorry but none of these people should be traveling different countries staying for year at time.then coming back being in any type of security place working.there is so many like that .
What can we do? Well, first off we can quit being frightened by every headline that tends to spur us into doing something stupid. Violent crime has dropped in recent years (which doesn’t make for exciting reading) but listening to political rhetoric you’d think we’re all on the verge of being overrun. Nonsense.
Frankly, we Americans shoot each other at a rate of about 30,000 per year which makes terrorism deaths quite low by comparison. You want less terrorism, both domestically and internationally, then work for more justice and less inequality. Terrorism, sadly, is not going away, but building bigger walls and bombing more civilians is only going to throw more petrol on the fire. Way too many Americans are acting like scared mice. Our media feeds the behavior. Build a strong community and get to know your neighbors. You’d be surprised how it changes the way you behave.
You are making too much sense for the sheep to understand.
Excellence observation and the best recommendation. You are a true American.
STOP SAYING “LONE WOLF”. It’s not “lone wolves” when ALL the wolves are radical muslims. The first step in solving a problem is to accurately define it. We are at war with the radical Muslim ideology and their belief that we should accept Sharia Law.
As Mish highlighted today, common sense is in short supply regarding immigration policy (https://mishtalk.com/2016/09/18/missing-ingredient-to-solving-the-refugee-crisis-common-sense/), and it is totally missing with the bogus “war on terror”. The only wars govt wants to win are the wars on cash and guns. The “war on drugs” and the “war on poverty” were frauds to benefit govt and their donors … AND SO IS THE “WAR ON TERROR”, which has cost $5 TRILLION, while terrorism has grown thousands of percent since 2002. Who is going to seriously say we could not debilitate radical Muslims with $5 Trillion and a military that has a budget that equals the next 10 countries combined?
The war on terror is not won because our govt and their donors in the military industrial complex don’t want it to be won. We are dealing with sick people in the establishment that must be rooted out if we expect any progress on these attacks. It will get worse because we not only give the terrorist a foothold, we give them a hand up with our funds and arms.
I recently reported an adjacent business owner to the police, who had flooded our business twice, and who acted suspiciously and had some sort of covered machine out back that should not have been there. We suspected he was illegally growing marijuana. When I went to the police station with a picture of the contraption out back and our history with him, the cop who took the report was very curt with me and acted disinterested to say the least. I felt like he thought I was just a busybody and should mind my own business. I felt discouraged but knew I did the right thing. Two weeks later the cops raided his business and destroyed about $100,000 of marijuana growing equipment plus all his plants. So people have to be aware of surroundings at all times and report whatever doesn’t seem normal or legal, even if the reception from the cops doesn’t seem receptive. Without the eyes and ears of the public, there is no way law enforcement can stop all that much if it is coming from self radicalized or mentally off individuals acting alone, especially if they are American citizens.
Lone wolf attacks are limited by their resources and technology. The biggest security threat has been the policies of Hillary Clinton and Obama: corrupt politics at an all time high, weak military, ISIS, open borders, and power vacuum in Middle East. In addition, the number of people willing to riot and kill has grown significantly as governments across the planet suppress freedoms and force ideological change.
The terrorists were smuggling themselves into Europe by posing as refugees. One huge advantage of monstrous atrocities against civilians in Iraq and Syria, is that ISIS created the stream of refugees, in which their members hid.
This was a straightforward strategy, that took advantage of Hillary Clinton’s wild gamble. As Secretary of State, she wanted a broader Mideast War that would bring down the Syrian government and others. By not attacking US targets, ISIS stayed in her good graces and got arms aid.
With a Trump upset victory possible, ISiS has nothing more to gain by delay. Trump promises to shut the border, closing i
Not only are lone wolf attacks unpredictable, they are often really lone wolves., In San Bernadino the terrorists applied to join ISIS, but were denied entry because ISIS thought they were government agents. The shooter in Orlando had no terrorist connection. Even more, many cases, like the Aurora Colorado movie house shootings couldn’t even be connected to a political motive.Perhaps if we stopped trying to eliminate Assad, he would help us, Removing Qadafy and Hussein led to more problems.
i
Connect the dots, the bombers are almost all radical Islamist terrorists. Deport them, adopt Mexico’s solution to deportees who sneak back, stop Libyan immigration until we can sort out the loons. Repopulate Guantanamo. Yes, it is profiling which is regarded as racist, then again, isis’ cutting American heads off and blowing people up with pressure cookers, may be regarded as something short of Coexisting. Dump most of the corrupt puppets in congress. Elect a real president.
I agree Hillary would be the cool head to deal with the manufactured hysteria from the media.
I agree with Bob that we need to elect a “Real” President – unfortunately, we seem to have a choice between an habitual liar and conniver, and a fool who thinks he knows everything. Real? LMAO! Except that either one will probably destroy the last semblance of freedom and prosperity for all of us. China and Russia may have freer economies and societies than these two will give us.
All but 1 of the Islamist terrorists are dead or on death row. The latest one didn’t kill anyone, and is an American citizen. We can’t and don’t deport citizens of the United States.
Besides man-made global warming a bigger threat (kidding), to stop and look around for a few seconds to see if things are normal is my objective as I try and adjust my usual behavior pattern as Jeff Cantor suggest.
What makes you think they are not connected? I hope you are not relying on Obama’s spokes mouth or the news media as they won’t admit anything and even cannot say it was an Islamic Terrorist.
If the market can’t stand a .25% interest increase, it’s in worse shape than people can imagine. If the addiction to pittance interest is so painful to withdraw from, it may take a “red swan” event to kick it into going cold turkey. With so many mega pensions, funds, etc. being run by algorithms and personal investors setting tight stop orders, one event may start the house of cards tumbling. Maybe that’s what so many with so much are sitting in cash positions.
What is the bomber’s connection to Trump operatives or Russian agents serving the Trump campaign. I’m more fearful about what we don’t know about Trump’s dark world than any lone wolf bomber.
So President Cheney destabilized half the world for Halliburton and W and it’s Hillary’s and the Black guy’s fault. Deplorably delusional. I will get a good laugh when your 401Ks are back to 2008 levels and you have lost your job and home again.
I am an 86 year old Canadian who loves America. If I was an American I would
positively NOT vote for crooked Hillary. Whenever she opens her mouth she’s
probably lying. Furthermore the Clinton Foundation is just a front for laundering
money and a slush front for crooked supporters. I WOULD VOTE FOR DONALD TRUMP.
AMERICA NEEDS A PRESIDENT TRUMP TO MAKE AMERICA GREAT AGAIN. I HOPE
WHEN HE IS THE PRESIDENT HE APPOINTS TREY GOWDY TO HEAD THE DEPT. OF
JUSTICE, AND THEN GET RID OF ALL THE DEADBEAT DEMOCRATS IN THE ADMINISTRATION.
This violence is the language of the powerless.
ISIS is very clever, in encouraging disadvantaged Muslims in this country to lose hope and take the way of terrorism. They also give instructions in how to do it. We are correct in waging war on that radical crowd, but it should be all-out war to destroy them and those who support them. Obama has let them infiltrate all of Western civilization, instead. That is a good way to ultimately lose the war.
America Is Waking Up from almost 3 decades of napping and finally thinking for themselves!
You certainly know how to ask some polarizing questions in an election year….Just to add some facts to the discussion. Ahmad Khan Rahami was about 6 years old when his family came to the United States, so “severe vetting” that Trump wants would not have done very much to identify him as a “sleeper terrorist.” In addition, current Muslims coming from certain countries with high Muslim populations already go through about two years of a multi-step vetting process. Trump likes to infer they can pretty much walk right into country and become a citizen with minimal screening. Finally, Trump and Republicans repeatedly has claimed that the Obama and Hillary Clinton want to accept hundreds of thousands of Syrian refugees. That’s false according to FactCheck.Org. By law, the administration can admit slightly more than 10,000 in fiscal year 2016, and no refugee commitments can be made beyond that.
So we have one political party attempting to stir up anger, fear, and calls for severe responses and one party attempting to address a humanitarian need as well as address Muslim immigration issues in a responsible and comprehensive way.
Under a Trump administration, the possibility of German-style Kristallnacht events becomes all to possible with Trump giving overt or covert encouragement. His repeated failures to dampen the fears and anger of his supporters is clear indication he has no plans to voice concern over any future vigilante activities. And his encouragement of such behavior will stimulate its own series of lone wolf attacks on Muslims. Recently, a Brooklyn woman (and vocal Trump supporter) cursed, punched, kicked and attempted to forcibly remove the hijab of two Muslim women who were taking a walk with their children in the borough’s Bath Beach neighborhood. She also knocked over one of the strollers and attempted to take the other one, while the babies lay inside. We can expect many more of such events, or worse, with a Trump election, as many of his supports will feel freer to act out their fear, hatred, and bigotry against Muslims and Hispanics.
Meanwhile, Trump openly makes untruthful assertions which his supporters accept as fact and which reinforce their preexisting beliefs. I had to laugh when he lyingly told his supporters that he would never lie to them. Politifact and the Washington Post have found that he has lied more than half the time when he has made comments they have analyzed with the facts/truth to back up their assessments. We can expect no less if he were to manage to live in the White House.
We are already seeing Kristallnacht-like events. Charlotte is just the latest.
I’m for Trump over Clinton. With Trump, the news media will do their job. With Trump, Congress will not rubber-stamp his desires (e.g. we won’t have another Obamacare debacle). Government will not try to “remake America” (i.e. destroy what we have and institute something we’ve never had before in its place). Instead, only those things that appeal to the vast majority of citizens will have enough support to make it through Congress and the White House.
Now THAT’s what I call good government!
If ISIS is claiming these incidents it tells me it is the working of our government (which created ISIS) in order to rob us of more of our rights and freedoms, a scare tatic to get more money and more control!!! Just like the Twin tower incident of 911!!!
Quote BulletDoes a Chinese debt-pocalypse loom? That’s what the Bank for International Settlements (BIS) seems to be concerned about. unquote. How refreshing a wind of truth blowing against all the fudged numbers coming out of China. I find it funny that their final numbers always match the early bird predictions right to the yuan. Was the Ouija board invented by the Chinese?
Is America truly the land of the Brave and Home of the Free any longer?
After reading all that is available on the Wells Fargo fiasco I doubt it very much.
5300 workers were threatened and cajoled into breaking the law and then kicked to the curb while the conductor of this illegal mess walked of with 124 million dollars in pension and stock options along with praise from the company CEO who obviously had to be in on farce from the gitgo. One manager was told to sharpen up or she would end up as the manager of a MacDonalds franchise. This whole mess was taking place over 2 or 3 years and yet no whistleblower nobody turned them in amazing. Where was the law you know the people that we have been told that will protect us in all of this? Where was the SEC anybody!! while these workers were being enslaved. Where are these jokers now after the fact none are standing up and stating that there will be a full inquiry only a measly 185 million dollar fine. Where are the ambulance chasers the class action lawyers why are they not coming forth and signing up customers that were cheated none zilch zero. These 5300 people were not brave only cowed and brutalized by the woman who walked away scot free you know like before the civil war the plantation overseer. These corporations are taking advantage of people turning them into human robots, zombies there is no “free” America left. I no longer trust any bank including my own personal bank who is nickel and diming me to death. I trust no corporation, no government nothing I only have faith in myself. I am 78 now and I will make it to the finish line but my prodigy will suffer in the new world order that I will gladly miss.
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China’s Premier Li Says Will Keep Yuan Basically Stable
Monday September 19, 2016 20:47
BEIJING, Sept 20 (Reuters) – The Chinese yuan’s exchange rate will stay basically stable at a reasonable and balanced level, Chinese Premier Li Keqiang said when he met U.S. President Barack Obama in New York, the official Xinhua news agency said.
There is no basis for a sustained devaluation of yuan, Li was quoted as saying, adding that the Chinese economy has shown a steady upward trend and has ample room to manoeuvre. unquote
If you believe this man I have some swampland in Florida to sell you. This comment was posted at the top of the page “BulletDoes a Chinese debt-pocalypse loom? That’s what the Bank for International Settlements (BIS) seems to be concerned about.” How in heavens name can you take the word of a man running the worlds most corrupt single purpose lying country in the world bar none. It beggers beyond belief.
Until one understands Islam and its integral concept of sharia and jihad, one can not understand these attacks. Nor can one understand the impetus for the massive Muslim migration to Europe and the Western Hemisphere.
At this point I do not feel the country is in danger due to domestic terrorism, lives are. Be vigilant and prepared especially around traditional type targets. Do not shy away from reporting suspicious activity. Protect your own surroundings and limit unnecessary travel.
Keep a weapon in your vehicle. Political correctness and too much diversity has brought us to this point.
A weapon in your vehicle, may also become ‘ a weapon in the hands of an assailant’. Who can’t get into a locked vehicle? Especially knowing a weapon is stashed there? Be vigilant; carry a small can of spray in purse for self defense? Keys in hand. Perhaps even a shrill whistle or a push-button screaming voice saying FIRE! FIRE! Can’t walk around at all times being the ‘ vigilant, ready at all times, eager to respond, happy to do so?’ person.
I guess one thing perhaps that may be of a helpful nature in regards to the bombings in New York, as above, may be this; Perhaps authority for legal search given to a broader group. Bus drivers? Taxi cab drivers? Even, perhaps, any concerned citizen? So, let’s play ” What If”. OK? What if, = I am walking to work, spot a suspicious back-packer in front of me? What if= I approach the character, ask the person to show the contents of said back-pack, because it is my duty as citizen and feel the need for a safe city where, by the way, my family is too? So, please be so thoughtful as to assure the contents are safe? So, ” What if” the bag is indeed a bomb? End of my ”What if” perhaps? So then, what exactly are the plans that are effective and safe?