Traders are dumping equity protection and buting chaos protection as VIX tumbles near the year’s lows and Gold jumps back towards its 100-day moving average – and its highest level in a month.

Gold is up 9 of the last 10 days, at its highest since early Dec and testing its 100DMA… ($1292)

And while Bitcoin has stabilized, the divergence between the alt-currencies is closing…

European stocks are steady in post-Christmas trading if struggling for traction after a mixed session in Asia, amid trading thinned by a holiday-shortened week and ongoing worries about the tech sector; however a strong rally in commodities – including copper and oil – buoyed expectations for a strong 2018 and helped offset concerns over the technology sector triggered by reports of soft iPhone X demand.

U.S. equity futures nudged higher while the dollar weakened against most G-10 peers as investors await the release of U.S. consumer-confidence data, with much of the spotlight falling on commodity currencies. The OZ dollar holds onto gains as copper surges to a three-year high; oil retreats after reaching the highest close in more than two years following a pipeline explosion in Libya on Tuesday. Treasuries and core European core bond yields are a touch lower.

The Stoxx Europe 600 Index edged lower, with tech stocks hit for the third day amid rumors of weak iPhone demand and leading the decline as chipmakers slumped after analysts lowered iPhone X shipment projections, sending the Nasdaq Composite Index lower overnight. While mining and oil stocks strengthened due to a surge in copper prices to a 3.5 year high (see below), the European STOXX 600 index slipped 0.1% as European tech stocks tumbled on reports that demand for Apple’s iPhone X may be weaker than expected. The equity benchmark index is poised for an annual gain of 8.1%, the best advance in four years. Elsewhere, Volvo rose as China’s Geely bought Cevian’s stake in the truckmaker, making it Volvo AB’s largest stakeholder. IWG surged the most since 2009 after confirming it has received a a non-binding takeover offer from a consortium backed by Brookfield Asset Management and Onex.

In Asia earlier Japanese equity benchmarks posted slight gains, Australian stocks were flat and China’s domestic shares dropped.  Asian shares climbed 0.3% to near a recent one-month high, though it was more of a mixed picture in European stock markets. Shares of China’s new-energy automakers surged after the government announced it will extend purchase-tax exemption for another three years, through Dec. 31, 2020. BYD climbed as much as 5.9% on the mainland to the highest since Nov. 24; Zhongtong Bus & Holding Co. rises by 10% daily limit.

As the chart below shows, the recent dip in Emerging Asian stocks has been largely bought, and the selloff gap has been mostly filled.

In commodities, oil and copper prices rocketed to multi-year highs, pushing the MSCI world equity index 0.1% higher. While oil prices were strengthened largely because of an attack on a crude pipeline in Libya, the surge in copper was particularly eye-catching as the metal is seen as a proxy for global growth. Miners gained as copper climbed to a three-year high after China ordered its top producer to halt output to combat winter pollution.

“The rally in copper supports expectations that 2018 is going to be a strong year for synchronised global growth,” said Greg McKenna, chief strategist at AxiTrader. That, or at least until the artificial production shortage is resolved.

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Meanwhile, rising oil prices – WTI hit $60 a barrel for the first time since mid-2015 – boosted currencies that trade in line with commodities prices.

In currencies, the dollar eased against a basket of currencies and fell against the euro on Wednesday in thin holiday trading, while a rally in commodity prices helped push the Canadian and Australian dollars to their highest levels in two months. The EUR/USD made a session high after London came into the market, with the pair remaining above the 21-DMA; the USD/JPY is little changed while USD/JPY cross- currency basis swaps hit widest spread in more than a year. Cable rose to a one-week high amid broad dollar weakness while Aussie extended opening gains buoyed by flows against kiwi, which itself rose on outright short-covering against the U.S. dollar; traders report that ranges extended on thinning year-end liquidity.

As Reuters points out, while world stocks were up on the day, there was still an undercurrent of nervousness in the market which saw some safe haven flows into high-rated euro zone government bonds, pushing their yields a touch lower. “Geo-political risks have notched a little higher, supporting rates markets,” said Mizuho’s head of rates Peter Chatwell, referring in particular to a renewal in tensions around North Korea.

The United States announced sanctions on two North Korean officials behind their country’s ballistic missile program on Tuesday after the U.N. Security Council unanimously imposed new sanctions on North Korea last week. “The North Korean statement that U.N. sanctions are an act of war is, as tends to be the case, an exaggeration, but nevertheless the market has no choice but to price it. Some safe haven positioning is a natural reaction,” said Chatwell.

Today investors await the release of U.S. consumer-confidence and pending home sales data.

Market Snapshot

• S&P 500 futures up 0.07% to 2,689
• US 10Y yield down 0.1 bp to 2.47%
• STOXX Europe 600 down 0.02% to 390.22
• German 10Y yield fell 1.4 bps to 0.406%
• Euro up 0.2% to $1.1880
• Brent Futures down 1% to $66.37/bbl
• Italian 10Y yield rose 0.6 bps to 1.645%
• Spanish 10Y yield unchanged at 1.473%
• Brent Futures down 1% to $66.37/bbl
• Gold spot up 0.2% to $1,285.23
• U.S. Dollar Index down 0.1% to 93.13
• MSCI Asia Pacific up 0.3% to 172.69
• MSCI Asia Pacific ex Japan up 0.3% to 562.82
• Nikkei up 0.08% to 22,911.21
• Topix up 0.2% to 1,829.79
• Hang Seng Index up 0.07% to 29,597.66
• Shanghai Composite down 0.9% to 3,275.78
• Sensex down 0.3% to 33,905.60
• Australia S&P/ASX 200 unchanged at 6,069.87
• Kospi up 0.4% to 2,436.67

Overnight Media Digest

• Copper in London surged to the highest level since 2014 after China ordered its top producer to halt output to combat winter pollution, adding further impetus to a rally that’s been driven by optimism about demand as well as supply disruptions at mines
• ETFs linked to raw materials attracted about $450 million this month as of Dec. 21, on track for a third straight annual inflow, as investors are betting on synchronized global growth to improve the outlook for commodities from copper to natural gas in 2018
• Recent economic data offer a “warning for 2018” now that Chinese leaders are less motivated to prop up growth in the wake of their Congress in October, according to the China Beige Book
• German Social Democratic Party won’t agree to renew coalition with Chancellor Angela Merkel unless she backs EU reform, acting Foreign Minister Sigmar Gabriel quoted as saying in interview with Bild newspaper
• Spain November seasonally adjusted retail sales rose 2% y/y vs est. +0.8% y/y
• The United States imposed sanctions Tuesday on two North Korean officials who are considered key to their country’s development of ballistic missiles.
• A pipeline blast in Libya and a bullish budget forecast in Saudi Arabia boosted crude prices to levels not seen since mid-2015.
• Recent economic data offer a “warning for 2018” now that Chinese leaders are less motivated to prop up growth in the wake of their Congress in October, according to the China Beige Book.
• Fitch Downgrades AXA Financial, Inc.; Removes Ratings from Watch
• Daily Mail & General Trust Cut to Junk by S&P

In Asian markets, Japanese equity benchmarks posted slight gains, Australian stocks were flat and China’s domestic shares dropped.  Asian shares climbed 0.3% to near a recent one-month high, though it was more of a mixed picture in European stock markets. Shares of China’s new-energy automakers surged after the government announced it will extend purchase-tax exemption for another three years, through Dec. 31, 2020. BYD climbed as much as 5.9% on the mainland to the highest since Nov. 24; Zhongtong Bus & Holding Co. rises by 10% daily limit.

Top Asian News

• Nomura Says Japanese Investors Should Buy Unhedged Dollar Bonds
• India Is Said to Propose Easing Rules on Debt Default Disclosure
• China to Discuss Changing Constitution for First Time Since 2004
• WeWork’s Chinese Rival Nixes ‘UrWork’ Label in Global Makeover
• Prosecutors Affirm Push for Samsung Heir to Get 12-Year Sentence
• DBS Hires Andy Yung as Vice President at Loans Team in Hong Kong
• 1MDB Makes Final Payment to IPIC in $1.2 Billion Settlement

In Europe, the Stoxx Europe 600 Index edged lower, with tech stocks hit for the third day amid rumors of weak iPhone demand and leading the decline as chipmakers slumped after analysts lowered iPhone X shipment projections, sending the Nasdaq Composite Index lower overnight. While mining and oil stocks strengthened due to a surge in copper prices to a 3.5 year high (see below), the European STOXX 600 index slipped 0.1% as European tech stocks tumbled on reports that demand for Apple’s iPhone X may be weaker than expected. The equity benchmark index is poised for an annual gain of 8.1%, the best advance in four years. Elsewhere, Volvo rose as China’s Geely bought Cevian’s stake in the truckmaker, making it Volvo AB’s largest stakeholder. IWG surged the most since 2009 after confirming it has received a a non-binding takeover offer from a consortium backed by Brookfield Asset Management and Onex

Top European News

• IWG Soars After Bid Approach From Canada’s Onex, Brookfield
• Russia Nuclear Power Output Reaches Post-Soviet Record This Year
• Bank of Spain Sees Growth Continuing But Losing Intensity
• Norway Oil Fund Says Taxes Should Be Paid Where Value Generated

In FX, the Bloomberg Dollar Spot Index decreased 0.2 percent to the lowest in almost two weeks, in thin holiday trading, while a rally in commodity prices helped push the Canadian and Australian dollars to their highest levels in two months. The EUR/USD made a session high after London came into the market, with the pair remaining above the 21-DMA and advancing 0.2% to $1.1884, the strongest in almost four week; the USD/JPY is unchanged at 113.25 per dollar, the strongest in more than a week while the USD/JPY cross- currency basis swaps hit widest spread in more than a year. Cable rose to a one-week high amid broad dollar weakness while Aussie extended opening gains buoyed by flows against kiwi, which itself rose on outright short-covering against the U.S. dollar; traders report that ranges extended on thinning year-end liquidity.

In commodities, WTI dropped 0.6% to $59.59 a barrel, the first retreat in more than a week and the biggest dip in two weeks.  Gold increased 0.2% to $1,286.01 an ounce, hitting the highest in more than four weeks with its sixth consecutive advance. LME copper advanced 0.8 percent to $7,185.00 per metric ton, reaching the highest in about four years on its ninth consecutive advance and the biggest gain in a week.

US Event Calendar

• 10pm: U.S. Conf. Board Consumer Confidence, Dec., est. 128, prior 129.5; Present Situation, Dec., no est., prior 153.9; Expectations, Dec., no est., prior 113.3

Bonds and Bullion are bid and the yield curve crashed as the Santa Claus rally fails to appear for a second day…

Gold’s gains are S&P’s losses as the two converge for the month of December…

For the second day in a row, stocks went nowhere despite the promise of the Santa Claus rally… (NOTE the somewhat ridicluous instaramp in the last 2 minutes to get stocks green)

Futures show the week so far better – Nasdaq (green), Dow (blue), S&P (red) (note AAPL was down again today, testing its 50DMA)…

Perhaps it is because, as Kevin Duffy noted earlier, “8 out of 10 of the best sentiment indicators are in the 99th percentile of bullishness over the past ten years (a period of mostly bull market optimism!).  This is unprecedented…”

FANG Stocks are down for the 6th day in a row… (the longest losing streak since Nov 4th 2016)

Banks have been under pressure this week…

VIX jumped somewhat notably today (3rd day up in a row) – NOTE the VIX hammering into the European close and then it snapped…

Despite a heavy tail in today’s 5Y auction, yields crashed across the curve and the yield curve flattened dramatically…

Perhaps a few funds are seeing the ‘value’ in bonds?

Notably 10Y yields dropped back below 2.4% (YTD unch)…

Which is notable, as Strategas points out, a 12/31 close above 2.44% would be the 3rd year of rising rates in a row – the longest stretch since 1981…

The yield curve crashed most since Brexit to a new cycle low…(lowest close since Oct 2007)

There is some serious problems brewing in Japanese liquidity markets as while Euro- and Sterling cross-currency swaps have bounced back, Yen-USD basis swaps have collapsed to a new cycle low suggesting major USD-funding issues for Japanese entities…

The Dollar Index slipped lower today…lowest close since Dec 5th

WTI was unable to extend yesterday’s gains above $60…

Gold and Bitcoin continued to recouple…

As Gold surged above its 100DMA for the first time in a month… (NOTE – gold suffered a death cross as the 50DMA crossed below the 200DMA)

Meanwhile copper is at near 4 year highs…

The question is – why are bond yields collapsing and not playing along…

Cryptos had a mixed day with Ripple ramping, but Ether, Bitcoin, and Litecoin all sliding…

Bitcoin futures volume picked up today but remains notably lower than last week…

As a fional notes, CFTC reports that net speculative positioning in CBOE Bitcoin Futs is -1371 contracts, or Short 6,855 Bitcoins… so prepare yourself for a short squeeze.

Bonus Chart: WTF!!

Remember the post-tax-reform, pre-Christmas spike in yields and the yield curve? Yeah, that’s all over now!!!!

Treasury yields are down 4 days in a row with a major collapse occurring today as the long-end plunges over 8bps – the most in 3 months. The 2s30s yield curve is down over 8bps – the biggest-single-day flattening since Brexit (June 2016)…

This is the biggest 4-day drop in 30Y yields since February.

Notably 10Y yields dropped back below 2.4% (YTD unch)…

The yield curve is crashing…

The biggest 1 day flattenig since Brexit…

All of which is fascinating given that net spec positioning is near record long the long-end…

Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017.  After reaching an all-time high of nearly $1.2 million in 2Q 2017 (chart per Douglas Elliman)…

…the Wall Street Journal this morning notes that median Manhattan apartment prices have dropped to $1.08 million in 4Q 2017, down 9.8% compared to the peak set earlier this year.

Not surprisingly, Pamela Liebman, the president of New York real estate broker The Corcoran Group, attributed the pause by Manhattan buyers to the tax bill and said that folks are increasingly convinced that prices peaked in 2017 and may continue to be under pressure.

“We lost a lot of deals in the fourth quarter, while people waited to see the outcome of the tax bill,” she said. “Now that the uncertainty is gone they will be able to make a decision.”

 

She said buyers were active but “focused on value and reasonable pricing.”

 

“The good news is there are a lot of buyers who are ready to purchase next year,” Ms. Liebman said. “Sellers who don’t overshoot the mark should do well.”

Of course, the New York real estate market wasn’t universally rosy during the first half of the year as another broker, Donna Olshan, who produces a weekly report on contract signings above $4 million, said there were worrying signs in the luxury market, including an increase in the average time a listing spent on the market of nearly four months, from about 10 months in 2016 to 14 months this year.  As the following chart from Douglas Elliman highlights, luxury prices in Manhattan peaked 2 quarters before overall prices and have been plummeting ever since.

Meanwhile, new development prices have also been on the decline as the market contends with a steady stream of new buildings coming online.

Of course, the fact that Manhattan real estate prices are coming under pressure should come as little surprise as we noted the following interactive maps from ATTOM Data Solutions last week which perfectly illustrated just how concentrated mortgages over $750,000 are in a handful of expensive cities like New York and San Francisco.

Among 2,022 counties included in this analysis and at least 50 home purchase loans so far in 2017, those with the highest share of loan originations above $750,000 were New York County (Manhattan), New York (63.8 percent); San Francisco County, California (58.0 percent); Nantucket County, Massachusetts (57.3 percent); San Mateo County, California (55.2 percent); and Marin County, California (50.o percent). Among those same 2,022 counties, those with the highest number of purchase home loan originations above $750,000 so far in 2017 were Los Angeles County, California (9,197); Santa Clara County, California (5,543); Orange County, California (4,450); Maricopa County, Arizona (3,723); and King County, Washington (3,715).

Meanwhile, the second proposed change in the GOP tax plan involved a cap on the deductibility of property taxes at $10,000.  And, much like the impact of mortgage interest above, the map of who’s most impacted looks eerily similar to the 2016 electoral college map.

The county-level heat map below shows the share of single family homes and condos in each county where the most recent property tax bill available was more than $10,000.

 

Among the 1,731 counties analyzed, those with the highest share of homes with property taxes above $10,000 were Westchester County, New York (73.4 percent); Luna County, New Mexico (68.7 percent); Rockland County, New York (60.0 percent); Mathews County, Virginia (54.4 percent); and New York County (Manhattan), New York (52.5 percent). Among those same counties those with the highest volume of homes with property taxes above $10,000 were Nassau County (Long Island), New York (176,946); Los Angeles County, California (165,078); Suffolk County (Long Island), New York (155,592); Bergen County, New Jersey (126,096); and Harris County (Houston), Texas (125,792).

Conclusion: Low-tax, cheap cost of living states (i.e. “Red States”) are suddenly starting to look a lot more attractive to liberal “millionaire, billionaire, private jet owners” in New York who aren’t so keen on “spreading their wealth around” as their rhetoric would have you believe.

This is the highest level of confidence in the “present situation” since April 2001, but just as we saw in 2000 and 2007, the divergence between current confidence (high) and hope for the future (low) is becoming extreme…

The headline Conference Board Consumer Confidence print disappointed (dropping to 122.1 from 129.5, missing expectations of 128.0).

The ‘miss’ was driven by a huge tumble in “Expectations” which dropped from 113.3 to 99.1 – the lowest since Nov 2016.

This is one of the widest spreads between current and future expectations in history..

The Trump Administration quietly issued an Executive Order (EO) last Thursday which allows for the freezing of US-housed assets belonging to foreign individuals or entities deemed “serious human rights abusers,” along with government officials and executives of foreign corporations (current or former) found to have engaged in corruption – which includes the misappropriation of state assets, the expropriation of private assets for personal gain, and corruption related to government contracts or the extraction of natural resources. 

Furthermore, anyone in the United States who aids or participates in said corruption or human rights abuses by foreign parties is subject to frozen assets – along with any U.S. corporation who employs foreigners deemed to have engaged in corruption on behalf of the company.

In fact, anyone in the world who has “materially assisted, sponsored, or provided financial, material or technological support for, or goods or services” to foreigners targeted by the Executive Order is subject to frozen assets.  

The EO, based on the 2016 Global Human Rights Accountability Act, immediately added 13 foreign individuals to a list of “Specially Designated Nationals” (SDN) maintained by the Office of Foreign Assets Control (OFAC) – several of whom have ties to the Clintons, the Clinton Foundation, or Clinton associates (details below). Moreover, the Treasury Department sanctioned an additional 39 people,  for a total of 52 under the new order – including the son of Russia’s prosecutor general.

The Order reads: 

I, DONALD J. TRUMP, President of the United States of America, find that the prevalence and severity of human rights abuse and corruption that have their source, in whole or in substantial part, outside the United States, such as those committed or directed by persons listed in the Annex to this order, have reached such scope and gravity that they threaten the stability of international political and economic systems.

Last Week’s Executive Order could have serious implications for D.C. lobbyists who provide “goods and services” (e.g. lobbying services) to despots, corrupt foreign politicians or foreign organizations engaging in the crimes described in the EO. “Virtually every lobbyist in DC has got to be in a cold sweat over the scope of this EO,” said an attorney consulted in the matter who wishes to remain anonymous.

And because the phrase “person” means “an individual or entity” in the order – any US organization which merely employs a foreigner engaging in the listed offenses is also subject to frozen assets. “Consider, what would happen if Apple, say employed a foreign national who bribed a PRC official for government approvals? How about a hypothetical case of a company like Northrop or Boeing where an employee, or consultant, who is a foreign national bribes a Saudi official to direct government purchases of airplanes and military equipment? At least some or all of their assets could be frozen.”

Now consider that if reports from The Hill are accurate – an FBI mole deep within the Russian uranium industry uncovered evidence that “Russian nuclear officials had routed millions of dollars to the U.S. designed to benefit former President Bill Clinton’s charitable foundation during the time Secretary of State Hillary Clinton served on a government body that provided a favorable decision to Moscow (the Uranium One approval)” – a deal which would eventually grant the Kremlin control over 20 percent of America’s uranium supply right around the time Bill Clinton also collected $500,000 for a Moscow speech, as detailed by author Peter Schweitzer’s book Clinton Cash and the New York Times in 2015.

“The Russians were compromising American contractors in the nuclear industry with kickbacks and extortion threats, all of which raised legitimate national security concerns. And none of that evidence got aired before the Obama administration made those decisions,” a person who worked on the case told The Hill, speaking on condition of anonymity for fear of retribution by U.S. or Russian officials. –The Hill

The same FBI informant claims to have video evidence showing Russian agents with briefcases full of bribe money related to the controversial Uranium One deal:

In a report by Tucker Carlson, a former long-time executive of now-defunct D.C. lobbying firm, The Podesta Group – who has been interviewed extensively by FBI special counsel Robert Mueller, claims that Tony Podesta was “basically part of the Clinton Foundation,” frequently meeting with the charity to discuss the Uranium One deal. Meanwhile, Tony’s DNC operative brother John Podesta reportedly recommended that the Podesta Group hire David Adams – Hillary Clinton’s chief adviser at the State Department, giving them a “direct liaison” between the group’s Russian clients and Hillary Clinton’s State Department.

Hypothetically, if the Uranium One deal is deemed corrupt by the Trump administration, and “Russian nuclear officials” indeed routed millions of dollars to the Clinton Foundation, and Tony Podesta lobbied on behalf of the deal for the Clinton Foundation – it stands to reason that this Executive Order could freeze the US-housed assets of quite a few individuals. Of note, assets can be frozen with no prior warning, as trump has declared a national emergency due to the “scope and gravity” of the threat posed by said individuals.

To simplify this complicated legal document a bit, keep in mind:

Section 1. (a)(i-ii) outlines all foreigners the Executive Order applies to: 

Section 1. (a)(iii) defines U.S. Citizens who have assisted foreigners in any of the crimes described above:

Note: The above section (iii)(A)(3) means any foreign person engaging in “serious human rights abuses” or listed forms of corruption on behalf of a U.S. entity. Also of note – Attorney General Jeff Sessions rolled back a series of Obama-era curbs on civil-asset forfeiture over the summer, strengthening the federal government’s ability to seize cash and property from Americans without criminal charges. That said, this Executive Order only freezes assets, it does not allow the government to take custody of them.

In regards to the 13 listed individuals targeted by this order – several of whom have ties to the Clintons, the Clinton Foundation or Clinton associates – we find the following:

—-

Goulnara Islamovna Karimova, 45, daughter of former Uzbekistan leader Islam Karimov, headed a powerful organized crime syndicate that leveraged state actors to expropriate businesses, monopolize markets, solicit bribes, and administer extortion rackets.

In early 2016, Amsterdam-based telecom giant VimpelCom (now VEON) admitted to a conspiracy in which they paid millions in bribes to Karimova for entry into the Uzbek telecom market. In a series of related cases, the U.S. Justice Department has sought the forfeiture of $850 million in bribe money from various bank accounts across Europe. In July, Uzbek officials arrested Karimova for fraud, money laundering, bribery, and embezzlement and a variety of other claims.

In 2009, a WikiLeaks cable notes that Karimova set her sights on Bill Clinton to gain access to then-Secretary of State, Hillary Clinton.

(WikiLeaks, 7/31/2009)

Three years later, Karimova co-sponsored a 2012 Clinton Foundation fundraiser in Monaco. Hillary Clinton’s State Department was asked to weigh in on Bill Clinton’s contacts with Karimova. Pictured below with Bill Clinton at an AIDS charity event in Cannes, France.

Goulnara Karimova and Bill Clinton

—

Dan Gertler is an Israeli billionaire mining magnate revealed by the Paradise Papers to be chief negotiator between the Democratic Republic of the Congo (DRC) and his primary business partner – mining company Glencore, founded by Marc Rich – who was pardoned for corruption by Bill Clinton on his last day in office after his wife gave $450,000 to the Clinton Library foundation. 

Glencore immediately cut ties with Gertler following Trump’s Executive Order.

Dan Gertler

In 2001 Gertler gave $20m in cash to DRC President Joseph Kabila to use to buy weapons and fund his war against rebels to consolidate his grip on power. In exchange, Gertler’s company IDI was granted a monopoly on the DRC diamond trade, worth hundreds of millions a year. In 2013, Gertler sold the DRC rights to mine oil for $150 million, a 300x increase on an asset he   purchased from President Kabila 7 years prior for just $500,000.

In 2012, Kabila offered Bill Clinton $650k for a speech in the DRC – for which Clinton sought State Department approval – only to have his speaking agency recommend against the appearance which would require photos with the dictator.

Gertler’s family foundation is also linked to John McCain – sharing a seat on the board of directors of “Operation Smile” with Cindy McCain for a period of time.

—

Yahya Jammeh is the former President of Gambia who came to power in 1994 and stepped down in 2017. He has a long history of serious human rights abuses and corruption – creating a terror and assassination squad called the Junglers that answered directly to him.

Yahya and Zeinab Jammeh with Barack and Michelle Obama, 2014

Jammeh was installed as President during a 1994 CIA-led coup in Gambia authorized by the Clinton administration, and in 2014, the Obama administration effectively sidelined an attempted coup. Indeed, Jammeh appears to have been a friend to both the Clinton and the Obama Administrations.

—

Angel Rondon Rijo; Dominican Republic – Sanctioned for funneling a $92 million bribe from Brazilian conglomerate Odebrecht to Dominican Republic officials as kickbacks. Odebrecht Donated $50-$100k to the Clinton Foundation.

—

Benjamin Bol Mel; Sudan – Financial Advisor to South Sudanese President Salva Kiir and president of ABMC construction company accused of corruption. Hillary Clinton pushed for a waiver from the Obama Admin on the prohibition of military aid due to the use of child soldiers in South Sudan.

—

Artem Yuryevich Chayka; Russia – Son of Russia’s Prosecutor General, Yuri Chayka (Chaika) – used father’s connections to win state owned contracts. Curiously, Russian Attorney Natalia Veselnitskaya met with Yuri Chayka before her involvement in the infamous Trump Tower meeting arranged by Fusion GPS associate Rob Goldstone – a meeting many believe was one of several schemes used by the Obama administration to justify wiretapping the Trump campaign. Of note – Donald Trump Jr. reportedly shut down the Trump tower meeting when Natalia Veselnitskaya began discussing lifting sanctions under the Magnitsky act – the very legislation Trump’s Executive Order is now leveraging against Artem Chayka.  

—

Mukhtar Hamid Shah; Pakistan – surgeon specializing in kidney transplants, believed to be involved in kidnapping, wrongful confinement, and the removal of and tracking in human organs from Pakistani laborers.

—

One wonders if perhaps the purpose of this Executive Order addressing serious human rights abusers and corruption – a national emergency, was intended to ensure the much talked about swamp renovation comes in ahead of schedule and under budget. We’ll know for sure if Treasury Secretary Steve Mnuchin starts freezing bank accounts after the holidays.