The Wrong Kind of Fertile Ground

On December 11, 2014, spot WTI closed at $60.01, down sharply from $76.52 the week before that Thanksgiving. In the space of only a few weeks, oil prices had collapsed far more than anyone thought possible; and yet there was very little urgency to the outcome. Economists, in particular, parroted throughout the media, were quick to assert both a supply ‘glut’ as well as how very beneficial low oil prices were in macro terms for consumers. Paradoxically, Janet Yellen’s increasing use of the word ‘transitory’ meant that on one side the decline in oil prices wasn’t meant to last even though on the other that meant the consumer ‘benefit’ would not either. Thus, in orthodox terms it was better that oil prices would return to oppressive levels and therefore any consumer aid was just the silver lining for the interim.
The word ‘transitory’ would define, then, not just oil prices themselves but an entire array of market balances and economic interpretations that come from oil being the economic center of even a services economy. In terms of assets, junk and high yield corporates were uniquely bombarded by the ‘unexpected’ oil crash, leaving many investors to lighten up in what was a great shift in probabilities and perceptions – better to sell a little just in case Yellen got it wrong.
Even though oil fell below $50 spot WTI as soon as January 6, 2015, and then even flirted with the $30′s not long after, by the middle of the year WTI was back above $55 and even intermittently in the very low $60s. For many, far too many, that seemed as if Yellen had it right and that junk bonds were being overly cautious even when the prior year’s selloff (to December 16) was being limited in commentary to just the oil sector. By mid-year, oil and gas were back within the dominant narrative:

This post was published at David Stockmans Contra Corner by Jeffrey P. Snider ‘ November 30, 2015.

When The Narrative Breaks

Sometimes societies just go crazy. Japan, 1931, Germany, 1933. China, 1966. Spain 1483, France, 1793, Russia, 1917, Cambodia, 1975, Iran, 1979, Rwanda, 1994, Congo, 1996, to name some. By ‘crazy’ I mean a time when anything goes, especially mass killing. The wheels came off the USA in 1861, and though the organized slaughter developed an overlay of romantic historical mythos – especially after Ken Burns converted it into a TV show – the civilized world to that time had hardly ever seen such an epic orgy of death-dealing.
I doubt that I’m I alone in worrying that America today is losing its collective mind. Our official relations with other countries seem perfectly designed to provoke chaos. The universities have melted into toxic sumps beyond even anti-intellectualism to a realm of hallucination. Demented gunmen mow down total strangers weekly in what looks like a growing competition to end their miserable lives with the highest victim score. The financial engineers have done everything possible to pervert and undermine the operations of markets. The political parties are committing suicide by cluelessness and corruption.
There is no narrative for our behavior toward Russia that makes sense anymore. Our campaign to destabilize Ukraine worked out nicely, didn’t it? And then we acted surprised when Russia reclaimed the traditionally Russian territory of Crimea, with its crucial warm-water naval ports. Who woulda thought? Then we attempted to antagonize them further with economic sanctions. The net effect is that Vladimir Putin ended up looking more rational and sane than any leader in the NATO coalition.

This post was published at Zero Hedge on 11/30/2015.

More Energy Companies Accused Of Downplaying Climate Change

A growing number of energy companies could come under increased scrutiny over their involvement in funding science and public relations campaigns denying the risks of climate change.
The New York attorney general made news a few weeks ago when he announced an investigation into oil major ExxonMobil for its alleged cover up of climate science. The investigation is looking into the possibility that ExxonMobil funded and gathered hard science on climate change, and once coming to the inevitable conclusion that the burning of fossil fuels could lead to regulatory blowback, the oil major proceeded to bury the conclusions and instead fund climate-denying science to obfuscate and head off political action.
While the news could yet blow up into a significant scandal, for now it is too early to tell what the outcome could be. However, more companies could come under fire from a growing number of attorneys general over their involvement in similar practices. After all, ExxonMobil is only the largest in a long line of companies that have pushed back against climate change policy.
The money flowing from energy companies to anti-climate change think tanks and lobbying organizations is relatively well known, and the links between the two are not hard to find. Donations to the American Legislative Exchange Council (ALEC), for example, is one of the more infamous relationships between oil and climate change lobbying. The Center for Media and Democracy (CMD) says that ExxonMobil has donated at least $1.7 million to ALEC between 1998 and 2014, a figure that CMD says is conservative. ALEC, in turn, pushed a legislative agenda to cloud the science on climate change, lobbying lawmakers across the U. S. and sowing doubts about the science of climate change.

This post was published at Zero Hedge on 11/30/2015.

The Lull Before The Storm – – An Ideal Chance To Exit the Casino, Part 1

Last night’s Asia action brought another warning that the global deflation cycle is accelerating. Iron ore broke below $40 per ton for the first time since the central banks kicked off the world’s credit based growth binge two decades ago; it’s now down 40% this year and 80% from its 2011-212 peak.
As the man said, however, you ain’t seen nothin’ yet. That’s because the above chart is not merely reflective of too much supply and capacity growth enthusiasm in the iron ore industry or even some kind of worldwide commodity super-cycle that has gone bust.
Instead, the iron ore implosion is symptomatic of a much deeper and more destructive malady. Namely, it reflects the monumental malinvestment generated by two decades of rampant credit expansion and falsification of debt and equity prices by the world’s convoy of money printing central banks.

This post was published at David Stockmans Contra Corner by David Stockman ‘ November 30, 2015.

Here Come More Paddy Wagons – -The Beijing Bosses Show The Real Essence of Red Capitalism, Market Plunges 5.5%

China’s biggest clampdown on malpractices in its securities industry kicked into higher gear this week with news that three of the nation’s largest brokerages are being investigated for alleged rule violations.
Citic Securities Co. and Guosen Securities Co. late Thursday announced probes by the securities regulator and Haitong Securities Co. confirmed Friday it was under investigation. Brokerage shares slumped and the Shanghai Composite Index fell 5.5 percent, the most since the depths of a summer stock rout.
The crackdown since the sell-off has ensnared executives and regulators, with restrictions imposed on short selling and the regulator on Fridayconfirming a ban on brokerages offering derivatives financing for stock trading. Adding to signs of upheaval, a Hong Kong-listed unit of a Chinese brokerage said this week that it had lost contact with its chief executive officer.
An initial hunt for culprits for China’s market slump appears to have evolved into a broader clean-up, said Paul Gillis, a professor at the Guanghua School of Management at Peking University. ‘It’s an important step in reforming capital markets to make sure that powerful insiders don’t have their fingers on the scale,’ Gillis said from Beijing on Friday. ‘The markets need to be fair in order to operate efficiently.’
Biggest Decline
The Bloomberg Intelligence China H-Share Institutional Brokerage index, which tracks seven Chinese brokerages listed in Hong Kong, slumped 4.9 percent on Friday after the latest announcements of probes, the biggest decline in three months.

This post was published at David Stockmans Contra Corner on November 30, 2015.

Are the BRICS Crumbling?

Following the recent move by Goldman Sachs in closing its BRICS fund, the future of this economic A-team seems uncertain. What does the future hold for the BRICS? And can we still expect a credible alternative to the Western-created IMF and World Bank to emerge?
Face: [the team’s plane is starting to malfunction] Uh, Murdock, what’s going to happen?
Murdock: Looks like we’re going to crash.’
Face: No, what’s *really* going to happen?
Murdock: Looks like we’re going to crash and die.
Could we be seeing a similar script unfolding for the international economic A-team? Well, according to Goldman Sachs, yes.
It comes as little surprise to some institutional investors that Goldman decided to pull the plug on their depreciating investment product.
Assets under management have dwindled to approximately $100 million, from a peak of $800 million at the end of 2010. However, it does seem ironic that the institution that first gave life to the idea of the BRICs (later turned BRICS to accommodate South Africa) has now decided to kill its own creation.
But in the game of international finance economic, Darwinism is the name of the game.
In 2001 Lord Jim O’Neill, the then chief economist at Goldman Sachs, noted that the real GDP among Brazil, Russia, India, and China had surpassed that of the G7 group of mature economies.
This informal association of nations, he stated, were the ‘strategic pillars’ of a supposedly entirely new international system. And thus voil ! A new investment angle opened up to the world.
This awkward arranged marriage served as a powerful inspiration not only for investors who rushed to place their bets on big emerging markets, but also for political scientists and academics who sought to understand how this new goliath will operate as a political entity. They were not disappointed.
Listen to: Stratfor’s Reva Bhalla: BRICS in Trouble; Russia a “Huge Concern”
Brazil, Russia, India, and China make up half the world population, one-fifth of the world’s GDP, and one-quarter of the world’s land mass, so yes, a force to be reckoned with it is.
In 2006 this partnership was solidified following a series of meetings on the side-lines of a UN General Assembly summit in New York.
South Africa joined the party in 2010 following a political move to include an African nation as the group couldn’t possibly represent the idea of emerging economies without an African representative.
Nigeria and South Africa were shortlisted with South Africa winning out as it fit the acronym.

This post was published at FinancialSense on 11/30/2015.

Bubble Finance Warning: Pharma M&A Rollups Get Pounded After Valeant

As questions mount about the viability of Valeant Pharmaceuticals International Inc.’s business model, concerns are spreading to other drug makers seen as following a similar playbook.
Shares of Horizon Pharma PLC and Mallinckrodt PLC, two of the largest companies most often compared with Valeant, have fallen roughly 25% in the past three months. Shares of Concordia Healthcare Corp., a younger company based in Ontario, Canada, are down 42%. Combined, the three companies have shed more than $4 billion in market value since late August, according to S&P Capital IQ data.
Like Valeant, the firms are part of a new breed of pharmaceutical company that has limited costly investment in research and development and instead sought sales growth through debt-fueled acquisitions – often of older drugs for which they raise prices sharply. In recent years, the companies’ share prices surged as many investors embraced their business models.
But investors are concerned that the companies’ growth could be curtailed by any new government price controls, or by increased pressure from powerful pharmacy-benefit managers, which manage drug spending for employers and health insurers. Some of the companies’ aggressive strategies for ensuring their drugs reach patients have also come under scrutiny, such as working with pharmacies to help handle patients’ reimbursement and copay issues. Pharmacy-benefit managers, including Express Scripts HoldingCo., have in recent weeks terminated contracts with pharmacies that dispensed high-price drugs made by Valeant or Horizon.

This post was published at David Stockmans Contra Corner on November 23, 2015.

Memo To Washington: The Problem In Syria Is The Saudis, Not Assad

In the wake of the ISIS terrorist attack on Paris, President Barack Obama declared that his administration has the right strategy on ISIS and will ‘see it through’. But the administration is already shifting its policy to cooperate more closely with the Russians on Syria, and an influential former senior intelligence official has suggested that the administration needs to give more weight to the Assad government and army as the main barrier to ISIS and other jihadist forces in Syria.
Obama’s Europeans allies as well as US national security officials have urged the United State to downgrade the official US aim of achieving the departure of Bashar al-Assad from Syria in the international negotiations begun last month and continued last weekend. Such a shift in policy, however, would make the contradictions between the US interests and those of the Saudis, who continue to support jihadist forces fighting with al-Qaeda’s Syria branch, al-Nusra Front, increasingly clear.
Russia had proposed to the United States in September that the United States and Russia share intelligence on ISIS and exchange military delegations to coordinate on joint steps against ISIS. The initial Obama administration response was to reject either intelligence sharing or joint planning with Russia on Syria out of hand. The reasoning was that the Russians were engaged primarily, if not exclusively, to shore up the Assad regime, which was unacceptable to Washington. Secretary of State John Kerry declared on 1 October: ‘What is important is Russia has to not be engaged in any activities against anybody but ISIL. That’s clear. We have made that very clear.’
But that was before Paris. The fallout from that attack has changed the political vectors pushing and pulling Obama administration policy. The most obvious shift came two days after the attacks and just hours after Obama announced new intelligence arrangements with France. CIA director John Brennan reversed the earlier US decision to reject intelligence sharing with Russia on Islamic State. Revealing that he had had several conversations with his Russian counterpart since the beginning of Russia’s air offensive in Syria, Brennan said the ISIS threat ‘demands’ an ‘unprecedented level of cooperation’ among international intelligence services. Brennan said he and his Russian counterpart had begun exchanging intelligence focused primarily on the flow of terrorists from Russia into Iraq and Syria but that now US-Russian cooperation needed to be ‘enhanced’.

This post was published at David Stockmans Contra Corner on November 23, 2015.

Turkey-NATO Crisis Sets Scene For Europe’s New ‘EU Army’

They say there are no coincidences in politics and foreign affairs.
Less than 72 hours after Turkey shot down a Russian fighter inside of Syrian airspace, moves are already afoot to increase the role of Europe in Syria. The Russian plane’s downing has already frozen Russian-Turkish relations, and neither side shows any sign of backing down on this issue.
Germany has now joined the party this week by revealing its intention to deploy ground troops in the fight against ISIS. Angela Merkel’s government announced its plan to send 100Bundeswehr Special Forces into Northern Iraq to support of the Kurdish Peshmerga forces.
Britain is not far behind either, as David Cameron intensifies his lobbying efforts to get his country into the war in Syria.
Is this part of a defacto NATO action now, or NATO by fiat? If only it were that simple…
There is much more going on here than meets the eye. With Germany now entering the fray, this brings a total of at least FIVE major NATO member states who are either actively involved in the fight, or about to enter the combat theater. The most important point here is that each and every one of these countries is in the conflict in clear violation of international law. Neither has the backing of the UN Security Council, or has an invitation from the legal and internationally recognized (including by the UN) government in Damascus. In addition, none of these actors is acting under NATO Article 5, in other words, none has been attacked by another internationally recognized nation-state of entity (although it’s curious why the western governments have insisted on referring to a brutal terrorist group as a ‘State’, unless of course, they recognize it as such, which somehow gives them the color of law in Article 5).

This post was published at 21st Century Wire on NOVEMBER 28, 2015.

Here’s the Lowdown on Big Pharma’s Mega-Merger Mania

This is a syndicated repost courtesy of Economy and Markets. To view original, click here. Reposted with permission.
Last spring, I found myself at a wedding talking to my cousin about ‘poison pills.’
Not the Romeo and Juliet kind. The shareholder rights plans – known as ‘poison pills’ – that corporations use to discourage hostile takeovers.
I hadn’t seen this cousin in years. But the first words out of her mouth were literally:
‘Adam! You’re an investments guy… have you heard anything about [pharmaceutical company] trying to buy [another pharmaceutical company]!?’

This post was published at Wall Street Examiner by Adam O’Dell ‘ November 27, 2015.

Meet Captagon: The Drug Of Choice For Today’s Anxious Jihadist

Dubbed the ‘jihadist’s drug,’ Captagon is rapidly flooding the Middle East and is said to be fueling the bloody conflict in Syria. French media recently reported that the Paris attackers may have taken the drug.
Last weekend, Turkish anti-narcotics police seized 11 million Captagon pills in a haul that weighed almost two tonnes. It was set to ship to Gulf countries. Widely banned since the mid-eighties, the pills provide a cheap and long-lasting high and are highly addictive. They also have the potential to cause psychosis and brain damage.
The production of the drug, which keeps fighters awake over long periods of time, is said to be providing income for all factions involved in the Syrian war.
During the last year, shipments of Captagon have been seized on the way to the West Bank, Jordan, Sudan, Syria and the Gulf. In October, Anti-Media reported on a Saudi prince who was arrested for trying to smuggle two tons of the drug onto a plane.
As Syria has been engulfed in war, smugglers of the little-known, highly addictive pills have been forced to find alternate routes through Lebanon.
Lebanese journalist Radwan Mortada has spent 10 years investigating crime, corruption, and the war in Syria. In his documentary for Journeyman Pictures, The Drug Fueling Conflict in Syria, Mortada follows the Captagon trail, from users on the battlefields to traffickers on Lebanese smuggling routes to the kingpins at the top of the supply chain.

This post was published at Zero Hedge on 11/28/2015.

Su-24 Downing: Ankara, Washington Acting in Unison in Wake of Attack

Ankara knows perfectly well that the Russian Su-24 bomber did not violate Turkish airspace and by no means posed any threat to the country, geopolitical analyst and former World Bank economist Peter Koenig, pointing to the fact that Washington has demonstrated its solidarity with Turkey.
Since the very beginning of the Russian military operation in Syria, Russia’s mission was absolutely clear to the international community: Moscow joined in response to the official request from Damascus to fight against terrorism as well as to protect the sovereignty of the Syrian nation.
“Russia’s mission was clear to all the 19 nations which attended the G20 meeting some 10 days ago in Antalya, Turkey, when the entire group unanimously decided to cooperate in fighting the Islamic State (IS – or Daesh, according to its Arabic acronym),” geopolitical analyst and former World Bank economist Peter Koenig emphasizes in his recent piece for Global Research.

This post was published at Sputnik News

Dirty Connecticut Mayor (Sentenced To Prison For Corruption) Reelected In Landslide

After East Chicago re-elected an accused drug dealer and murderer as councilman, we thought the bar had dropped as low as it gets for the ignorance of an electorate. But, no! Bridgeport, Connecticut residents just took the proverbial biscuit by re-electing Mayor Joseph P. Ganim – who during his last ‘reign’ was convicted of 16 felonies including racketeering, extortion, and bribery.
As’s Lou Colagiovanni details, Ganim spent seven years of his life in federal prison as a result of the convictions.

This post was published at Zero Hedge on 11/27/2015.


The TTIP is under fire for a wide number of reasons. Everything from Intellectual Property Rights, GMO’s, stopping the harmful effects of fracking, ;pharmaceutical drug company monopolies and internet surveillance are major concerns for anyone living in Europe at this time of TTIP negotiations. In fact, the TTIP, or Transatlantic Trade and Investment Partnership has faced massive opposition from people all over Europe and indeed the world, including over 50,000 protesters in Germany in early 2015. Similarly, a European Anti-TTIP petition launched in 2014 gained over 1 million signatures in just two months, showing great opposition from an informed European public.
The TTIP would create loopholes that if passed, would allow forgenetically modified foods from America to flood European markets despite the EU’s current ban. The agreement would also expand fracking in Europe, compromising citizen health as well as the environment for the sake of corporate profit.
This is all achieved through something called the Investor State Dispute Settlement mechanism (ISDS), which is included in the TTIP agreement. This mechanism would allow corporations to take entire countries to ‘private international tribunals’ if they pass a law which undermines their ‘expected future profits’. This means that if GMO labeling or fracking restrictions interfere with a company’s figures, that country will be taken to a secret international court, tried and forced to compensate for their loss. In other words, the European TTIP and American TPP agreements are the end of democracy and the beginning of total corporate dominance of our planet and lives.

This post was published at The Daily Sheeple on NOVEMBER 27, 2015.


The U. S. Government failed to deter them through threats of criminal prosecution, and clumsy attempts to intimidate their families. Now four former Air Force drone operators-turned-whistleblowers have had their credit cards and bank accounts frozen, according to human rights attorney Jesselyn Radack.
‘My drone operators went public this week and now their credit cards and bank accounts are frozen,’Radack lamented on her Twitter feed(the spelling of her post has been conventionalized). This was done despite the fact that none of them has been charged with a criminal offense – but this is a trivial formality in the increasingly Sovietesque American National Security State.
Michael Haas, Brandon Bryant, Cian Westmoreland and Stephen Lewis, who served as drone operators in the US Air Force, have gone public with detailed accounts of the widespread corruption and institutionalized indifference to civilian casualties that characterize the program. Some of those disclosures were made in the recent documentary Drone; additional details have been provided in an open letter from the whistleblowers to President Obama, Defense Secretary Ashton Carter, and CIA Director John Brennan.
‘We are former Air Force service members,’ the letter begins. ‘We joined the Air Force to protect American lives and to protect our Constitution. We came to the realization that the innocent civilians we were killing only fueled the feelings of hatred that ignited terrorism and groups like ISIS, while also serving as a fundamental recruiting tool similar to Guantanamo Bay. This administration and its predecessors have built a drone program that is one of the most devastating driving forces for terrorism and destabilization around the world.’

This post was published at The Daily Sheeple on NOVEMBER 27, 2015.

Kim Young-sam, RIP – – -The Heroic Leader Who Stopped Ashton Carter’s War In Korea

Former president Kim Young-sam was laid to rest in Seoul at a state funeral on Thursday. Elected to the National Assembly at age 25, he first broke with autocratic President Syngman Rhee and later was expelled from the Assembly by General turned President Park-Chung-hee, the current president’s father. Kim then battled Park’s successor, Chun -Doo-hwan, who was forced to hold elections in 1987.
Kim was elected five years later, completing the transition away from military rule. The troops stayed in their barracks, though his reputation suffered when the Republic of Korea was engulfed by the Asian economic crisis and his son was arrested on bribery and tax charges. But Kim’s most important success overshadowed such blemishes: he may have prevented the Second Korean War.
That was no modest feat, given the position of President Bill Clinton, Secretary of Defense William Perry, and Assistant Secretary of Defense Ashton Carter, the current Pentagon chief. The three were ready and willing to plunge the peninsula into another conflict, which could have been as horrific as the first one.
Early during Kim’s tenure the first Korean nuclear crisis exploded. The so-called Democratic People’s Republic of Korea embarked on a nuclear program, centered at Yongbyon. The U. S. government decided to strike. Kim then received a phone call at dawn from Clinton. In his memoir Kim recounted that he told his counterpart that airstrikes ‘will immediately prompt North Korea to open fire against major South Korean cities from the border.’ Most at risk was Seoul, which is the country’s political and cultural heart. Half of the ROK’s population resides in the Seoul-Inchon area.
War was a truly mad idea, but apparently became official Washington policy with little thought. In 1993 Carter was appointed to direct a DOD task force which, reported West Point’s Scott Silverstone, ‘drafted a paper for the National Security Council that recommended a military attack on Yongbyon.’ Carter’s colleagues reported that he ‘wanted military options taken very seriously.

This post was published at David Stockmans Contra Corner on November 27, 2015.


The US military has long claimed that their assault on the Doctors Without Borders (MSF) hospital in Afghanistan was just an unfortunate mistake. However, the facts surrounding this incident seem to fly in the face of reason. The hospital had repeatedly made its presence known to Afghan and American forces in the lead up to their assault on the City of Kunduz, and they were bombed for over an hour as staff members called US officials, begging them to stop the attack. It’s no surprise that MSF immediately called the strike a ‘war crime’ and demanded an international investigation.
It’s also not surprising that the US government has done nothing to facilitate that investigation. Instead, they conducted their own in-house investigation, which as we all know would be completely impartial and without any conflict of interest. Here’s what that investigation has yielded so far.
(CNN) A U. S. airstrike that mistakenly killed 30 people ata Doctors Without Borders hospital in Kunduz, Afghanistan, last month was, in part, the result of military personnel inadvertently aiming at the wrong target – the hospital compound – instead of a suspected nearby site, from which Taliban fighters were firing, the top U. S. commander in Afghanistan said Wednesday.

This post was published at The Daily Sheeple on NOVEMBER 26, 2015.

How Wilbur Ross And Other Hedgies Plundered Greece’s Banks

As if Greece didn’t have enough economic market woes, last week foreign investment funds managed to take control of four of the country’s largest banks – Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank – through $6.42 billion worth of capital increases and a complex set of legal manipulations. As a result, bank shares sold like penny stocks, diluting state ownership in these important institutions that have assets totaling $358 billion.
The country’s stake in the National Bank of Greece dropped to 24 percent from 57 percent, and in Eurobank it fell to 2.4 percent from 35 percent, while its stake in Alpha Bank was reduced to 11 percent from 64 percent and in Piraeus Bank it dropped to 22 percent from 67 percent. This translates to a loss of almost $44 billion that Greek taxpayers gave to bail out the banks over the past three years.
Greek stock market and legal experts believe that the maneuvers were engineered after a statutory legal provision was amended by the Greek Parliament that allowed private investors to price bank shares using a so-called ‘book-building method.’ Under this method, the share price in capital increases is not predetermined, and investors set the price at which they want to buy the shares.
It also made it mandatory for the country’s regulatory body, the Hellenic Financial Stability Fund, to accept book-building prices, even if they were not properly reflecting share values.

This post was published at David Stockmans Contra Corner on November 27, 2015.

Oklahoma Leads The World In Seismic Activity As 2015 Quake Count Tops 5,000

With geologists having confirmed the link between fracking and earthquakes in Oklahoma (and energy executives trying to get those geologists fired), the news this week that The Sooner State leads the world in seismic activity will likely see more uproar from residents.. and more lobbying dollars spent to ‘calm’ the politicians. As KFOR reports, this year, more than 5,000 earthquakes have been recordedand experts say earthquakes in Oklahoma will likely increase in magnitude over time warning that it’sonly a matter of time before the state gets a big one that will change life for those of living there.
“It’s unclear exactly how high we might go, and the predictions are upper 5-6 range for most things that I’ve seen,” Todd Halihan, a researcher from OSU, told KFOR NewsChannel4,

This post was published at Zero Hedge on 11/26/2015.