FEB 12/GOLD DOWN $3.40 TO $1823.40//SILVER UP 31 CENTS TO $27.31//HUGE ADVANCE IN GOLD TONNAGE STANDING AT THE COMEX AT 107 TONNES WITH SILVER AT CLOSE TO 11 MILLION OZ//CORONAVIRUS UPDATE//CDC UPDATE SCHOOLS TO OPEN AS SOON AS POSSIBLE//ISRAEL VS USA: ALREADY A FROSTY RELATIONSHIP///PUTIN PUTS THE KOBASH ON KLAUS SCHWABS RESET RUNING THE PLANS OF THE ELITE ESTABLISHMENT//NATURAL GAS PRICES EXPLODE DUE TO FROZEN SUPPLIES//NY’S CUOMO IN TROUBLE WITH LEAKED REPORT FROM HIS AIDE//SWAMP STORIES FOR YOU TONIGHT//ANDREW MAGUIRE..A MUST VIEW TAPE!!//

GOLD:$1823.40 DOWN  $3.40   The quote is London spot price

Silver:$27.31. UP  $0.31   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1825.00  LONDON SPOT  4:30 pm

ii)SILVER:  $27.36//LONDON SPOT  4:30 pm

Physical coins on the move, with or without the derivative price

Gold Eagles now showing +$162 to spot. Silver Eagles show +$8.50 to spot.

Editorial of The New York Sun | February 1, 2021

China is out for the entire week, coming back on Thursday so pay no attention to the pricing of gold/silver.

end

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COMEX DATA

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today: 1024/2178

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,824.900000000 USD
INTENT DATE: 02/11/2021 DELIVERY DATE: 02/16/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 666 11
118 H MACQUARIE FUT 7
323 H HSBC 3
332 H STANDARD CHARTE 263
435 H SCOTIA CAPITAL 67
555 H BNP PARIBAS SEC 10
624 H BOFA SECURITIES 240
657 C MORGAN STANLEY 253
661 C JP MORGAN 753
661 H JP MORGAN 271
685 C RJ OBRIEN 3
686 C STONEX FINANCIA 38
690 C ABN AMRO 1 2
709 C BARCLAYS 1505
709 H BARCLAYS 180
800 C MAREX SPEC 3 9
880 C CITIGROUP 41
905 C ADM 30
____________________________________________________________________________________________

TOTAL: 2,178 2,178
MONTH TO DATE: 31,393

GOLDMAN SACHS STOPPED 4 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 2178 NOTICE(S) FOR 217800 OZ  (6.774 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  31,393 NOTICES FOR 3,139,300 OZ  (97.645 tonnes) 

SILVER//FEB CONTRACT

117 NOTICE(S) FILED TODAY FOR 585,000  OZ/

total number of notices filed so far this month: 1771 for 8,855,000  oz

BITCOIN MORNING QUOTE  $47,775  UP 604 dollars

BITCOIN AFTERNOON QUOTE.:$47,571  UP 400 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $3.40  AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

ANOTHER 3.38 TONNE WITHDRAWAL

WE NOW HAVE HAD 3 /5 DAYS OF RISING GOLD PRICES AND 6 STRAIGHT DAYS OF FALLING GLD INVENTORIES!!

GLD: 1,142.22 TONNES OF GOLD//

WITH SILVER UP $.31 TODAY: AND WITH NO SILVER AROUND

WHAT ON EARTH IS GOING ON???

ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV..A WITHDRAWAL OF 4.312 MILLION OZ FROM THE SLV//

INVENTORY RESTS AT:

SLV: 630.574  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 1284 CONTRACTS FROM 179,347 UP TO 180,631, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.04 FALL IN SILVER PRICINGAT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A SMALL INCREASE FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1694 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  410,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  410 MAY: 0 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 410 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC.

6.890 MILLION FINAL STANDING FOR JAN 2021

10.925  MILLION OZ INITIAL STANDING FOR FEB 2021,

THURSDAY,AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL ONLY $0.04) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A STRONG GAIN IN OUR TWO EXCHANGES (1694 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE  IN SILVER OZ  STANDING  FOR FEB, iii) STRONG COMEX GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

We have now switched to SILVER for our spreaders!!

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON NOV  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF MAR.

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF FEB. HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAR FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF FEB. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAR), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

FEB

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF FEB:

31,617 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 31,617 CONTRACTS) OR 158.085 MILLION OZ: (AVERAGE PER DAY: 3162 CONTRACTS OR 15.81 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 158.085 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 158.085. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   158.085 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1509, DESPITE OUR  $0.04 FALL IN SILVER PRICING AT THE COMEX ///THURSDAY.THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 410 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED AN STRONG SIZED 1919 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.04 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 410 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 1284 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.04 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.00 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW FEB.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 117 NOTICE(S) FOR  585,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

GOLD

IN GOLD, THE COMEX OPEN INTERESTFELL BY A TINY 280 CONTRACTS TO 508,331 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE TINY SIZED DECREASE IN COMEX OI OCCURRED DESPITE OU STRONG LOSS IN PRICE  OF $15.35/// COMEX GOLD TRADING// THURSDAY.WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION. WE ALSO HAD A MONSTER GAIN IN GOLD STANDING  AT THE COMEX TO 107.213 TONNES FOR FEBRUARY..AS OUR BANKERS ORCHESTRATE ANOTHER QUEUE JUMP SEARCHING FOR METAL OVER HERE I AM PRETTY SURE THAT OUR BANKERS ARE RUNNING OUT OF DODGE..THEY MUST COVER THEIR SHORTFALL QUICKLY... YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF $15.35!!!.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  5//

WE HAD A SMALL GAIN  OF 2497 CONTRACTS  (7.7766 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2010 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  2010 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 2010.  The NEW COMEX OI for the gold complex rests at 507,564. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1730 CONTRACTS: 280 CONTRACTS DECREASED AT THE COMEX AND 2010 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1730 CONTRACTS OR 5.7381 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2010) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (280 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1730 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)MONSTER INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 107.213 TONNES3) ZERO LONG LIQUIDATION/// ;4) SMALL COMEX OI GAIN  AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING//THURSDAY//$15.30!!.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

FEB

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 30,937, CONTRACTS OR 3,093,700 oz OR 96.23 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 3094 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 96.23 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 96.23/3550 x 100% TONNES =2.71% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB  :  96.23 TONNES SO FAR (SLOWING DOWN AGAIN)..THUS EFP’S IN SILVER INCREASING AND GOLD EFP’S DECREASING.

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 1284 CONTRACTS FROM 179,347 UP TO 180,631 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR FEB., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 410 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 MARCH:  410 ; MAY: 0 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 410 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 1284 CONTRACTS TO THE 410 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1694 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 8.470 MILLION  OZ, OCCURRED DESPITE OUR $0.04 LOSS IN PRICE///

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed DOWN 42.86 POINTS OR 0.14%//Australia’s all ordinaires CLOSED DOWN 0.57%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 57.91 dollars per barrel for WTI and 60.89 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4281 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A TINY 280 CONTRACTS TO 507,564 MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS TINY COMEX DECREASE OCCURREDDESPITE OUR  LOSS OF $15.35 IN GOLD PRICING /THURSDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (2010 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2)  ZERO  LONG LIQUIDATION  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(107.213 TONNES) (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 1694 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   5

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1471 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  2010, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2010  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL 1694 TOTAL CONTRACTSIN THAT 2010 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A TINY SIZED  COMEX OI  OF 280 CONTRACTS.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (107.213 TONNES) FOLLOWING OUR STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((6.500 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $15.35)., AND WERE   UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 5.381 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (107.213 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 1730 CONTRACTS OR  173,000 OZ OR  5.381  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  507,564 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.75 MILLION OZ/32,150 OZ PER TONNE =  1578 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1578/2200 OR 71.75% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY:169,297 contracts// volume extremely poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  155,959 contracts//  volume: extremely poor //most of our traders have left for London

FEB 12 /2021

INITIAL STANDINGS FOR FEB COMEX GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
12,277.344
oz
includes  162 kilobars HSBC
includes 57 kilobars JPMorgan
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
2178 notice(s)
217,800 OZ
(6.774 TONNES
No of oz to be served (notices)
3076 contracts
307,600 oz)
9.595 TONNES
Total monthly oz gold served (contracts) so far this month
31,393 notices
3,139,300 OZ
97.645 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

total deposit:  nil  oz

total dealer withdrawals: nil oz

we had nil deposits to the customer account

we had  3 withdrawals from  the customer account

i) Out of HSBC 5608.462 oz  162 kilobars
ii) Out of HSBC enhanced  5236.275 oz
iii) Out of JPMorgan; 1832.607 oz  57 kilobars

We had 3  kilobar transactions

ADJUSTMENTS  1:   customer to dealer 

BRINKS 64,237.698 oz  (1998 kilobars)

The front month of FEB registered a total of 5254 CONTRACTS FOR A LOSS OF 337 CONTRACTS.  WE

HAD 2178 CONTRACTS FILED ON THURSDAY SO WE GAINED A MONSTROUS 508 CONTRACTS OR 50,800 OZ REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS SUCH NEGATED A FIAT BONUS.  IT IS NOW OUR BANKERS TURN TO FIND BADLY NEEDED PHYSICAL. QUEUE JUMPING NOW BECOMES THE NORM AT THE GOLD COMEX AS BANKERS ARE IN URGENT NEED OF PHYSICAL METAL.

MARCH GAINED 174 contracts to stand at 2273

APRIL LOST 1342 contracts to stand at 394,704

We had 845 notice(s) filed today for 84,500 oz

FOR THE FEB 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2178  contract(s) of which 271  notices were stopped (received) by j.P. Morgan dealer and 753 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 4 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the FEB /2021. contract month, we take the total number of notices filed so far for the month (31,393) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 5254 CONTRACTS ) minus the number of notices served upon today (2178 x 100 oz per contract) equals 3,446,900 OZ OR 107.213 TONNESthe number of ounces standing in this  active month of FEB

thus the INITIAL standings for gold for the FEB/55911 contract month:

No of notices filed so far (31,393 x 100 oz  PLUS 5254 OI) for the front month minus the number of notices served upon today (2178} x 100 oz which equals 3,446,900 oz standing OR 107.213 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A MONSTROUS 508 CONTRACTS O 50,800 OZ REFUSED TO MORPH INTO LONDON BASED FORWARDS AS NOW OUR BANKER FRIENDS WILL TRY THEIR LUCK TO FIND METAL ON THIS SIDE OF THE POND.  

NEW PLEDGED GOLD:  

461,317.475 oz NOW PLEDGED  SEPT 15.2020/HSBC  14.34 TONNES

137,613.934 PLEDGED  APRIL 3/2020: SCOTIA:3.7708 TONNES

290,795.495 oz  JPM  9.04 TONNES

1,048,677.37 oz pledged June 12/2020 Brinks/32.618 TONNES

94,500.934 oz Pledged August 21/regular account 2.93 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.06 oz Malca

168,811.741 Manfra

total pledged gold:  2,208,217.935 oz                                     68.68 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 542.27 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 107.2132 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,642,447.960 oz or 610.96- tonne
total weight of pledged:  2,208,217.935 oz or 68.68 tonnes
thus:
registered gold that can be used to settle upon: 17,434,230.0  (542,27 tonnes)
true registered gold  (total registered – pledged tonnes  17,434,230.0 (542.27 tonnes)
total eligible gold: 19,818,797.803 , oz (616.44 tonnes)

total registered, pledged  and eligible (customer) gold  39,461,245.763 oz 1,227.41 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1101.07 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

THE DATA AND GRAPHS:
END

FEB 12/2021

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/FEB

FEB. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
523,856.146 OZ
CNT
Delaware
Deposits to the Dealer Inventory
329,740.550 oz
Scotia
Deposits to the Customer Inventory
1,215,355.000 oz
jpmorgan
Delaware
CNT
No of oz served today (contracts)
117
CONTRACT(S)
(585,000 OZ)
No of oz to be served (notices)
414 contracts
 2,070,000 oz)
Total monthly oz silver served (contracts)  1771 contracts

8,855,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposits into the dealer:
Into Scotia:  329,740.550 oz

total dealer deposits: 329,740.550        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into  JPMorgan 614,201.200 oz

ii) Into  Delaware: 1009.600 oz

iii) Into CNT 600,144.200 oz

JPMorgan now has 195.063 million oz of  total silver inventory or 49.21% of all official comex silver. (195/063 million/395.999 million

total customer deposits today: 1,215,355.000    oz

we had 2 withdrawals:

i) out of CNT:618,875.710 oz
ii) Out of Delaware:4980.436 oz

total withdrawals 623,856.146 oz   oz

We had 3 adjustments:

dealer to cusdstomer

Brinks   29,476.190 oz

CNT 4998.000oz

customer to dealer; Scotia:

658,522.640 oz

Total dealer(registered) silver: 151.722million oz

total registered and eligible silver:  395.999 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEBRUARY saw a LOSS of 28 contracts to stand at 531. We had 29 notices filed on THURSDAY. So we GAINED 1 contract or an additional 5,,000 oz will stand for delivery on this side of the pond as they refused to morph into London based forwards. 

MARCH LOST 5253 contracts DOWN to 90,283.April gained another 22 contracts to stand at 278

The total number of notices filed today for FEB 2021. contract month is represented by 117 contract(s) FOR 585,000 oz

To calculate the number of silver ounces that will stand for delivery in FEB we take the total number of notices filed for the month so far at  1771 x 5,000 oz = 8,855,000 oz to which we add the difference between the open interest for the front month of FEB (531) and the number of notices served upon today 117 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 1771 (notices served so far) x 5000 oz + OI for front month of FEB(531)- number of notices served upon today (117) x 5000 oz of silver standing for the Jan contract month .equals 10,925,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We gained 1 contract or an additional 5,000 oz will  stand for delivery over here as they refused to morph into London based forwards..

TODAY’S ESTIMATED SILVER VOLUME 62,155 CONTRACTS // volume  good/

FOR YESTERDAY  87,454  ,CONFIRMED VOLUME//high 

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -0.81% ((FEB 12/2021)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.11% to NAV:   (FEB 12/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/0.81%(FEB 12/2021)

(courtesy Sprott/GATA

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 20.20 TRADING 18.95///NEGATIVE 3.82

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!)

FEB 12/WITH GOLD DOWN $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.38 TONNES FROM THE GLD//INVENTORY RESTS AT 1142.20 TONNES

FEB 11/WITH GOLD DOWN $15.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/I: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD//INVENTORY RESTS AT 1146.60 TONNES

FEB 10/WITH GOLD UP $5.30 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.09 TONNES FROM THE GLD///INVENTORY RESTS AT 1148.34 TONNES

FEB 9/WITH GOLD UP $4.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 4.08 TONNES FROM THE GLD//INVENTORY RESTS AT 1152.43 TONNES.

FEB 8/WITH GOLD UP $20.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1156.51 TONNES

FEB 5/WITH GOLD UP $20.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1159.84 TONNES

FEB 4/WITH GOLD DOWN $42.05 TODAY: STRANGE: HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.34 TONNES ADDED INTO THE GLD///INVENTORY RESTS AT 1159.84 TONNES

FEB 3/WITH GOLD DOWN 20 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1157.50 TONNES

FEB 2/WITH GOLD DOWN $27.60 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 2.63 TONNES FROM THE GLD//.INVENTORY RESTS AT 1157.50 TONNES

FEB 1/WITH GOLD UP $12.45 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1160.13 TONNES

JAN 29/WITH GOLD UP $9.65 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL  OF 4.37 TONNES FROM THE GLD//INVENTORY RESTS AT 1164.80 TONNES

JAN 28/WITH GOLD DOWN $6.90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.71 TONNES LEAVES THE GLD////INVENTORY RESTS AT 1169.17 TONNES

JANUARY 27/WITH GOLD DOWN $9.85 TODAY; A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF .87 TONNES FROM THE GLD///INVENTORY RESTS 1172.38 TONNES

JAN 26/WITH GOLD DOWN $4.15 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1173.25 TONNES

JAN 25.WITH GOLD DOWN 20 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1173.25 TONNES

JAN 22/WITH GOLD DOWN (9.50 TODAY:A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF .88 TONNES FROM THE GLD//NVENTORY RESTS AT 1173.25 TONNES

JAN 21/WITH GOLD DOWN $0.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: ////INVENTORY RESTS AT 1174.13 TONNES

JAN 20/WITH GOLD UP $25.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.5 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 1174.13 TONNES

JAN 19/WITH GOLD UP $10.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 16.63 TONNES INTO GLD////INVENTORY RESTS AT 1177.63 TONNES

JAN 15/WITH GOLD DOWN $22.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 10.21 TONNES FROM THE GLD///INVENTORY RESTS AT 1161.00 TONNES

JAN 14.WITH GOLD DOWN $2.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 10.50 TONNES FROM THE GLD.//INVENTORY RESTS AT 1171.21 TONNES

JAN 13/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1181.71 TONNES

JAN 12/WITH GOLD DOWN $6.70  TODAY;A HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF .400 TONNES FROM THE GLD..//INVENTORY RESTS AT 1181.71 TONNES

JAN 11/WITH GOLD UP $14.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 8//WITH GOLD DOWN $75.70 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.57 TONNES FROM THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 7/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1186.78 TONNES

JAN 6/WITH GOLD DOWN $44.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES//INVENTORY RESTS AT 1186.78 TONNES

JAN 5/WITH GOLD UP $10.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 17.21 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1187.95 TONNES

JAN 4/WITH GOLD UP $49.70 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD; A DEPOSIT OF 0.88 TONNES INTO THE GLD/////INVENTORY RESTS AT 1170.74 TONNES

DEC 31/WITH GOLD UP $1.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1169.86 TONNES

DEC//30//WITH GOLD UP $13.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC.29//WITH GOLD UP $1.65 TODAY: A DEPOSIT OF  2.53 TONNES  CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES.

DEC 28WITH GOLD DOWN $3.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 24/WITH GOLD UP $6.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC.23/WITH GOLD UP $7.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 22/WITH GOLD DOWN $12.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPSOIT OF 2.04 TONNES INTO THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC 21/WITH GOLD DOWN $5.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1167.82 TONNES

DEC 18/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1167.82 TONNES

DEC 17 WITH GOLD UP $39.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD////INVENTORY RESTS AT 1167.82 TONNES

DEC 16/WITH GOLD UP $2.55 TODAY A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER WITHDRAWAL OF 1.17 TONNES FORM THE GLD..//INVENTORY RESTS AT 1170.15 TONNES

DEC 15/ WITH GOLD UP $23.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD//INVENTORY RESTS AT 1171.32 TONNES//

DEC 14//WITH GOLD DOWN $10.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:: A WITHDRAWAL OF 3.79 TONNES FROM THE GLD//INVENTORY RESTS AT 1175.99 TONNES

DEC 11/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1179.78 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

FEB 12 / GLD INVENTORY 1146.60 tonnes

LAST;  999 TRADING DAYS:   +208.50 TONNES HAVE BEEN ADDED THE GLD

LAST 899 TRADING DAYS// +  376.75TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory/(this vehicle is a fraud as there is no physical metal behind them!)

FEB 12/WITH SILVER UP 31 CENTS//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.312 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 630.574 MILLION OZ.

FEB 11/WITH SILVER DOWN 4 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 634.986 MILLION OZ//

FEB 10/WITH SILVER DOWN 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 636.844 MILLION OZ//

FEB 9/WITH SILVER DOWN $0.19 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: MASSIVE WITHDRAWAL OF 17.882 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 636.844 MILLION OZ//

FEB 8/WITH SILVER UP $0.53 TODAY: A HUGE PAPER WITHDRAWAL OF 4.451 MILLION OZ FROM THE SLV// //INVENTORY RESTS AT 654.726 MILLION OZ//

FEB 5/WITH SILVER UP 70 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 659.278 MILLION OZ

FEB 4/WITH SILVER DOWN 0.54 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 10.079 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 659.278 MILLION OZ//

FEB 3/WITH SILVER UP 38 CENTS TODAY: A MIND NUMBING: 56.784 MILION OZ “DEPOSIT” INTO THE SLV at 3 pm AND A WITHDRAWAL OF 7.99 MILLION OZ FROM THE SLV AT 5 PM//WITH THESE CHANGES IN SILVER INVENTORY AT THE SLV INVENTORY RESTS AT 669.357 MILLION OZ//

FEB2//WITH SILVER DOWN  $2.81 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: AN UNBELEIVABLE DEPOSIT OF 18.627 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 620.563 MILLION OZ//

FEB 1/WITH SILVER UP $2.56 TODAY: A FAIRY TALE DEPOSIT OF 34.419 MILLION OZ INTO  SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 601.936 MILLION OZ//

JAN 29/WITH SILVER UP 58 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.366 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 567.517 MILLION OZ//

JAN 28/WITH SILVER UP 44 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.393 MILLION OZ//INVENTORY RESTS AT 571.883 MILLION OZ/

JAN 27/ WITH SILVER DOWN 10CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.: A XXXWITHDRAWAL OF 3.022 MILLION OZ OF IMAGINARY SILVER// INVENTORY RESTS AT 573.277 MILLION OZ/

JAN 26/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.299 MILLION OZ///

JAN 25/WITH SILVER DOWN 5 CENTS A HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 2.044 MILLION XXXXOZ INTO THE SLV// INVENTORY RESTS AT 576.299 MILLION OZ./.

XXXXXXXXXXXXXX
FEB 12/2021

SLV INVENTORY RESTS TONIGHT AT

630.574 MILLION OZ

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

ii) Important gold commentaries courtesy of GATA/Chris Powell

ANDREW MAGUIRE./ A MUST VIEW TAPE
Attachments area
Preview YouTube video Ep.31 Live from the Vault: Reddit silver stackers attack the COMEX – What’s next for silver?

END
Your weekend reading material…
Aladair Macleod/GATA

Alasdair Macleod: Crazy days for money

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Friday, February 12, 2021

This article anticipates the end of the fiat currency regime and argues why its replacement can only be gold and silver, most likely in the form of fiat money turned into gold substitutes.

It explains why the current fashion for cryptocurrencies, led by bitcoin, are unsuited as future mediums of exchange, and why unsuppressed bitcoin has responded more immediately to the current situation than gold. Furthermore, the US authorities are likely to suppress the bitcoin movement because it is a threat to the dollar and monetary policy.

This article explains why growth in Gross Domestic Product represents growth in the quantity of money and is not representative of activity in the underlying economy. The authorities’ monetary response to the current economic situation is ill-informed, based on a misunderstanding of what GDP represents.

The common belief in the fund management community that rising interest rates are bad for gold exposes a lack of understanding about the consequences of monetary inflation on relative time preferences. Rising interest rates will be with us shortly, and they will burst the bond bubble with negative consequences for all financial assets and the currencies that have inflated them.

In short, we are sitting on a monetary powderkeg, the danger of which is barely understood by policy makers and which could explode at any time. …

… For the remainder of the analysis:

For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/crazy-days-for-mon…

end

Jim Rickards: Only way out of the death/debt trap is gold-assisted inflation

 Section: 

By James Rickards
The Daily Reckoning, Baltimore
Tuesday, February 9, 2021

I’ve said the U.S. is caught in a debt death trap. Monetary policy won’t get us out because the velocity of money, the rate at which money changes hands, is dropping.

Printing more money alone will not change that.

Fiscal policy won’t work either because of high debt ratios. At current debt-to-GDP ratios, each additional dollar spent yields less than a dollar of growth. But because it must be borrowed, it does add a dollar to the debt. Debt becomes an actual drag on growth. ..

https://www.goldmoney.com/research/goldmoney-insights/crazy-days-for-mon…

There is actually a way out. It’s the only solution left, really. And that’s inflation.

Deflation increases the real value of debt. With deflation, the value of money increases, making it more burdensome to pay off debt. This is why debtors hate deflation.

And guess who is the world’s largest debtor nation? That’s right, the U.S. …

The solution is to increase the price of gold in order to change inflationary expectations. That will increase money velocity and get the growth engine running again. The Fed could actually cause inflation in about 15 minutes if it used this method. …

… For the remainder of the commentary:

https://dailyreckoning.com/the-only-way-out-of-the-death-trap/

end

Venezuelan gold reserves drop to five-decade low as withdrawals accelerate

 Section: 

From Reuters
Thursday, February 11, 2021

CARACAS — The Venezuelan central bank’s gold reserves dropped by about 12 tonnes in the last six months to a new 50-year low, according to its 2020 financial statements.

Facing a collapse in oil production and the effects of U.S. sanctions, President Nicolas Maduro’s government has continued to use the sale of monetary gold as a source of income.

..

Over the course of 2020, reserves from the central bank’s vaults in Caracas fell by 19 tonnes. Withdrawals accelerated in the second half of the year, when 12 tonnes were removed.

Reserves have dropped to 86 tonnes, their lowest in 50 years, according to the notes on the bank’s financial statements.

Authorities have not provided details on the destination of the gold. …

… For the remainder of the report:

https://www.reuters.com/article/idUSL1N2KH2BW

end

Both Yellenand Biden are buffoons!

(London’s Financial Times)

IMF may shower member nations with $500 billion in Special Drawing Rights

 Section: 

Yellen Tells G7 Finance Ministers to ‘Go Big’ with Fiscal Support

By James Politi
Financial Times, London
Friday, February 12, 2021

Janet Yellen, the U.S. treasury secretary, pressed G7 finance ministers and central bank governors to “go big” with fiscal support for the global economy and said the Biden administration would return to “international engagement” following four years of scepticism from Donald Trump.

According to a spokesperson for the U.S. Treasury, Yellen said Washington was committed to “multilateralism to solve global issues” and placed “a high priority on deepening our international engagement and strengthening our alliances.” …

As Joe Biden, the U.S. president, pushes Congress to approve his $1.9 trillion fiscal stimulus plan in the face of Republican opposition, Yellen told the top G7 economic officials that “the time to go big is now” and that the G7 “should be focused on what more we can do to provide support at this time,” according to a U.S. Treasury Department spokesperson.

In a big shift from the Trump administration, Yellen said the U.S. supported G7 efforts to tackle climate change. “We understand the crucial role that the United States must play in the global climate effort,” she said.

As the U.S. reviews whether to back a plan for the International Monetary Fund to allocate up to $500 billion in Special Drawing Rights to its members to tackle the pandemic fallout, Yellen said the G7 should work to “address the challenges facing low-income countries.”

iii) Other physical stories:

Platinum price today:

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Platinum prices are quoted in ounces but can easily be converted into grams or kilos, depending on the quantity you want to buy or sell.

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Current Platinum
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end

Bitcoin vs JPMorgan

Bitcoin Holds Record Highs As JPMorgan Co-President Admits “We’ll Have To Be Involved”

FRIDAY, FEB 12, 2021 – 9:20

Well this is a little awkward…

Four years since Jamie Dimon famously proclaimed that “bitcoin is a fraud”, “will eventually blow up”, and that “any trader trading bitcoin would be fired for being stupid”, JPMorgan’s co-President Daniel Pinto has reportedly admitted that bitcoin and its crypto brethren are a real thing:

“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved,”

CNBC’s Hugh Son reports that last month, during a town hall meeting held for thousands of JPMorgan Chase traders and sales personnel around the world, global markets head Troy Rohrbaugh acknowledged a question that is increasingly being asked by the bank’s own employees: When will they get involved in bitcoin?

In a response that reportedly took up a chunk of the hour-long call, Pinto signaled he was open-minded about bitcoin: “The demand isn’t there yet, but I’m sure it will be at some point.”

Source: Bloomberg

This all comes after JPMorgan has tried (and failed) four times in the last few weeks to slam bitcoin (see here for failed attempt #1attempt #2attempt #3, and attempt #4)

Source: Bloomberg

JPMorgan is not the only big bank being forced to face up to the new reality of decentralized finance and cryptocurrencies, as CNBC reports that last week, Goldman Sachs hosted a private forum with Mike Novogratz, the CEO-founder of crypto firm Galaxy Digital, for employees and clients. Novogratz expounded on his thesis for bitcoin, ethereum and other digital assets as well as their macroeconomic backdrop during the 90-minute virtual event.

As corporations, payment systems, and disruptors (Tesla, MicroStrategy, MasterCard, PayPal, & BNY Mellon this week alone) increasingly adopt cryptos, if one of the six biggest U.S. banks decides to embrace bitcoin, it would be a major stamp of legitimacy for the nascent asset class.

As Hugh Son concludes, there is irony here: In a few short years, bitcoin went from an idealistic technology meant to cut out banks and other intermediaries to a store of value used mostly by rich people so they can remain rich.

Additionally, just hours after an anonymous source claimed India would issue a blanket ban on all cryptocurrencies, Jack Dorsey and Jay-Z announced a 500 Bitcoin development trust.

Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency.”

Furthermore, CoinTelegraph reports that Bitcoin is looking increasingly like it is in a “supercycle,” not just a bull cycle, statistician Willy Woo suggests.

end

Dwindling cash use is now pushing our central bankers toward using digital currencies

(CNBC)

special thanks to Doug C for sending this to us!

Dwindling cash use is pushing central banks to race toward digital currencies

\
  • Deputy Governor of the Bank of Italy, Piero Cipollone, told CNBC that the increased focus on CBDCs stems from the general move away from cash.
  • Commentators have been quick to assume that the advent of CBDCs could have implications on monetary policy.

LONDON — Central banks are accelerating their work on digital currencies and investors are taking note.

Earlier this year, the Bank of International Settlements published its latest survey showing that 86% of the 65 central banks it spoke to are doing some form of work on central bank digital currencies (CBDCs), be it research, proofs of concept or pilot development.

Almost 15% are moving toward actual research for pilots.

What has spurred this activity?

Deputy Governor of the Bank of Italy, Piero Cipollone, told CNBC that the increased focus on CBDCs stems from the general move away from cash, adding that “this could undermine one of the basic functions of the central bank.”

He added that “in an environment where cash is used less and less by both the customer and the merchant because the whole ecosystem is shifting towards (being) digitalized … you want to replace the functionality of cash with something that is digital but is as conceptually as close as possible to cash.”

Benoit Coeure, former member of the European Central Bank and now head of the BIS Innovation Hub, echoes this view, telling CNBC that we should think of CBDC as a form of bank notes, adding that it was a “means of bringing money issued by central banks to new modern infrastructure.”

The dwindling usage of cash may not be the only reason, however.

Grant Wilson, the head of Asia-Pacific at strategy firm Exante Data, told CNBC that much of the research into CBDCs got fast-tracked when Facebook started to get involved in a stable coin project called Libra (now known as Diem) ”’which could have potential systemic implications for the financial system.”

He explained that “at that point central bankers started to realise they were under some threat. So the question became, if we can’t beat them then join them. It was very clearly after Libra was promulgated.”

alengo | iStock | Getty Images

What are the benefits?

Central bank digital currencies would benefit from much of the same technology of private cryptocurrencies, allowing for instant payments, faster settlements and lower transaction costs, especially for cross border payments.

They could also be a means of ensuring financial inclusion, tapping into parts of the population that are unbanked. But, in contrast to private cryptocurrencies, CBDCs would be centralized and every unit of digital currency would have the same value as one unit of cash.

There is no consensus for how CBDCs will be issued. The two main forms being explored are wholesale (CBDC issued just for financial institutions and for financial architecture) or retail, which would be digital currencies available for the general public.

Much as the way central bank cash is printed and distributed through the commercial banking system, one of the popular methods of issuing CBDCs is via a “two tier” system whereby the central bank would issue a token that would be passed on to commercial banks for allocation. Every transaction would be recorded on a digital ledger held by the central bank, but the money would be stored in a commercial bank in a digital wallet unique to each user.

One of the fears is that the rise of CBDCs could inadvertently cause a bank run should users decide to leave banking deposits (which are a liability of the commercial bank) to the relative safety of a central bank issued currency.

Cipollone says that one way to avoid that happening is to make CBDCs interest bearing above a certain threshold. In theory, this also means that central banks could pass on negative interest rates more directly to the consumer, instead of having to go through commercial banks.

Commentators have been quick to assume that the advent of CBDCs could have implications on monetary policy, however Coeure cautions that “so far central banks have addressed it as part of payment discussion.”

“The monetary discussion will come at some point. We are still at an early stage of technical requirements/resilience in order for it to be operational,” he told CNBC.

China is the most advanced in CBDC development, having piloted a form of the e-yuan in 2020. The motivations there however might be different.

Wilson remarks that “the e-yuan will still be integrated with the commercial banks but it is a direct challenge to technologies (like WeChat Pay and Alipay), that they are trying to ultimately displace” also noting that there is a geopolitical dimension to their motivation.

“Perhaps this is a way for people to think of the yuan in a different way and chip away at hegemony of the dollar,” he said.

Coeure said that coordination among central banks is essential. “CBDCs are a national project, a journey with legal dimensions, and will ultimately be a national decision. But we have an international monetary system, and we don’t want CBDCs to hamper the adjustment in the system via free exchange rates or capital flows,” he said, concluding that “the IMF and BIS are working on it.”

end

Your early FRIDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED /

//OFFSHORE YUAN:  6.4281   /shanghai bourse CLOSED

HANG SANG CLOSED

2. Nikkei closed DOWN 42.86 POINTS OR 0.14%

3. Europe stocks OPENED ALL MIXED/

USA dollar index UP TO 90.54/Euro FALLS TO 1.2113

3b Japan 10 year bond yield: FALLS TO. +.06/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.98/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 57.91 and Brent: 60.89

3f Gold DOWN/JAPANESE Yen DOWN CHINESE YUAN:   ON -SHORE CLOSED/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.44%/Italian 10 yr bond yield DOWN to 0.46% /SPAIN 10 YR BOND YIELD DOWN TO 0.14%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.90: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.74

3k Gold at $1814.60 silver at: 27.04   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 45/100 in roubles/dollar) 74.14

3m oil into the 57 dollar handle for WTI and 60 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.98 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .8918 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0803 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.44%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.174% early this morning. Thirty year rate at 1.865%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 7.02..

Futures Rebound Sharply From Overnight Slump

FRIDAY, FEB 12, 2021 – 8:03

US futures and European markets rebounded from a slump that dragged the Emini as low as 3,890 just ahead of the European open, to trade near session highs as investors await progress towards more U.S. fiscal stimulus, while the dollar was set for a weekly loss despite snapping a five-day losing streak on Friday; Bitcoin hit another record high overnight when it briefly traded above $49,000. Markets in China and most of Southeast Asia were closed for the Lunar New Year.

At 7:30 a.m. ET, Dow E-minis were down 27 points, or 0.1%, S&P 500 E-minis were down 7.25 points, or 0.2% and Nasdaq 100 E-minis were down 15.25 points, or 0.11%.

The overnight weakness was led by energy names as Chevron, Occidental Petroleum and Exxon all dipped between 0.9% and 1.2% in premarket trading as oil prices retreated on demand fears after Australia announced yet another snap 5-day lockdown. Disney rose 1.2% after the company swung to a surprise quarterly profit as “The Mandalorian” and “Soul” lifted its fast-growing streaming business, outweighing pandemic worries about its hobbled theme park operations.

After touching records earlier this week, markets have paused among mixed signals and a lack of fresh catalysts. Even as vaccines are distributed to millions, the emergence of new virus variants threaten to extend lockdowns and delay economic recoveries.

“Investor exuberance has somewhat waned. The calm belies an underlying uncertainty as investors await a clearer signal on the efficacy of vaccines before committing fully to the reflation trade,” according to Lewis Grant, a senior equities portfolio manager at Federated Hermes.

On Thursday, markets held near records – with the Nasdaq and S&P 500 rising 0.4% and 0.2%, respectively, while the Dow Jones Industrial Average slipped 0.02% – as investors bet on more government spending, although enthusiasm was tempered when U.S. President Joe Biden said China was poised to “eat our lunch,” raising fears of renewed strains on Sino-U.S. ties. At the same time, the vaccine rollout is making progress. Biden announced on Thursday that the U.S. has finished deals for 100 million additional vaccine doses each from Pfizer Inc. and Moderna Inc.

Despite losses on Friday, global stock markets are still on track for a weekly advance, with the MSCI World up 1.1% in the past five days. MSCI’s All Country World index fell 0.15% on the day, shy of record highs reached earlier this week.

Europe’s Stoxx 600 Index erased earlier declines of as much as 0.5% and was trading flat. Germany’s DAX was down 0.5%. Media and tech stocks lead gains, while miners and travel and leisure are worst performing subgroups in the region. Italy’s FTSEMIB index fell 0.2% on the day, with the country’s bond yields near record lows on hopes of a new government led by former ECB President Mario Draghi. In European stocks, ING Groep NV gained 4.8% on better-than-expected earnings and as it signaled possible buybacks. L’Oreal SA also advanced after reporting an increase on sales in the fourth quarter. Shares in British Airways owner IAG SA and EasyJet Plc slumped with Britons encouraged to put summer holidays on hold. Here are some of the  biggest European movers today:

  • ING shares rise as much as 6%, the most since Jan. 6, with Morgan Stanley highlighting a strong performance in the Dutch lender’s core business.
  • Boliden shares jump as much as 6.5%, the most since May 18, after the Swedish copper firm’s profit and dividend beat estimates and RBC said it had an “excellent quarter.”
  • FDJ shares surge as much as 8.5%, to a record high, with Citi saying the French lottery firm’s full-year earnings were “well ahead” of expectations.
  • Schibsted shares gain as much as 4.8% after 4Q earnings beat expectations and JPMorgan said the numbers look “good.”
  • Flow Traders shares jump as much as 12%, the most since February 2018, with Jefferies saying the Dutch exchange-traded products provider’s results topped expectations after a “stellar” quarter.

Earlier in the session, MSCI’s broadest index of Asia-Pacific ex-Japan fell 0.2%, trading just shy of a record high reached in the previous session. Australian stocks lost 0.63%. Shares in Tokyo fell 0.14%, pulling back from 30-year highs. Markets in China and most of Southeast Asia were closed for the Lunar New Year. China’s stock and bond markets, foreign exchange and commodity futures markets are closed through Feb. 17 for the holiday.

Investors weighed some tepid economic data against increasing COVID-19 vaccinations and the prospect that more government spending and continued cheap money from central banks will drive higher growth and, eventually, inflation.

“We’re very bullish on equities. Central banks across the world are much more clearer of late that their policies will be accommodative even beyond the current emergency period and this is further supportive for risk assets,” said Jeffrey Sacks, head of EMEA investment strategy at Citi Private Bank.

Meanwhile, investors will have to follow a “spike train”, monitoring hospital admissions, stimulus, inflation and volatility, said Mark Haefele, chief investment officer at UBS Global Wealth Management, in his monthly letter to clients.

“Overall, we retain a favorable view of markets over our tactical investment horizon,” he said. “While the ‘spike train’ may lead to volatility, we don’t think it will derail the bull market.”

On Friday, global finance chiefs, including U.S. Treasury Secretary Janet Yellen and members of the Group of Seven (G7) nations, meet vowing to rebuild bridges with allies to steer the world economy out of its deep slump.

Elsewhere, largely upbeat earnings update have also supported market sentiment. About 82% of 355 S&P 500 firms have topped analysts’ estimated for fourth-quarter profit, well above the average beat rate of 76% over the past four quarters, per Refinitiv data. Earnings growth for most sectors have improved, with 9 of the 11 sectors reporting positive growth, 6 of which are seeing double-digit growth. Energy and Airlines, however, continue to print weak numbers.

In rates, Treasuries were slightly weaker across the curve even as S&P 500 futures edge lower, toward middle of Thursday’s range, and global stocks rally broadly pauses. Treasury 10-year yields ~1.17%, near middle of 1.113%-1.198% weekly range; bunds, gilts lag by ~1bp each while Italian bonds outperform by ~1bp after PM-elect Draghi wins support of the Five Star Movement to form a government. Bunds and gilts lead, under pressure while Italian bonds outperform over European morning. Treasuries price action was muted during Asia session on low volumes on Lunar New Year.

In FX, the Bloomberg Dollar Spot Index snapped a five-day losing streak as the greenback advanced versus all of its Group-of-10 peers. Commodity currencies led declines while the euro fell, touching $1.21 and the region’s bonds were a tad higher, with Italian debt outperforming its Spanish peers after large flows were seen in both markets. The Australian dollar fell after a lockdown was declared in the nation’s second-most populous state. Westpac’s call on extension of QE further weighed on the currency.

In commodities, Brent crude fell 0.6% to $60.75 a barrel, having dropped half a percent the previous session. U.S. oil fell 0.76% to $57.80 a barrel, after falling 0.8% on Thursday. OPEC cut its demand forecast and the International Energy Agency said the market was still over-supplied, which cast a gloom over energy markets.

Bitcoin reached $49,000 before erasing gains. BNY Mellon announced it would help clients hold, transfer and issue digital assets days after Elon Musk’s Tesla said it had bought $1.5 billion worth of the cryptocurrency and would accept it as a form of payment for its cars.

Economic data at 10 a.m. ET is expected to show that a reading on the University of Michigan’s consumer sentiment index edged up to 80.8 in February from 79 in January.

Market Snapshot

  • S&P 500 futures down 0.3% to 3,899.75
  • MXAP down 0.2% to 217.84
  • MXAPJ down 0.2% to 732.69
  • Nikkei down 0.1% to 29,520.07
  • Topix up 0.2% to 1,933.88
  • Hang Seng Index up 0.4% to 30,173.57
  • Shanghai Composite up 1.4% to 3,655.09
  • Sensex little changed at 51,496.47
  • Australia S&P/ASX 200 down 0.6% to 6,806.74
  • Kospi up 0.5% to 3,100.58
  • German 10Y yield little changed at -0.46%
  • Euro down 0.2% to $1.2109
  • Brent futures down 1% to $60.51/bbl
  • Gold spot down 0.4% to $1,819.08
  • U.S. Dollar Index little changed at 90.42

Top Overnight News from Bloomberg

  • Donald Trump’s lawyers begin their defense of the former president in his Senate impeachment trial on Friday, after House Democrats spent two days portraying him as a lawless, unrepentant inciter of the Jan. 6 insurrection at the U.S. Capitol who shouldn’t hold public office again
  • Betting on a drop in the dollar was one of the most-popular macro trades heading into 2021. But after a painful start to the year, many are wondering whether they wrote off the greenback too quickly
  • The frenzy of trading in U.S. equities is showing no signs of abating and looks set to surpass levels seen during the worst of the pandemic panic in March
  • The U.K. economy grew at double the pace expected in the fourth quarter, capping a year that delivered the worst slump since 1709. Gross domestic product rose 1% from the third quarter, fueled by a boom in construction and government spending. That averted the risk of a second recession early this year but left a 9.9% contraction for the whole of 2020
  • The EU’s Stability and Growth Pact was suspended when the coronavirus hit, and few believe it can ever return in the same form. It was already set to be rewritten before the pandemic started, with the rules frequently breached and little evidence that it was contributing to either stability or growth. Officials say talks will likely resume in the second half of this year
  • Norway’s economy grew much faster than expected at the end of last year, underpinning bets its central bank will be the first in the rich world to raise interest rates this year. Mainland gross domestic product, which adjusts for Norway’s offshore industry, grew 1.9% in the fourth quarter, the Oslo- based statistics office said on Friday. Economists surveyed by Bloomberg had expected a 1.3% expansion rate, on average

A more detailed look at global markets courtesy of NewSquawk

Top Asian News

  • Japan Post Bank Ramps Up CLO Investment to $20 Billion
  • Coronavirus Weakens Netanyahu’s Staunchest Ally Ahead of Polls

European equities are subdued and relatively mixed (Euro Stoxx 50 -0.1%) on the final trading session of the week after seeing somewhat of a mixed open, with little impetus derived from the APAC region amid a myriad of market closures on account of Lunar New Year, with US players also set for a long weekend due to Presidents’ Day Holiday. US equity futures conform to the mild losses seen across Europe as participants await the next catalyst to induce more decisive price action . Sectors in Europe are mixed with more of a defensive bias – materials lag amid losses in base metals as its key player China observes a week-long holiday whilst Healthcare resides as a top performer. Travel & Leisure is also impacted as COVID variants continue to be a source of concern – reflected by Australia’s second largest state entering a brief lockdown period. In terms of individual movers, ING (+5.3%) resides as one of top gainers in the region after firmly topping net income estimates while NII also eclipsed forecasts. The bank also announced a cash dividend of EUR 0.12/shr. Sticking with earnings, L’Oreal (+2%) also cheers optimistic earnings, with LFL sales posting a surprise Y/Y increase and cosmetic sales soaring 30% Y/Y vs exp. +19%. Meanwhile, the weekly BofA Flow Show indicated USD 58.1bln of inflows into equity – the largest ever, with the breakdown pointing to record inflows into US equity of some USD 36.3bln.

Top European News

  • ING Signals Share Buybacks After Beating Estimates on Profit
  • Russia Warns EU It’s Ready to Break Off Ties Over Sanctions
  • Sanctions Risk Means Russia Will Hold Rates: Decision Day Guide
  • Sampo Creates $29 Billion Asset Management Unit Within Mandatum

In FX, the Dollar looks set to end a tough week with a final flourish and the rationale for its latest recovery is not crystal clear in terms of a new or definitive factor. Instead, the Buck appears to be benefiting from a combination of short covering, renewed safe-haven demand and waning US Treasury yield/curve retracement from acute bear steepening after a tepid long bond auction. Moreover, the DXY rebound has garnered more gusto since the index breached 90.500 and only faded into the next upside chart resistance level in the form of the 21 DMA (90.683 today vs 90.670 high so far).

  • NZD/CAD/AUD – All change again for the more risk sensitive currencies, as the Kiwi retreats sharply from 0.7200+ and a couple of attempts to scale 0.7250, while the Loonie has lost its oil prop on the way back down below 1.2750 vs circa 1.2660 at one stage on Thursday, and is now awaiting Canadian wholesale trade before the BoC’s Q4 Senior Loan Officer survey for some independent impetus. However, the Aussie is hanging on to the 0.7200 handle irrespective of more worrying news on the COVID-19 front overnight (Victoria back in Stage 4 lockdown for 5 days), albeit by virtue of stronger Aud/Nzd tailwinds as the cross rebounds towards 1.0750.
  • CHF/JPY/GBP/EUR – Little sign of support for the Franc or Pound via fractionally firmer than forecast, though still deflationary, Swiss CPI or not quite as dire as feared UK GDP, as the former falls further below 0.8900 and latter loses grip of 1.3800. Similarly, the Yen has finally slipped beneath 105.00 following successful defences of the round number, but could yet glean traction from hefty option expiry interest at the strike (2.8 bn). Elsewhere, the Euro remains betwixt and between having narrowly failed to hurdle a Fib retracement or the 50 DMA (both just beyond 1.2150 at 1.2151 and around 1.2156 respectively) and subsequently surviving a scrape with 1.2100 that aligns with the 21 DMA precisely today.
  • SCANDI/EM – The Nok hardly derived any traction from stronger than expected Norwegian mainland growth in Q4 as the aforementioned downturn in crude prices keeps the Krona contained within a 10.3150-2775 range vs the Euro, while the Sek continues to consolidate off pre-Riksbank peaks around 10.1000 in keeping with the Rub that is still on a weaker footing sub-74.000 after the CBRT maintained rates as widely expected – see 10.30GMT post on the headline feed for more on the accompanying statement – and the Mxn under 20.000 in wake of Banxico’s anticipated 25 bp ease. Conversely, the Try is mounting another assault on 7.0000 on the back of Turkish ip topping consensus and a CBRT survey revealing loftier inflation and repo projections, while the Czk is underpinned following Czech CPI data coming in above expectations and hawkish CNB minutes.

In commodities, WTI and Brent front month futures continue to pull back from recent highs as the complex tracks the stock market and as news flow remains light with Chinese players take a week off due to NY, whilst US participants also look forward to a long weekend. WTI meanders around the USD 57.50/bbl mark having had printed a recent peak at USD 58.88/bbl, whilst its Brent counterpart trades on either side of USD 60.50/bbl after waning from its USD 61.70/bbl weekly and YTD high. The fundamental narrative remain little changed with OPEC+ support, vaccine and reflationary hopes keeping prices elevated. That being said, it’s important to remember the blips that could arise from targeted lockdown measures – with Australia’s Victoria state poised to enter a Stage 4 lockdown due to a flare-up of variant cases. Eyes also remain on geopolitical developments as countries keep tabs on Iranian nuclear activity, whilst elsewhere Russian Foreign Minister Lavrov warned that Russia is ready to break ties with the EU. Precious metals meanwhile fall victim to the firming Dollar, with spot gold falling despite the dip in real yields, with the yellow metal inching closer to USD 1800/oz from its USD 1827/oz overnight high. Spot silver meanwhile trades in a narrower parameter on either side of USD 27/oz. Turning to base metals, LME copper is softer as the red metal tracks risk sentiment but remains a comfortable distance above USD 8,000/t.

US Event Calendar

  • 10am: Feb. U. of Mich. Sentiment, est. 80.8, prior 79.0;  Current Conditions, est. 89.0, prior 86.7;  Expectations, est. 76.0, prior 74.0

DB’s Jim Reid concludes the overnight wrap

As a public service announcement I wanted to remind you all its Valentine’s Day on Sunday. I panicked yesterday when I remembered and bought some artisan chocolates for my wife that I suspect on a cost per gram basis was more expensive than caviar. It’s fascinating how certain chocolate has become a Veblen good (I had to look it up). If I bought my wife a box of “Celebrations” now I’d be up for the chop but get her some fancy, high-end, arty box that happens to have a few squares of sugar coated with chocolate and I can gain a number of future golf passes. Well at least I hope so.

Risk assets resumed their own love affair with record highs yesterday with the S&P 500 gaining +0.17% after two days of slight declines. Technology stocks outperformed and also took the NASDAQ (+0.38%) to all time highs following Wednesday’s declines. Semiconductors (+3.45%) in particular led US stocks higher as the Biden administration announced they were working on addressing the global shortage in chips. Sentiment overall was supported by the continued pledges from the Fed to keep monetary policy loose during the recovery, as well as the building momentum behind the Biden stimulus plan, as House Speaker Pelosi said that they hoped to have it done by the end of the month. The energy sector lagged as oil prices fell back from their post-pandemic highs the previous day with Brent crude falling -0.54% and WTI dropping -0.75%. It was the first daily loss for the commodity in nearly two weeks. Brent and WTI are down another -0.62% and -0.70% respectively this morning as the International Energy Agency forecasted a bleaker outlook for global oil demand.

Outside of the US, there was continued buoyancy in financial markets, with the MSCI World index rising for a 9th straight session yesterday, a run not replicated since October 2017. Meanwhile Bloomberg’s index of US financial conditions eased just off Wednesday’s post pandemic high. Financial conditions in the US are currently easier than they were for the entire 2009-12 GFC period and aftermath. Staying on this buoyant liquidity theme, Bitcoin hit an all-time high yesterday intraday before closing up +4.20% to $46,931, and is again trading back at a new record high overnight (up c1%). In our survey you can answer whether you think bitcoin is more likely to double or halve over the next 12 months.

The comments from Powell on Wednesday, in which he struck a decidedly dovish tone when talking about labour market issues, meant that 2yr Treasury yields fell to an all-time low following the open in London yesterday, trading beneath the 0.1% mark at one point. That said, they’d moved off their record lows by the close, ending the session up slightly (+0.2bps) at 0.11%, and the yield curve steepened further as 10yr Treasury yields rose +4.1bps to 1.163% around a weakfish 30yr auction.

A big outperformer in sovereign bond markets were Italian BTPs once again as investors looked forward to a Draghi-led government, with 10yr yields falling a further -4.8bps to an all-time low of 0.456%. In terms of the latest developments, yesterday saw members of the Five-Star Movement, which is the largest group in the Italian parliament, vote to support Draghi. He is now expected to unveil his list of ministers to President Mattarella later today, before sharing his policy program to parliament next week. Other sovereign bonds across the continent rallied too, albeit not to the same extent as Italy’s, with yields on 10yr bunds (-2.1bps), OATs (-2.2bps) and gilts (-1.9bps) all moving lower.

Overnight in Asia markets are trading somewhat mixed as the Nikkei is down -0.28%% after reopening from a holiday, while India’s Nifty is up +0.25%. Australia’s ASX closed down -0.63% after a snap lockdown was imposed in Victoria state for five days due to concerns around the spread of a Covid-19 variant. Chinese, Hong Kong and South Korean markets are all closed for a holiday. Futures on the S&P 500 are down -0.17% and its European counterparts are also pointing to a weaker open.

In terms of the latest on the pandemic, there was further positive news as a UK trial found that the arthritis drug tocilizumab was found to cut the chance of death from Covid-19, as well as the probability of progressing to invasive mechanical ventilation. According to the trial results, it would mean that for every 25 patients treated with the drug, an additional life would be saved, which adds to hopes that along with vaccinations, other medicines will be able to help us navigate the way back to normality. In Germany, Chancellor Merkel noted that covid-19 mutations are likely to become dominant in the country and may affect the overall progress made there. Her and the 16 state premiers have thus agreed to keep tight restrictions in place until at least March 7. The largest European economy is also planning to restrict travel from Austria and the Czech Republic given the state of virus spread in those countries, with further restrictions against other neighboring countries being considered.

France’s Health Minister announced that the epidemic there may be plateauing or even declining slowly even as recent testing over the past week showed that 4-5% of all cases are linked to the South African variant and 20-25% are tied to the UK variant. In the US, Dr Fauci predicted that an increase in supply over the next two months will make it possible for “a mass vaccination approach” in the US by April, whereby anyone who would want a shot would be able to receive one. He couched that the logistic demands may mean that it may take another few months to meet the full demand. Overnight, Japan’s public broadcaster NHK has reported that a health ministry panel is likely to approve the Pfizer-BioNTech vaccine today with the Nikkei reporting that Japan’s first shipment of Pfizer has already arrived and contains 400,000 doses. Japan is likely to start vaccinations from mid next week.

Wrapping up with yesterday’s data, the number of weekly initial jobless claims in the US for the week through February 6 fell to 793k (vs. 760k expected), though the previous week’s total was revised up by +33k. Meanwhile the number of continuing claims for the week through January 30 fell to a post-pandemic low of 4.545m, but this was higher than the 4.420m reading expected. Elsewhere, the European Commission downgraded their 2021 growth forecast for the Euro Area to +3.8% (vs. +4.2% in November), though they upgraded their 2022 forecast to +3.8% (vs. +3.0% previously).

In terms of the day ahead, there isn’t a great deal scheduled, though data releases include the UK’s Q4 GDP reading, as well as the University of Michigan’s preliminary consumer sentiment index for February.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed DOWN 42.86 POINTS OR 0.14%//Australia’s all ordinaires CLOSED DOWN 0.57%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 57.91 dollars per barrel for WTI and 60.89 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4281 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Strange! WHO a U turn on a possible leak from Wuhan lab as a possible theory as to the origins of the COVID 19.. Spoiler alert.  It game from the Wuhan lab

(zerohedge0

In Major U-Turn, WHO Says Wuhan Lab-Leak Hypothesis Still A Possibility

BY TYLER DURDEN
FRIDAY, FEB 12, 2021 – 14:18

Two days after the WHO team of investigators was marched through the Wuhan Institute of Virology, its members declared that any ‘conspiracies’ about the origins of COVID-19 were simply untrue – confidently exclaiming that it was “extremely unlikely” the pandemic came from a lab leak.

Once the team returned to Geneva, however, WHO Director-General Tedros Ghebreyesus did a “screeching U-turn to the lab leak theory” – admitting on Thursday that all theories behind the origin of COVID-19 warranted further investigation.

“Some questions have been raised as to whether some hypotheses have been discarded. I want to clarify that all hypotheses remain open and require further study,” Dr. Tedros said Thursday, in a moment of self-awareness over the optics of their ‘open-and-shut’ investigation.

One of the scientists on the trip was Peter Daszak – whose giant conflict of interest wasn’t a problem for the WHO. Daszak worked directly with WIV researcher Shi Zhengli (‘Batwoman’), who created chimeric coronaviruses via ‘gain-of-function’ research to make them more transmissible to humans.

Peter Daszak

Daszak is the president of the nonprofit group EcoHealth Alliance, which funneled nearly $600,000 from a U.S. taxpayer-funded grant to the Wuhan Institute of Virology between 2014 and 2019 as part of a research project studying coronaviruses from Chinese bats, according to The Wall Street Journal.

And now, he’s doing damage control as the lab leak hypothesis continues to gain momentum. Here he is suggesting that ‘US intel’ was ‘increasingly disengaged under Trump & frankly wrong on many aspects.’

Of note, Daszak drafted a February, 2020 statement in The Lancet on behalf of 27 prominent public health scientists which condemned “conspiracy theories suggesting that COVID-19 does not have a natural origin.”

He’s also opined on how easy it was to manipulate bat-based coronaviruses in labs during a podcast interview just weeks before the first known cases of COVID-19 were reported in Wuhan. Proponents of such experiments, also known as gain of function research, say they’re a useful tool in creating treatments for future outbreaks, but some virologists say the technique is too risky, because it poses the risk of introducing new viruses into the human population.

Curiously (or not) absent from Daszak’s investigative process is the fact that deadly viruses have a history of escaping from Chinese laboratories, including, notably, the first SARS virus escaped twice from the Chinese Institute of Virology in Beijing in 2004.

And now, if only to avoid an optics nightmare, the WHO has gone against Daszak’s confident proclamations that the lab-leak hypothesis is impossible, and is instead leaving the door open – perhaps in order to officially shut it down the road when things have cooled down.

4/EUROPEAN AFFAIRS

UK

That is a huge hit on the uK economy: a huge 9.9% contraction

(zerohedge)

UK Economy Crashed 9.9% In 2020, Biggest Drop In 311 Years

FRIDAY, FEB 12, 2021 – 8:44

Britain’s crippled economy suffered its biggest crash in economic output in 311 years after it slumped by 9.9%. Last year’s fall in output was the biggest since modern official records began after World War Two. Longer-running historical data hosted by the Bank of England suggest it was the biggest drop since 1709, when Britain suffered a “Great Frost”.

The GDP fall was steeper than almost any other big economy’s, though Spain – also hard-hit by the virus – suffered an 11% decline. It also means that the market cap of AAPL is now roughly equivalent to the entire output of the UK.

The good news is that the UK avoided heading back towards recession at the end of the year, with stronger than expected Q4 and December GDP prints, and looks on course for a recovery in 2021. In Q4, GDP grew 1.0%, double consensus estimates of 0.5%. This makes it likely that Britain will escape two straight quarters of contraction – the standard definition of recession in Europe – even though the economy is set to shrink in early 2021 due to the effects of a third COVID lockdown.

“As and when restrictions are eased, we continue to expect a vigorous rebound in the economy,” said Dean Turner, an economist at UBS Global Wealth Management

In December alone, Britain’s economy grew 1.2% after a 2.3% fall in output in November when there was a partial lockdown, pointing to greater resilience to COVID restrictions than at the start of the pandemic. That left output 6.3% lower than in February before the start of the pandemic, the Office for National Statistics said.

However, the Bank of England forecasts the economy will shrink by 4% in the first three months of 2021 because of the new lockdown and Brexit disruption. It thinks it will take until early 2022 before GDP regains its pre-COVID size, assuming vaccination continues at the current rapid pace, which outstrips the rest of Europe’s. Many economists think recovery will take longer.

“Today’s figures show that the economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world,” finance minister Rishi Sunak said.

Sunak, facing the heaviest borrowing since World War Two, said he would continue to focus on protecting jobs when he sets out a new annual budget on March 3. Unemployment has risen much less than feared at the start of the crisis, largely due to subsidies to keep people in work, though sectors such as hospitality and high-street retail remain hard hit.

Some of the damage reflects how Britain’s economy relies more on face-to-face consumer services than other countries, as well as disruption to schooling and routine healthcare, which few other countries factored in to GDP.  Sunak, in an interview with Sky News, said Britain’s economic performance could be seen as being marginally above that of some of its peers last year.

end

UK

The UK has vaccinated the elderly and thus no reason for lockdowns which is killing their economy

(Campbell//American Institute for Economic Research)

Why The UK Government Now Must, But Won’t, Abandon Lockdown

FRIDAY, FEB 12, 2021 – 2:00

Authored by David Campbell via The American Institute for Economic Research,

Members of the Conservative Party have recently received an email from the Secretary of State for Health in which he proclaims himself ‘delighted’ that the Government has hit its target of ‘offering the Covid vaccine to residents in every eligible care home in England.’ His delight has been all but universally shared by the national media, with William Hague’s leading article in The Daily Telegraph claiming that the Government ‘has rediscovered how to succeed’ being representative.

All this, however, takes the level of incomprehension of the Government’s Covid policy by the media, the public and the Government itself to a new height, or depth. The setting and hitting of this target was possible only because the Government effectively suspended the policy of suppressing or even – it is amazing to say that one cannot be clear what the aim has been – eliminating or eradicating Covid-19 throughout the entire UK population. It instead did what it should have done at the outset by focusing its effort on the vulnerable, and I shall focus on the most numerous group, the vulnerable aged. Those in care homes are but the first of four categories of those over 70 to which priority has been given.

Were it to be capable of learning from its ‘achievement,’ the Government should now self-consciously abandon the policy aimed at the entire population, the most important part of which would be to end lockdown, tiers, and all such general restrictions. But this would require the Government to acknowledge that its policy has been a mistake from the outset, and the general lack of capacity the Government has shown includes a lack of capacity to make such an acknowledgement. One has to fear that the mistaken policy has become ‘reflexive,’ in that the magnitude of the government’s failure has itself become the major obstacle to the government being able to acknowledge that failure.

When the UK Government became aware of the Covid-19 virus, it was obliged to make a decision with extremely imperfect knowledge. In part the imperfection was of knowledge of the organism itself. Though knowledge of human coronaviruses has accumulated over more than 50 years, Covid-19 was very likely only recently existent and certainly only recently known to UK and worldwide epidemiology. But much more important was the imperfection of knowledge of what sensibly could be done. A policy aimed at the entire population was from the outset bound to impose burdens on the Government’s capacity to formulate in detail and implement a policy unprecedented in the history of the modern state. All that could be said at the outset was that the costs of such a policy would be immense, certainly greater than those of any other peacetime policy ever adopted.

Such a policy was nevertheless adopted, largely on the basis of the claim that it was extremely desirable as it would avoid huge illness and loss of life. I must make it clear that I believe the predictions of these effects were speculations of a familiar, alarmist type, since given public credence by statistical reporting and other official information that is worse than worthless.

The point I wish to make here, however, is that desirability has no logical connection with possibility, and the Government’s lack of capacity to formulate and implement its policy has been amply demonstrated by the extremely undesirable results of its actions over the last year. The conclusion that because one’s knowledge of risk is extremely imperfect one therefore should undertake an extremely ambitious policy to eliminate that risk is absurd. Wanting to do something does not mean that one knows what to do, and to respond by trying to do everything means undertaking the impossible, and so inevitably encountering repeated failure. The damage having been done, the issue now is how to abandon the policy.

Once the view was taken that sufficient was known about Covid-19 to conclude it posed a significant danger as an epidemic respiratory disease, the Government was obliged to focus on the protection of the vulnerable, and in particular, the vulnerable aged. I by no means defend what has been done, but the questioning led by Jonathan Sumption of the medical policies adopted to prolong life, whilst valid and of great importance, does not, in my opinion, alter this obligation.

Such questioning follows from our longstanding failure to properly debate the legitimate aim of NHS care of the elderly which the Government could not be expected to resolve before taking action. As it has turned out, emerging knowledge of the epidemiological consequences of Covid-19 emphatically confirms the wisdom of adopting a focus on the vulnerable aged, but it was a wise policy in the face of the imperfect information at the time. It was also a policy that it was possible to carry out; one that could have been carried out without incurring the immense costs of a policy aimed at the entire population; and a policy which would have earned time to learn.

However, the Government not only failed to focus on the vulnerable aged but gravely damaged the welfare of those in care homes by taking untested persons from hospitals and putting them in care homes. We will not go over this and the myriad other actions taken that were manifestly deplorable, and not merely in retrospect. The point is that by now at last prioritising those in care homes, the Government has effectively adopted a focus on the vulnerable aged that it should have had in the first place. It has thereby set itself a target it could meet and achieved a highly positive result. Can the Government now draw the natural conclusion that policy aimed at the entire population should be consciously abandoned?

I have said why I fear the government will not do this. But though it is already overwhelming, the argument for abandonment must grow stronger. Abandonment would allow more focus on the vulnerable aged and avoid a number of undesirable consequences of the policy aimed at the entire population. Only a small proportion of those over 65 live in care homes and by virtue of their situation they have been relatively very easy to vaccinate. At the moment they are literally a captive target. Though progress so far is reported to be good, reaching all the remainder of those over 65, and in particular those incapable of independently participating in a vaccination programme, will require greater problems to be solved. The Government has set a target ‘to have offered a first vaccine dose’ to those over 70 by 15 February. We will see, with particular interest in the official meaning which will be given to ‘offered.’

The remainder of the population will be a different matter again. The success of this unprecedented vaccination effort will depend on the take-up of vaccination against a virus of unremarkable significance to those not vulnerable when the vaccine itself must pose risks to human health. Vaccination is racing against the evolution of Covid-19, which it was known from the outset would die out independently of vaccination or become endemic, with mutations into forms for which the current vaccines cannot be designed and against which they may be ineffective.

The use of a number of vaccines which will be administered with varying degrees of efficiency across a huge population magnifies the unknowable risk of undesirable unintended consequences. Unless the UK becomes completely isolated, this risk must be assessed globally, taking into account the epidemiological effects of the ‘pandemic’ spread of Covid-19. The longer the policy aimed at the entire population remains in force, the greater this risk will be, and should it substantially crystallise, it will throw the Government into new states of bewilderment and panic. One already sees a hint of this in the Government’s draconian but incomprehensible response to the ‘South African variant.’ In sum, without an acknowledgement of the failure of the policy aimed at the entire population, there can be no end to that policy. A good start would be for the government to look at the dictionary and consider a shift in its definition of ‘success.’

I must confess that I expected this shift to take place nearly a year ago as the costs of its policy dawned upon the Government and the unremarkable significance of Covid-19 for those not otherwise vulnerable became clearer to it. The success of the effort to maintain a climate of panic has astounded me. One can speculate that currently emerging disagreements within Government and the Parliamentary Conservative Party are evidence that a shift in the meaning of success is now being considered. But in light of the Government’s now successful focus on the vulnerable aged, it would be enormously better if the Government now openly acknowledged its error and abandoned general lockdown and all connected policies, whilst continuing efforts to protect the vulnerable.

This paper has been written on the supposition of agreeing that the Government has hit a meaningful target. In order to make this supposition, one has to adopt some of the Government’s assumptions, but it has rarely been possible to do so and still make sense. As it has never been clear what the aim of the policy addressed to the entire population actually was, one cannot know what purpose vaccination is intended to achieve. But with regard to the vulnerable aged, the most important assumption is that the vaccines are acceptably effective when used to inoculate those over 65. The incredibly accelerated UK approval process and the extreme focus on speed of vaccination have meant that there is no corrigible medical trial evidence of effectiveness to go by. This itself is, however, a reinforcement of my central argument. If vaccine development or the process of its administration has been compromised because they took place in the context of policy addressed to the entire population, then one hopes that that policy could not be denied to be, not merely extremely unwise, but wholly bankrupt.

END

GERMANY/USA

Merkel offered Trump to purchase one billion dollars worth of USA LNG if he would drop sanctions against the Nord Steream no 2 pipeline.

(zerohedge)

Merkel Offered Trump $1BN For US To Drop Sanctions Against Russia-Germany Pipeline

FRIDAY, FEB 12, 2021 – 4:15

Fresh Nord Stream 2 pipeline controversy has erupted in Germany as Angela Merkel’s government stands accused of attempting to arrange a quid pro quo with top American officials to get them to call off the sanctions regimen that’s aimed at thwarting construction and completion of the project.

Berlin reportedly offered to spend $1 billion on American gas if Washington would stop piling on sanctions and allow the Russia to Germany pipeline to be finished, which under normal circumstances would be just months away.

The US position which hardened under the Trump administration and its sanctions on any companies or their executives working on NS-2 was that it would made Europe more energy-dependent on Russia and thus more susceptible to its geopolitical influence, while at the same time “punishing” Ukraine. However, critics have pointed out the US has economic interests as well, namely the desire to sell its own LNG to Germany.

It appears Merkel government tried to tap into this clear economic motive, knowing this might be the most direct ‘opening’ with then President Trump.

The details of the brewing scandal, according to UK’s The Telegraph, are as follows:

Lobbying group Environmental Action Germany (DUH) this week published a leaked letter from Olaf Scholz, the German finance minister, to Steve Mnuchin, the then US treasury secretary, dated last August.

In it, Mr Scholz offered to invest $1bn on new infrastructure to import American liquefied natural gas (LNG) at German ports if the US dropped the planned sanctions.

And now thrown into the mix and adding to the scandal is the Alexei Navalny affair. The United States and Ukraine have used Russia’s arrest of the Russian opposition activist who was allegedly poisoned by nerve agent last August to put pressure on Merkel over the Nord Stream 2 project.

Earlier this month even after Russia expelled diplomats from Germany, Sweden and Poland for allegedly taking part in pro-Navalny rallies, which the embassies for the most part denied, Berlin said it’s sticking with cooperation with Russia on Nord Stream 2 “for the time being”.

Gazprom has recently estimated that only 6% of the pipeline remains till completion. This is equal to about 150kim, which Russia has vowed to see through to finish.

Trump had slapped new sanctions on the project right up through his final weeks in office, which prompted Gazprom and Russian officials in January to issue a surprise statement over the growing “risk” that the project could be suspended altogether if more Washington sanctions are added.

END
UK
Andrew Bailey ready for negative rates in the UK. Lacalle outlines the horrors of negative interest rates
(Daniel Lacalle)

Negative Rates Are Coming To The UK And US, Protect Your Savings

FRIDAY, FEB 12, 2021 – 5:00

Authored by Daniel Lacalle,

Negative rates are the destruction of money, an economic aberration based on the mistakes of many central banks and some of their economists who start from a wrong diagnosis: the idea that economic agents do not take more credit or invest more because they choose to save too much and therefore saving must be penalized to stimulate the economy. Excuse the bluntness, but it is a ludicrous idea.

Inflation and growth are not low due to excess savings, but because of excess debt, perpetuating overcapacity with low rates and high liquidity and zombifying the economy by subsidizing the low productivity and highly indebted sectors and penalizing high productivity with rising and confiscatory taxation.

Historical evidence of negative rates shows that they do not help reduce debt, they incentivize it, they do not strengthen the credit capacity of families, because the prices of non-replicable assets (real estate, etc.) skyrocket because of monetary excess, and the lower cost of debt does not compensate for the greater risk.

Investment and credit growth are not subdued because economic agents are ignorant or saving too much, but because they don’t have amnesia. Families and businesses are more cautious in their investment and spending decisions because they perceive, correctly, that the reality of the economy they see each day does not correspond to the cost and the quantity of money.

It is completely incorrect to think that families and businesses are not investing or spending. They are only spending less than what central planners would want. However, that is not a mistake from the private sector side, but a typical case of central planners’ misguided estimates, that come from using 2001-2007 as “base case” of investment and credit demand instead of what those years really were: a bubble.

The argument of the central planners is based on an inconsistency: That rates are negative because markets demand them, not because they are imposed by the central bank. If that were the case, why don’t they let rates float freely if the result was going to be the same? Because it is false.

Think for a moment what type of investment, company or financial decision is one that is profitable with rates at -0.5% but unviable with rates at 1%. A time bomb. It is no surprise that investment in bubble-prone sectors are rising with negative rates and non-replicable and financial assets skyrocket.

Public debt trades at artificially low yields and, instead of strengthening economies, negative rates make governments more dependent on cheap debt. Politicians abandon any reformist impulse and prefer to accumulate more debt.

The financial repression of central banks begins with a misdiagnosis, assuming that low growth and below-target inflation is a problem of demand, not of the previous excess, and ends up perpetuating the bubbles that they sought to solve.

The policy of negative types can only be defended by people who have never invested or created a job because no one that has worked in the real economy can believe that financial repression will lead economic agents to take much more credit and strengthen the economy.

Negative rates are a huge transfer of wealth from savers and real wages to the government and the indebted. A tax on caution. The destruction of the perception of risk that always benefits the most reckless. The bailout of the inefficient.

Central banks ignore the effects of demography, technology and competition on inflation and growth of consumption, credit, and investment, and with the wrong policies generate new bubbles that become more dangerous than the previous ones. The next bubble is to increase again the fiscal imbalances of the countries. Even worse. When central banks present themselves as the agent that will reverse the effect of technology and demographics, they create a greater risk and bubble.

Protect your savings with gold, silver, inflation-linked instruments and stocks in sectors that do not suffer from negative rates.

END

ITALY

Italian bond yield are at record lows as Draghi set to become Prime Minister

(zerohedge)

Italian Bond Yields Hit Record Low With Draghi Set To Become New PM As Soon As Today

FRIDAY, FEB 12, 2021 – 8:14

With almost all political parties behind him, Mario Draghi on Friday entered the final stage of forming a new Italian government, the Local.It reported. The former European Central Bank chief, called in after the outgoing centre-left coalition collapsed, could visit President Sergio Mattarella as early as Friday to be officially named prime minister.

Draghi has spent the last nine days garnering support from Italy’s political parties, with the aim of forming a ‘government of national unity’ to manage the deadly pandemic that hit Italy almost exactly one year ago, triggering a deep recession.

After securing the support late Thursday of the last key party, the populist Five Star Movement (M5S), Draghi has almost all the main parties on board.

“The Draghi government is born,” headlined Rome-based daily Il Messaggero, while the Corriere Della Sera led with “Draghi in the home stretch.”

However, the 73-year-old economist has shown he is willing to take his time, and could yet take a few more days to finalise his cabinet. Even if Draghi invites figures from outside politics onto his team, as he is expected to do, he still needs to get the agreement of a majority of lawmakers. He has been negotiating with Italy’s various political parties since last week on a possible deal.

Italy has high hopes for Draghi, dubbed Super Mario after vowing to do “whatever it takes” to save the euro single currency in the 2010s debt crisis. Mattarella asked him to step in on February 3rd after outgoing premier Giuseppe Conte resigned following weeks of political turmoil.

Italy has been without a fully functioning government for almost a month since former prime minister Matteo Renzi withdrew his Italia Viva party from Conte’s coalition, triggering its collapse. Conte resigned in hopes of putting together a new coalition and returning at its head, but this didn’t happen. After failed talks, President Sergio Mattarella – who as head of state is refereeing the negotiations – called time and summoned former head banker Mario Draghi to form a new government.

Meanwhile, Italy’s president has emphasized the urgency of moving quickly to fill the political vacuum, as Italy approaches the milestone of 100,000 Covid-19 deaths.

Additionally,  As the new PM, Draghi would need to decide how to spend more than 200 billion euros ($243 billion) in grants and loans from the European Union’s recovery fund to help it get back on its feet. Draghi will have to balance demands for immediate relief against the need for long-term structural reforms in Italy – tensions that brought down the last government.

Meanwhile unemployment – at 426,000 higher than one year ago – risks rising further later this year, if an existing freeze on job dismissals is not extended. Another priority is speeding up Italy’s coronavirus vaccination program, which made a promising start in December but has since slowed, against a backdrop of rising concern about the spread of new variants.

Challenges aside, Draghi’s arrival was greeted with delight on the financial markets – Italy’s borrowing costs dropped to a historic low this week. Italian bonds rallied on the news Draghi won support of the Five Star Movement to form a government, pushing the 10-year yield to a record low for a fifth day running, and dropping as low as 0.422% on Friday. The BTP-bund spread falls to 90bps, matching a target set by a number of bank strategists.

According to Bloomberg, “Italian bonds may enter another period of low volatility given that the date for the next scheduled election is a good two years away. Of course, the nation is prone to political tumult periodically, but with Draghi at the helm, even members of Five Star — traditionally the voice of anti-establishment in the country — know they can’t have someone better for the job at least from the perspective of an economy.”

 END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

This is a must read!! Putin just put cold water on Klaus Schwab’s stupid reset plans

(Tom Luongo)

Great Reset? Putin Says, “Not So Fast”

THURSDAY, FEB 11, 2021 – 23:50

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

Did you happen to catch the most important political speech of the last six years?

It would have been easy to miss given everything going on.  In fact, I almost did, and this speech sits at the intersection of nearly all of my areas of intense study.

The annual World Economic Forum took place last week via teleconference, what I’m calling Virtual Davos, and at this year’s event, of course, the signature topic was their project called the Great Reset.

But if the WEF was so intent on presenting the best face for the Great Reset to the world it wouldn’t have invited either Chinese Premier Xi Jinping or, more importantly, Russian President Vladimir Putin.

And it was Putin’s speech that brought down the house of cards that is the agenda of the WEF.

The last time someone walked into a major international forum and issued such a scathing critique of the current geopolitical landscape was Putin’s speech to the United Nations on September 29th, 2015, two days before he sent a small contingency of Russian air support to Syria.

There he excoriated not only the U.N. by name but most importantly the U.S. and its NATO allies by inference asking the most salient question, “Do you understand what you have done?” having unleashed chaos in an already chaotic part of the world?

As important as that speech was it was Putin’s actions after that which defined the current era of geopolitical chess across the Eurasian continent.   Syria became the nexus around which the resistance to the “ISIS is invincible” narrative unraveled

And the mystery of who was behind ISIS, namely the Obama administration, was revealed to anyone paying attention.

President Trump may have taken credit for beating ISIS, but it was mostly Putin and Russia’s forces retaking the Western part of Syria which allowed that to happen, while our globalist generals, like James Mattis, did as much damage to Syria itself and as little to ISIS as possible, hoping to use them again another day.

And regardless of whether you agree or disagree with the U.S.’s policy in Syria, which I most definitely do not, it is hard to argue that Russia’s intervention there fundamentally changed the regional politics and conflicts for the foreseeable future.

It was the beginning of the voluntary disconnection of China, Russia and Iran from the West.

For standing athwart U.S. and European designs on consolidating power in the Middle East, Russia has been vilified in the West in ways that make the indoctrination I received as a kid growing up in the Cold War look like vacation advertisements for spending the summer in Crimea.

But it is that strength of purpose and character that has defined Putin’s two decades in power. He’s done wonders in rebuilding Russia.

He’s made many mistakes, mostly by first trusting American Presidents and second by underestimating just how arrogant and rapacious the leadership in Europe is.

That said, he’s now reached his limit, especially with Europe, and he’s set a firmly independent path for Russia regardless of the short-term costs.

And that’s why his speech at the World Economic Forum was so important.

Putin hadn’t spoken there for nearly a decade.  In a time when WEF-controlled puppets dominate positions of power in Europe, the U.K., Canada and now the U.S., Putin walked into Virtual Davos and dumped his coffee on the carpet.

In terms I can only describe as unfailingly polite, Putin told Klaus Schwab and the WEF that their entire idea of the Great Reset is not only doomed to failure but runs counter to everything modern leadership should be pursuing.

Putin literally laughed at the idea of the Fourth Industrial Revolution – Schwab’s idea of a planned society through AI, robots and the merging of man and machine.

He flat-out told them their policies driving the middle class to the brink of extinction over the COVID-19 pandemic will further increase social and political unrest while also ensuring wealth inequality gets worse.

Putin’s no flower-throwing libertarian or anything, but his critique of the hyper-financialized post-Soviet era is accurate.

The era dominated by central banking and the continued merging of state and corporate powers has increased wealth inequality across the U.S. and Europe, benefiting millions while extracting the wealth of billions.

Listening to Putin was like listening to a cross between Pat Buchanan and the late Walter Williams.  According to him the neoliberal ideal of “invite the world/invade the world” has destroyed the cultural ties within countries while hollowing out their economic prospects.  Putin criticized zero-bound interest rates, QE, tariffs and sanctions as political weapons.

But the targets of those weapons, while nominally pointed at his Russia, were really the West’s own engines of vitality, as the middle classes have seen their wages stagnate, and access to education, medical care, and the courts to redress grievances fall dramatically.

Russia is a country on the rise, so is China.  Once their ties are embedded deeply enough to stabilize its economy, so too will Iran rise.

Together they will lead the central Asian landmass out of the nineteenth-century quagmire that exists thanks to British and American intervention in the region.  Putin’s speech made it clear that Russia is committed to the process of finding solutions to all people benefiting from the future, not just a few thousand holier-than-thou oligarchs in Europe.

In a less confrontational address, Chairman Xi said the same thing.

He gave lip service, like Putin, to climate change and carbon neutrality, focusing instead on pollution and sustainability.

Together they basically told the WEF to stuff the Great Reset back into the hole in which it was conceived. 

I’ve followed Putin closely for nearly a decade now.  I got the feeling that if he was speaking to a college-level political science class and not a convocation of some of the most powerful people in the world he would been laughed in their faces.

But, unfortunately, he understands better than any of us having been the object of their aggression for so long, he had to treat them seriously as their grasp of reality and connectedness to the people they ruled was nearly severed.

At the end of his planned remarks, Klaus Schwab asked Putin about Russia’s troubled relationship with Europe and could it be fixed.  Putin pulled no punches. 

If we can rise above these problems of the past and get rid of these phobias, then we will certainly enjoy a positive stage in our relations.

We are ready for this, we want this, and we will strive to make this happen. But love is impossible if it is declared only by one side. It must be mutual.

I don’t get the sense from anything I

’ve seen from the Biden Administration or the European Commission in Brussels that anyone heard a word he said.

end

ISRAEL/USA

FROSTY RELATIONSHIP BEGINS!

‘You’re Nothing Special’: Frustration In Israel As Biden Still Hasn’t Phoned Netanyahu

FRIDAY, FEB 12, 2021 – 14:49

It’s increasingly looking like the US and Israel may be in for a frostier four years to come compared to the close and highly coordinated prior state of relations with the Trump administration, in which it should be recalled Tel Aviv got its wish on everything from Washington’s recognition of Jerusalem as the capital, to acknowledged sovereignty over the Golan Heights.

Israeli leadership and the public is voicing increased frustration at the fact that Joe Biden has yet to pick up the phone and talk to Benjamin Netanyahu, as NBC reports late this week:

“In his first three weeks in office, President Joe Biden has made a flurry of phone calls to American allies around the world, including the leaders of Canada, Britain, France and Japan.

But one close American ally’s leader has so far been left conspicuously off the new president’s call list: Israeli Prime Minister Benjamin Netanyahu.

AFP via Getty Images

Israeli media is now rife with speculation over what this means for the future of Israeli-US relations even while Washington continues shelling out billions in foreign aid to its number one Mideast ally.

“Biden and his aides aim to tell Netanyahu, ‘You’re nothing special,'” geopolitical analyst Yossi Melman wrote in the Israeli daily Haaretz. “‘The personal connection and chemistry you had with Donald Trump not only fail to advance your standing in Washington, they’re an obstacle.'”

And the further irony, Melman points out, is that Netanyahu has over the same period had no less than three phone calls from Vladimir Putin.

In response to the reports the former US ambassador to Israel Dan Shapiro, who served under the prior Obama-Biden administration, said, “There’s no reason for any drama” and that likely Biden will pick up the phone soon.

However, other pundits are noting it as a clear rebuke. A former Israel consul-general, Dani Dayan, told NBC for example:

END”It’s a clear sign of displeasure from President Biden with the fact that Prime Minister Netanyahu was perceived in Washington for the last 12 years as almost a card-carrying member of the Republican Party.”

Long-term policy on Israel from the new administration remains unclear, however Biden’s Secretary of State has previously indicated the US will continue to uphold some of Trump’s more controversial moves regarding the close regional ally, most notably continuing to recognize Jerusalem as Israel’s capital and keeping the American embassy there.

Meanwhile, on Thursday the White House was pressed on the matter. “US President Joe Biden plans to speak with Israeli leader Benjamin Netanyahu soon, the White House said on Thursday without providing a date,” the press secretary responded, according to Reuters.

END

6.Global Issues

A no brainer: CDC issues guidance for schools to reopen as soon as possible.

What took them so long

(zerohedge)

CDC Issues Guidance For Schools To Reopen “As Soon As Possible”

FRIDAY, FEB 12, 2021 – 15:05

Just days after the CDC decided that “science” demands that two masks be worn instead of just one, on Friday afternoon the Centers for Disease Control and Prevention Friday released long-awaited guidance urging the nation’s elementary and secondary schools to reopen safely as soon as possible, saying they can operate by strictly adhering to safety precautions to reduce the risk of Covid-19 transmission in classrooms and in their communities.

“It is critical for schools to open as safely and as soon as possible, and remain open, to achieve the benefits of in-person learning and key support services,” the CDC said in the new guidelines. “All community members, students, families, teachers, and school staff should take actions to protect themselves and others where they live, work, learn, and play.”

Refuting its previous recommendation, the CDC now says that “there is evidence to suggest that K-12 in-person school attendance is not a primary driver of community transmission . Although children can be infected with SARS-CoV-2, can get sick from COVID-19, and can spread the virus to others , evidence indicates that children are less susceptible than adults, and may be less infectious . In addition, children are less likely than adults to have severe illness or die and are more likely to be asymptomatic.”

In other words, the “science” has changed again, and now the “scientists” agree that given the benefits of in-person learning, children should go to school as soon as possible as long as it is “safe” and as top recommendations for doing so safely it listed universal wearing of masks by students, staff and teachers as well as distancing so that people are six feet apart.

Also essential, the agency said, are proper hand-washing practices, cleaning and maintaining healthy facilities, and working with health departments to use contact tracing, isolation and quarantine to reduce the risk of transmission once someone has been infected. The CDC now claims that strictly adhering to these measures will reduce the risk of Covid-19 in schools even if transmission is high in the community.

Again, not what “science” told us previously.

So what changed between “then” and “now”.

Well… you’ll laugh. As the WSJ noteswhile “many of the recommendations, like mask wearing and physical distancing were in the agency’s previous guidelines, this time, though, the agency is urging schools to implement them, taking a more decisive tone.”

As yes, the “decisive tone” is what made all the difference between school lockdowns – which drove a nation of parents insane for the past year – and reopenings. Some more from the WSJ:

The National Education Association, the country’s largest teachers union, applauded the CDC’s stronger tone on what mitigation strategies must be implemented and enforced in order for schools to safely reopen.

The agency’s previous approach left wiggle room on interpretation and application, said Becky Pringle, the union’s president. As a result, some schools spaced students 3 feet apart, instead of the recommended 6 feet, while others didn’t mandate mask-wearing inside buildings.

The clarity will also help cash-strapped districts make the case for additional funding to adhere to the safety guidelines, Pringle said. In short, the CDC is merely providing a conduit for insolvent schools to demand even more taxpayer bailouts.

The CDC issued the guidelines as many cities and states move to resume in-person instruction with Covid-19 cases declining across the country and pressure from many parents growing.

And since the CDC has become the country’s most politicized organization it needed to have a cover for once again making a mockery of the “science”, noting that studies have shown in-person instruction is more productive and beneficial for children than remote learning.

The reality: the CDC had to ensure that Biden’s promises would be fulfilled – even if it meant conflicting with its previous recommendations. The president has promised to help reopen a majority of K-8 schools in his first 100 days in office, calling the lack of school time a “national emergency.”  And so the CDC was dragged in.

Of course, this doesn’t mean that all schools will promptly reopen. The timing and logistics of bringing students back to schools without Covid-19 transmission has led to sharp debates between parents pushing for reopenings and cautious school systems, as well as tense negotiations between teachers’ unions and city governments.

Reopening will present many challenges, according to school experts. Many schools lack testing capacity, proper ventilation and supplies, and will likely need additional resources to reopen. It can also be hard to keep students wearing masks.

But if it means millions in new funds, we are confident that even the teachers will take one for the team.

END

7. OIL ISSUES

My goodness: prices for natural gas skyrockets from $2.00 up to $80.00 due to supply problems

(zerohedge//2 COMMENTARIES)

end

“Supply Is Frozen” – Polar Vortex Sparks Massive Spike In NatGas/Electricity Costs

FRIDAY, FEB 12, 2021 – 15:38

As a ‘deep chill’ from a polar vortex split spills into much of the central US, spot natural gas and electricity prices are spiking quicker than Robinhood pajama traders pumping penny stocks, low-float biotechs, and, of course, GameStop and other meme stocks in recent weeks.

The week’s biggest story is the plunge in temperatures across the Great Plains from Canada to Texas, resulting in skyrocketing demand for natgas and electric markets as tens of millions of Americans crank up their thermostats to stay warm.

“One of the main stories is the very cold temperatures and the expanse of the cold,” Marc Chenard, a senior branch forecaster at the US Weather Prediction Center, told Bloomberg.

“Most of the country will be at or below average except Florida.”

BAMWX explains a series of winter storms are possible” from Denver to Dallas to Chicago to Cleveland to Mid-Atlantic and Northeast states through next week.

An overwhelming signal seems to be developing for a major winter storm from the Deep South to the Ohio Valley into the NE early next week. Here are our 3-7 day hazards map and a blend of models 75th percentile data. Worth note deterministic data showing major snow numbers. #Snow,” BAMWX’s official Twitter account tweeted. 

The reason the extreme weather is so critical to note is that the colder temperatures have prompted wellhead freeze-offs, cutting production receipts just when they’re most needed by customers’ demand for heating.

Minneapolis Federal Reserve Bank President Neel Kashkari tweeted this morning the temperature was -19F.

Frigid temperatures caused equipment failures, temporarily shutdowns and flaring at four natural gas processing plants in the West Texas shale play, filings with the Texas Commission on Environmental Quality show.

  • Targa Resources’ Benedum Gas Plant in Upton County affected for 7 hours overnight, co. said in a filing
  • Occidental Petroleum’s Bennett Ranch Unit RCF Facility in Yoakum County, which is used for EOR, was affected for 9 hours Thursday: filing
  • DCP Midstream’s Goldsmith Gas Plant in Ector County affected for 1 hour Thursday: filing
  • Occidental’s nearby gas plant, another EOR facility, was affected by DCP Midstream incident: filing

As shown below, heating degree days for much of the US is well above trend, which has sent the price of natgas, propane, and heating oil to heat homes surging.

Great Plains natgas prices are also erupting at the Oneok hub gas hub that pipes gas from Oklahoma to Midwest areas hit multi-decade highs Thursday, to about $60.

Gas prices to Houston and Chicago also surged to seven-year highs. But that’s not all. The Southern Star natgas spot (Texas, Oklahoma, Kansas) spread to Henry Hub exploded to $38.

At other hubs, including ANR Oklahoma, Panhandle, and NGPL Midcontinent, prices hit their highest in seven years, topping $16, $14, and $12, respectively.

Andy Weissman, CEO, EBW Analytics, told clients in a note this week that weather forecasts are mixed regarding how fast warmer temperatures will push out the colder temperatures, but bullish catalysts remain for natgas.

The next two gas storage withdrawals “will be enormous,” Weissman said. 

“Freeze-offs already are occurring in West Texas and likely to become more severe. When the market reopens next Tuesday after the holiday weekend, the picture for gas could still be bullish.”

About a month before all this chaos in the central US, the polar vortex split was dumping Arctic air into Asia and Europe, it was then when Goldman Sachs flipped its thesis on natgas, telling clients how it has gone from “bearish” to now “bullish” on the commodity.

Notably, this surge in NatGas prices has serious knock-on consequences, as it is a major input to the electricity power generation system.

As Genscape data shows, the Electric Reliability Council of Texas saw power demand for electricity usage jump on Thursday as millions in the state are experiencing fridge temperatures.

The average spot price for electricity in North Texas soared 738% to $289.40 a megawatt-hour on Thursday afternoon after spiking to $1,900 earlier in the day.

As one power trade warned:

Prices in response to the persistent cold have pushed load expectations to all time winter highs, and on par with the hottest summer days the ISO has experienced.

Actual shortages could persist if units aren’t weatherized and fail at any point.  Monday peak is currently bid 4000, and balweek inclusive of Tuesday through Friday is 1000@2000.

Off peak (nights) have traded insane levels as well, with the balance of the month trading 650$.  For reference, summer of 2018 never came close to touching these levels.

The highest trade on a balday was around 2000$, if i’m not mistaken.  The PUC is meeting today to discuss coordination and potential conservation efforts, but this event will likely crush several firms who are not collateralized enough to weather (no pun intended) the storm IMO.

And all those folks on griddy could literally be looking at paying 4$+ per KWh across the state (as opposed to 12 cents or whatever rate you got at your house), pushing power bills to the moon.

And that surge in energy costs come at a time when incomes/jobs remain suppressed and Americans are being told to stay indoors, alone.

END

Oil Is Soaring Amid “Supercycle” Chatter

FRIDAY, FEB 12, 2021 – 12:27

Just days after one of our favorite macro strategists, Dylan Grice, predicted that the stage is set for “a bull market in oil“, and JPM quant Marko Kolanovic said a new oil and commodity supercycle has begun, oil is starting to get the message, and has jumped more than 2% on Friday…

… rising to the highest intraday level in more than a year as output curbs from top producers whittle down global inventories, while JPM predicts that an epic systematic short squeeze is about to be unleashed next month in oil (we discussed this earlier this week, and will touch on this shortly again).


Oil was set for a second straight weekly gain, as OPEC+ continued to slash output and the group expects a stronger second half of the year, which to Bloomberg indicates “that global inventories will face sharp declines unless the cartel boosts supply.” Indeed, Iraq said OPEC+ is unlikely to change its output policy at a March meeting. Meanwhile, in the U.S., crude stockpiles are at the lowest in nearly a year.

“This time of year, there’s usually builds,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. “The draws we’ve been getting are pretty surprising, setting up a really bullish backdrop.”

As a result of the rally, WTI futures’ 14-day Relative Strength Index (RSI) rose to the most overbought since 1999 this week and remains above 70 in a sign that the commodity may be due for a pullback, which however has yet to come.

“Based on fundamental analysis, the case for further price gains is hard to make, although we are seeing optimism in financial markets in general,” said Hans van Cleef, senior energy economist at ABN Amro. “We think that much higher oil prices are not sustainable and that oil producers will then start to increase production.”

Maybe… but maybe they are. Skepticism aside, a recent bullish trade reco by Goldman was validated as Brent prompt timespreads widened in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships. The nearest timespread traded as strong as 55 cents a barrel, while swaps tied to the North Sea physical market flipped from a discount to a premium.

Meanwhile, concerns about global demand remain with the Covid-19 pandemic crimping fuel consumption from China to the U.S. On Thursday the IEA again cut its demand forecast for 2021, describing the market as fragile. However, oil has recovered from the depths of the pandemic (after briefly trading as negative as -$43/bbl on April 20).

That said, a recovery from the pandemic could lead to outsized gains in oil: according to BofA, oil demand could rise at the fastest pace since the 1970s over the next three years, which could send oil prices soaring.

“Inflation fears are increasing rapidly and there is a historic amount of capital filtering through global financial markets due to all of the stimulus programs,” Ryan Fitzmaurice, commodities strategist at Rabobank, said in a note. Large inflows into the space “speak to the fact that investors want to own commodities at the moment and are willing to overlook some of the weaker fundamental inputs to focus on the bigger picture at hand.”

Finally, let’s not forget that for the Fed the oil price surge is music to their ear for the simple reason that one of the biggest drivers of 10Y breakevens…

… is the price of oil.

And if there is one thing the Fed wants more than anything, is to create the impression that inflation is about to overheat, forcing Americans to start spending. It might be working: earlier today the latest UMich report found that 1-Year inflation expectations surged to the highest level since 2014…

8 EMERGING MARKET ISSUES

CORONAVIRUS UPDATE/GLOBE

Australia Imposes 5-Day Lockdown; Japan Approves Pfizer Jab: Live Updates

BY TYLER DURDEN
FRIDAY, FEB 12, 2021 – 11:19

Summary:

  • Australia imposes 5-day lockdown
  • Japan approves Pfizer jab
  • world nears 108MM
  • Czech lawmakers reject request return to emergency
  • EU head admits “istakes were made” in COVID rollout

* * *

As Friday begins, the global focus pertaining to the ongoing COVID-19 pandemic shifts to Melbourne, where the Australian Open Tennis Tournament is in jeopardy due to an outbreak linked to a quarantine motel.

Though Australia‘s numbers have been consistently low, the country has imposed several lockdowns that have more or less succeeded in stamping out the virus.

But the outbreak of this latest quarantine hotel in Melbourne, the capital of Victoria state, reached 13 cases as of Thursday midnight, as authorities rushed to quash the spread, which was linked to the highly contagious UK variant.

A similar scenario played out in the UK, and in South Africa. Victoria Premier Daniel Andrews announced the lockdown for the state, starting at midnight on Friday, calling it a “short, sharp circuit breaker”. He banned public gatherings, home auctions, weddings and religious gatherings, the standard techniques for a lockdown

Victoria Premier Daniel Andrews announced the lockdown for the state, starting at midnight on Friday, calling it a “short, sharp circuit breaker” banning public gatherings, home auctions, weddings and religious gatherings. In other news, Iran’s coronavirus cases surpassed 1.5 million on Friday. U.S. hospitalizations for the coronavirus plunged about 16% so far in February, dropping to the lowest since mid-November.

In the US, the trend of falling cases, hospitalizations and deaths continues.

Japanese Economy Minister Yasutoshi Nishimura told a government advisory panel that it’s necessary to maintain a state of emergency for 10 areas of the country, including Tokyo and Osaka, if Japan wants to defeat its outbreak in time to host the summer Olympics

Just as importantly, regulators in Japan decided that they would speed up the vaccine-approval process.

The world teeters on the brink of 108MM cases, the rate of new cases, hospitalizations and deaths in the US continues to decline.

Here’s some more COVID news from the past day:

  • NIH says changes to spike protein may cause vaccine to be less effective toward mutants. (Source: Newswires).
  • Czech lawmakers rejected a government request to extend the state of emergency beyond this week, scrapping some lockdown measures as the country struggles to contain one of the worst coronavirus outbreaks in Europe. The vote late Thursday means the state won’t be able to keep shops and services closed, and won’t be able to limit public gatherings (Source: Bloomberg).
  • European Commission President Ursula von der Leyen admitted that mistakes were made during the rollout process of vaccines to the European Union. The Commission underestimated issues with the possibility to scale up the vaccine manufacturing process, von der Leyen said during a press conference (Source: Bloomberg).
  • Poland registered 6,379 new Covid cases in last 24 hours versus 7,008 the day before, according to Health Ministry. The country reported 247 new deaths, versus 456 deaths previous day (Source: Bloomberg).
END

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 AM….

Euro/USA 1.2113 DOWN .0017 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

USA/JAPAN YEN 104.98 UP 0.175 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3805   UP   0.0020  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2725 UP .0026 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 17 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2113 Last night Shanghai COMPOSITE CLOSED 

//Hang Sang CLOSED 

/AUSTRALIA CLOSED DOWN 0,57%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED NEW YEAR 

/SHANGHAI CLOSED NEW YEAR 

Australia BOURSE CLOSED DOWN 0.57% 

Nikkei (Japan) CLOSED DOWN 42.86  POINTS OR 0.14%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1818.85

silver:$27.13-

Early FRIDAY morning USA 10 year bond yield: 1.174% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.965 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.54 UP 13 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.11% UP 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.06.%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.16%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.49 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 33 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.43% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.92% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.2121  DOWN     .0009 or 9 basis points

USA/Japan: 104.95 UP .201 OR YEN DOWN 20  basis points/

Great Britain/USA 1.3846 UP .0035 POUND UP 35  BASIS POINTS)

Canadian dollar UP 1 basis points to 1.2699

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (x)..

THE USA/YUAN OFFSHORE:  6.4212  (YUAN up)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.02  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.06%

Your closing 10 yr US bond yield UP 2 IN basis points from THURSDAY at 1.1833 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.978 UP 4 in basis points on the day

Your closing USA dollar index, 90.46 down 4  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 12:00 PM

London: CLOSED UP 54.97  0.84%

German Dax :  CLOSED UP 2.77 POINTS OR .02%

Paris Cac CLOSED UP 34.17 POINTS 0.60%

Spain IBEX CLOSED UP 12.80 POINTS or 0185%

Italian MIB: CLOSED UP 91.31 POINTS OR 0.39%

WTI Oil price; 58.74 12:00  PM  EST

Brent Oil: 61.96 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.77  THE CROSS HIGHER BY 0.9 RUBLES/DOLLAR (RUBLE LOWER BY 9 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.43 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  59.63//

BRENT :  62.56

USA 10 YR BOND YIELD: … 1.206..up 4 basis points…

USA 30 YR BOND YIELD: 2.008 up 7 basis points..

EURO/USA 1.2119 ( DOWN 11   BASIS POINTS)

USA/JAPANESE YEN:104.95 UP .204 (YEN DOWN 20 BASIS POINTS/..

USA DOLLAR INDEX: 90.46 UP 5 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3853 UP 41  POINTS

the Turkish lira close: 7.02

the Russian rouble 73.69   DOWN 0.01 Roubles against the uSA dollar. (DOWN 01 BASIS POINTS)

Canadian dollar:  1.2697 DOWN 20 BASIS pts

German 10 yr bond yild at 5 pm: ,-0.44%

The Dow closed UP 27.70 POINTS OR 0.09%

NASDAQ closed UP 275.21 POINTS OR 2.22%


VOLATILITY INDEX:  20.04 CLOSED DOWN 1.21

LIBOR 3 MONTH DURATION: 0.197%//libor dropping like a stone

USA trading day in Graph Form

Bonds & The Dollar Dumped, Black Gold & Bitcoin Pumped

FRIDAY, FEB 12, 2021 – 16:05

A noisy week in US equities (led by Small Caps) after record inflows, ending with the ubiquitous buying-panic ahead of the long weekend…

But while Wall Street ended at record highs, Main Street sentiment has collapsed…

Source: Bloomberg

“It’s good to be king…”

The frenzy of trading in U.S. equities is showing no signs of abating and looks set to surpass levels seen during the worst of the pandemic panic in March.

Source: Bloomberg

Over the last 15 days, an average 16.2 billion shares have traded each day on all U.S. exchanges, according to data compiled by Bloomberg. That’s just below the 16.8 billion average hit on March 25, which was the highest in at least over a decade. Bursts of trading usually come amid periods of surging volatility so with price swings subdued the jump in trading activity looks like another sign of stock market exuberance.

Energy stocks the week’s best performer (as oil surged) with Utes and Consumer Discretionary (and odd couple) lagging…

Source: Bloomberg

Heavily-shorted Biotechs tumbled this week after a big open Monday…

Source: Bloomberg

But the original WSB short-squeeze stocks actually rallied this week (though context is critical)…

Source: Bloomberg

And while Pot stocks started the week magnificently, they ended ugly…

Source: Bloomberg

TSLA had an ugly week as the automaker desperately clung to $800…

And TLRY changed its mind faster than Fauci on mask-wearing…

VIX tumbled this week, closing at its lowest in a year…

Source: Bloomberg

As Net Specs are at their shortest VIX since Feb 2020 also…

Source: Bloomberg

Treasury yields ended the week higher after bonds were dumped today…

Source: Bloomberg

10Y and 30Y yields pushed up their highest level YTD today, with the latter back above 2.00%…

Source: Bloomberg

The biggest driver of bond yields appears to be breakevens which are in turn rallying on crude…

Source: Bloomberg

The dollar puked all week, almost back to unchanged on the year…

Source: Bloomberg

And as the dollar dumped, crypto soared…

Source: Bloomberg

With Ethereum above $1850 at new record highs after a good monkey-hammering early in the week…

Source: Bloomberg

Bitcoin also screamed higher, breaking above $49k at its peak after Elon Musk said Tesla was a buyer…

Source: Bloomberg

Oil outperformed on the week along with copper as PMs managed to hold on to gains, despite a weak dollar…

Source: Bloomberg

WTI prices rose for the 9th day in the last 10, and exploded higher today, breaking above $59…

Finally, if the ‘smart money’ is selling, who’s been chasing all these money-losing, massive gamble SPACs and IPOs on the break?

Source: Bloomberg

a)Market trading//THIS MORNING/USA

Treasury Yields Spike As Chaos Reigns At Equity Open, TSLA Tumbles

FRIDAY, FEB 12, 2021 – 9:52

It would appear the machines cannot make their minds up this morning as what was an ugly open for Small Caps and Big Tech is now morphing into a panic bid and aggressive buying in the Dow is now aggressive selling….

The driver of the flip-flop is uncertain but we note that bond yields are spiking significantly…

Source: Bloomberg

And perhaps of most note… TSLA broke below $800…

Somebody call Janet!

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

Bank of America/reports retail sales surge on credit card spending

(zerohedge)

Here Comes A Blockbuster Retail Sales Report: BofA Card Data Shows Surge In Spending

FRIDAY, FEB 12, 2021 – 5:45

Earlier today we reported that at least when it comes to spending at restaurants, the stimulus effect was wearing off. But while that may have been true in January, in February things appear to be picking up.

According to the latest data based on aggregated BAC credit and debit card data, spending jumped by a brisk 9.7% Y/Y for the 7 days ending Feb 6th, which means that since the beginning of the year, total card spending is running at an average 5.6% Y/Y pace, up notably from the Dec average of 2.5% yoy as a new round of stimulus checks is being spent.

A look at spending by geography, there was a particularly large gain in card spending in California with total card spending of 9.5% yoy for the 7-days ending Feb 6th, up from -1.1% yoy the week prior.

The gain was driven in part by brick &mortar (B&M) retail and restaurant spending, which likely reflect the easing of COVID-related restrictions in the state.

While spending in California jumped, the Northeast was hit by a major snowstorm on Feb 1st, resulting in a noticeable pullback in spending in NY, NJ, and PA – total card spending contracted yoy on Feb 1st when the rest of country saw little change in trend.

There was also meaningful strength in apparel and furniture spending in CA. As a result of the strength in CA, card spending in all of the major 20 MSAs is now positive yoy

Additionally, there was a meaningful improvement in higher-income spending, which could reflect greater engagement in leisure spending.

Looking at the components, retail sales ex-autos increased 4.6% mom SA, offsetting the last three months of declines on a mom basis. The gain was driven by discretionary spending – department stores, furniture and clothing – which we found to be supported by stimulus payments. On the other side, there was a meaningful drop in card spending on airlines, showing a weakening in airline bookings following the holidays.

An interesting, if expected, divergence emerges when looking at restaurant spending in states with and without dining restrictions.

BofA also looked at data on returns, where it observed normal trends with the exception of furniture and building materials which were elevated, potentially reflecting a shift toward online shopping and flexible return policies amid a strong housing market

Finally, looking at the monthly average, BofA finds that retail sales ex-autos increased an impressive 4.6% M/M seasonally adjusted for January, setting up for what the bank expects will be a blockbuster Retail Sales report next week on February 17th.

end
Stagflation is now upon us:
(zerohedge)

UMich Sentiment Signals Stagflation As Hope Plunges & Inflation Expectations Soar

FRIDAY, FEB 12, 2021 – 10:10

After disappointing in January (both current and expectations), analysts expected a rebound in consumer sentiment in preliminary February data (both current and expectations), but they were very disappointed as everything missed expectations.

U.S. consumer sentiment unexpectedly declined to a six-month low in early February as the outlook for personal income deteriorated and more Americans anticipated faster inflation in the year ahead.

The gauge of expectations decreased to a six-month low of 69.8 while a measure of current conditions eased to 86.2, according to the survey conducted from Jan. 27 to Feb. 10.

Source: Bloomberg

The entire drop in sentiment is concentrated in the Expectation Index and among households with incomes below $75,000. Households with incomes in the bottom third reported significant setbacks in their current finances, with fewer of these households mentioning recent income gains than anytime since 2014.

When asked to assess their current financial position, the deep divisions become apparent: among those with incomes in the bottom third, just 23% reported improved finances, the lowest since 2014; in contrast, among those with incomes in the top third, 54% reported their finances had improved. Mentions of income gains fell to just 17% among those in the bottom third, compared with 44% in the top income third.

Blame the poor:

“Households with incomes in the bottom third reported significant setbacks,’’ Richard Curtin, director of the survey, said in the report.

“Presumably a new round of stimulus payments will reduce these financial hardships.’’

The biggest sentiment driver for now remains the partisan divide with Republicans confidence slumping and Democrats hope soaring…

Source: Bloomberg

Buying Conditions for houses and vehicles dropped notably in January and continued to fall in early Feb data…

Source: Bloomberg

Consumers expect a year-ahead inflation rate of 3.3%, the highest since July 2014.

Source: Bloomberg

Source: Bloomberg

Stagflation anyone?

END

U.S. budget deficits to be near or above $1 trillion annually over next decade, Congressional Budget Office say

Feb. 12, 2021 at 7:41 a.m. ET

MarketWatch

Deficit forecast to decline this year if no law changes made, but Democratic budget proposal would boost it

Annual U.S. federal budget deficits — the difference between what the government takes in and what it spends each year — are expected to remain close to $1 trillion or more over the next 10 years, the Congressional Budget Office said Thursday.

Congress’ nonpartisan budget arm reported that the fiscal deficit was expected to fall this year, from $3.13 trillion in 2020 to $2.26 trillion in 2021, and continue a path downward until 2024 to $905 billion. But after that it would begin rising again and hit almost $2 trillion in 2031, CBO said.

The forecasts are likely overly optimistic, as they are based on current law and do not take into account plans by Democrats in Congress to pass a $1.9 trillion coronavirus economic-aid package in the coming weeks. The CBO’s forecast also assumes temporary tax cuts put into place in 2017 by Republicans will expire as scheduled, which would increase revenues and shrink the deficit.

The 2020 and 2021 deficits will be the largest and second-largest deficits in dollar terms, and the two largest deficits in relation to the size of the economy, since 1945.

“Those deficits, which were already projected to be large by historical standards before the onset of the 2020-2021 coronavirus pandemic, have widened significantly as a result of the economic disruption caused by the pandemic and the enactment of legislation in response,” the CBO said.

Federal debt, which some Republicans have started saying has hit worrisome levels and will likely be the center of attention later this year when the current suspension of the government’s debt limit expires, would hit 102% of gross domestic product in 2021, up slightly from 2020’s level.

In 2031, the last year of the CBO’s forecast, the debt- to-GDP level would rise to 107%, eclipsing the record seen in World War II.

“The national debt will hit a new record and will grow indefinitely from there. If that doesn’t concern you, you aren’t paying attention,” said Maya MacGuineas, president of the anti-deficit Committee for a Responsible Federal Budget, in a statement.

Democrats and many economists say concerns about the deficit should take a back seat to the need to keep the economy from falling back into recession as the pandemic weighs on economic activity. They also point to low interest rates that have kept the borrowing burden relatively low even as the amount of debt has expanded.

“The down payment Congress passed in December stopped some of the bleeding, but without robust action, the recovery is going to be long and painful,” said Senate Majority Leader Chuck Schumer at a press conference Thursday.

The Democratic budget resolution adopted by the House and Senate projects a $3.8 trillion deficit for 2021, though it is unlikely that will come to pass, as it is less than $1 trillion through the first third of the budget year. Democrats also said the budget was approved only to give them the ability to push through their recovery legislation on a party-line basis, if needed, and a more substantive budget reflecting their priorities will be considered this summer.

“Do lower interest rates give us some more fiscal space? Certainly. But we’ve used that space to enact COVID relief. Even with rock-bottom interest rates, CBO projects interest costs are on course to reach their highest share of the economy since the 1990s,” MacGuineas said.

The CBO in the report reiterated its upbeat forecast for the economy, even without any further rounds of economic aid. It projected GDP to rise at a 4.6% pace in 2021, which would be the biggest year-over-year gain since 1999.

The size of the economy would reach its prepandemic level in mid-2021, but the job market would take longer to recover. “In CBO’s projections, the unemployment rate gradually declines through 2026, and the number of people employed returns to its prepandemic level in 2024,” the report said.

iiI) Important USA Economic Stories

The numbers:

8 million more living in poverty//9 million small businesses in danger of closing and 10 million behind in the rent…the true story of the USA scene.

(Michael Snyder)

8 Million More Living In Poverty, 9 Million Small Businesses In Danger Of Closing, 10 Million Behind On Rent…

THURSDAY, FEB 11, 2021 – 16:31

Authored by Michael Snyder via The Economic Collapse blog,

The economic downturn that we are currently experiencing is making the last recession look like a Sunday picnic.  Yes, 2008 and 2009 were bad, but they weren’t anything like this.  Unprecedented intervention by the Federal Reserve has allowed the rich to get even richer during this crisis, but meanwhile millions upon millions of ordinary Americans are deeply suffering.  Unfortunately, what we have gone through so far is just the beginning.

As a child, I was a big fan of Sesame Street, and one of the characters that really stood out to me was Count von Count.  I loved the fact that he was always counting things, and that is what I am going to do in this article in order to illustrate how bad economic conditions have now become.

Let’s start with the number 7.  According to the Congressional Budget Office, approximately 7 million more Americans would have jobs right now if the COVID pandemic had never happened

But in fact, what the CBO is projecting is dire: around 7 million people out of work in 2021 whom CBO thought before the pandemic would be working. That’s dire – and a call to immediate action, not calm, not wait-and-see.

Personally, I think that estimate is way too low.

In fact, the Federal Reserve says that 152 million Americans were working before the pandemic started, and only 142 million Americans are working now.

So the CBO estimate appears to be off by about 3 million.

Count von Count would not be happy.

Let’s try another number.  According to Bloomberg, the number of Americans living in poverty has risen by 8 million during this crisis…

Support is rising among policy makers to address America’s child-poverty crisis, which is getting worse as the pandemic drags on.

More than 8 million Americans — including many children — fell into poverty during the second half of last year, exacerbating the racial and income inequalities that are holding back the U.S. economy.

In this case, I think that this is a reasonable estimate, but that number will inevitably keep growing in the months ahead.

One of the big reasons why it will continue to rise is because hordes of small businesses will be collapsing, and that brings us to our next number.

According to a study that was recently released by the Fed, 9 million small businesses in the U.S. say that they “won’t survive” in 2021 without more government assistance

Three in ten small businesses — or 9 million out of the estimated 30 million in the United States — fear they won’t survive in the coming year without additional government assistance, according to a survey recently published by the Federal Reserve.

The Small Business Credit Survey, which was conducted last September and October and released last week, showcased the incredible burden the coronavirus pandemic has placed on America’s small businesses, as 88% of the businesses surveyed reported that sales had not yet returned to pre-pandemic levels.

Can you imagine what our country would look like if almost a third of all small businesses permanently disappeared?

If you watched the Super Bowl, you were bombarded with messaging about the plight of our small businesses.  We have never seen anything like this before, and that is because our small businesses have never had to face a crisis of this magnitude.

With each passing day, more small businesses are folding, and nothing that the federal government is going to do will completely stop this trend.

Our next number is 10.  According to the U.S. Census Bureau, 10 million renters were behind on their rent payments in January, and many more people anticipated not paying rent in February…

An estimated 10 million renters were behind on their rent and at risk of eviction in the middle of January, according to a Census Bureau survey. And an estimated 16 million renters had little to no confidence they could pay rent in February.

Overall, U.S. renters now owe at least 30 billion dollars in back rent.

This has created extreme financial pain for America’s landlords, and when the rent moratoriums are finally lifted we are going to see the largest tsunami of evictions in all of U.S. history by a very wide margin.

Before I wrap up this article, let me leave you with just one more number.  So far in 2021, the number of passengers at U.S. airports is down by more than 60 percent compared to 2019…

Over the past seven days, not quite 707,000 passengers per day on average passed TSA checkpoints at US airports, a measure of how many passengers in the US are flying somewhere. This was down by 61.6% from the same period in 2019, the last full year of the Good Times. At the end of January, the drop from 2019 was over 65%.

I honestly do not know how the airline industry is going to survive this without government help.

Speaking of not surviving, Democrats have introduced a bill in Congress that would essentially deal a death blow to the gig economy

The legislation at the core of their agenda is the PRO Act, which Democrats just re-introduced with sponsors including Speaker of the House Nancy Pelosi and Senate Majority leader Chuck Schumer. Among many other things, the bill would severely restrict the legal definition of independent contractors in a way that would largely end the gig economy as we know it.

The legislators’ stated intention is to protect workers and bolster their rights under law. Through the reclassification of independent contractors, Democrats hope to force gig economy companies to hire workers as full employees and thus provide them the accompanying salaries and benefits.

If this bill passes, it would absolutely devastate Uber, Lyft and countless other companies that rely on gig workers.

Basically, millions of jobs would go “poof” with one stroke of Joe Biden’s pen.

According to the Bureau of Labor Statistics, more than 50 million Americans are currently employed by the gig economy.  It is great to want those workers to have higher pay and more benefits, but if those companies go out of existence there won’t be any jobs at all.

These are very dark times for the U.S. economy, and the outlook for the future is exceedingly bleak.

However, in the short-term economic conditions should stabilize somewhat thanks to the huge stimulus payments that the government will be sending out.

But that bubble of hope will be very brief, and everyone should be able to see that much more pain is on the horizon.

*  *  *

END
The  big winners from Biden’s  new stimulus plan: a middle class family of 4 will get $12,800 over the next 15 months.
(zerohedge)

Biggest Winners From Biden’s Stimulus: Middle-Class Family Of 4 Will Qualify For $12,800 Over Next 15 Months

THURSDAY, FEB 11, 2021 – 16:50

While markets wait to see what the final size and scope of the proposed $1.9 trillion Biden stimulus will be, what we know currently about the key support components is the following:

  • “Economic Impact Payments” of $1,400 per person plus an additional $1,400 per dependent phasing out starting at $75,000 for single, $112,500 for head of households and $150,000 for married (fully phased out at $100,000 for single,$150,000 for head of households and $200,000 for married)
  • Temporary enhanced Child Tax Credit: Fully refundable $3600 per child age under 6 and $3000 per child age 6-17 with gradual phase out of $50 for each $1000 over the threshold of $75,000 for single, $112,500 for head of households, and $150,000 for married. Credits are paid out monthly in even increments starting July 2021 through June 2022 (e.g. $300 for age under 6, or $250 for age 6-17 per month per child).

What does that mean in practical terms?

As BofA economist Joseph Song explains, the big winners of the proposal will be be low to middle-income households with young children. As shown by the orange line below, a family of 4 making less than $150,000 a year could qualify for $12,800 in federal income support over the next 15 months.

To be sure, not all of the child tax credit will be new money as the current tax code provides a $2000 tax credit per child, but the new provision is more generous in two ways:

  1. it is released monthly rather than all at once, allowing families to smooth over spending (bad news for anyone hoping to bet it all on a pennystock)
  2. the credit is fully refundable (i.e. refund is allowed even if credits exceed taxes owed) allowing low income households to gain the full benefit of the provision.

There is of course a cost: the Joint Committee on Taxation has scored the Economic Impact Payments and the Child Tax Credits to cost around $530bn ($422bn + $109bn) which, if fully spent, would equate to roughly 2.8% of real GDP. That said, not all of the income support will be spent in the economy and reasonable fiscal multipliers would suggest a GDP boost in the range of 0.5-1.5%. Still, as BofA quipts “that’s a lot of diapers and toys.”

Expect to get more details in coming days as House Committees mark up the bill. News reports suggest that the House will aim to vote on the full legislation the week of February 22nd and then the Senate will get its turn. In any case, if these provisions survive to reach the final version of the bill – and they probably will – “the consumer will be well supported in 2021 and beyond” according to BofA.

END
New York
Manhattan’s largest private development two years ago: Hudson Yards is now a ghost town as investors panic.  It has huge financial problems
(zerohedge)

Hudson Yards A Ghost Town, Investors Panic As Company ‘Admits’ Financial Problems

THURSDAY, FEB 11, 2021 – 18:10

Hudson Yards is open for business – but who is coming?

Hudson Yards, the largest private development in the US, opened nearly two years ago with much optimism. It’s a massive complex on Manhattan’s Far West Side with condos, office space, and retailers built over a massive railroad yard. But since the virus pandemic, shoppers have vanished, and retailers have shuttered their doors, transforming the area into a ghost town – raising questions about the $25 billion development’s future, according to NYTimes.

Hudson Yards has become so depressing that the spiraling staircase structure, known as the “Vessel,” has been closed after the third suicide in less than a year. The virus pandemic has turned the development into a lifeless area as many shops and restaurants have been empty since early last year.

Inventory of condominiums continues to swell in the development. The surrounding office buildings are empty as work-at-home dominates. The mall, featuring about 100 retail shops, saw its anchor tenant, Neiman Marcus, file for bankruptcy and closed permanently.

Owner and developer Related Companies has been banking on wealthy buyers to fill its condos, along with tourists and residents to fill its shops, but all that came to a screeching halt in early 2020 as the pandemic began.

“The challenges facing Hudson Yards aren’t unique,” Danny Ismail, an analyst and lead of office coverage for the real estate research firm Green Street, told NYTimes.

“All commercial real estate in New York City has been impacted by Covid-19. However, I would argue that post-pandemic, Hudson Yards and the area around it will be one of the better office markets in New York City,” Ismail said. 

Related told NYTimes, it faces financial difficulties related to the virus pandemic but said commercial tenants were still moving in, hoping for a rebound in the economy due to vaccine rollout.

There are four office buildings at Hudson Yards, with 50 Hudson Yards still under construction. A spokesman for Related said 93% of the commercial space is leased.

“Our strong office leasing, even during the pandemic, is why we’re well-positioned to lead New York’s comeback from Covid and why the adjacent neighborhoods and the entire West Side will recover faster,” the spokesman, Jon Weinstein, said.

Hudson Yards has been planning to expand across the railroad yard but first needs to construct the second half of a massive deck. Though the company would need billions of dollars for the expansion, a delay in the expansion is possible with the local economy still in tatters.

… and a recovery in borough could take years (read: “”A Long Slog” – NYC Recovery Lags Rest Of Country As Downturn Could Last Years”). 

“The residential is going to have to recover, or they switch it up and look at a different product mix over there,” CBRE’s Robert Alexander said.

Related is also facing pressure from investors who allege the company refuses to open its books.

NYTimes expands more on this:

Related is also facing pressure from its investors to deliver a fuller accounting of the project’s finances. A group of 35 investors from China — a sliver of the roughly 2,400 who contributed $1.2 billion to Hudson Yards — sued the company last year, accusing it of refusing to open its books or say when it might repay their investments.

An arbitrator in the case recently denied the investors’ claims and ruled that Related was not required to disclose detailed financial information.

The company’s lawyers said that Hudson Yards was facing “significant headwinds as a result of Covid-19” and that because of the economic downturn and lockdown restrictions, it may be unable to recoup its investment in at least one property there, 35 Hudson Yards, a mixed-use tower with a hotel, according to filings in the case obtained by The New York Times.

Another group of Chinese investors, whose contributions of $500,000 per person were part of a United States visa program that can grant them a path to citizenship, are said to also be considering filing a similar lawsuit against Related, according to a person familiar with the situation who was not authorized to speak publicly.

Before the pandemic, Related said most of its revenue streams were to be derived through its condos and shopping area.

Real estate firm Miller Samuel told NYTimes that condo sales at Hudson Yards have fallen off a cliff. In 2019, 157 units were sold in the development, but only 30 were sold in all of 2020.

Nancy Wu, an economist at StreetEasy, warned Manhattan is facing a massive supply of condos for sale at the moment. To get through all the supply, it could take years for the borough’s condo market to recover, an indication that Related’s financial outlook looks bleak.

The lack of people traversing Hudson Yards is also troubling.

Weekday traffic at the Hudson Yards subway station plunged to an average of 6,500 riders in December, compared with 20,000 daily average in 2019.

While everyone was expecting things to go back to normal in 2021, Hudson Yards is still a ghost town and could take years to recover.

END
Biden appoints to the Pentagon task force, a well known hawk, Ely Ratner
(DeCamp/Antiwar.com)

Biden Appoints Pentagon Task Force To Review China Policy Under Well-Known Hawk

THURSDAY, FEB 11, 2021 – 18:30

Authored by Dave DeCamp via AntiWar.com,

On Wednesday, President Biden announced a new Pentagon task force that will be reviewing the US military’s policy towards China, another sign that the new administration is prioritizing confronting Beijing.

Pentagon officials said the task force is a “sprint effort” that will examine things like US troop presence in the region, intelligence, and the role of US allies and partners in countering China. Leading the task force is Ely Ratner, a China hawk who Biden appointed as a special advisor to Secretary of Defense Lloyd Austin.

Via DoD News

Before his new position at the Pentagon, Rather worked at the interventionist Center for a New American Security (CNAS) think tank. Despite the Trump administration’s hardline policies towards Beijing, Ratner didn’t believe Trump was tough enough. In September 2020, he co-authored an op-ed titled “Trump Has Been Weak on China, and Americans Have Paid the Price”.

From his post at CNAS, Ratner led a congressionally mandated study on China that was released in January 2020. The report outlined various ways the US could compete with Beijing in Asia, including military deterrence or a “combat-credible posture in the Indo-Pacific,” as the study put it.

The study says the US should help its allies in the region build up their militaries to counter China, with a focus on India. “The United States should pay particular attention to supporting India’s efforts to pose military dilemmas for China,” the report reads.

Both Secretary Austin and Kathleen Hicks, his deputy secretary of defense, identified China as the “pacing threat” to the US military. With Ratner leading the review and China the Pentagon’s priority, the likely result of the task force will be an expanded US military presence in Asia.

The announcement of the task force comes as the new administration is stepping up provocations in the South China Sea. On Tuesday, two US aircraft carriers entered the disputed waters and held rare dual-carrier drills.

END
Biden going nowhere on his vaccination plan
(zerohedge)

Biden Strikes Deals For 200MM More Vaccines, But Country Still Won’t Get Jabs By “End Of Summer”

THURSDAY, FEB 11, 2021 – 17:50

President Biden was expected to announce Thursday afternoon his administration has secured new deals for a further 200 million doses of coronavirus vaccine: “The president is scheduled to tour the National Institutes of Health on Thursday afternoon and deliver remarks to staff there. He had indicated last month his administration was seeking another 200 million doses of the two vaccines authorized for emergency use in the United States to be available this summer — 100 million of the product developed by Pfizer and German company BioNTech, and 100 million of the product developed by Moderna,” Washington Post previewed of the remarks.

However, amid all the optimism reporting in anticipation, there was this: “The new deals are unlikely to make vaccine widely available much sooner than originally anticipated, but they would prevent a shortfall later in the year.” Biden later confirmed this in his remarks.

And by the time of his actual address standing beside Dr. Fauci the president confirmed he had signed final contracts for about half the anticipated 200 million doses. He said deals were finalized for 100 million more Pfizer and Moderna vaccines. Biden began by noting the vaccine plan was “a mess” when he entered office while saying he wants to be “blunt.” “We’re going to fix it,” Biden said…

Crucially, here is the most important part of his speech…

“When I took office… three weeks ago this country did bot have a plan – or enough vaccines.”

Looking back and blaming the last administration, Biden said, “We didn’t have any access,” before adding, “We… were led to believe there was a lot more vaccines that there was.”

He then brought up the issue of why the country can’t simply get “more” vaccines. To which he responded:

“When will we have enough vaccines to get to 300 million plus people?… We’re going to be in a position where it’s not going to be by the end of the summer.”

To review, this means that countrywide case numbers will likely keep tumbling down and be significantly lower at this rate by the time the majority of Americans actually have access to the jab.

As the latest from Bank of America Global Research details:

The seven-day average of new cases in the US is down by 23% from the prior week to 104,500.  Compared to the mid-January peak, cases are down 44% in the US. Globally, the 7-day average of new cases stood at over 419.5k, a 17% decrease from a week ago. Meanwhile, the 7-day average of Covid-related fatalities across the globe was 12.2k yesterday.

While boasting he had deals in the works for procuring 200 million doses, according to The Wall Street Journal Biden said “the U.S. had signed contracts with Pfizer Inc. and Moderna Inc. for 100 million more vaccines each. The additional vaccines will bring the total number of doses ordered by the U.S. to 600 million from 400 million.”

Footage from some of the remarks between President Biden and Dr. Fauci:

And further, as the WSJ reviews: “The administration said last month that it was working on the purchases, which it said would provide enough supply to vaccinate 300 million Americans in a two-dose regimen, covering all individuals in the U.S. currently eligible to receive the vaccine.”

END

Biden now eager to take on the guns; he is after the NRA. Should be an epic battle

(zerohedge)

Biden ‘Eager’ To Take On NRA After Pledging To Defeat Gun Rights Organization

THURSDAY, FEB 11, 2021 – 19:30

President Biden is ‘eager’ to take on the National Rifle Association, and has refused to rule out using executive action to circumvent the Congressional process to do so, the White House signaled on Thursday.

When asked whether Biden will resort to According to the Washington Times, White House press secretary Jen Psaki said that the president hasn’t yet formulated a strategy, but that he’s ‘eager’ to do so, according to the Washington Times.

“First I will say that the president addressing gun violence in the country and putting in place additional safety measures is something that the president has a personal commitment to, and his history on this issue is evidence of that,” said Psaki, adding He has obviously taken on the NRA twice and won and he is happy and eager to do that in the future.

During the 2020 presidential race, Mr. Biden touted the lead role he played in passing the 1994 assault weapons ban and the Brady background check bill.

Mr. Biden has issued a series of executive actions since taking office and is facing mounting pressure to do something about cracking down on guns. –Washington Times

On January 8, Biden promised to “defeat” the NRA while he’s in office – responding via Twitter to former Rep. Gabby Giffords (D-AZ), who was wounded in a 2011 shooting rampage in Tucson.

“Your perseverance and immeasurable courage continue to inspire me and millions of others. I pledge to continue to work with you—and with survivors, families, and advocates across the country—to defeat the NRA and end our epidemic of gun violence,” Biden’s account responded.

And as we noted last monthgun sales have erupted – with 2020 marking a record year in FBI firearm background checks.

FBI Firearm Background Checks (Monthly) 

The panic grab for guns and ammo began in March/April when the virus pandemic and economic crash triggered the first wave.

Then the second wave of buying occurred in the summer during social unrest sparked by the police killing of George Floyd. With a transition of power from gun-friendly Republicans to gun-hating Democrats, the next wave of buying should be underway before bans or restrictions come into law.

Last year, a total of 39,695,315 completed background checks – up from 28,369,750 in 2019 – the year marked the most firearm checks in history, since the FBI began recording firearm sales in 1998.

FBI Firearm Background Checks (Annual) 

Nine of the top ten highest firearm-check weeks occurred last year during the heights of the pandemic and social unrest.

END
this is going to be a good case
(zerohedge)

Supreme Court To Decide Whether Police Can Enter Homes Without Warrant To Seize Guns

THURSDAY, FEB 11, 2021 – 22:10

The US Supreme Court is set to rule on a Fourth Amendment case which will determine whether police or any other government official can enter one’s home with a warrant to seize guns under limited exceptions.

The Fourth Amendment protects citizens from unreasonable searches and seizures, and requires authorities obtain a search warrant supported by probable cause.

There are a few limited exceptions to this right, according to Forbescontributor Evan Gerstmann:

There is an “exigent circumstances” exception. If a police officer looks through a home’s window and sees a person about to stab another person, the officer can burst through the door to prevent the attack. There is also the “emergency aid” exception. If the officer looked through the same window and saw the resident collapsing from an apparent heart attack, the officer could run into the house to administer aid. Neither of these cases violates the Fourth Amendment and few would argue that it should be otherwise. 

However, there is a broader cousin to these exceptions called the “community caretaking” exception. It derives from a case in which the police took a gun out of the trunk of an impounded vehicle without first obtaining a warrant.

The Supreme Court previously held that there is a community caretaking exception since police perform “community caretaking functions, totally divorced from the detection, investigation, or acquisition of evidence relating to the violation of a criminal statute,” and that police activity conducted under this exception don’t violate the Fourth Amendment as long as they are done in a “reasonable” manner.

Notably, the community caretaking exception isn’t limited to immediate emergencies like the first two exceptions.

All three exceptions allow for warrantless searches as long as an officer acts “reasonably,” a legal standard which is ‘significantly lower’ than “probable cause,” which is required to obtain a warrant, according to the report.

“As long as an officer might reasonably think that a warrantless search will alleviate a danger to the community, the search is considered constitutional.” -Forbes

Now, the Supreme Court has announced that it will hear arguments next month in Caniglia v. Stromin which Mr. Caniglia was arguing with his wife, when he placed an unloaded gun on the table and told her to “shoot me now and get it over with.”

His wife called a non-emergency police line, resulting in several officers being dispatched to the residence. The police disagreed over whether MCaniglia was acting “normal” or “agitated,” but he agreed to go to a local hospital for evaluation via ambulance. While en route, his wife told police that he kept two handguns in the house – prompting the officers to search his home without obtaining a warrant.

According to Forbes, Mrs. Caniglia’s consent to have the police search their home was legally negated “because the police untruthfully told her that her husband had consented to the seizure of any guns.”. Mr. Caniglia sued the police, claiming a violation of his Fourth Amendment right to privacy as well as his Second Amendment right to keep handguns in the home for self-protection.

The case has worked its way through the legal system, finally ending up at the Supreme Court:

The 1st Circuit Court of Appeals (which is the federal court just below the Supreme Court in Caniglia’s jurisdiction) sided with the police. The court wrote: “At its core, the community caretaking doctrine is designed to give police elbow room to take appropriate action when unforeseen circumstances present some transient hazard that requires immediate attention. Understanding the core purpose of the doctrine leads inexorably to the conclusion that it should not be limited to the motor vehicle context. Threats to individual and community safety are not confined to the highways.”

It is certainly true that the police need a good deal of discretion in carrying out their varied, complex, and sometimes dangerous duties. But they are also powerful agents of the government and their power is supposed to be restrained by the Bill of Rights. The Fourth Amendment is supposed to protect the home above all other places. And whatever one’s views on gun control may be, the Supreme Court has clearly held that the right to keep handguns in the home is at the core of the Second Amendment. -Forbes

Gerstmann makes a great point – that unlike “exigent circumstances” and “emergency aid” exceptions, the “community caretaking” exemption is not limited to time-sensitive circumstances where there is no time to apply for a warrant.

“The question of what sort of caretaking falls under this exception is extremely vague. Will the police be able to use it, for example, to conduct warrantless searches of political protesters’ homes to make sure they aren’t planning on violent behavior at their next political rally?

END

NEW YORK

Landlords are offering record incentives to fill vacant apartments. They also have to deal with huge amounts of rents owed from the moratorium

(zerohedge)

Desperate Manhattan Landlords Offer Record Incentives To Fill Vacant Apartments

THURSDAY, FEB 11, 2021 – 20:10

Manhattan apartment landlords are getting desperate as inventory swells, and they are offering some of the most concessions ever to attract new tenants, according to Bloomberg.

Appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate published a report this week that showed the value of incentives for new tenants averaged out to 2.3 months of free rent in January, the most on record.

“You’ve got to keep sweetening the pot,” said Jonathan Miller, president of Miller Samuel. He added the purpose of incentives is “to temper the decline.”

The “decline” Miller refers to is the plunge in the borough’s residential real estate market following the pandemic. Work-at-home continues to dominate as office buildings remain empty. Tens of thousands of city dwellers have moved to suburbs or rural communities to escape the metro area’s socio-economic implosion. All this has culminated into record-high inventory, and a sharp drop in rental rates as supply becomes an issue.

However, there was some good news. Last month, new lease signings soared 58% from a year earlier to 6,255. Even with the influx of new tenants, inventory still sits at a decade high.

The last year has been painful for landlords. In a past report, Miller warned that a surge in new leases should not be viewed as an “imminent recovery.”

END

The big story of the day:  The huge Cuomo coverup. An aide admits nursing home data was purposefully concealed so the Fed would not find out!!

(zerohedge)

Cuomo Coverup? Aide Admits Nursing Home Data Purposefully Concealed So Feds Wouldn’t Find Out

THURSDAY, FEB 11, 2021 – 20:30

New York Governor Andrew Cuomo’s top aide privately apologized to Democratic lawmakers over a decision to withhold the state’s nursing-home COVID-19 death toll out of fear that it would be “used against us” by the Trump Justice Department, according to the New York Post.

Melissa DeRosa, Secretary to the Governor, made the shocking admission during a two-hour video conference call with Democratic leaders – telling them that the Cuomo administration stonewalled after the State Senate requested the information in August.

NY Gov. Andrew Cuomo, Melissa DeRosa

“Right around the same time, [then-President Donald Trump] turns this into a giant political football, says DeRosa in an audio recording of the meeting.

“He starts tweeting that we killed everyone in nursing homes,” she continues. “He starts going after [New Jersey Gov. Phil] Murphy, starts going after [California Gov. Gavin] Newsom, starts going after [Michigan Gov.] Gretchen Whitmer.”

DeRosa then suggested that Trump “directs the Department of Justice to do an investigation into us,” and because of this, basically, we froze she said.

“Because then we were in a position where we weren’t sure if what we were going to give to the Department of Justice, or what we give to you guys, what we start saying, was going to be used against us while we weren’t sure if there was going to be an investigation.

“That played a very large role into this,” DeRosa added.

After dropping the bombshell, DeRosa asked for “a little bit of appreciation of the context” and offered what appears to be the Cuomo administration’s first apology for its handling of nursing homes amid the pandemic.

But instead of a mea culpa to the grieving family members of more than 13,000 dead seniors or the critics who say the Health Department spread COVID-19 in the care facilities with a March 25 state Health Department directive that nursing homes admit infected patients, DeRosa tried to make amends with the fellow Democrats for the political inconvenience it caused them.

So we do apologize,” she said. “I do understand the position that you were put in. I know that it is not fair. It was not our intention to put you in that political position with the Republicans.” –New York Post

Democratic Assembly Health Committee Chairman Richard Gottfried (Manhattan) was livid, shooting back ““I don’t have enough time today to explain all the reasons why I don’t give that any credit at all.” Gottfried had requested the death-toll data in August along with several other lawmakers.

Another state lawmaker who was “battered during her re-election bid last year over the issue of nursing home deaths” slammed DeRosa as well – saying that her former opponent used the nursing home scandal against her.

“And the issue for me, the biggest issue of all is feeling like I needed to defend — or at least not attack — an administration that was appearing to be covering something up,” said State Senate Aging Committee Chairwoman Rachel May (D-Syracuse). “And in a, in a pandemic, when you want the public to trust the public-health officials, and there is this clear feeling that they’re not coming, being forthcoming with you, that is really hard and it remains difficult.”

Queens Assemblyman Ron Kim (D) told the Post that DeRosa’s remarks came off “like they admitted that they were trying to dodge having any incriminating evidence that might put the administration or the [Health Department] in further trouble with the Department of Justice.”

“That’s how I understand their reasoning of why they were unable to share, in real time, the data,” Kim added. “They had to first make sure that the state was protected against federal investigation.”

“It’s not enough how contrite they are with us,” Kim continued. “They need to show that to the public and the families — and they haven’t done that.”

In addition to stonewalling lawmakers on the the total number of nursing home residents killed by COVID-19, Cuomo’s administration also refused requests from the news media — including The Post — and fought a Freedom of Information lawsuit filed by the Empire Center on Public Policy.

Instead, it only disclosed data on the numbers of residents who died in their nursing homes.

But after Attorney General Letitia James last month released a damning report that estimated the deaths of nursing-home residents in hospitals would boost the grim tally by more than 50 percent, Health Commissioner Howard Zucker finally released figuresshowing the combined total was 12,743 as of Jan. 19.

Just a day earlier, the DOH was only publicly acknowledging 8,711 deaths in nursing homes. –New York Post

Following the release of AG James’ report, Cuomo callously said during a news conference that it didn’t matter where nursing home fatalities ultimately occurred.

“Who cares [if they] died in the hospital, died in a nursing home? They died,” he said.

Cuomo’s office appears to have made this disclosure after they figured they were in the clear.

“All signs point to they are not looking at this, they’ve dropped it,” said DeRosa, of the Biden DOJ. “They never formally opened an investigation. They sent a letter asking a number of questions and then we satisfied those questions and it appears that they’re gone.”

END
Biden cancels emergency border wall funding as the Dept of Hoelland Security ready to admit 25,000 migrants waiting in Mexico.  This President is one big doorknob
(zerohedge)

Biden Cancels Emergency Border Wall Funding As DHS Prepares To Admit 25,000 Migrants Waiting In Mexico

FRIDAY, FEB 12, 2021 – 11:00

The Biden administration on Thursday canceled President Trump’s 2019 emergency declaration directing nearly $25 billion to fund the construction of new and replacement fending at the US-Mexico border.

“I have determined that the declaration of a national emergency at our southern border was unwarranted,” wrote Biden in a letter to Speaker Nancy Pelosi (D-CA).

“I have also announced that it shall be the policy of my administration that no more American taxpayer dollars be diverted to construct a border wall, and that I am directing a careful review of all resources appropriated or redirected to that end.”

The proclamation is a final step from Biden after issuing an executive order on day one questioning the validity of Trump’s national emergency and ordering a pause on all border wall construction.

Trump issued the national emergency at the border in early 2019 after repeatedly butting heads with lawmakers over funding for the project. The emergency declaration loosened the limits on taxpayer funding, paving the way for Trump to divert funds originally intended for other agencies. –The Hill

Biden’s proclamation follows a Supreme Court decision to cancel an upcoming hearing on the legality of the border wall at the request of the new administration.

“The President has directed the Executive Branch to undertake an assessment of ‘the legality of the funding and contracting methods used to construct the wall,'” the Biden administration wrote earlier this month.

GOP members of the House Oversight and Reform Committee asked Homeland Security Secretary Alejandro Mayorkas earlier this month to turn over all documents related to Biden’s decision to pause construction.

“This potentially dangerous action not only harms our national security and thwarts the will of Congress, but also leaves American citizens living near the southwest border vulnerable to activities involving cartels and smugglers,” said Rep. James Comer (R-KY), ranking minority member of the committee.

Meanwhile, Biden’s Department of Homeland Security is set to admit 25,000 migrants forced to wait in Mexico for their immigration hearings by former President Trump.

The migrants are part of the Migration Protection Protocols, more commonly referred to as the “remain in Mexico” policy, which allowed border authorities who encountered illegal entrants to process and return them to Mexico to await their immigration court dates.

MPP had the effect of denying would-be illegal immigrants a foothold in the U.S., which sapped the incentive for people to make the attempt during the 2019 surge. –Washington Times

The Biden administration called the program a ‘stain’ on America’s immigration legacy, and will begin admitting migrants on Feb. 19.

“This latest action is another step in our commitment to reform immigration policies that do not align with our nation’s values,” said Mayorkas.

These immigration moves wouldn’t have anything to do with Biden’s plans to offer an expedited pathway to citizenship for likely Democratic voters, would it?

end

And they knock the price of gold down on this!!

(zerohedge)

Yellen Tells G-7 “Time To Go Big Is Now” In Her First Virtual Meeting

FRIDAY, FEB 12, 2021 – 12:07

Because in some bizarro universe, the $30 trillion in fiscal and monetary stimulus injected in the past years is somehow not enough, in her first virtual meeting – alongside Fed chair Jerome Powell – with G7 finance ministers, Janet Yellen “stressed the importance of providing further fiscal support to promote a robust and lasting recovery” which means that “the time to go big is now” and that the “G7 should be focused on what more we can do to provide support at this time” according to a statement from the Treasury.

Yellen, now in her role as head helicopter money driver following the Fed-Treasury MMT merger, “emphasized the commitment of the Biden Administration to multilateralism to solve global issues, stating that the United States “places a high priority on deepening our international engagement and strengthening our alliances” just in case someone in the G7 had not gotten the memo that Trump is no longer president.

Yellen, who would receive no money from Citadel for her deep intellectual musings, also “expressed strong support for G7 efforts to tackle climate change, highlighting that her colleagues should expect the Treasury Department’s engagement on this issue to change dramatically relative to the last four years.” This means that the biggest monetary black hole of all time – namely fighting ‘global warming’ – is about to start sucking in trillions more, allowing the Treasury to issue, and the Fed to monetize, trillions more in debt. Sure enough, the Secretary noted “we understand the crucial role that the United States must play in the global climate effort” which is bizarre because US carbon emissions have been declining for the past decade while China’s have been soaring

We wonder if Yellen had any comment on just how her efforts to “change the weather” will be thwarted by Beijing recent ramping up of highly polluting coal power again.

Finally, Secretary Yellen conveyed her strong belief that G7 countries “must work to address the challenges facing low-income countries who are struggling to respond to the pandemic.”

In short, Yellen basically told the G7 that it’s time to finally fix the world (and its climate) and that no expense must be spared (read unleash a torrent of debt please), since the circular endgame is clear: issue so much debt as is needed to generate the inflation that also does away with the $277 trillion global debt problem. Because fighting debt with more debt has always worked so well…

Yellen now heads to an Oval Office meeting with President Joe Biden and Vice President Kamala Harris, where she will brief the admin on the G-7 call.

iv) Swamp commentaries

Democrats Caught Using Fake ‘Evidence’ At Impeachment Trial

FRIDAY, FEB 12, 2021 – 8:31

Authored by Steve Watson via Summit News,

Democrats were caught Wednesday using fake evidence during their impeachment clown show, and were forced to withdraw it, proving that they don’t care about the truth, and only about trying to punish President Trump.

Impeachment managers led by Rep. Raskin charged that following the Capitol storming on January 6, Trump called Senator Mike Lee by accident when he really meant to speak to Alabama Senator Tommy Tuberville.

Impeachment manager David Cicilline said “He dialed Senator Lee by accident, and Senator Lee describes it that he had just ended a prayer in the Senate chamber.”

Cicilline then charged that Trump asked Tuberville to “make further objections” to Biden’s election vote count, while Senator Lee “stood by.”

It soon emerged that then entire claim was bullshit, when Senator Lee confirmed it never happened.

“Statements attributed to me moments ago by the impeachment managers, statements relating to the contents of the conversations between phone calls involving Trump and Senator Tuberville, were not made by me, were not accurate,” Senator Lee said.

As Lee shouted at him, Raskin admitted that the claim was fake and agreed to withdraw it.

Earlier in the hearing, Rep. Eric Swalwell used a photoshopped tweet in an attempt to add extra weight to a post Trump re-tweeted about supporters ‘fighting’ for the country.

end

A JOKE!

Biden Spox Suspended Without Pay After Threatening To “Destroy” Reporter

FRIDAY, FEB 12, 2021 – 14:35

Biden Deputy press secretary TJ Ducklo, famous for having an on-air meltdown during the election over a teleprompter question, has been placed on a one-week suspension without pay after he threatened to “destroy” a Politico reporter working on a story about Ducklo’s previously undisclosed relationship with Axios political reporter, Alexi McCammond – who covered the Biden campaign.

As Vanity Fair reported on Friday, Ducklo lashed out at a Politico reporter who was working on a story about his relationship with McCammond – except, instead of contacting the male reporter who reached out to him for comment, Ducklo instead called and threatened a female co-author – Politico‘s Tara Palmieri, in what Vanity Fair describes as sexual harassment.

“I will destroy you,” said Ducklo, according to the report – adding that he would ruin her reputation if she published it.

During the off-the-record call, Ducklo made derogatory and misogynistic comments, accusing Palmeri of only reporting on his relationship—which, due to the ethics questions that factor into the relationship between a journalist and White House official, falls under the purview of her reporting beat—because she was “jealous” that an unidentified man in the past had “wanted to fuck” McCammond “and not you.” Ducklo also accused Palmeri of being “jealous” of his relationship with McCammond. (Palmeri had no prior relationship or communication with McCammond before calling her to report on the Playbook item, which was a story that she was assigned and had not independently pursued.) –Vanity Fair

As an aside, this is exactly the type of behavior President Biden promised to fire people “on the spot” for. 

Apparently threatening to ‘destroy’ a journalist doesn’t ‘meet their standard’ for firing.

Of course, the White House issued an apology and all is better now. Ducklo won’t be “assigned to work with any reporters at Politico” when he’s back from his one-week slap on the wrist.

Following the incident, an editor at Politico reached out to the White House about the threats – which led to multiple conversations with White House officials on January 21, “including White House Press Secretary Jen Psaki, White House Communications director Kate Bedingfield, and Anita Dunn, director of West Wing operations.”

In one of those calls, senior White House officials acknowledged that Ducklo’s handling of the call with Palmeri was inappropriate and said he would send a note to her apologizing for the comments. In another conversation, the same White House officials took aim at Palmeri by accusing her of breaking an off the record agreement with Ducklo and pressing Politico as to why the contents of the call had been revealed. Palmeri had only informed her editors of the contents of the call, which she had transcribed into her notes as it was happening, after they asked her about it. –Vanity Fair

Imagine the two-week news cycle this would have created if it had been a Trump spox…

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

Bitcoin Hits Record as Mastercard, BNY Mellon Embrace Crypto
https://www.bloomberg.com/news/articles/2021-02-11/bitcoin-holds-gains-from-tesla-as-mastercard-twitter-weigh-in

Due to mortgage delinquencies (6.73% in Q4) and moratoriums, there is a 3% discrepancy between ‘effective’ rents and ‘asking’ rents.  This is depressing ‘rents’ in the BLS’s CPI tabulation.

Michael Ashton @inflation_guy: Yes, it implies that when renters become ‘normally’ current (there’s always SOME delinquency of course), effective rents will rise a lot to catch up.
https://twitter.com/inflation_guy/status/1359873252101935104

@barnes_law: Insulin back up to $1,500 for a 90 day supply. Thank President BidenBig Pharma’s investment paying off. Meanwhile, minimum wage increases looking iffy, trade protections disappearing, low-wage immigration influx incoming, energy jobs cut, and stimulus checks shrinking.

Cuomo aide admits they hid nursing home data so feds wouldn’t find out
“We froze” out of fear the true numbers would “be used against us” by federal prosecutors…
https://nypost.com/2021/02/11/cuomo-aide-admits-they-hid-nursing-home-data-from-feds/

@JackPosobiec: Only 11 million people nationwide are watching the impeachment hearings.  Largest audience was MSNBC and their cat people.  It’s a bust.
https://www.hollywoodreporter.com/live-feed/tv-ratings-tuesday-feb-9-2021

CNBC’s @EamonJavers: [Impeachment] Manager DeGette sums up today’s argument from the House: “Impeachment is not to punish, but to prevent.” Lieu said it more directly: “I’m afraid he will run again and lose. Because he can do this again.” [This, of course, is unconstitutional and illicit.]

Impeachment blunder: Author of tweet introduced at trial says it was falsified, misinterpreted
Lawrence, a Christian conservative activist and former Breitbart writer, said her tweet on Jan. 3 carefully chose the religious word “Calvary” — which means a public display of Christ’s crucifixion — as a reference to a prayer vigil they were hosting in Washington, and Swalwell distorted it to convey she was organizing a military cavalry, which is spelled differently and means a military brigade on horses…
https://justthenews.com/politics-policy/all-things-trump/impeachment-blunder-author-tweet-introduced-trial-says-it-was

@RaheemKassam: Dems just played the clip of @Bencjacobs being body slammed by @GovGianforte
as some kind of proof that Trump is guilty of Jan 6 insurrection. Then they played a video of Charlottesville Neo Nazis (who now endorse Biden btw!) who Trump actively condemned.  This is psycho s#*@.  The media shouldn’t even be playing what’s clearly now just an incitement campaign against Trump and his supporters. Democrat lies are going to cause more violence. And that’s exactly why they’re doing this.

@JovanHPulitzer: The Georgia State Election Board voted to move forward with an investigation into newly elected Sen. Raphael Warnock (D-GA) for his involvement in alleged voter registration misconduct.  https://www.ajc.com/politics/election-board-investigates-warnock-and-new-georgia-project/V4YRQNRIRVENTI4GVH2OY5SNQY/

After the close, Disney reported Q1 EPS of $0.32 (.34 exp) and revenue of $16.2B (15.878B exp).

The Fed balance sheet ballooned $31.627B on the monetization of $26.827B in US Treasuries.
https://www.federalreserve.gov/releases/h41/

@CBS_Herridge: #CapitolRiots: Law enforcement official confirms @CBSNews the Task Force is reviewing allegations rioters used tours of the Capitol to do reconnaissance prior to January 6th, though the official said, to date, the review had not uncovered evidence to support allegations or that lawmakers were involved + The official said the task force is reviewing whether there was foreign support to include money, and on social media, but the official said no conclusions reached.

Shouldn’t the above info, evidence and conclusions be presented BEFORE the impeachment?  How would you feel if this railroading were done to you?

It eliminated due process and if you can eliminate due process for the president, you have a precedent where you can eliminate it for anyone in the country.” – @RepNancyMace
https://twitter.com/TrumpWarRoom/status/1359906586790100994

Eric Swalwell fanned a false Russia story, now asks to be trusted to interpret Trump’s tweets
Congressman’s years-long conspiracy theories on Russia collusion could be used by Trump defenders to challenge his credibility.    https://justthenews.com/government/congress/swalwell-trump-russia-impeachment

@tomselliott: BLM marches on Washington, attack White House [60 Sec Serv agents injured], Trump is evacuated to secure facility. Media: So funny, Trump’s such a p*&^y!  Pro-Trump rioters attack Capitol, sending lawmakers to secure facility.  Media: My God, these terrorists have literally ended democracy as we know it

Tucker Carlson highlighted a Revolver article that notes the medical report of the deceased Capitol Police Office is being concealed because it shows the officer was not injured by demonstrators.

Law enforcement officials now tell CNN that there was no fire extinguisher blow, no bloody gash, and no blunt force trauma to Sicknick’s body when he died.  Not only that, but it is increasingly unclear when, where and if Sicknick was even rushed to the hospital.  As it turns out, multiple hours after the protest had already concluded, Sicknick texted his own brother Ken that very night he was basically fine, other than being “pepper sprayed twice,” confirming he was safe and “in good shape.”…
     The next afternoon, the Sicknick family began getting phone calls that Officer Brian Sicknick had been declared dead. The phone calls didn’t come from the hospital. They didn’t come from the treating physicians. They didn’t come from the US Capitol Police, or the FBI, or the DOJ. They came from media reporters. Certain privileged media personnel were evidently the first to receive sensitive information circulating among “law enforcement officials” that Brian Sicknick was dead. 
   But then the story got stranger. In a dark, twisted echo of Monty Python’s “bring out your dead” scene, it turned out Sicknick was not dead yet…
    Sometime between Sicknick being fine, healthy, and back in his office on Wednesday night, and dead or effectively dead on early Thursday evening, Sicknick apparently suffered a stroke…
    One full month after Sicknick’s death, no autopsy has been released…
https://www.revolver.news/2021/02/maga-blood-libel-why-are-they-hiding-the-medical-report/

5 Times Joe Biden Openly Urged Violence Against Political Opponents
https://thefederalist.com/2021/02/11/5-times-joe-biden-openly-urged-violence-against-political-opponents/

@kaitlancollins: President Biden says his call with Chinese President Xi Jinping lasted two hours. “If we don’t get moving, they’re going to eat our lunch,” he tells reporters in the Oval.

@SteveGuest: FLASHBACK: Biden on January 21, 2020: “We should be helping” China. “The idea that China’s going to eat our lunch…give me a break.” https://twitter.com/SteveGuest/status/1359910798454325255

@NBCNews: In his first weeks in office, President Biden has made a flurry of international phone calls to American allies, including the leaders of Canada, Britain, France, Japan and China.  But Israeli PM Netanyahu has so far not received a call.

@JerylBier: Stealth edit alert: @NBCNews removes “China” from list of “American allies” called by President Biden. Article contains nothing noting the editing/revision

Our Illiberal Moment – The virtues that our political order requires are in decline
Voltaire’s apocryphal maxim “I disapprove of what you say, but I will defend to the death your right to say it” is in the process of being turned squarely on its head. Today, a more suitable rendering might read: “I disapprove of what you say, you are exiled, goodbye.”
    Why are due process and open debate recast as “apologism” on college campuses when the defendant or the speaker is disliked? Because administrators who should know better fear that their offices will be filled with protesters or that they themselves will be targeted… One need not be an incisive student of history to understand that when a man is told that he can silence his critics by merely claiming to feel “unsafe,” he will quickly claim to feel unsafe…
    There is a reason we all know that scene from A Man for All Seasons, in which Sir Thomas More berates William Roper for his willingness to bend the rules (“And when the last law was down — and the Devil turned round on you — where would you hide, Roper, the laws all being flat?”), and that reason is that it is timelessly true… we still cannot cut down the rules that protect the Devil without cutting down the rules that protect the saints…
   The Left’s descent into authoritarianism has been appalling to watch, but at least it has been explicable. Once, progressivism was the counterculture and needed liberalism to advance itself. Now that progressivism is the dominant culture, it has no such need… In the United States today, we seem increasingly drawn to the tribalistic over the principled. If we act now, we’ll have time to put out the pyre. But make no mistake: The flames are rising.
https://www.nationalreview.com/magazine/2021/02/22/our-illiberal-moment/

The biggest Internet story on Thursday was not impeachment; it was the firing of actress Gina Carano.

Two Mandalorian Actors Make Nazi, Holocaust Analogies Months Apart; Lucasfilm Fires the Conservative One – In June of 2018, Pascal compared Jews in a Nazi concentration camp to ‘children in cages’… This week Mandalorian actress Gina Carano – who played former Rebel Alliance soldier Cara Dune – was fired from the show and dropped by her agency after she shared a TikTok post comparing the current divided political climate to the treatment of Jewish people in pre-WWII Germany, saying that “the government first made their own neighbors hate them simply for being Jews.”
      “Jews were beaten in the streets, not by Nazi soldiers but by their neighbors…even by children. Because history is edited, most people today don’t realize that to get to the point where Nazi soldiers could easily round up thousands of Jews, the government first made their own neighbors hate them simply for being Jews. How is that any different from hating someone for their political views”…
https://www.zerohedge.com/political/two-mandalorian-actors-make-nazi-holocaust-analogies-months-apart-lucasfilm-fires

@DC_Draino: Gina Carano: Systemic hatred of fellow citizens leads to horrific societal atrocities
Hollywood: BAN THIS DEMONIC WITCH FOR DARING TO UTTER INCONVENIENT TRUTHS
Gina Carano: Thank you for proving my point

Double standard alleged in Gina Carano firing from ‘The Mandalorian’ https://trib.al/XDnDuGm

Disney cancels Gina Carano for Holocaust comparison, but is silent on Terry Moran who compared Trump to Hitler
https://saraacarter.com/disney-cancels-gina-carano-for-holocaust-comparison-but-is-silent-on-terry-moran-who-compared-trump-to-hitler/

@TheBabylonBee: Bernie Sanders Comes Out Against $15 Minimum Wage after Finding Out It Requires at Least an Hour’s Work

Happy Birthday to Abe Lincoln!  His birthday is now largely ignored.

END

Let us closed out the week with this offering courtesy of Greg Hunter

(Greg Hunter/USAWatchdog)

Impeachment Lies, More Election Fraud Uncovered, Unemployment Rising

By Greg Hunter’s USAWatchdog.com (WNW 468 2.12.2021)

Another day of the impeachment trial of President Trump, more massive lies by Democrat prosecutors.  The case for impeachment is so weak that the Democrats have to lie in some way at every turn.  They edit out phrases President Trump said such as “peacefully and patriotically make your voices heard” to try to make Donald Trump look like he incited a riot at the U.S. Capitol on January 6th.  All the evidence clearly shows President Trump DID NOT incite a riot.  Next week, it will be the Trump impeachment lawyers turn to put on their case.  I expect some major pushback.  I hope they finally get to make the case of massive election and voter fraud that NO court, including the Supreme Court, has had the guts to hear.  The Senate trial is Trump’s day in court, even though this is really a kangaroo court of political theater.

More election fraud was discovered and documented this week.  According to TheGatewayPundit.com, “A recent hand recount in the Rockingham District 7 NH House Race in Windham, New Hampshire, found that the Dominion-owned voting machines shorted EVERY REPUBLICAN by roughly 300 votes.”  There is also a new video out by “Pure Data” (it’s fantastic) that shows statistical anomalies that could never happen naturally and points to major fraud in the so-called battleground states.

Unemployment took another jump this week with nearly 800,000 new filers.  The state unemployment rolls are dropping off as people run out of benefits.  On the other hand, the federal emergency unemployment claims are skyrocketing as those state benefits run out.  As I predicted, the economy would get worse and much worse because of Biden Administration policies.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up.

(To Donate to USAWatchdog.com Click Here)

After the Wrap-Up: 

Well that is all for today

I will see you TUESDAY night.

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