SEPTEMBER 3//GOLD UP $22.00 TP $1831.45//SILVER UP 83 CENTS TO $24.72//GOLD STANDING AT THE COMEX: 3.6 TONNES//SILVER OZ STANDING DROPS TO 27.9 MILLION OZ//COVID 19 COMMENTARIES AND UPDATES//VACCINE UPDATES//IVERMECTIN UPDATES//THE BIG STORY OF THE DAY IS SWEDEN WHO IS REFUSING ALL ISRAELIS FROM ENTERING ITS COUNTRY EVEN THOUGH THEY ARE THE HIGHEST DOUBLE VAXXED NATION//JAPAN: ARE UNDERGOING MORE QE AND WANT HIGHER NEGATIVE INTEREST RATES//SUGA RESIGNS//CHINA: HUGE HUARONG PROPERTY OPERATION WILL NOW UNDERGO DELEVERAGING OF ITS HUGE DEBT LOAD WITH NOBODY OUT THERE WILLING TO BUY!//TALIBAN UPDATES/SWAMP STORIES FOR YOU TONIGHT///

 

GOLD:$1831.45 UP $22.00   The quote is London spot price

Silver:$24.72 UP 83  CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1828.80 LONDON SPOT  4:30 pm

ii)SILVER:  $24.74

//LONDON SPOT  4:30 pm

 
 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $1026.75 UP  $25.10

PALLADIUM: $2424.75  UP $19.00   PER OZ.

 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

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

receiving today  20/85

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,808.700000000 USD
INTENT DATE: 09/02/2021 DELIVERY DATE: 09/07/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
099 H DB AG 85
118 C MACQUARIE FUT 2
657 C MORGAN STANLEY 57
661 C JP MORGAN 20
737 C ADVANTAGE 6
____________________________________________________________________________________________

TOTAL: 85 85
MONTH TO DATE: 1,017

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 85 NOTICE(S) FOR 8500 OZ  (0.2644 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1017 FOR 101,700 OZ  (3.163 TONNES)

 

SILVER//sept CONTRACT

134 NOTICE(S) FILED TODAY FOR  670,000   OZ/

total number of notices filed so far this month 4944  :  for 24,720,000  oz

 

BITCOIN MORNING QUOTE  $49,965 UP 664  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$50,476  UP 1175  DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $22.00 AND NO PHYSICAL TO BE FOUND ANYWHERE:

A HUGE CHANGES IN GOLD INVENTORY AT THE GLD:  A WITHDRAWAL OF .74 TONNES FROM THE GLD

THEY REALIZE THAT THERE IS NO GOLD AT THE GLD AND THEY ARE SWITCHING TO PHYSICAL GOLD AT SPROTT(phys)  

 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

 

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD  999.52 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 83 CENTS

NO CHANGES  IN SILVER INVENTORY AT THE SLV

 

 

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: 

 

549.903  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 171.05 UP 1.80 OR 1.06%

XXXXXXXXXXXXX

SLV closing price NYSE 22.89 UP $.75 OR 3.39%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI FELL BY A  STRONG 1727 CONTRACTS TO 140,079, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG SIZED LOSS IN OI OCCURREDWITH OUR  $0.29 LOSS IN SILVER PRICING AT THE COMEX  ON THURSDAY.

OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.29)

AND THEY WERE SUCCESFUL IN KNOCKING OUT SOME SILVER LONGS. WE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  SMALL INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 27.64 MILLION OZ FOLLOWED BY A STRONG EFP JUMP TO LONDON OF 60,000 OZ//NEW STANDING 27.815 MILLION OZ  / v) VERY STRONG COMEX OI LOSS,
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS – 29
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
935 CONTACTS  for 3 days, total 935 contracts or 4.675 million oz…average per day:  311 contracts or 1.550 million oz per day.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF

SEPT:  4.675 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

 

LAST 4 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

 

 
RESULT: , …WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1786 WITH OUR 29 CENT LOSS SILVER PRICING AT THE COMEX ///THURSDAYTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 347 CONTRACTS( 0 CONTRACTS ISSUED FOR SEPT AND 347 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.
 
STODAY WE HAD A  STRONG SIZED LOSS OF 1439 OI CONTRACTS ON THE TWO EXCHANGE(WITH OUR $0.29 LOSS/THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  AND WE HAVE A  SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER 27.640 MILLION OZ FOLLOWED TODAY BY A GOOD E.F.P. JUMP TO LONDON OF 60,000 OZ TODAY//NEW STANDING 27.815 MILLION OZ//
 

WE HAD  134 NOTICES FILED TODAY FOR 670,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 464  CONTRACTS TO 504,805 _ ,,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 DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  — 93 CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $4.15///COMEX GOLD TRADING/THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALLED 736 CONTRACTS..  WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S 700 OZ EFP JUMP TO LONDON//NEW STANDING 3.608 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $4.15 WITH RESPECT TO THURSDAY’S TRADING

 

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

WE HAD A SMALL SIZED GAIN OF 643  OI CONTRACTS (2.000 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1200 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 1200  ALL OTHER MONTHS ZERO//TOTAL: 1200 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 504,805. 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 643  CONTRACTS: 557 CONTRACTS DECREASED AT THE COMEX AND 1200 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 643 CONTRACTS OR 2.000 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1200) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (557 OI): TOTAL GAIN IN THE TWO EXCHANGES: 643 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 3.586 TONNES//FOLLOWED BY TODAY’S 700 OZ EFP JUMP//NEW STANDING 3.608 TONNES / 3) ZERO LONG LIQUIDATION, /// ;4)SMALL SIZED COMEX OI LOSS5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL

 

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

 

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

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:
HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), 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 IN 2021 INCLUDING TODAY

SEPTEMBER

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 3,176, CONTRACTS OR 317,600 oz OR 9.878 TONNES (3 TRADING DAY(S) AND THUS AVERAGING: 1059 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 9.878 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  9.878/3550 x 100% TONNES  0.273% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

 

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          9.878 TONNES INITIAL ISSUANCE (EXTREMELY LOW ISSUANCE)_

 

 

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, FELL BY A STRONG 1786 CONTRACTSTO 140,079 AND CLOSER TO 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  3 1/4 YEARS AGO.  

EFP ISSUANCE 347 CONTRACTS

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

  JULY 0  AND SEPT: 0; DEC 347  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  347 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1786 CONTRACTS AND ADD TO THE 347 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A VERY STRONG SIZED LOSS OF 1439 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 7.195 MILLION  OZ, OCCURRED WITH OUR $0.29 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 .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 15.31  PTS  OR 0.43%   //Hang Sang CLOSED DOWN 188.44 PTS OR 0.72%      /The Nikkei closed UP 584.60 PTS OR 2.05%   //Australia’s all ordinaires CLOSED UP 0.55%

/Chinese yuan (ONSHORE) closed UP TO 6.4489  /Oil DOWN TO 69.00 dollars per barrel for WTI and 72.80 for Brent. Stocks in Europe OPENED ALL MIXED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4489. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4402/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 557 CONTRACTS TO 504,805 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 COMEX DECREASE OCCURRED WITH OUR LOSS OF $4.15 IN GOLD PRICING THURSDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (1200 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

 

WE NORMALLY HAVE WITNESSED  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. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF SEPT..  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 1200 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  1200  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1200  CONTRACTS 

 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 736 TOTAL CONTRACTS IN THAT 464 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED COMEX OI OF 464 CONTRACTS.  WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (3.629),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 8 MONTHS OF 20201:

SEPT: 3.629 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

TOTAL SO FAR THIS YEAR (JAN- AUGUST): 411.289 TONNNES

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $4.15).,AND THEY WERE  SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 2.000 TONNES.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (3.629 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE HUGE SIZED GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

WE HAD – 93 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 643 CONTRACTS OR 64,300 OZ OR 2.289 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 PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  504,805 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.48 MILLION OZ/32,150 OZ PER TONNE =  15.70 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1570/2200 OR 71.36% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:184,230 contracts//    / volume//POOR///

CONFIRMED COMEX VOL. FOR YESTERDAY: 120,855 contracts//awful

 

// //most of our traders have left for London

 

SEPT 3

/2021

 
INITIAL STANDINGS FOR SEPT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
5,267.308 OZ
Morgan
Manfra
 
real gold leaving
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
32,986.926
 
oz
HSBC
 
1026 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
85  notice(s)
8500 OZ
 
0.2644 TONNES
No of oz to be served (notices)
142 contracts
14,300 oz
 
0.4443 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1017 notices
101,700 OZ
3.163 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  1 deposit into the customer account
 
i) Into HSBC: 32,986.926 oz  (1026 kilobars) 
 
TOTAL CUSTOMER DEPOSITS 32,986.926  oz  
 
 
 
 
 
 
We had 2  customer withdrawals.

 

i) Out of JPMorgan  678.698 oz  (real gold leaving)

ii) Out of Manfra: 4588.690 oz  (real gold leaving)

 

 
 
 
 
 
total customer withdrawals  5,267.388  oz
     
 
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  5 transactions)

ADJUSTMENTS 2//  dealer to customer account

i)Brinks  16,107.651 oz

ii) JPMorgan: 21,693.253 oz

 

 

 
 
the front month of September has an open interest of 228 for a LOSS of 13 contracts. We had 6 notices served on Wednesday.  Thus we LOST 7 contracts or an additional 700 oz will NOT stand for delivery in this non active delivery month of September for gold as the jumped to London on an EFP and were paid handsomely for doing so!
 
 
 
 
OCTOBER LOST 250 CONTRACTS DOWN TO 38,479
NOVEMBER LOST 16 CONTRACTS TO STAND AT 14
.
DEC LOST 1320  TO STAND AT 417,008
 

We had 85 notice(s) filed today for 8,500  oz

FOR THE SEPT 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 85  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 00 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and20  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2021. contract month, we take the total number of notices filed so far for the month (1017) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 228 CONTRACTS ) minus the number of notices served upon today  85 x 100 oz per contract equals 116,000 OZ OR 3.608 TONNES) the number of ounces standing in this active month of SEPTEMBER.  

 

thus the INITIAL standings for gold for the SEPT contract month:

No of notices filed so far (1017) x 100 oz+( 228)  OI for the front month minus the number of notices served upon today (85} x 100 oz} which equals 116,000 oz standing OR 3.608 TONNES in this  active delivery month of SEPTEMBER.

We lost 7 contracts or an additional 700 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING:  3.608 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

427,737.391, oz NOW PLEDGED  march 5/2021/HSBC  13.30 TONNES

260,194.748 PLEDGED  MANFRA 8.0931 TONNES

306,347.005, oz  JPM  9.52 TONNES

1,195,064.751 oz pledged June 12/2020 Brinks/37.17 TONNES

104,945.541, oz Pledged August 21/regular account 3.164 tonnes JPMORGAN

54,250.898 oz International Delaware:  1.68 tonnes

169,535.980 oz Malca  5.28 TONNES

total pledged gold:  2,348,540.335oz                                     73.049 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 501.07 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 3.6289 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,371,898.588 oz or 571.44 tonnes
 
 
 
total weight of pledged: 2,348,540.335 oz or 73.049 tonnes
 
 
registered gold that can be used to settle upon: 16,023,358.0 (498.39 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,023,358.0 (498.39 tonnes)   
 
 
total eligible gold: 15,799,376.516 oz   (491.42 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,171,275.104 oz or 1,062.87 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  936.53 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

SEPT 3/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//SEPTEMBER

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 
1,294,739.015  oz
 
CNT
JPMorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
497,864.36
 OZ
CNT
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
134
 
CONTRACT(S)
 
670,000  OZ)
 
No of oz to be served (notices)
619 contracts
 3,095,000oz)
Total monthly oz silver served (contracts)  4944 contracts

 

24,720,000 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 0 deposit into the dealer
 
 

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  0 deposits into customer account (ELIGIBLE ACCOUNT

 

 

 
 
 

JPMorgan now has 186.574 million oz  silver inventory or 51.23% of all official comex silver. (186.574 million/362.120 million

total customer deposits today nil   oz

we had 2 withdrawals

i) out of CNT 79,569.830 oz

ii) Out of manfra:  418,294.530 oz

 

 

total withdrawal 497,864.36        oz

 

adjustments: 
 
 

Total dealer(registered) silver: 107.7 million oz

total registered and eligible silver:  362.120 million oz

a net 0,497 million oz leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For Sept. we have an open interest of 753 for a loss of 480 contracts.  We had 468 notices served on Thursday, so we LOST 12 contracts or 60,000 additional oz will NOT stand for delivery in this very active delivery month of September.
 
 
 

OCTOBER GAINED 4 CONTRACTS TO STAND AT 2296

NOVEMBER GAINED 0 TO STAND AT  1

DEC LOST 1526 CONTRACTS DOWN TO 124,265

 
NO. OF NOTICES FILED: 134  FOR 670,000 OZ.

To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at  4944 x 5,000 oz = 24,720,000 oz to which we add the difference between the open interest for the front month of SEPT (753) and the number of notices served upon today 134 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the SEPT./2021 contract month: 4944 (notices served so far) x 5000 oz + OI for front month of SEPT(753)  – number of notices served upon today (134) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 27,815,000 oz. ..

We lost 12 contracts or 60,000 oz will not stand on this side of the pond as these guys morphed into London based forwards. 

 

TODAY’S ESTIMATED SILVER VOLUME  66,132 CONTRACTS // volume FAIR///

 

FOR YESTERDAY  39,738  ,CONFIRMED VOLUME/ /poor//AWFUL

 

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 -1.64% (SEPT3/2021)

SILVER FUND POSITIVE TO NAV

no of oz of physical silver held  JULY 8.2021;  150,926,000  (GAIN OF 6.411 MILION OZ IN A MONTH)

No of oz of physical silver held; MAY 24/2021  144,515,694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3616  Oz

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 8 months Sprott has added: 58,608.30 Oz

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.85% nav   (SEPT3)/2021 )

 

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

NAV $18.45 TRADING 17.89//NEGATIVE  3.04

 

END

 

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

SEPT 3/WITH GOLD UP $22.00 TODAY: A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .74 TONNES FROM THE GLD.//INVENTORY RESTS AT 999.52 TONNES

SEPT 2/WITH GOLD DOWN $4.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.26 TONNES

SEPT 1/WITH GOLD DOWN $2.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.46 TONNES FORM THE GLD////INVENTORY RESTS AT 1000.26 TONNES.

AUGUST 31/WITH GOLD UP $5.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1001.72 TONNES./

AUGUST 30/WITH GOLD DOWN $7.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES/

AUGUST 27/WITH GOLD UP $23.79 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES

AUGUST 26/WITH GOLD UP $6.10 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.91 TONNES FROM THE GLD////INVENTORY RESTS AT 1001.72 TONNES.

AUGUST 25/WITH GOLD DOWN $17.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 1004.63 TONNES

AUGUST 24/ WITH GOLD UP $2.60 TODAY: A MONSTER CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 4.95 TONNES//INVENTORY RESTS AT 1006.66 TONNES.

AUGUST 23/WITH GOLD UP $21.25 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1011.61 TONNES// 

AUGUST 20/WITH GOLD UP $1.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 3.49 TONNES FROM THE GLD //INVENTORY RESTS AT 1011.61 TONNES

AUGUST 19/WITH GOLD DOWN $1.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 18/WITH GOLD  DOWN $2.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.53 TONNES FROM THE GLD////INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 17/WITH GOLD DOWN $2.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 1020.63 TONNES

AUGUST 16/WITH GOLD UP $11.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A LOSS OF 1.75 TONNES FROM TH EGLD///INVENTORY RESTS AT 1021.79 TONNES

AUGUST 13/WITH GOLD UP $26.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 12/ WITH GOLD DOWN $1.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 11/WITH GOLD UP $21.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 10/WITH GOLD UP $11.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1023.54 TONNES

AUGUST 9/WITH GOLD DOWN $37.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 6/WITH GOLD DOWN $44.10 TODAY: TWO CHANGES IN GOLD INVENTORY AT THE GLD: A SMALL WITHDRAWAL OF .36 TONNES TO PAY FOR FEES. ANDLATE IN THE DAY A HUGE 2.32 TONNE WITHDRAWAL//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 5/WITH GOLD DOWN $5.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.97 TONNES

AUGUST 4/WITH GOLD UP $.45 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.97 TONNES

AUGUST 3/WITH GOLD DOWN $6.95 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD../INVENTORY RESTS AT 1029.71 TONNES.

AUGUST 2/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1031.46 TONNES.

JULY 30/WITH GOLD DOWN $17.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1031.46 TONNES

JULY 29/WITH GOLD UP $29.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE PAPER DEPOSIT OF 5.82 TONNES INTO THE GLD////INVENTORY RESTS AT 1031.46 TONNES

JULY 28/WITH GOLD UP $1.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.64 TONNES

JULY 27/WITH GOLD UP 90 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.74 TONNES FROM THE GLD/INVENTORY RESTS AT 1025.64 TONNES.

JULY 26/WITH GOLD DOWN $1.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.35 TONNES.

JULY 23/WITH GOLD DOWN $3.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.35 TONNES

JULY 22/WITH GOLD UP $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.38 TONNES

JULY 21/WITH GOLD DOWN $7.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1028.55 TONES/

 
 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 3 / GLD INVENTORY 999.52 tonnes

 

LAST;  1127 TRADING DAYS:   +74.71 TONNES HAVE BEEN ADDED THE GLD

 

LAST 977 TRADING DAYS// +  250.13. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

SEPT 3/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ//

SEPT 2/WITH SILVER DOWN 29 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 977,000 OZ FROM THE SLV////INVENTORY RESTS AT 549.903 MILLION OZ

SEPT 1/WITH SILVER UP 20 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.880 MILLION OZ.

AUGUST 31/WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.002 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 550.880 MILLION OZ

 

AUGUST 30/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 545.878 MILLION OZ////

AUGUST 27/WITH SILVER UP 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.878 MILLION OZ/./

AUGUST 26/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ//

AUGUST 25/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ/

AUGUST24/WITH SILVER UP 37 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLSV: ANOTHER PAPER WITHDRAWAL OF 3.427 MILLION OZ AND THIS IS HEADING FOR SPROTT//INVENTORY RESTS AT 545.878 MILLION OZ..

AUGUST 23/WITH SILVER UP 50 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV;A HUGE WITHDRAWAL OF 2.641 MILLION OZ//INVENTORY RESTS AT 549.305 MILLION OZ//

AUGUST 20/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ//

AUGUST 19/WITH SILVER DOWN 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 1.389 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ/

AUGUST 18/ WITH SILVER DOWN 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 2.131 MILLION OZ FROM THE SLV.INVENTORY REST AT 553.375 MILLION OZ

AUGUST 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 16/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ//

AUGUST 13/WITH SILVER UP 59 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE   SLV: A DEPOSIT OF 2.038 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 12/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 11/WITH SILVER UP 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 10.WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ/

AUGUST 9/WITH SILVER DOWN 78 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 371,000 OZ INTO THE SLV////INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 6/WITH SILVER DOWN 86 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 553.057 MILLION OZ.

AUGUST 5/WITH  SILVER DOWN 17 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.057 MILLION OZ//

AUGUST 4/WITH SILVER DOWN 12 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV;A WITHDRAWAL OF 240,000 OZ FORM THE SLV//INVENTORY REST AT 553.057 MILLION OZ//

AUGUST 3/WITH  SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ..

AUGUST 2/WITH SILVER UP 5 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ.

JULY 30/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.02 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 553.297 MILLION OZ//

JULY 29/WITH SILVER UP 86 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.151 MILLION OZ//INVENTORY RESTS AT 552.277 MILLION OZ..

JULY 28/WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ//

JULY 27/WITH SILVER DOWN 64 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ..

JULY 26/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 23/WITH SILVER DOWN 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 22/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.483 MILLION OZ FROM THE SLV/////INVENTORY RESTS AT 555.428 MILLION OZ..

JULY 21/WITH SILVER UP 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 556.911 MILLION OZ//

 
 

SLV INVENTORY RESTS TONIGHT AT

SEPT3/2021      549.903 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

Peter Schiff

Facing Inflation Threat, German Investors Loading Up On Gold

 
FRIDAY, SEP 03, 2021 – 03:30 AM

Via SchiffGold.com,

While most American investors have faith that the Federal Reserve can and will successfully tighten monetary policy to fight inflation — or have simply bought into the “transitory” inflation narrative — Germans are loading up on gold as a hedge against growing inflationary pressures.

Through the first half of the year, gold coin and gold bar demand in Germany hit the highest level since 2009 – the aftermath of the 2008 financial crisis. First-half demand for bar and coins in Germany increased by 35% from the previous six months, compared with a 20% increase in the rest of the world, according to World Gold Council data.

Raphael Scherer serves as the managing director at Philoro Edelmetalle GmbH. He told Bloomberg that gold sales for the company are up 25% on what was already a strong 2020.

We have a long history of inflation fear in our DNA. Now the inflation risk is picking up. The outlook for precious metals is very positive.

Given Germany’s experience with hyperinflation under the Weimar Republic, it comes as no surprise that Germans are wary of inflation.

Gold investment took off in the country in the wake of the 2008 financial crisis and has been strong ever since. The global recession after the ’08 meltdown led to extremely loose monetary policy in Germany. The country has been in a negative interest rate environment for several years, and the Bundesbank has done billions in quantitative easing. Two and five-year government bonds have traded at negative yields since 2015.

The World Gold Council summarized why Germans tend to turn to gold when inflation looms.

German investors have an acute awareness of the wealth-eroding effects of financial instability. Hyper-inflation in the 1920s lingers on in the collective memory but, perhaps more importantly, German investors have seen fiat currencies come and go: in the past 100 years, Germany has had eight different currencies. It should come as no surprise that, when faced with such an unsettling economic backdrop, German investors turned to gold – which during our field research one investor described as an enduring currency – to protect their wealth.”

Gold investment picked up even more during the pandemic. Last year, Germans bought more coins and bars than any previous year.

In July, the German inflation rate jumped to the highest level in more than a decade. An article published by Bild was headlined  “Inflation is Eating Up Our Savings.” It included a graphic that showed how gasoline prices have surged, as well as steep price gains for other consumer goods.

The World Gold Council said that even if German inflation turns out to be transitory, “it seems unarguable that it is preying on investors’ minds.”

And that tends to go hand in hand with maintaining gold’s appeal. While 2020 set a very high bar that may prove challenging to repeat, German investment is likely to stay elevated for at least the remainder of this year.”

EGON VON GREYERZ//MATHEW PIEPENBERG/JIM RICKARDS/PAM AND RUSS MARTENS

 

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is true: the world is awash in dollars that nobody wants.  This is a recipe for a complete global implosion and hyperinflation

(Bloomberg)

 

The world is awash in dollar liquidity no one wants

 Section: Daily Dispatches

By Tracy Alloway 
Bloomberg News
Thursday, September 2, 2021

There’s a seismic shift underway in money markets, the equivalent of going from famine to feast.

For years the premium paid for dollars over the euro, Japanese yen, and so on in the cross-currency markets has been negative, indicating rampant demand for greenbacks. Now these so-called cross-currency basis swaps are on the verge of turning positive in a major shift for money markets.

“Things that haven’t happened before are now happening,” says Credit Suisse AG strategist Zoltan Pozsar, in an upcoming episode of “Odd Lots.” He points out that cross-currency basis swaps are “something that we are used to as being very negative. There’s always an excess demand for dollars, and that excess demand for dollars is gone.”

Extraordinary measures from central banks, including the massive provision of liquidity from the Federal Reserve in the form of dollar swap lines and new repo facilities, mean the financial system is essentially swimming in cash. It’s the reversal of an earlier dollar crunch that saw the U.S. central bank withdrawing dollar liquidity from the market in 2015 just as the Bank of Japan and the European Central Bank were ramping up their own quantitative easing programs.

“Some of the most experienced short-term-interest-rate traders would tell you that they’ve never traded as much front-end basis in their career — some of those careers span 30 years — as they did between 2015 and 2019,” Pozsar says of the period. “So then you fast-forward to today, and we now have so much liquidity, and this is particularly the case for the U.S. dollar that the Fed is doing QE faster than the BoJ or the ECB. So there’s just an ample supply of U.S. dollars. Regulations are not getting tighter. If anything, they are getting easier. The Fed has become a dealer of last resort.”

Even cross-currency basis swaps at longer tenors — such as the 10-year swap between the Japanese yen and the U.S. dollar — are on the verge of turning positive. That premium now sits at -34 basis points, the narrowest level in more than a decade.

Such swaps are a way of gauging the difference in the cost of borrowing dollars in Japan versus borrowing dollars in the U.S., with a negative rate indicating that borrowing in yen is more expensive than doing the same in greenbacks. In theory, that difference shouldn’t exist as players arbitrage the differences away, but regulations introduced after the financial crisis may have restricted their ability to do so. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-09-02/the-world-is-awash-in-dollar-liquidity-that-no-one-wants

 

END

Russia’s gold and FX reserves hit record levels after IMF transfer of SDR credits

(Reuters)

Russia’s gold and FX reserves hit record high after IMF transfer

 

 

 Section: Daily Dispatches

 

Russia’s gold and FX reserves hit record high after IMF transfer

From Reuters
Thursday, September 2, 2021

MOSCOW — Russia’s international gold and foreign currency reserves rose to a record high of $615.6 billion after receiving a tranche from the International Monetary Fund, the central bank said today.

The IMF gave Russia around $17.5 billion in its Special Drawing Rights in late August as part of the global $650 billion SDR allocation, its largest distribution of monetary reserves on record.

Russia’s gold and FX reserves, the world’s fourth largest, rose by $20 billion in the week to Aug. 27, the central bank said in a weekly report. …

… For the remainder of the report:

https://www.reuters.com/article/russia-reserves/russias-gold-and-fx-reserves-hit-record-high-after-imf-transfer-idUSL1N2Q416S

end

Your weekend reading material: on inflation

Alasdair Macleod: Inflation is a monetary curse

 

 

 Section: Daily Dispatches

 

By Alasdair Macleod
GoldMoney, Toronto
Thursday, September 2, 2021

Remarkably, in a speech on monetary policy given at the Jackson Hole conference last Friday, Federal Reserve Chairman Jay Powell never mentioned money, money supply, M1, or M2. With money supply expanding at a record pace to fund both quantitative easing and intractable budget deficits, the omission is extraordinary.

The Federal Open Market Committee, the interest rate-setting committee, appears to no longer take the consequences of monetary expansion into account. But rising consumer prices caused by monetary expansion have driven real rates sharply negative and are leading to pressure for higher interest rates.

This article looks at the consequences of policies that combine the maintenance of a wealth effect by juicing markets with QE, and funding enormous government deficits, which are now beyond control. A flight out of foreign-owned dollars and dollar-denominated financial assets, which total over $32 trillion, is becoming inevitable.

Will the Fed respond by increasing its QE support for financial markets while resisting the pressure of rising interest rates? 

If so, there is no surer way to destroy the dollar.

The lessons from history combined with sound economic analysis tell us that markets will reassert themselves over the Fed, and for that matter, over all other central banks that have embarked on similar monetary policies.

Gold is the ultimate hedge against these events and their consequences. …

… For the remainder of the report:

https://www.goldmoney.com/research/goldmoney-insights/inflation-is-a-monetary-curse?gmrefcode=gata

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OTHER PHYSICAL STORIES

ALUMINUM

Aluminum prices hit fresh decade highs. China pledges more support for the global ailing economies

(zerohedge)

 

Aluminum Prices Hit Fresh Decade High As China Pledges More Support For Ailing Economy

 
FRIDAY, SEP 03, 2021 – 02:45 AM

Aluminum prices on the London Metal Exchange and Shanghai Futures Exchanges reached fresh decade highs on Wednesday after the Chinese government pledged more support to keep the economy from slumping, according to Bloomberg

The People’s Bank of China (PBoC) is expected to expand credit to small- and medium-sized businesses and allocate credit to other parts of the economy to prevent a downturn. The latest news of credit expansion to cushion the economy was released in a statement by the State Council. 

PBoC’s credit expansion scheme comes as no surprise that the country’s all-important credit impulse turned negative earlier this year. On a laggard basis, we suggested China was set to unleash a deflationary wave across the world…

According to the country’s economic surprise index, economic data in China has been missing to the downside all year and eventually went negative in April. 

This week, China’s official Services (non-manufacturing) PMI Index collapsed, an ominous sign the economy is slowing. 

Many are perplexed why Beijing is taking so long to address the sharp slowdown in its economy. But while the latest China credit – and now PMI – data is flashing a bright red alarm light that the global reflationary wave may be over or about to reverse. However, Beijing has come to the rescue with new pledges to aid their ailing economy. 

Of course, this means that stimulus-fueled demand will boost commodity prices and will be a boon for industrial metals – however temporary and misallocated that may eventually become.

Colin Hamilton, managing director for commodities research at BMO Capital Markets, told clients the latest “credit support would boost near term financial market sentiment towards commodity exposure in China. But we expect the impact on underlying physical demand to be more of an H1 2022 story.” 

Aluminum prices on the London Metal Exchange rose at 1.7% to $2,734.50 per ton, the highest level in more than a decade. Besides government support for the floundering economy, investors have been piling into the metal because of supply woes that may develop as China reduces power to smelters to cut carbon emissions. 

The Bloomberg Industrial Metals Index has also reached decade highs. 

China unleashing more credit, stoking what could be another round of commodity inflation, may further dent the Federal Reserve’s narrative that inflation is “transitory.” 

 
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 UP AT 6.4489 

 

//OFFSHORE YUAN 6.4402  /shanghai bourse CLOSED DOWN 15.31 PTS OR 0.43% 

HANG SANG CLOSED DOWN 188.44 PTS OR 0.72 %

2. Nikkei closed UP 584.60 PTS OR 2.05% 

 

3. Europe stocks  ALL MIXED

 

USA dollar INDEX DOWN TO  92.23/Euro RISES TO 1.1875

3b Japan 10 YR bond yield: RISES TO. +.042/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.92/ 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 ABOVE 17,000

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

3e WTI:: 70.20 and Brent: 73.45

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

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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.379%/Italian 10 Yr bond yield RISES to 0.70% /SPAIN 10 YR BOND YIELD UP TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.07: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.77

3k Gold at $1815.05 silver at: 24.08   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 13/100 in roubles/dollar) 72.78

3m oil into the 70 dollar handle for WTI and  73 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 109.92 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9147 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0862 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 RISING to 0.379%

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 1.298% early this morning. Thirty year rate at 1.906%

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

6.  TURKISH LIRA:  UP  TO 8.30..  VERY DEADLY

Futures Hit Another All Time High Ahead Of Jobs Report Expected To Show Slowdown In Hiring

 
FRIDAY, SEP 03, 2021 – 08:08 AM

Another day ending in -day, another all time high in US risk markets.

US stock-index futures rose ahead of a pivotal US jobs report that could affect the timing of the Federal Reserve’s stimulus tapering. Eminis rose 8 point or 0.2%, just shy of an all time high of 4,545.75 hit earlier in the session after energy shares drove the gauge to an all-time high Thursday. The ramp followed news that Japan’s PM Suga was stepping down which was immediately spun as positive for risk assets as his successor was expected to inject even more stimulus. Dow e-minis were up 56 points, or 0.16% and Nasdaq 100 e-minis were up 25 points, or 0.16%. Global stocks paused near record highs on Friday, contrasting with a still wobbly dollar as investors watch if U.S. payrolls figures alter their expectations on when the Federal Reserve might scale back on its massive pandemic-era stimulus. Treasuries fell, the dollar dropped, gold rose, and ethereum soared again, rising just shy of $4,000.

In premarket trading, Chinese ride-hailing firm Didi gained 5.1% after a media report that the city of Beijing was considering moves that would give state entities control of the company. Banks were among the top gainers before the opening bell, with Goldman Sachs, Bank of America, J.P.Morgan and Wells Fargo all rising between 0.3% and 0.7%. As a reminder, earlier this week we noted that bank buybacks just hit a new all time high. Shares of Forte Biosciences sank 81% in premarket trading after the company said it won’t advance the development its flagship atopic dermatitis treatment after a failed trial. In corporate news, HSBC predicted it will be operating in a profoundly different way after the virus outbreak ebbs, with as many as 70% of its staff backing a hybrid working model and with its business travel budget cut in half. Here are some other notable premarket movers:

  • Advaxis (ADXS) and Meta Materials (MMAT), both of which have been in the sights of retail investors, rise 15% and 9.9% respectively in premarket trading.
  • Didi Global (DIDI) jumps as much as 7.9% after Bloomberg reported that Beijing’s municipal government has proposed an investment in Didi Global Inc. that would give state-run firms control of the world’s largest ride- hailing company.
  • Forte Biosciences (FBRX) shares plunge 82% after the biotech company said a Phase 2 trial of its atopic dermatitis treatment failed to meet statistical significance for the primary endpoint. Truist downgrades the stock to hold from buy, citing the lack of a pipeline.
  • FuboTV (FUBO) gains 4.5% after getting a license to offer mobile event wagering from the Arizona Department of Gaming.
  • Watch Broadcom (AVGO) shares after analysts were generally upbeat on the chipmaker following its expectation-beating 3Q results, flagging its strong cash position and positive outlook.
  • PagerDuty (PD) surges 14% premarket after reporting earnings, with Cowen (outperform) saying the numbers beat across the board.

MSCI’s all-country world index, which had ended the previous session at its fifth consecutive closing high, inched up further by 0.13%. The S&P 500 and the Nasdaq have scaled all-time highs over the past few weeks on support from robust corporate earnings, but investors have grown cautious recently as the Fed issued hawkish signals while data pointed to a slowdown in a broader economic recovery. The jobs report, which is due at 8:30 a.m. ET, is expected to show where monetary policy is headed. A bigger-than-expected number could fuel bets that the Federal Reserve will speed up the rollback of its bond-buying program, while a weak report could do the opposite. Economists expect the U.S. added 725,000 jobs in August, a more moderate pace compared with the past two months but stronger than gains seen early this year. But the whisper number has been dropping steadily and now projects a miss (or preview is here).

“The labor market remains the key touchstone for most U.S. policymakers, and another strong August number would certainly up the ante,” said Michael Hewson, chief market analyst at CMC Markets in London. “A poor report won’t change the likelihood of a tapering of purchases, but it will affect the pace, timing and scope of one, potentially pushing it into next year.”

“When it comes to tapering the focus is now the labour market. If we’re in the area of 750,000 the expectation will be for a September tapering announcement,” said Stefan Hofer, Hong Kong-based chief investment strategist at LGT private bank.

“If you have too good a number, that could actually have the opposite effect on the markets because they would consider the potential risk of an earlier tapering,” Eleanor Taylor Jolidon, co-head of Swiss and global equity assets at Union Bancaire Privee, said in an interview on Bloomberg TV.  “The message still is that tapering is a little way out, so a very strong number might spook the market a little bit.”

European stocks remained drifted lower, and the Stoxx Europe 600 Index was down 0.2% with basic resources and utilities outperforming, while travel & leisure stocks declined the most. The benchmark has been stuck in a tight range for the past two weeks, with equities in the region staying close to record levels. The Stoxx 600 is up 19% this year, driven by optimism over an economic recovery, as market participants await central banks steps toward tapering.  “The main focus of the jobs number will be on what they mean for the Fed and its tapering plans,” said Diego Fernandez, chief investment officer at A&G Banca Privada in Madrid. In Europe, Fernandez sees equities as being slightly overbought and expects a small correction. Investors keep piling money into stocks globally. In the week through Sept. 1, equities attracted $19.2 billion, while cash had outflows, according to a Bank of America note that cited EPFR Global data.

A shakeup of Germany’s prime equity index will be announced on Friday by compiler Qontigo, with the number of stocks in the DAX Index being increased to 40 from 30. Among individual moves, Ashmore Group Plc shares fell 4.8% in London after the emerging-market focused fund manager reported Ebitda for the year that missed consensus, while Allfunds Group Plc jumped 8.7% in Amsterdam as revenue in the first half advanced from a year earlier. Delivery Hero dropped 1.8% after the German company sold 1.25 billion euros ($1.5 billion) of debt convertible into shares, with analysts flagging the potential for future acquisitions.

There was little in the way of corporate news in Europe, though data showed that euro zone business activity remained strong last month, despite fears about the Delta variant of the coronavirus and widespread supply chain issues.

“The market is resilient with record highs in the United States again last night, and the data this week has been fairly solid, with nothing to suggest we are getting a significant slowdown in Europe, the UK or the U.S.,” said Michael Hewson, chief markets analyst at CMC Markets. “Now it’s all about whether the payroll data arrests the decline of the dollar.”

Earlier in the session, Asian stocks advanced for a sixth day bolstered by a rally in Japanese equities and a rebound in chipmakers. The MSCI Asia Pacific index rose as much as 0.8%, getting a lift from the Topix which climbed 1.6% to a three-decade high. Prime Minister Yoshihide Suga’s decision to resign spurred hopes that his eventual successor in Japan will increase stimulus spending and be more adept in handling the pandemic.

Chipmakers including TSMC and Samsung Electronics continued to recoup recent losses. Asian stocks are set to complete a second straight weekly advance of more than 3% ahead of a U.S. jobs report on Friday that will provide the latest read on the health of the labor market. Sentiment in Asia has improved since late August amid expectations that any tapering by the Federal Reserve will be done gradually and amid abating worry over the virus outbreak.   “We’re kind of in a situation where bad news might be good news in a sense that a bad jobs report may basically mean that the taper might be pushed out further,” Zhikai Chen, head of Asian equities at BNP Paribas Asset Management, told Bloomberg Television.

The Chinese market, meanwhile, continues to be whipsawed by the government’s steps to tighten its oversight on businesses. Chinese blue chips were down 0.5% and Hong Kong was off 0.72% after activity in China’s services sector slumped into sharp contraction in August, a private survey showed on Friday, hurt by restrictions imposed to curb the COVID-19 Delta variant. China’s technology sector snapped a four-day rally, with investors remaining wary over new clampdowns coupled with the impact of Alibaba Group’s large donation on its balance sheet. Price corrections within the sector have been “fairly significant,” said Chen, adding that “there’s a very strong valuation support now for some of these established names, that will still be a significant player.”  Apart from Japan, benchmarks in Taiwan and the Philippines were among the top performers for the day, while those in Hong Kong and China led declines.

In rates, treasuries drifted lower with losses led by long-end, steepening the curve as S&P 500 futures remain elevated, helped by rally in Japanese shares following Prime Minister Suga’s intent to resign. The 10-year TSY yield was at 1.292%, cheaper by 1.5bp on the day and lagging bunds by around 1bp; in Europe, Italian bonds underperform following August services PMI data. Positioning is also likely in play ahead of August jobs report in the U.S. Long-end-led losses in U.S. steepen 2s10s, 5s30s spreads by less than 1bp vs Thursday’s close. Japanese government bonds fell, led by super-long maturities, as traders weighed the risk of more stimulus spending with a change in the nation’s leadership.

In FX, the Bloomberg Dollar Spot Index hovered around an almost one- month low as the dollar traded mixed versus its G-10 peers though most crosses were confined to narrow ranges. The euro and the pound were steady while Australian and New Zealand dollars led the advance among G-10 currencies to trade at multi-week highs amid risk-on price action. Japanese government bonds fell, led by super-long maturities, as traders weighed the risk of more stimulus spending with a change in the nation’s leadership; the yen was little changed around 110 per dollar after earlier swinging to a loss following the news of Suga’s resignation. China’s yuan rose to 6.45 per dollar for the first time in over a month amid broad weakness in the greenback. USD/CNY falls as much as 0.1%; USD/CNH down 0.1% to 6.4422.

In commodities, WTI crude topped $70 a barrel on bets that the market can absorb additional supply from OPEC+ as the U.S. Gulf grapples with Hurricane Ida’s impact. Gold traded at session highs of $1816 as the dollar continued to slide.

In crytpos, ethereum was the big standout again, surging near $4,000, while Bitcoin traded near $50,000.

To the day ahead now, and the main data highlight will be the aforementioned US jobs report for August, as well as the August services and composite PMIs from around the

Market Snapshot

  • S&P 500 futures up 0.2% to 4,543.25
  • STOXX Europe 600 little changed at 474.43
  • German 10Y yield rose 0.5 bps to -0.387%
  • Euro little changed at $1.1880
  • MXAP up 0.7% to 204.67
  • MXAPJ up 0.3% to 670.22
  • Nikkei up 2.0% to 29,128.11
  • Topix up 1.6% to 2,015.45
  • Hang Seng Index down 0.7% to 25,901.99
  • Shanghai Composite down 0.4% to 3,581.73
  • Sensex little changed at 57,857.78
  • Australia S&P/ASX 200 up 0.5% to 7,522.91
  • Kospi up 0.8% to 3,201.06
  • Brent Futures up 0.4% to $73.33/bbl
  • Gold spot up 0.2% to $1,812.66
  • U.S. Dollar Index little changed at 92.18

Top Overnight News from Bloomberg

  • Employers probably added 725,000 positions in August after a gain of 943,000 in July, according to a Bloomberg survey of economists. Data on Thursday showed applications for U.S. state unemployment benefits fell last week to a fresh pandemic low
  • Stock markets soared in Tokyo after Suga’s shock resignation as investors expressed hope that a new leader would lift the cloud of uncertainty that has depressed sentiment in equities for months
  • China’s services activity contracted for the first time since April last year, a private gauge showed, further evidence of the blow to the economy that’s come from fresh virus outbreaks
  • The European Central Bank will start slowing down its pandemic bond purchases in the fourth quarter and may not exhaust the whole 1.85 trillion-euro ($2.19 trillion) program before it ends next year, according to economists surveyed by Bloomberg
  • The war for talent in the U.K. shows little sign of abating, with employers adding almost 200,000 job adverts in the last week of August

A more detailed look at global markets courtesy of Newsquawk

A positive leaning bias was seen for Asia-Pac bourses after further disappointing PMI data from China only partially offset the tailwinds from US where the S&P 500 and Nasdaq Comp registered fresh all-time highs after encouraging US data, but with price action limited for most indices as the NFP jobs report looms on the horizon. ASX 200 (+0.5%) was kept afloat by strength in commodity-related stocks as energy names took inspiration from the outperformance of the sector stateside and with news of a vaccine swap deal with the UK for 4mln Pfizer vaccine doses helping ease some of the concerns from a record jump of infections in New South Wales. Nikkei 225 (+2.0%) was underpinned amid reports that Japan is drafting a roadmap for relaxing COVID-19 restrictions and with exporters helped by recent weakness in the domestic currency although not all have benefitted with index heavyweight Fast Retailing among the worst performers following a near-40% Y/Y drop in last month’s sales. The Japanese benchmark then extended on gains and the TOPIX printed its highest since 1991 after reports that PM Suga will not run in the LDP leadership race which paves the way for a new PM and could effectively lead to additional stimulus considering recent comments from leadership contender Kishida who had called for swift economic measures worth tens of trillions of yen to cope with the virus pain. Hang Seng (-0.7%) and Shanghai Comp. (-0.4%) lagged with the mainland indecisive as participants digested the recent announcement by Chinese President Xi to set up a Beijing stock exchange for SMEs and following another bout of disappointing PMI data in which both Caixin Services and Composite PMIs fell into contraction territory, while Hong Kong tech names continued to suffer from Beijing’s regulatory crackdown with China reportedly to strengthen its review of game content and had also ordered ride hailing companies to correct their unfair market practices. Finally, 10yr JGBs were initially flat as downward pressure from the gains in Japanese stocks was counterbalanced by the presence of the BoJ in the market for over JPY 1tln of JGBs, although 10yr JGBs eventually breached the 152.00 level to the downside in reaction to the announcement that PM Suga will not be seeking another term which spurred expectations of future stimulus measures.

Top Asian News

  • HDFC Life to Acquire Rival in India’s Biggest Insurance Deal
  • Traders Look to U.S. Jobs Data to Back Rallies in Risk Assets
  • Chaos in Supply Chain Won’t Last, Top Nissan Supplier Says
  • Key Contender to Lead Japan Warns Taiwan Is ‘Next Big Problem’

Cash bourses in Europe trade mixed (Euro Stoxx 50 -0.2%; Stoxx 600 -0.1%), although with price action caged in the run-up to the US jobs report (full preview available on in the Newsquawk research suite). News flow has once again been quiet in early European hours, with catalysts also light, although the downward revisions in EZ services and composite PMIs had little effects on stocks, the release was balanced by commentary suggesting: “…another strong quarter-on-quarter rise in [EZ] GDP is on the cards for the third quarter, and we’re certainly on track for the eurozone economy to be back at pre-pandemic levels by the end of the year, if not sooner”. US equity futures trade with an upside bias, but the NQ (Unch) lags the RTY (+0.4%), YM (+0.1%) and ES (+0.2%), with yields proving to be a headwind for the former. Back in Europe, sectors are mixed but the breadth of the price action is narrow and with no overarching theme. Travel & Leisure reside as the laggards following yesterday’s outperformance, whilst Basic Resources sit at the top of the pile despite waning base meal prices. Banks have made their way up the list in tandem with the ticks higher in yields, and subsequently, tech is pressured. In terms of individual movers, Ashmore (-5.0%) resides at the foot of the Stoxx 600 post-earnings, whilst Nexi (-1.5%) is pressured after the Italian watchdog opened a probe into the Nexi-SIA tie-up. Meanwhile, Deutsche Boerse is poised to release the details today of the DAX expansion – which will see 40 constituents as of mid-September. Little has been released thus far about the announcement but by historical standards, it is likely to take place after the European cash close, with the expansion assumed to come into effect after Quad witching on the 17th.

Top European News

  • HSBC CEO Plans for Permanent Hybrid Work, Much Less Jet- Setting
  • Sunak to Scrap Key U.K. Pension Pledge to Help Fix Coffers
  • U.K. Aug. Composite PMI 54.8 vs Flash Reading 55.3
  • Credit Suisse, Gupta Legal Fight Delayed as Financing Sought

In FX, it’s probably far too premature to suggest that Dollar/major and EM pairs may have marked out ranges for the big BLS release already, but the index looks pretty restrained having slipped into a lower range either side of 92.200 and just above the last fairly recent low ahead of 92.000. Thursday’s more encouraging US jobs data proxies have not made a lasting impression as the DXY meanders between 92.262-151 after another ‘dead cat’ bounce, awaiting the official report to assess further progress towards the ‘substantial’ threshold set by the Fed for tapering. Meanwhile, the Loonie has extended its oil-fuelled recovery towards 1.2530 against the Greenback, but could now face more than mere psychological resistance at 1.2500 given 1.4 bn option expiry interest at the strike, not to mention even heftier expiries at 1.2550 (1.8 bn) that may yet exert upside influence in Usd/Cad. Similarly, the Euro has inched further beyond 1.1850 and closer to 1.1900 irrespective of softer than forecast or downwardly tweaked final Eurozone services and composite PMIs, and dire retail sales, but may be thwarted by 1.4 bn rolling off in Eur/Usd between 1.1875-80 at today’s NY cut. Sterling is also digesting weaker than preliminary UK services and composite PMIs that may keep a lid on Cable into 1.3850 along with 1 bn expiry interest residing at 1.3815-20 vs the current circa 1.3824 low. Elsewhere, the Yen has settled down somewhat after a hectic Asian session when Usd/Jpy was rattled by Japanese PM Suga confirming reports that he will not contend the LDP leadership race and instead concentrate on tackling the COVID-19 outbreak, and is now very near 110.00 again where 1.5 bn expiries could be tripped.

  • AUD/NZD – The Aussie and Kiwi have picked up where they left off yesterday following only slight and brief hesitation around their newly attained big figure levels, and the former appears unfettered by 1.8 bn expiry interest at 0.7350 within a 0.7395-0.7438 range, while the latter is sitting comfortably on the 0.7100 handle even though the Aud/Nzd cross remains elevated above 1.0400 amidst positive news on the vaccine front for Australia that has secured a 4 mn Pfizer shot swap deal with the UK.
  • EM – More bad news for the Cnh/Cny via contractionary Caixin services and composite PMIs, but little fallout as the PBoC renews its pledge to make prudent monetary policy flexible, targeted and appropriate, while improving financial risk prevention and maintaining the stable operation of bond, currency and stock markets, plus preventing external shocks. Moreover, China’s Cabinet stated its intent overnight to accelerate measures to attract overseas investors in domestic futures trading and establish an international Yuan-denominated commodity futures market. Conversely, the Try has been rocked by yet another Turkish CPI overshoot that increases the CBRT’s policy dilemma and raises more doubt about the Bank and Government’s belief that inflation will start to slow down in Q4. Note, headline inflation is now higher than the 19% 1 week repo rate at 19.25%.

In commodities, WTI and Brent front month futures trade sideways with the former around USD 70/bbl and the latter just under USD 73.50/bbl. The contracts have displayed some divergence in recent trade, with the Brent-WTI arb widening to around USD 3.3/bbl from around USD 2.8/bbl at worst yesterday. The mild divergence between the contract could be related to reports that around 94% of GoM crude production remains shut-in, with production also reportedly facing recovery issues, whilst the remnants of Hurricane Ida wreaked havoc across the East Coast – all pointing to more subdued demand for US oil. In contracts, with OPEC+ out of the way, Brent also saw a sizeable upside revision from OPEC’s JTC, with the next focus from a policy perspective being the Iranian nuclear talks. In terms of today’s trade, crude prices will likely track sentiment ahead of the US labour market report. Elsewhere, spot gold and silver are underpinned by the softer pre-NFT dollar, with little new to report on that front ahead of the Tier 1 US data. From a technical standpoint, spot gold remains sandwiched between its 100 DMA (1,814/oz) and 200 DMA (1,809.31/oz). LME copper remains capped by the dismal Chinese data overnight and caged head of NFPs. Elsewhere and further to yesterday’s Dalian Commodity Exchange margin requirements increase for coke and coking coal futures, the DCE is also to limit single-day open positions for coking coal and coke futures to 100 lots for non-futures companies as of the September 6th trading day.

US Event Calendar

  • 8:30am: Aug. Change in Nonfarm Payrolls, est. 725,000, prior 943,000
    • Change in Private Payrolls, est. 610,000, prior 703,000
    • Change in Manufact. Payrolls, est. 23,000, prior 27,000
  • 8:30am: Aug. Unemployment Rate, est. 5.2%, prior 5.4%; Underemployment Rate, prior 9.2%
  • 8:30am: Aug. Average Weekly Hours All Emplo, est. 34.8, prior 34.8
  • 8:30am: Aug. Labor Force Participation Rate, est. 61.8%, prior 61.7%
  • 8:30am: Aug. Average Hourly Earnings YoY, est. 3.9%, prior 4.0%; Average Hourly Earnings MoM, est. 0.3%, prior 0.4%
  • 9:45am: Aug. Markit US Composite PMI, prior 55.4; Markit US Services PMI, est. 55.2, prior 55.2
  • 10am: Aug. ISM Services Index, est. 61.7, prior 64.1

DB’s Jim Reid concludes the overnight wrap

Working from home yesterday meant I stumbled across my soon to be 6-year old daughter’s first boyfriend when I went down for lunch. They were having a play date. I asked him what his intentions were and how much he earnt but that just got me a stern send-off back to my home office from my wife. When I venture back into the office for part of next week I will have to remind myself to return to more politically correct mode. 18 months of daily jibes to the family during working hours can be habit forming.

Before we get there we have a big data day today in the form of the US employment report. If you remember back a month ago, July’s strong payroll number did what multiple higher than expected inflation numbers couldn’t do and encouraged a sharp rise in yields. 10 year USTs sold off +7.5bps on the day. That took them to 1.299% by the close of play. 4 weeks later and this morning we’re pretty much at the same level. The daily move last month perhaps reinforced the view that the Fed in a FAIT world are currently much more focused on employment getting back to normal than they are about inflation which they wrongly or rightly see as mostly transitory.

At the Jackson Hole symposium last week, Fed Chair Powell said that there had “been clear progress toward maximum employment”, but he also noted that the recorded unemployment rate understates the amount of slack in the labour market. Indeed, a footnote to his speech referred to the fact that if you adjust the unemployment rate of 5.4% for misclassification errors and reduced labour force participation, it stands at 7.8% instead. So the Fed are still cognisant of the progress still to travel on the employment side, even though inflation has been running ahead of their previous expectations, and Powell said that the “substantial further progress” test had been met on the inflation side. Furthermore, Atlanta Federal Reserve President Bostic supported this thought yesterday when saying “we’re going to let the economy continue to run until we see signs of inflation,” before moving on rates. The fact that inflation is already at multi decade highs hasn’t made much impression on him evidently. To wrap up, employment is seemingly more important to the Fed than CPI. For now at least.

In terms of what to expect today, our US economists see nonfarm payrolls growing by +700k in August, which follows an 11-month high of +943k in July, and that in turn should see the unemployment rate fall to a fresh post-pandemic low of 5.2%. One caveat they do note however, is that historically the August report has disappointed consensus expectations, so it’ll be interesting to see if that happens again. Bloomberg’s consensus estimate currently stands at +725k. Staying on the US labour market, yesterday saw the release of some positive numbers from the weekly initial jobless claims for the week through August 28, which fell to their own post-pandemic low of 340k (vs. 345k expected), sending the 4-week average down to 355k. However remember that ADP was weak at +374k (+625k expected) on Wednesday even if it hasn’t been a great predictor of late. In addition we also have August services and composite PMIs from around the world which will be closely watched. As you’ll see below, China’s were weak this morning.

With all that to look forward to, it was a familiar story for markets yesterday as global equities edged ever higher to fresh records, the dollar weakened for a 5th consecutive session, and commodities continued to rebound and close in on their highs for the decade. In more detail the S&P 500 (+0.28%), the NASDAQ (+0.14%), and the MSCI World Index (+0.28%) all rose to fresh records, whilst Europe’s STOXX 600 (+0.31%) closed less than 0.3 per cent away from its own record high.

US equities dipped in the second half of their trading session for a third straight day though, with comments from Senator Manchin putting fresh doubts around Biden’s $3.5 trillion economic/infrastructure package. He said he wants the party to “hit the pause button” on the stimulus package citing “runaway inflation” and uncertain geopolitics. Members of the Democratic party in both chambers continue to work on the legislation but it will require every Democrat in the Senate to pass, giving Manchin power over the final output.

Energy stocks were the best sectoral performer on both sides of the Atlantic, which came against the backdrop of further rises in oil prices, with WTI (+2.04%) and Brent crude (+2.01%) both on track for a second weekly gain after a tough August. Those rises in oil prices helped commodities more broadly to put in another decent performance, with Bloomberg’s commodity spot index up +0.67%, which left it less than 1% away from its high for the decade seen back in late July.

Over in foreign exchange markets, the dollar (-0.24%) continued to fall yesterday, recording its 9th decline in the last 10 sessions and finishing at its lowest level in nearly a month. However, US Treasuries were subdued, with 10yr yields edging -1.0bps lower to 1.289%, their fourth decrease in the last five sessions. In Europe there was a consistent move lower in yields, with those on 10yr bunds (-1.2bps), OATs (-1.0bps) and BTPs (-2.2bps) all declining on the day.

Overnight in Asia one of the key headlines is that Japanese PM Suga intends to resign from his post. Japan has to hold a general election by the end of November and the LDP party leadership contest is now likely to be between former Foreign Minister Fumio Kishida and Shigeru Ishiba, a former defense minister. The news is coming at a time when Suga’s approval ratings has taken a severe beating due to the rise in coronavirus cases in the country. PM Suga will speak with reporters at 1 pm local time. The Japanese yen (-0.08%) is trading slightly down at 110.02.

Asian markets are mostly trading up overnight with the Nikkei (+1.83%) leading the advance on the above news which highlights the negativity surrounding Suga of late. Elsewhere the Asx (+-0.57%) and Kospi (+0.78%) are also up. The Shanghai Comp (-0.15%) and Hang Seng (-0.54%) are down though on weakness in Chinese technology stocks. Meanwhile, China’s President Xi Jinping has said that the country will set up a new stock exchange to provide financing for innovative smaller firms. In terms of overnight data releases, China’s August services PMI came in at 46.7 (vs. 52.0 expected and 54.9 last month), the weakest reading since April 2020 while Japan’s final services PMI got revised down to 42.9 from 43.5 in the flash. Similarly, Australia’s final services PMI reading got revised down to 42.9 as well from 43.3 in the flash. Lastly, yields on 10y USTs are up +1bp to 1.294% while S&P 500 futures are up +0.18%.

With just 3 weeks this weekend until the German election, we had yet more signs of the centre-left SPD cementing their hold on first place yesterday. Firstly, a poll by Kantar put them at 25%, four points ahead of Merkel’s CDU/CSU bloc on 21%, who were themselves not far ahead of the Greens on 19%. Later on, we then had an Infratest poll, with the SPD also on 25%, ahead of the CDU/CSU on 20% and the Greens on 16%. For those interested in the potential implications of the election on the euro, DB’s FX Strategist Robin Winkler put out a note yesterday (link here) going through what different scenarios might mean.

In terms of the latest on the pandemic, Israel – one of the most inoculated nations in the world – recorded another record number of new cases, at 11,187, as the country increased testing capacity ahead of the start of the school year. The rise in infections has prompted the government to extend the use of booster jabs in order to improve the population’s immunity. Speaking of waning immunity, my chart of the day yesterday (link here) pointed out that the US and Europe could experience the same waning efficacy in time, potentially in the middle of winter given they started to vaccinate later. We’ve already begun to see this in the UK, where the percentage estimated to test positive for antibodies has dropped by a few percentage points among the elderly over the last 2-3 months, even though it still remains very high for the population as a whole (c.94%). So this could still be a big issue for the winter, when respiratory viruses spread more easily as people spend more time indoors in less well ventilated areas. As a minimum the debate over boosters looks set to grow.

Wrapping up with yesterday’s other data, producer price inflation for the Euro Area rose to +12.1% in July (vs. +11.1% expected). Separately, the US trade deficit narrowed to $70.1bn in July (vs. $70.9bn expected), and factory orders grew by +0.4% in July (vs. +0.3% expected).

To the day ahead now, and the main data highlight will be the aforementioned US jobs report for August, as well as the August services and composite PMIs from around the world. On top of that we’ll get Euro Area retail sales for July, and the ISM services index for August from the US.

end

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 15.31  PTS  OR 0.43%   //Hang Sang CLOSED DOWN 188.44 PTS OR 0.72%      /The Nikkei closed UP 584.60 PTS OR 2.05%   //Australia’s all ordinaires CLOSED UP 0.55%

/Chinese yuan (ONSHORE) closed UP TO 6.4489  /Oil DOWN TO 69.00 dollars per barrel for WTI and 72.80 for Brent. Stocks in Europe OPENED ALL MIXED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4489. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4402/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/SOUTH KOREA

 

end

b) REPORT ON JAPAN

JAPAN/LAST NIGHT

Kuroda calls for even more QE and even greater negative interest rates

(zerohedge)

BOJ’s “Turbo Kuroda” Calls For Even More QE And Even More Negative Rates

 
THURSDAY, SEP 02, 2021 – 10:20 PM

Imagine you are a central bank which has done QE for 30 years, kept rates negative for almost a decade, purchased more than 100% of the country’s GDP in bonds, and is actively propping up the stock market by buying billions in ETFs and REITs, and still your economy remains stagnant? Well, if you are Kuroda you stay the course and hope for a miracle, but if you are Goushi Kataoka, the BOJ governor who is rapidly emerging as Turbo-Kuroda and perhaps angling to be the next head of the Japanese central bank, the answer is simple: you do even moar.

Speaking in a briefing Kataoka, who joined the BOJ in 2017, said on Thursday that the coronavirus pandemic may weigh on the economy – which had never managed to stabilize ever since Kuroda unleashed monetary hell in 2012 – longer than initially expected, warning of heightened risks to the central bank’s forecast of a moderate, export-driven recovery. Kataoka also stressed the BOJ’s readiness to ramp up stimulus if needed, reinforcing market expectations Japan would lag other countries in exiting crisis-mode policies.

“Given recent domestic and global economic developments, the need for bolder steps is heightening,” Kataoka said.

In a speech, Kataoka said Japan’s economic outlook was bound with uncertainty with consumption seen remaining in a “severe state” due to state of emergency curbs to combat the pandemic. “Risks to consumption are heightening,” with a spike in Delta variant cases forcing Japan to maintain curbs on economic activity, he said. “There’s a good chance the impact of the pandemic may last longer than expected.”

Underscoring the likelihood the Japan may soon see even more monetary easing, Fumio Kishida – who is challenging Prime Minister Yoshihide Suga to become ruling party chief – said Japan must “not fall behind” other countries in supporting their economies with expansionary fiscal and monetary policies.

An advocate of aggressive monetary easing, Kataoka has been a consistent, sole dissenter to the BOJ’s decision to keep its interest rate targets unchanged, saying the bank needs to improve its credibility by showing a stronger commitment to achieving its 2% inflation target, i.e., even moar QE, ETF buying, even more negative rates, etc.

“It’s desirable to cut negative interest rates further and lower long-term rates through bond buying,” Kataoka told reporters Thursday, adding that the bank will be watching climate change issues, while making efforts to hit its price goal. As a reminder, “climate change” in addition to “covid” have become the two scapegoats by central bankers giving them a green light to do whatever they want to boost their asset buying in the name of higher inflation, even when inflation is already soaring.

“Personally, I believe the BOJ must strengthen monetary easing” as inflation will remain distant from the bank’s 2% target for years even if the economy were to recover, he said.

His calls for bolder monetary easing steps have not gained support from the rest of the board at the BOJ’s policy meetings.

Under a policy dubbed yield curve control, the BOJ guides short-term interest rates at -0.1% and 10-year bond yields around 0% through massive asset purchases.

While inflation remains well below its 2% target, the rising cost of prolonged easing has forced the BOJ to steadily slow bond buying and focus on measures to mitigate the hit to bank profits from years of ultra-low interest rates.

end

JAPAN/ECONOMY/

OhOh!  Japan’s struggling economy causes short lived Prime Minister Suga to unexpectedly step down

(zerohedge)

“The End Of Abenomics” – Japan’s Struggling Prime Minister Suga Unexpectedly Steps Down

 
FRIDAY, SEP 03, 2021 – 06:59 AM

Japan’s original doom loop – rotating prime ministers who stay on the job for about a year only to resign and leave the country in even worse shape – is back.

Less than a year after he was appointed to replace Shinzo Abe, Japanese Prime Minister Yoshihide Suga said in a surprise move on Friday he would step down, setting the stage for a new premier after a one-year tenure marred by an dismal and unpopular Covid response and sinking public support. Suga, who took over after Shinzo Abe – who resigned last September for the second time as prime minister citing ill health although this time it wasn’t diarrhea, unlike the reason cited for his first departure – had seen his approval ratings drop below 30% as the nation struggled with its worst wave of covid infections ahead of a general election this year (despite mandatory masks).

“I want to focus on coronavirus response, so I told the LDP executive meeting that I’ve decided not to run in the party leadership race,” Suga told reporters. “I judged that I cannot juggle both and I should concentrate on either of them.”

Suga did not capitalize on his last major “achievement” – hosting the Olympics, which were postponed months before he took office as coronavirus cases surged, and which proved to be highly unpopular with the population, merely saddling Japan with even more debt.

His decision not to seek reelection as ruling Liberal Democratic Party (LDP) president this month means the party will choose a new leader, who will become prime minister.

While there was no clear frontrunner, the popular minister in charge of Japan’s vaccination rollout, Taro Kono, intends to run, broadcaster TBS said on Friday without citing sources. Former foreign minister Fumio Kishida has already thrown his hat in the ring. Before Abe’s record eight-year tenure, the country had gone through six prime ministers in as many years, including Abe’s own troubled first one-year term.

Succession

Declaring himself a contender for Japan’s next leader, Kishida, a soft-spoken Hiroshima lawmaker, on Thursday criticised Suga’s coronavirus response and urged a stimulus package to combat the pandemic.

“Kishida is the top runner for the time being but that doesn’t mean his victory is assured,” said Koichi Nakano, political science professor at Sophia University. Nakano said Kono, Suga’s administrative reform minister, could run if he gets the backing of his faction leader in the party, Finance Minister Taro Aso.

Former defense minister Shigeru Ishiba, also popular with the public as a potential premier, said he was ready to run if the conditions and environment are right. He was a rare LDP critic of Abe during his time as prime minister.

Kono has led Japan’s rocky inoculation drive but remains high on the list of lawmakers voters want to see succeed Suga. Kono did not deny media reports but stopped short of declaring his candidacy, telling reporters he wanted to carefully consult with party colleagues first.

A former foreign and defense minister, Kono, 58, is popular with younger voters after building support through Twitter, where he has 2.3 million followers – a rarity in Japanese politics dominated by men who are older and less social media-savvy.

Abe’s stance will also be closely watched given his influence inside the two largest factions of the LDP and among conservative MPs, experts say.

LDP Fate

The LDP-led coalition is not expected to lose its majority in the lower house, but forecasts suggest the party could lose the majority that it holds on its own, an outcome that would weaken whoever leads the party next. “Stock prices are rising based on a view that the chance of LDP’s defeat in the general election has diminished because anyone other than Suga will be able to regain popularity,” said senior economist at Daiwa Securities Toru Suehiro.

Suga’s image as a shrewd political operator capable of pushing through reforms and taking on the stodgy bureaucracy propelled his support to 74% when he took office.

He initially won applause for populist promises such as lower mobile phone rates and insurance for fertility treatments. But removing scholars critical of the government from an advisory panel and compromising with a junior coalition partner on policy for healthcare costs for the elderly drew criticism.

His delay in halting a domestic travel program – which experts say may have helped spread coronavirus around Japan – hit hard, while the public grew weary of states of emergency that hurt businesses.

Market Reaction

Tokyo stocks jumped on news of Suga’s decision, a move that investors say could serve as an inflection point for local stocks, with the benchmark Nikkei rising 2% and the broader Topix hitting its highest levels since 1991. The nation’s equities have been largely range-bound for months amid uncertainty over the upcoming election and concern over the latest wave of coronavirus cases, as Japan’s vaccination campaign and reopening lagged those of the U.S. and Europe.  While it’s not unclear who will replace Suga, many said that regardless of who becomes the next prime minister, a large economic stimulus is likely. Others cheered the possibility of political stability, as prospects for a more comprehensive victory for the ruling Liberal Democratic Party in the upcoming election increase. 

At the same time, Japanese government bonds fell, led by super-long maturities, as traders weighed the risk of more stimulus spending with a change in the nation’s leadership. The yen weakened after stocks rallied. JGB futures ended day session down 0.08 at 151.98 with the benchmark 10- year yield rising 0.5bp to 0.035, the highest since Aug. 11. Yields on maturities above 10 years also climbed, with that on 20-year notes up 1bp to 0.415%

The market reaction to Suga reflects wariness about more debt issuance next year as his successor is likely to resort to fiscal stimulus to limit the damage from the outbreak, said Naoya Oshikubo, a senior economist at Sumitomo Mitsui Trust Asset Management in Tokyo

Suga’s abrupt resignation ended a rollercoaster week in which Suga pulled out all the stops to save his job, including suggestions he would sack his long-term party ally, as well as plans to dissolve parliament and reshuffle party executive and his cabinet. He is expected to stay on until his successor is chosen in the party election slated for Sept. 29. The winner, assured of being premier due to the LDP’s majority in the lower house of parliament, must call the general election by Nov. 28.

In response to the resignation news, views differed from the bullish, as this one from BBG’s Yoshiaki Nohara…

Japanese Prime Minister Suga’s decision to step aside is only going to intensify calls for a big stimulus package. Whoever comes to power next will want to woo a pandemic-frustrated public, and the promise for extra dollops of cash will be welcome news for Tokyo’s equity bulls. The economy has managed to avoid a double-dip recession, there are signs that companies are looking past the virus and there was plenty left over from last year’s stimulus spending plan. But a national election is due soon, and so politics, not economics, will require another round of spending

… to the skeptical as this one from Bloomberg’s Gearoid Reidy:

The shock effective resignation of PM Yoshihide Suga, who most expected to lead the ruling LDP into a general election this fall, is pleasing equity investors –but caution is warranted. While Suga was deeply unpopular and widely criticized for his handling of the pandemic, there are dangers here for markets. Suga, whose premiership represented a continuation of Shinzo Abe’s exit, could effectively mark the end of nearly a decade of Abenomics. And while the lure of Fumio Kishida’s promise of “tens of trillions of yen” of spending to control the pandemic may sound appealing to investors, don’t forget what Japanese politics was like before the Abe-Suga era. The biggest fear of many analysts is that a premature Suga exit could represent a return to the revolving-door premierships of the late 2000s, when successive prime ministers, each with only fractional control of the ruling party, lasted only a year. That wasn’t enough time to put any of their pet economic projects into action, and contributed to leaving Japan’s economy and market languishing. While the Topix is rallying today, a return to that era would not be good news for stocks.

Here’s what other analysts across asset classes are saying:

Mitsubishi UFJ Morgan Stanley Securities (Norihiro Fujito)

  • “If the LDP were to win the general election soundly, the rally in Japanese stocks could continue. Foreign investors could revisit Japanese equities as valuations have been very cheap to begin with. The Nikkei 225 could climb back up to 30,000.”
  • “Investors and consumers will expect policies under a fresh new leadership, and people assume that the LDP won’t lose so badly in the upcoming general election.”
  • “Investors and consumers are expecting some ground-breaking stimulus, regardless of who might take over.”

Shinkin Asset (Naoki Fujiwara)

  • “This is a plus for equities — with a new person leading, there will be expectations over policy steps.” Suga’s decision to resign might be a “turning point” for local equities.
  • “The cloud may be gradually lifting for Japanese equities in terms of the overall environment.”
  • “The virus situation is calming down, while we could see political risks easing from here, compared to before.”

T&D Asset (Hiroshi Namioka)

  • Suga’s decision could help Japanese stocks “get out of a range.”
  • His low approval rating has weighed on Japanese equities, and “for the stock market, it could be important to see the LDP regain its approval rating and not lose a majority during the general election.”

JP Morgan Asset (Shogo Maekawa)

  • With Suga’s resignation, the LDP can head for the general election with a “slightly better support rate.”
  • The risk that the ruling party might see a big loss of seats in the election, which would destabilize the administration, has been reduced. “Lowering those risks is something that local stocks would welcome.”
  • The move will also boost expectations over economy- boosting measures, as well as progress on steps to get more people vaccinated and gradually prepping for “normalization” of the economy.

Asymmetric Advisors (Amir Anvarzadeh)

  • “Logic prevails as LDP was bound to lose many seats in the Lower House if Suga continued after his monumental failure on betting on Olympics and acting too slow on vaccines.”
  • “Suga’s departure will be viewed as positively, at least for now given his shortcomings. Question is will LDP yield to the will of the nation and allow” the popular Taro Kono to become prime minister

Gaitame.com Research Institute (Takuya Kanda)

  • Yen may stay pressured despite the news; regardless of who becomes LDP leader and thus next premier, there won’t likely be a major shift in Japan’s economic and monetary policy
  • Markets have seen Suga as a reason for falling support rating for the government and the ruling Liberal Democratic Party, so his departure probably could give a sense of relief; this may add to global risk-on
  • Currency market players aren’t likely to use Japanese politics to make bets on yen
  • As long as stocks are rising, expectations for united and stable LDP will be a yen weakness factor

Mitsubishi UFJ Morgan Stanley Securities (Naomi Muguruma)

  • “The risk of a bigger economic stimulus package may be weighing on Japan’s bonds.”
  • “A new leader for the ruling Liberal Democratic Party would face a lower house election soon and that may pressure the new leader to boost stimulus, which is positive for stocks but a source of concern for bonds.”

Oanda (Jeffrey Halley)  

  • Given Nikkei 225’s rally, “it is clear that domestically they feel that Suga’s resignation will add more political stability ahead of the October election, and will prompt more stimulus from either the government or the BOJ, or both.”
  • “Given the complete debacle of Japan’s Covid-19 response, it seemed inevitable that he had become a political liability, although I expected him to go after, and not before the election.”
  • “Of course, who PM Suga will be replaced by will be the critical development. Will the LDP go back to the future and insert another ‘aged establishment’ leader, or will they seize the opportunity to reinvigorate the leadership.”
  • “I know which my money is on, and on that basis, I do not see the rally of today continuing with the same momentum, although I would love to be pleasantly surprised and proven wrong.”
END
 
 

3 C CHINA

 

CHINA/HUARONG

This ought to be fun:  Huarong is going to deleverage by selling $58.8 billion in bad assets on on line.  Who will pick up these assets?

(zerohedge)

Huarong Is Deleveraging By Selling $58.8 Billion In “Bad Assets ” In An Online Debt Sale

 
FRIDAY, SEP 03, 2021 – 01:25 PM

China Huarong Asset Management Co. is about to hit the bid with $58.8 billion worth of assets in order to try and right its ship, according to new article by Bloomberg. Huarong is going to be offloading the assets via a largest-of-its-kind online debt sale. 

The distressed asset manager is preparing to offload assets that involve “more than 7,000 borrowers”, the report notes, at discounts of up to 40% on the dollar. The company had said last weekend that it “planned to dispose of subsidiaries with non-core business activities in the ‘near future'”. 

Recall, we just wrote about Huarong’s state-backed bailout this week. Citic Group, in conjunction with China’s Ministry of Finance, has stepped in at the urging of the state to prevent the asset manager from becoming a massive Lehman-style blowup in China for the time being. Defaults have been avoided, according to another Bloomberg article. While bondholders can breathe a sigh of relief, equity holders likely won’t be as lucky. 

The rescue of the company was announced on August 18th after months of the state trying to pin down exactly who would step in, where, to help the entity. 

“Beijing didn’t allow a systemically important financial institution directly owned by the central government to default on its debt, an event that had the potential to upend debt markets and possibly precipitate a financial crisis,” The Wall Street Journal wrote earlier this month.

The bailout took the form of a “recapitalization” with government funding, Forbes noted, calling it “a financial infusion (unspecified in form or amount) from a group of Chinese state-owned enterprises. It is a straight bailout, as per precedent (although many had feared precedent might not hold).”

 

But the bailout comes against the backdrop of President Xi reining in China’s major internet and tech companies with regulations that have collectively erased more than $1 trillion in shareholder value from names like Alibaba and Tencent. 

Thanks to this shift in tone, Sergey Dergachev, a senior portfolio manager at Union Investment in Frankfurt, told Bloomberg he believes that after Huarong, the days of guaranteed bailouts are over: “This assumption is not valid anymore.”

Huarong borrowed extensively since the late 1990s to help it expand and safeguard other Chinese banks. The company’s longtime chairman Lai Xiaomin eventually wound up being caught in a corruption scandal and finally left the asset manager this January. By the summer, it was obvious the asset manager needed help. From there, it became months of arguing and infighting amongst the state and private investors to try and organize a bailout. 

Citic was eventually engaged, according to Bloomberg:

For nearly two months, a Citic team pored over the books at Huarong’s headquarters. Even at Citic, a Chinese company as connected as they come, the political nature of the task raised eyebrows. Huarong’s finances were so troubled and past dealings so fraught that some members of the Citic team worried they might be blamed for the mess. They wanted assurances that they wouldn’t be held responsible should higher ups take issue with any rescue plan later on, one of the people said.

The numbers, audited by Ernst & Young, were dire. Huarong had lost 102.9 billion yuan ($15.9 billion) in 2020, more than its combined profits since going public in 2015. It wrote off 107.8 billion yuan in bad investments. 

Then, in August, the company’s bailout was officially announced:

At last, terms were drawn up and the State Council, long silent about Huarong, gave its blessing to a rescue that combines a government bailout with a more market-driven recapitalization. Huarong will get about 50 billion yuan of fresh capital from a group of investors led by Citic, which will assume the Ministry of Finance’s controlling stake, people familiar have said. Huarong is expected to raise 50 billion yuan more by selling non-core financial assets. On August 18, Huarong went public with its huge losses and quickly followed up with news of its rescue.

Recall, in April we had noted that China’s central bank was considering a plan to “assume more than 100 billion yuan ($15 billion) of assets from China Huarong Asset Management, helping the state-owned company clean up its balance sheet and refocus on its core business of managing distressed debt.”

With Huarong out of the way, China Evergrande Group now becomes to the country’s largest worry…

And for those who think these entities are all too big to fail, David Loevinger, a former senior coordinator for China affairs at the U.S. Treasury, concluded:

“Now, you cannot say that with 100% certainty,”

 

CHINA/ECONOMY

Xi s showing his ultra communistic ways as he places DIDI under state control

(Bloomberg)

Beijing Plans To Place Didi Under State Control: BBG

 
FRIDAY, SEP 03, 2021 – 06:32 AM

More rumors about a potential state takeover of Didi Chuxing, the troubled Chinese ride-share giant which remains embroiled in a government investigation into its handling of sensitive personal data belonging to its riders, emerged Friday morning when a Bloomberg reporter tweeted about a plan for the city of Beijing to take Didi “under state control.”

It’s not clear exactly what the arrangement would look like, or how Didi’s shareholders might fit into it, and it’s still possible that Didi might deny the report, as it has denied several other rumors about its post-IPO plans that have surfaced in the American press (like a rumor about the firm taking itself private first reported by WSJ that sent Didi shares surging in premarket trading).

Didi shares were up nearly 8% in premarket trading on Friday, before the report about a potential state takeover hit the tap and caused shares to retrace most (but not nearly all) of that move.

But according to Bloomberg’s Tom Mackenzie, some of the details might include handing a stake to Shouqi, a competing ride-share firm that’s part of Beijing Tourism Group. The new “golden share” consortium would have veto power, along with options for board seats.

It’s still not clear whether this plan has been approved by government officials.

As we await more details, let’s quickly recap all the changes Beijing has made in President Xi’s crackdown on Chinese business over the past year: Beijing cut IPO of Ant Financial, suspended Didi’s apps from the app store just days after its IPO, fined Alibaba, then forced it to contribute billions more to its “common prosperity” shakedown, created new data and algo rules for companies, practically shut down the private tutoring sector and banned foreign textbooks, declared war on celebrities and celebrity fandoms. And limited kids to 3 hours of video games per week.

Sounds to us like they’re just getting started.

END

CHINA vs TAIWAN

CHINA/AUSTRALIA/CORONA ORIGINS

 

end

4/EUROPEAN AFFAIRS

EU//COVID/MIGRATION
 
Orban is probably the world’s best leader: he is demanding that migration must be stopped
(Watson/SummitNews)

Victor Orbán: ‘Migration Must Be Stopped”

 
 
FRIDAY, SEP 03, 2021 – 05:00 AM

Authored by Paul Joseph Watson via Summit News,

Hungarian Prime Minister Viktor Orbán told a forum of leaders in Slovenia that “migration must be stopped” in order to preserve Europe’s cultural heritage.

Speaking during a roundtable discussion at the International Strategy Forum (BSF) in Bled, Orbán asserted that mass migration from Muslim countries was not a reasonable solution to the continent’s demographic decline.

“We do not need outsiders, because they are changing the composition of European societies, the cultural image of Europe, the Christian, family-based system,” Orbán said, noting that the overwhelming majority of migrants were Muslim.

Highlighting how mass migration leads to social dislocation, rising crime and terrorism, Orbán stated plainly, “migration must be stopped.”

Orbán wants the European Union to hand more power back to sovereign states to control their own borders, arguing that a federalized approach to the issue would exacerbate the problem.

As we previously highlightedas part of an effort to reduce reliance on migration, Hungary passed a policy in 2019 that rewarded married couples with a loan of €30,600 that was completely forgiven after they had three children.

Orbán has repeatedly warned that Europe’s native population decline is a “sickness” and that population replacement via mass migration represents “demographic suicide.”

The Hungarian leader also said during the forum that the takeover of Afghanistan by the Taliban means that another mass migration crisis is looming.

As we previously highlighted, a top diplomat in Kabul warned that “not even tanks” can stop a potentially large wave of Afghan refugees heading to the continent.

A report by the Center for Strategic and International Studies also cautioned that the 2021 Afghan refugee crisis could make the 2015 refugee crisis look like a “geopolitical walk in the park” in comparison.

*  *  *

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END
 
EU//GERMANY COVID/VACCINE
Germany has stopped vaccinations for good reason! Now they state that German companies cannot ask employees about COVID 19 vaccination status
Good for them…they get it
(zerohedge)
 

German Companies Cannot Ask Employees About Covid Vaccination Status, Labor Minister Says

 
FRIDAY, SEP 03, 2021 – 05:45 AM

There was a time when America was a land of the free (and home of the brave); this is not that time.

With the Biden administration forcing experimental injections upon the populace depriving them of a say (while paradoxically arguing that a woman’s right to choose is constitutional) and urging employers to fire those workers who refuse to be jabbed, it was Russia that unexpectedly emerged as a beacon of freedom this week after Putin said he opposes mandatory jabs, saying that people should get vaccinated without coercion. It gets better.

While Biden has been imploring corporations to make life miserable for all vaccine holdouts, if not fire them outright – lacking the guts to impose a federal vaccination mandate – Germany’s labor minister said companies will not have the right to ask staff to reveal their Covid vaccination status.

Speaking to broadcaster ARD on Wednesday, German Labor Minister Hubertus Heil shared that there will be no general right for employers to access information that discloses staff members’ Covid vaccination status, although he added that “pragmatic solutions” may be required for sectors deemed a higher risk for transmitting the virus.

“We must act according to the rule of law. Acting under the rule of law means that an employer is not entitled to information about health data…[and] is also not allowed to look at the medical records of an employee, because this is very personal data,” the minister said, pointing out something so obvious it is lost on the entire Biden administration.

Heil added, however, that he is “in favor of finding pragmatic solutions” for workplaces that are at a greater risk of transmitting Covid, namely prisons, hospitals, and care homes. This could mean requiring employees to show that they have either recovered from coronavirus, been vaccinated, or have tested negatively.

The labor minister’s remarks coincide with Germany’s cabinet ruling on the same day that companies must allow their staff to take time off work to get their coronavirus jabs, RT reported.

German bosses have recently been applying pressure on the government to grant them the power to ask workers whether they are inoculated or not. Thilo Brodtmann, the head of the German Engineering Federation, said on Tuesday that “employees must do everything they can to reduce the risk of infection to zero,” and “this includes at least an obligation to provide this information.”

Meanwhile, neighboring France has been riddled with weeks of protests against a government decree that will require workers from certain sectors – such as firefighters, medical workers, caregivers, and certain soldiers – to get vaccinated by September 15 or risk penalties.

Italy’s Green Pass, which shows a person’s inoculation or viral status, was extended last month to include teachers for when schools reopen in September. It has now also been extended to trains, planes, coaches, and ferries. The government is also considering widening this to include office and supermarket staff.

Just over 65% of Germany’s population have received their first dose of a coronavirus vaccine, while around 60% are fully vaccinated.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

AFGHANISTAN///TALIBAN//

Taliban taunt Americans as he undergo massive hyperinflation In Afghanistan

(zerohedge)

‘Tell The State Dept. To F**k Themselves’: Taliban Taunt Americans During Chaotic Escape From Afghanistan

 
FRIDAY, SEP 03, 2021 – 09:14 AM

US Congressional Staffers frantically working to help evacuate US citizens, legal permanent residents and family members from Afghanistan have received disturbing reports of the chaos which unfolded in the final days before and after the US military’s botched withdrawal from Afghanistan, according to the Washington Examiner.

Taliban fighters stand guard at a checkpoint that was previously manned by American troops near the US Embassy in Kabul, Afghanistan (AP)

From being on the phone with individuals dodging gunfire to messages describing Taliban beating U.S. citizens, lives are on the line as an ever-changing security landscape hamstrings staff members working long hours to assist those stranded.

One message screenshot shared with the Washington Examiner, which is not being directly quoted to protect the identities and safety of those still in Kabul, describes a group of U.S. citizens who arranged for transportation to the airport. The Taliban only let a few through, beating the rest and firing gunshots over their heads, sending them running.

Retired Air Force colonel Felix Ungerman, who serves as Nebraska Rep. Don Bacon (R)’s Deputy Chief of Staff, recalls a frantic conversation with a US citizen in Kabul who was reporting to a citizen’s access point – which he’d been attempting to access for days – when the Taliban began opening fire.

“He goes, ‘Oh my god, he’s shooting.’ And I said, ‘Please get away from there, go get to safety,’” Ungerman said. “His phone cut off while I could hear gunshots going off, and I couldn’t get in touch with him again. I tried calling his cellphone every couple of hours to see if I could get him, tried an email, sent him a text message. And it wasn’t until [Tuesday] morning that he actually texted me back and said, ‘Yeah, I’m OK, but now what do I do?’ I’m like, ‘You get to somewhere safe, and you stay there until we can — our government can offer some solutions to help you.’”

Rep. Mike Garcia’s (R-CA) office also coordinated with an Afghan-American mother and her children – US citizens, to try and get them through another checkpoint. According to the Examiner, she provided a video of her sitting her car in the dark – holding up their four blue passports and asking what she can do.

“This is why you don’t rely on the Taliban to be the ones monitoring the checkpoints,” said Garcia, a former Navy pilot.

One Afghan-American citizen who worked with Bacon’s office said the Taliban “were creating as much problem as they could.” After the State Department told him to go to the Interior Ministry, he encountered a Taliban guard and explained he was told to go there.

“He told me, ‘Go and tell the State Department to f*** themselves.’”

He eventually got into the Kabul airport after taking a big risk outside the gate during a firefight, in which guards shot at peoples’ feet to disperse the crowd.

Everybody run away,” he said. It was the day after the ISIS-K bombing at Abbey Gate. “I know it was stupid, but I took just my chance. I ran towards the soldiers. I had my passport in my hand — shouting that I’m an American citizen.” -Washington Examiner

“We had to build a process,” said an aide to Rep. Dan Crenshaw (R-TX), whose office worked with one large group that had arranged for a charter flight to escape, before the State Department pulled their clearance to leave in the wake of the ISIS-K bombing last week. The group is trying to now come up with an alternate plan – but are having trouble getting the State Department to help.

“Where we were successful is where we weren’t necessarily beholden or waiting on the State Department,” said Garcia. “In fact, all of our successes — we ended up getting roughly 97 folks out successfully — these were all folks that we were able to do so through our own channels and folks on the ground there that were supporting mostly American citizens and SIV’s who otherwise would have been stopped by the bureaucracy, frankly, by the State Department.”

end

 

AFGHANISTAN/ANTI TALIBAN FORCES VS TALIBAN

Heavy fighting erupts between the Taliban and anti Taliban forces in the Panjshir region of Afghanistan. This group will fall as they are surrounded

(Jack Phillips/Epoch Times)

Heavy Fighting Erupts Between Taliban And Anti-Taliban Group In Afghanistan’s Panjshir

 
FRIDAY, SEP 03, 2021 – 10:51 AM

Authored by Jack Phillips via The Epoch Times,

Heavy fighting erupted on Thursday between the Taliban and an anti-Taliban resistance group in the Panjshir Valley, the last significant holdout area in Afghanistan, according to local residents and resistance officials.

The Panjshir, mountainous region located north of Kabul, has a long history of resisting the Taliban, the Soviet Union, and even the British Empire. The coalition is led by Ahmad Massoud, the son of a famed anti-Soviet resistance fighter who vowed to battle the Taliban after the group’s near-takeover of Afghanistan and its capital, Kabul, last month after U.S. military forces pulled out.

Over the past week or so, the Taliban sent its forces to the valley and surrounded it. Taliban and resistance leaders—the National Resistance Front of Afghanistan—had said they were working on negotiations but those appear to have collapsed, leading to heavy fighting on Thursday.

Local residents confirmed the fighting to Al Jazeera and other outlets, while Fahim Dashti, an official in the National Resistance Front, claimed in an audio message that the Taliban lost about 40 members during the fighting. Ali Nazary, a spokesman for the Front, told CNN that the Taliban lost some of its heavy equipment and weaponry on Thursday.

Nazary told the AFP news agency that the Taliban launched more attacks overnight on Thursday.

“There is heavy fighting in Panjshir,” Nazary said.

“[Massoud] is busy defending the valley.”

Taliban spokesman Zabihullah Mujahid told news outlets that the group “started operations after negotiation with the local armed group failed,” adding that the resistance group “suffered heavy losses” in the fighting.

“The fighting has gotten worse and worse with each night,” Asadullah, a 52-year-old local, Al Jazeera, adding that the fighting has been relegated to the mountains and not in the valley itself.

“The Taliban have not changed, and they still are after dominance throughout the country,” Massoud said on Wednesday in a CNN interview.

“We are resisting dominance, intolerance, and oppression brought by one political force over the majority of the population that do not support them.”

Some analysts said that the Taliban have a major advantage over the resistance fighters in terms of manpower and weapons. The Taliban was able to capture a significant number of U.S. weapons, vehicles, and equipment as it took over the country.

“The Taliban have a significant advantage,” Nishank Motwani, an Afghan analyst based in Australia, told the AFP news agency. “They are very well armed, and they have the psychological factor in their favour in that they precipitated the fall of the government so quickly.”

END
 
From Robert H.

Taliban are going door-to-door forcibly ‘marrying’ girls as young as TWELVE | Daily Mail Online

end
 
RUSSIA/BELARUS
Belarus taunts the west as Russia is sending to them huge arms shipments and maybe some surface to air 
S 400’s
(zerohedge)
 

Russia Sending Huge Arms Shipment, & “Maybe Even S-400s”, To Belarus: Lukashenko

 
FRIDAY, SEP 03, 2021 – 04:15 AM

Belarusian leader Alexander Lukashenko on Wednesday announced that Russia will soon deliver a major shipment of military hardware badly needed by the isolated country, which will include helicopters, aircraft and air defense systems.

“Russia in the near future … will supply us – I won’t say how much money or what – with dozens of planes, dozens of helicopters, the most important air defense weapons,” Lukashenko was quoted as saying in Belarusian state-run Belta news agency.

But the claim that’s sure to catch the attention of the West is what he said about the potential anti-air defense system. “Maybe even S-400s (surface-to-air missiles). We need them very much as I’ve said in the past,” he added.

 

Via Reuters

The claim is anything but certain, and was perhaps more of a plea to Moscow, given Lukashenko in the recent past has often been bold and out-front in his statements of assessing relations with Russia, while Putin has been seen as more cautious.

The two sides will hold largescale joint military exercises later in mid-September, dubbed ‘Zapad-2021’. Lukashenko addressed the upcoming war games in his statements:

In a word, the most modern equipment. We will equip ourselves. If we see during the exercise (Zapad-2021) that we need something else, then we will buy it from the Russian Federation and commission it.”

Putin and Lukashenko will hold talks on September 9, just before the exercises begin. In early August Lukashenko told journalists that Minsk had formally requested the S-400 system from Moscow, asking “for a special price, on credit” – according to Al Jazeera

 

Getty Images

Al Jazeera notes further that “The delivery is likely to be interpreted as a further sign of Moscow’s unwavering support for Lukashenko, who faced down the biggest opposition protests against his rule last year by overseeing a violent crackdown condemned by the West.”

Likely Washington’s response would be to ramp up further sanctions on both countries in a bid to further isolate especially Belarus.

end

6.Global Issues

CORONAVIRUS UPDATE

Your big story of the day:  Sweden bans travelers from Israel as the Delta strain creates havoc in Israel’s intensive care wards. Israel is the world’s most vaccinated country in the world at 82% and some even triple vaccinated.  So our question to you is this:  Sweden is now banning Israeli citizens from entering its country.

Question: if all countries are adamant that we double vaccinate to avoid the virus, how do you explain Sweden?

(zerohedge)

 

Sweden Bans Travelers From Israel, One Of The Most Vaccinated Countries In The World

 
THURSDAY, SEP 02, 2021 – 05:40 PM

Sweden has reimposed entry restrictions for travelers from the US and five other countries, but will consider more lenient rules for vaccinated people.

The Swedish government today formally extended Sweden’s non-EU/EEA entry ban until October 31st, as The Local reported last week.

There are several exceptions to the ban including those traveling for specific reasons, as well as from certain countries, but on Thursday six countries were removed from the exempt list of “safe countries”: based on a rise in Covid-19 infections in those countries, from September 6th the entry ban will also apply to countries Kosovo, Lebanon, Montenegro and Northern Macedonia, the United States, and Israel.

Israel is particularly notable, because while it has long been one of the most vaccinated countries in the world and boasts the highest percentage of population having received a third “booster” shot, at 25%, it is also the country where new latest wave of covid infections has just hit new all time highs.

That doesn’t necessarily mean all travel from those countries will be banned, as travelers may fall into another exempted category, such as traveling for urgent family reasons or if they have EU citizenship or a Swedish residence permit. The decision to reimpose restrictions on these six countries came from an EU recommendation.

Sweden currently makes no distinction between vaccinated and unvaccinated travelers when it comes to travel from outside the European Union, but the government hinted that further exemptions for vaccinated travellers “resident in certain third countries” may be on the way.

“There are a number of countries with which Sweden has close relations. There, the government will now investigate the possibility of exempting fully vaccinated residents in certain third countries,” Interior Minister Mikael Damberg told the TT news agency on Thursday.

“I am thinking primarily of the United Kingdom, but also the United States, even though the United States is more complex and many states have very different rules.”

Neither he nor the government’s statement on Thursday gave any indication as to when such exemptions may be introduced.

end

If Fauci says not to worry on the emerging “Mu” variant, then you must start to worry!

(zerohedge)

Dr. Fauci Warns Emerging “Mu” Variant Is Not An “Immediate Threat” To US

 
 
FRIDAY, SEP 03, 2021 – 07:40 AM

A few weeks back, we seized upon an example of how Dr. Anthony Fauci and his peers at the FDA and CDC (most notably CDC Director Dr. Rochelle Walensky) employ fear-mongering tactics to try and amplify their message that Americans must live in fear of COVID.

Amazingly, despite President Biden’s COVID czar’s harshly worded reaction to reports about the Lambda variant, He said Thursday that the new mu variant doesn’t at the moment moment posing a great risk to Americans, according to White House chief medical advisor Dr. Anthony Fauci.

“We’re paying attention to it, we take everything like that seriously, but we don’t consider it an immediate threat right now,” Fauci said Thursday during a White House COVID response press briefing.

As we noted earlier this week, mu, known by scientists as B.1.621, was added to the WHO’s list of variants “of interest”. The variant was first identified in Colombia and has been confirmed in at least 39 countries, according to the WHO.

“This variant has a constellation of mutations that suggests that it would evade certain antibodies, not only monoclonal antibodies, but vaccine- and convalescent serum-induced antibodies,” Fauci said. “But there isn’t a lot of clinical data to suggest that, it is mostly laboratory in-vitro data.”

Since first emerging in Colombia in January, the variant has popped up in at least 39 countries, including in the US.

In other news, the CDC has announced that the agency plans to publish two new studies on Friday about COVID-19 in children, showing that kids who live in communities with high vaccination rates had lower chances of becoming hospitalized with COVID-19. He also said earlier in the day that three doses will likely be the optimal number to be considered “fully vaccinated” (though that shouldn’t come as a surprise to anyboha

As we wait to see what direction “mu” heads in, we wonder: are they saving the “mu” fearmongering rhetoric for Thanksgiving, Christmas and New Years?

END

Robert H to us;

As Vaccines Continue to Not Work as Promised – Ivermectin Continues to Work – This Secret is Getting Out

 
 
 
 
 
These evil people are following the very same game plan as the Nazis all because they realize that they can no longer borrow endlessly to meet the promises of socialism. Governments have lied for years about their ability to deliver benefits and continuously borrowing money they cannot pay back. If the public tried this you would be in jail. 

 


 

 They know you NEVER reveal the entire plan, because the public will revolt. Lead them down the path ever so gradually, and you will transform the nation into whatever you desire. They have studied this approach, and they KNOW what they are doing. It is called the boiling frog approach. Put a frog in cold water and the  frog will sit there until the water boils and they are dead. 
 
We are losing freedom with so called vaccine passports. This will not be the end and will in time demonstrate it was means to an end, complete control. So many people were forced to come to western countries to build new homes and lives after WWII only to see the same darkness reappear now. While i heard decades ago this was the plan i did not believe they would actually try. 
Talk to those people who still remember what the Nazi did, or those folks who lived through Soviet times or even those who have escaped the grasp of China to learn for yourself the reality of what is upon the western world. If people accept the slow drip, tyranny will come and freedom to live or even advance one’s status in life will come with servitude to governments who deem themselves as masters. 
As we go into a long weekend, please give reflection to the freedom we all have shared in the past and ask yourself, what is the price of freedom for you ?

 

Look at the chart in the article comparing India ( low vaccinations) to Israel ( highest vaccinations) … one might think the answer is clear what people should be considering as a means of protection.
https://www.thegatewaypundit.com/2021/09/vaccines-continue-not-work-promised-ivermectin-continues-work-secret-getting/
 
 
 
end
 
Top health officials from the CDC and the FDA are now pushing back against the booster shot.  Now wonder it will eventually kill you
(zero hedge)

Top Health Officials Push Back Against Biden’s Booster Jabs Plan

 
FRIDAY, SEP 03, 2021 – 11:23 AM

Just as President Biden was promising to unveil new federal measures for combating the delta variant next week, the NYT dropped a bombshell report claiming that the heads of the CDC and FDA had advised the White House to scale back its plan for booster shots.

During a meeting at the White House, they reportedly asked White House pandemic coordinator Jeff Zients for more time to collect data on the efficacy of booster shots, according to the NYT’s sources.

Dr. Janet Woodcock, the acting commissioner of the Food and Drug Administration, and Dr. Rochelle P. Walensky, who heads the Centers for Disease Control and Prevention, warned the White House on Thursday that their agencies may be able to determine in the coming weeks whether to recommend boosters only for recipients of the Pfizer-BioNTech vaccine — and possibly just some of them to start.

The two health leaders made their argument in a meeting with Jeffrey D. Zients, the White House pandemic coordinator. Several people who heard about the session said it was unclear how Mr. Zients responded. But he has insisted for months that the White House will always follow the advice of government scientists, wherever it leads.

In response to the NYT’s questions, the White House said it’s merely trying to “follow the science”. That this statement is blatantly untrue shouldn’t require too much explanation. Let’s review: pushing for mandatory masks in schools, refusing to accept natural immunity, pushing for vaccine passports etc.

Asked about the meeting, a White House spokesman on Friday said, “We always said we would follow the science, and this is all part of a process that is now underway,” adding that the administration was awaiting a “full review and approval” of booster shots by the F.D.A. as well as a recommendation from the C.D.C.

“When that approval and recommendation are made,” the spokesman, Chris Meagher, said, “we will be ready to implement the plan our nation’s top doctors developed so that we are staying ahead of this virus.”

President Biden has said the plan is for every adult to get a booster shot eight months after you got your second shot, with the president claiming it wil end the pandemic faster. Of course, in recent weeks, more doctors have spoken out against booster shots, claiming it would be better for them to go to the developing world, to people who haven’t received any jabs, that way it can help protect against the emergence of a new deadlier and more infectious variant.

And they’re not alone: while Israel pushes ahead with its plan for booster jabs, the EU’s equivalent to the CDC has broken with the Biden Administration saying this week that booster jabs aren’t necessary. And senior officials at the FDA have also stepped down over their disagreements aboout booster jabs.

Advisers to the FDA are expected to discuss two key questions when they meet on Sept. 17 to consider a COVID-19 vaccine booster campaign this fall. The first: is protection from the initial shots waning, and the second: will boosters help?

By moving ahead unilaterally, the White House usurped the CDC and FDA’s authority over these types of health-related calls, Reuters added.

“The recommendation shouldn’t precede the data, which is what happened here. And that’s why people are so upset,” said a source close to the FDA advisory panel who was not authorized to speak on the record.

Take a look at this piece of ‘news analysis’ published by Reuters.

Shares of Moderna skidded lower on the news, as this is the latest sign that real resistance to Biden’s booster jabs for all plan is growing.

END

Covid deaths Israel vs Egypt

 
 
Egypt is barely vaccinated and use Ivermectin, although not as extensively as India.

Israel is triple vaxxing with lots of authoritarianism – masks, lockdowns etc.

When are people going to wake up here? The vaccine is the disease, and we have just seen the beginning of what is going to happen to the vaxxed population. 

Everyone vaxxed must be taking Ivermectin, vitamin C, D and Zinc now. Vaxxed people at best are defenceless against delta and new variants coming. At worst, they are more vulnerable because of ADE effects.
 
 
Attachments area
 
 
END
 
Robert H to us:
 
Lawsuits keep on coming:
 
 

U.S. Military Service Members with Natural Immunity File Lawsuit over COVID Vaccine Mandate – Activist Post

 
 
 
 
 
end

NYC Teachers Union Demands City Hall Drop Mandatory Vaccination Policy For Teachers

 
FRIDAY, SEP 03, 2021 – 12:46 PM

With the start of the new school year less than two weeks away, Mayor Bill de Blasio’s push to make sure every teacher and school worker is vaccinated is hitting another snag. The city’s teacher’s unions are refusing to simply allow the mayor to fire the 15,000 or so teachers who have refused to be vaccinated for medical or religious reasons.

Teachers union chief Michael Mulgrew said Thursday that City Hall had vowed to remove all unvaccinated staffers from payroll without exception, including those with legitimate religious and medical objections, which Mulgrew said doesn’t make sense. Because of his opposition, negotiations with the city have gone “to a very bad place”.

“Our impact negotiations with the city have gone to a very bad place,” Mulgrew told reporters after a Town Hall with members. “It’s clear that the two sides are very very far apart when it comes to this vaccine mandate.”

[…]

“The city’s position is to remove them from payroll,” he said. “That is disgusting as far as I’m concerned. And it does not follow the law. The law says that these accommodations and exemptions have to be in place.”

 

Also, as we noted earlier,a recent study showed teachers do not face an increased risk of hospital admission from COVID.

While he has urged members to get the shot, Mulgrew claims the city’s position is “unreasonably rigid”, and not accommodating those with legitimate medical issues.

It’s not fair to financially penalize them, Mulgrew said.

To try and put more pressure on City Hall,the teacher’s union is seeking to work with other labor groups as they team up to leverage their combined influence.

They’re also hoping to highlight the fact that these restrictions will have an outsize impact on minorities, especially Blacks, view the vaccine with mistrust.

Not every union member is backing Mulgrew on this. Some union factions have demanded mandatory jabs for all, complaining that those who don’t get the shot are putting their colleagues and others at risk. DOE staffers have until Sept. 27 to get their first shot and an agency spokesperson said that an accord with the union is nearing completion.

“The health and safety of New York City children and the protection of our employees is at the core of the vaccine mandate,” said spokesperson Danielle Filson. “We will continue to negotiate with the UFT to reach a successful agreement because that is what’s best for our school communities.”

As of last week, the city said that 72% of city teachers and 63% of all school workers had already been vaccinated. And if anything, the city said, the number of vaccinated workers is probably higher, as some likely got the shot through private practitioners not through the school.

After acknowledging that the vaccine requirement had created controversy and division within his ranks, Mulgrew added during Thursday night’s meeting that members should dial back their rancor on social media, and not play into the same toxic dynamics that are leading school board members across the country to quit. “the>
 
END
 

Brandon Smith on the vaccine passport agenda of the world. A must read..

Brandon Smith/Alt Market 

The Orwellian Vaccine Passport Agenda Relies On The Lie Of The “Social Contract”

 
THURSDAY, SEP 02, 2021 – 11:20 PM

Authored by Brandon Smith via Alt-Market.us,

There is a fundamental question that needs to be asked when examining the vaccine passport issue, and what I find is that almost no one in the mainstream is tackling it directly. The question is this:

Is it legally and morally acceptable to constrict the rights and economic access of people in order to force them to submit to an experimental “vaccine”, or any other medical procedure for that matter?

Furthermore, who gets to decide what medical procedures are acceptable to enforce? Who gets to be the all powerful and benevolent overseer of every human being’s health path. I ask this because I don’t think many people realize the future repercussions of allowing governments or corporations (the same thing these days) to dictate covid vaccinations. It doesn’t stop there; in fact, we have no idea where this stops once the Pandora’s box is opened.

For example, the primary argument of the covid cult and the establishment in favor of vaccine passports is the “social contract” fantasy. They claim that because we “live in a society”, everything we do affects everyone else in some way, and because we are all interconnected in our “collective” we are thus beholden to the collective. In other words, the collective has the “right” to micro-manage the life of the individual because if the individual is allowed to make his/her own decisions they might potentially cause harm to the whole group.

In case you are not familiar with this philosophy it is an extension of socialism and cultural Marxism, and it stands at the very core of vaccine passport propaganda. I have actually had public debates with pro-socialist people in the past who have tried to defend the merits of socialism and every single time the argument comes down to one singular disconnect – I say that if a group of people want to go off and start their own little socialist community they have every right to…as long as it is VOLUNTARY. Then if it fails and collapses it doesn’t matter because it doesn’t affect me or anyone else who did not want to participate.

The problem is that these Socialists/communists/Marxists/collectivists simply do not grasp the notion of voluntarism. They believe that people need to be forced into doing the right thing or helping others, and they are the people that get to decide what the right thing is and who gets the help. They are the people that get to decide what freedoms are acceptable and what freedoms are inconvenient to their agenda. When they say “We live in a society…”, what they really mean is “You live in OUR society, and WE will determine what is best for you.”

When I argue that a socialist community should be voluntary, they inevitably argue that people will not commit to such a system voluntarily so they must be forced to do what is best for the “greater good”.

In terms of vaccine passports, the collectivist social contract is a key element. They claim that being unvaxxed is not a personal freedom because the unvaxxed are a risk to the lives of everyone else. The social contract is therefore violated because by making a personal life choice you are endangering the rights of others.

It’s interesting though how the covid cult is made up of people that do not apply the same logic to other health issues like abortion. I mean, there is zero substantiated evidence to support the claim that unvaccinated people are any more of a threat to the lives of others than vaccinated people are, and we will get into that in just a moment. But, when we talk about an abortion, we are talking about a personal medical decision that leads to the direct and observable death of another innocent human being with his/her own rights. Abortions end the lives of over 800,000 unborn people per year in the US, far more than covid supposedly does.

“My body my choice” apparently only applies to killing babies, but not to people who do not want to become guinea pigs for a mRNA cocktail with no long term testing to prove its safety.

Imagine though if we reversed the scenario and applied the broad social contract argument to something like children and population? A collectivist/leftist member of the global warming cult could also argue that abortion should be legally mandated, because having a child or “too many children” increases carbon emissions and this puts society “at risk” even further (again, with no proof to support the claim). By allowing the social contract narrative to go unchecked, we open the door to horrific new oppressive measures and a complete erasure of our autonomy.

I think it’s safe to say that the “social contract” ideology is highly selective and hypocritical. The covid cult does not care about saving lives, they only care about their ideological narrative and the power to make people submit to it. But let’s dig even further into the reasoning behind the social contract claim. Who is actually dying because of unvaccinated individuals, which according to state vax statistics make up around 50% of the US population?

The average Infection Fatality Rate (IFR) of covid is a mere 0.26% according to dozens of studies and the government’s own numbers. Meaning, unvaxxed people are not even a remote threat to 99.7% of the population. Around 40% of all covid deaths are made up of people in nursing homes with preexisting conditions, which means that we do not know if they actually died of covid or due to the health problems they were already suffering from. The pool of people who might be affected by the unvaxxed grows smaller and smaller…

And what about the ridiculous contradiction that arises when we talk about the mandate narrative verses the passport narrative? If masks and vaccines actually work, then how is an unvaxxed or unmasked person a threat to a vaxxed person? If the vaccines and masks don’t work, then why use them at all, and why demand forced vaccinations through passport measures?

Mainstream propaganda asserts that the unvaxxed will somehow become petri dishes for new mutations that will harm vaccinated people. There is no evidence to support this claim. In fact, there is more evidence that suggests it is vaccinated people that will trigger mutations and variants. The media says that this is not cause for any concern, but if it’s not then neither should we be concerned about mutations that gestate in the unvaxxed population, if there are any.

The fact of the matter is that more and more scientific evidence is proving that the experimental vaccines are NOT effective and that the unvaxxed are actually safer from covid regardless of the variant or mutation.

The true infection numbers within the US are impossible to know because up to 59% of people that catch covid and spread it are asymptomatic according to the CDC. They never know that they have it so they are unlikely to test for it. That said, it is clear that many millions of Americans have dealt with the virus and now have a natural immunity to it (I happen to be one of them). Establishment elitists like Anthony Fauci refuse to acknowledge natural immunity as a factor, and they say that ONLY people who are vaccinated are qualified to receive a passport. Why?

Multiple studies are being released from countries with high vaccination rates like Israel that completely contradict Fauci’s narrative on natural immunity. Israel has a vax rate of around 63% according to government stats, but scientific evidence they have released shows that vaccinated people are 13-27 times more likely to contract covid and 8 times more likely to be hospitalized when compared with people who have natural immunity. It almost appears as if the mRNA vaccines make people MORE susceptible to the virus rather than less susceptible.

Recent data released from the state of Massachusetts supports this concern. In the month of July, MA reported at least 5100 covid infections, all people who were fully vaccinated. Over 80 of them died, which is a much higher death rate than among the unvaccinated. In my county of 20,000 people, which has a low vaccination rate and no mask mandates, there were only 17 total covid deaths in the first year year of the pandemic.

This begs the question: Why take the mRNA cocktail at all? What is there to gain? Well, there is nothing to gain in terms of health safety. Even if you happen to be part of the 0.26% of people at risk from covid, you are better off in the long run taking your chances with natural immunity than getting the jab.

The answer to the question is not about health, but about denial of access. Government’s and their corporate partners are trying to make it so you MUST take the vaccine in order to participate in normal social activities, or even to keep a job. Not only that, but the process goes on forever because every year there will be new variants and new booster shots. The only reason to take the vaccine is to keep at least a handful of your freedoms and to avoid poverty and starvation.

Here is where we must go back to the original query presented at the beginning of this article:

Is it legally and morally acceptable to constrict the rights and economic access of people in order to force them to submit to an experimental “vaccine”?

The covid cult will say that private business rights trump individual rights so companies should be allowed to discriminate against employees based on their vaccination status. But then again, what we are facing in most cases are NOT private businesses but conglomerates that are funded by government bailouts and that are colluding directing with governments to enforce the passport agenda. So I would have to say no, these businesses do not have a legal right to feed on public tax dollars and then claim they are private entities that have the freedom to invade the medical privacy of employees and customers.

And since when do collectivists actually care about private business rights, anyway? More hypocrisy…

If we are talking about small and medium business with no government stimulus then the issue gets more tricky. In many states and other countries the businesses are only enforcing passports because if they don’t they will be punished by the government. In this case the private business rights argument goes out the window. The covid cult respects business independence only when it suits them.

Frankly, it is small businesses that are being hurt the most by the covid mandates and the extra costs involved just in enforcing the passports in their own establishments is going to bury them. Any small business owner that voluntarily supports the passport rules must have a financial death wish.

In terms of government, the covid cult will claim that there are Supreme Court precedents for legal enforcement of vaccinations. Honestly, I don’t care, and neither do millions of other Americans. A bunch of high priests in black robes do not get to dictate my independent health decisions; I make those decisions and there’s nothing that they can do about it. This is where we have to come to terms with the morals and principles involved – The lives of others are in no way affected by my decision to refuse to comply with vaccine passports. And just because a group of people have irrational fears about the threat of covid does not mean people with more discernment about the facts should be required to make them “feel better” or feel safer.

The bottom line is this: Our freedoms are more important than your paranoid fears, and we will not comply. We do not subscribe to your false social contract, and you are in no position to dictate the terms of our “society”. Don’t like it? You are more than welcome to leave the country and start a vaccinated Utopia somewhere else. We’ll see how that works out for you in the long run.

end

Tom Luongo on the unintended consequences of the virus/vacines

Tom Luongo

Luongo: The Unintended Consequences Of COVID-9/11

 
 
FRIDAY, SEP 03, 2021 – 12:00 AM

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

One of the fundamental problems of central planning of any kind is what we systemic thinkers call the ‘Law of Unintended Consequences.’ It’s not really a law but it should be.

You know you’re dealing with an ‘unintended consequence’ of a policy when the politicians, bankers, regulators and their apologists in the media say something like, “well, you know, no one could have foreseen {fill in the blank}.”

Some of those blanks are:

  • The Housing Bubble of 2005-07 which caused the financial crisis of 2008.

  • The election of Donald Trump after decades of offering false choices to the American Electorate.

  • Most recently the collapse of the Afghan government to the Taliban and the U.S.’s ignominious retreat.

These are all events, and there are dozens more in your everyday life if you just begin looking for them, which nobody in charge would ever admit to having considered possible when they embarked on a particular policy but in hindsight were inevitable.

Policies of collective action under the rubric of the State, defined as that entity with the power to point guns at people to enforce their edicts, always result in these unintended consequences. But it’s not because those outcomes weren’t predictable but rather because they weren’t important to the people who implemented them in the first place.

They weighed the benefits as absolute and ignored the costs as trivial things they could, like a bad movie producer, fix in post-production.

So, with that in mind and looking at the saturation of fear porn and relentless march towards a locked-down, totally-controlled and regimented society as a result of COVID-9/11, I give you this note the other day from TASS, the Russian State’s news service.

Nezavisimaya Gazeta: Public’s attitude to globalization underwent shift during pandemic

People’s attitude to free trade and globalization has changed a lot since the onset of the coronavirus pandemic. Support for barrier-free trade has considerably declined. Russia is one of the global leaders in terms of people’s negative view of globalization, Nezavisimaya Gazeta writes, citing a poll conducted by the Ipsos company and the World Economic Forum. Only 48% of those surveyed in 25 countries agree that globalization is good for their countries. In Russia, one in three people stated that they reject the notion that globalization facilitates an effective economic policy.

Experts are not surprised by the declining interest in globalization. “People in large economic powers can see their daily expenses increase. Consumer prices used to be more stable before globalization began and free-trade zones were created,” economist Andrei Loboda said, pointing out that the change of sentiment had been sparked by rising inflation affecting economies worldwide.

Globalization has reached its limits and stopped boosting economic growth, BCS Chief Investment Strategist Maxim Shein pointed out. “The population’s income is falling, hence the decline in support [for globalization idea],” he said.
“A high level of consumption, easy access to any goods at relatively low prices, good wages, high pensions and access for businesses to foreign markets – all this used to be associated with globalization. However, in the late 20th and early 21st century, the global economy started to face crises, rising unemployment, a decline in the middle class and increasing income inequality. All these issues are also directly related to globalization,” Associate Professor with Department of Enterprise and Logistics at Plekhanov Russian University of Economics Igor Stroganov emphasized. Besides, large transnational companies and retail chains enter foreign markets, destroying small and medium-sized businesses and local agriculture. “In addition, labor migration increases competition on the labor market. People in many countries feel that way,” the economist stressed.

While we are bombarded daily by new polls suggesting that a majority of Americans love their mask or believe their neighbors should be held down and forcibly injected with an experimental gene therapy, the Russians have looked upon the face of the New Normal and rejected it.

This is the unintended consequence of pushing for Globalism, people see it for what it is and reject it.

The big question is why and to answer that I want to discuss what’s not discussed in the TASS note.

The Toxic Spread Trade

What’s not covered here is the role that central banking and the Cantillion Effect have on prices. The Cantillion Effect is where price rises from monetary inflation have a delayed effect as the new money spreads out through the society. Those that receive the money first get to spend that money at today’s prices which, over time, raises everyone else’s bid for the good or service that money then procures.

In reality, government is only in control of that first spend — from its coffers to the supplier. After that they money flow is chaotic based on the marginal utility needs of the person who receives it. But, what you can be assured of is no matter what, those closest to the source of the money have a massive advantage over those at the economic fringes.

This is why I find all the hand-wringing modern Progressives do over government spending so thoroughly repulsive. They argue for the very thing to help ‘poor people’ which impoverished them in the first place.

Their argument is instead of giving the money to the banks or the corporations but directly to the people then that would equalize the previous theft, a kind of reparations for past monetary sins. Of course, this is patent nonsense. Giving people money rather than just stop stealing from them is not the way back to a moral and sustainable economy.

But it is their path to more permanent power. Ah Ha!

So, the effect of central banks around the world printing money is to create a constant Cantillion effect at the national level. In the case of the U.S., The Fed gives the U.S. government and its member banks preferred access to capital at the lowest costs to borrow, while you get access at the highest cost, i.e. higher interest rates.

This subsidizes overseas investment while overstating the strength of the U.S. dollar, because those dollars can be spent to more effectively procure overseas labor and property than buying those same things here.

This exports the monetary inflation overseas while keeping a lid on domestic prices at home. It’s why it’s also so disingenuous of economic commentators to use domestic CPI as a measure of inflation to invalidate the Quantity Theory of Money, which I’ve written about before. If the money goes overseas, something’s price is getting inflated, just not that thing we’re measuring.

Using the CPI to measure inflation is like trying to measure a board with a stopwatch. It’s the wrong tool for the job.

As the Fed pushes and pulls the money supply through ‘monetary policy’ over time it greatly exaggerates the natural boom and bust cycle of the economy.

Now let’s take this one step further and think on the arguments made by Jeff Snider at Alhambra Partners who argues that with the creation of the offshore Eurodollar shadow banking system, the Fed itself isn’t even in control of its own monetary policy, those markets are.

This is another example of unintended consequences of major policy changes, turning over the role of new money creation to a central bank, versus basing it on a hard reserve asset like gold. It spawns a rough beast the central bank can’t control anymore than the government can control how you spend the money it pays you.

So, when those titanic forces want to enter into new markets through cheap money they demand it from the Fed and eventually the Fed accommodates them lest it get blamed for causing a global depression… sound familiar?

I’m simplifying Jeff’s arguments here, but the fundamental point he makes is valid.

At the same time it’s also irrelevant to the current argument because it doesn’t matter if the Fed or the Eurodollar depositors control the rate of new money creation. The Cantillion Effect of how that new money spreads globalism is the same, only the points of origin are different.

The Imperial Marsh

Large scale producers take advantage of the situation by investing overseas during the busts and repatriating their capital during the booms. In effect, they are reloading and waiting for the next Fed-induced cycle to commence. As those closest to the Fed, if not telling the Fed what to do, then they will also be best prepared when the policy shifts to take advantage of it.

This dynamic has played out at an accelerating pace during the 21st century as these boom/bust cycles become more and more erratic and the ‘monetary policy’ employed to support them more and more reckless.

In the end, it is the countries that begin rejecting this scheme by de-dollarizing that are the ones who insulate themselves from the effects of this capital in-and-out flow.  That’s why I’ve been bullish on Russia since 2013, ignoring people calling it a ‘value trap’ early on because of low equity market multiples.

Putin rejected globalism as an economic weapon and, in effect, turned globalism on itself by doing this. At the same time, he maneuvered Russia to control the marginal barrel of oil produced in the world.  This gave Russia the unique position of inserting the ruble into global trade while improving its regional relevance as the rebirth of central Asia can now commence with the collapse of the U.S. occupation of Afghanistan and the final nail in the coffin of the remnants of the British Empire.

From here the ruble’s fortunes look bright as long as the Bank of Russia doesn’t revert to its old ways.

Rejecting globalism is a real problem now for the Great Reset as individual countries can now move to regain control over transnationals who were told they would be allowed to run the world. Martin Armstrong has banged his shoe on the table about Big Tech getting the roles of the money-center banks for nearly two years.

Today I see the signs of the titanic struggle between the central banks and the shadow banking system complicating the plans of The Davos Crowd’s Great Reset everywhere as Big Tech makes good on its promises assist in the COVID-9/11 operation to destroy and remake the world.

In recent months, the clear policy from Premier Xi Jinping is for China to move rapidly to lockdown its domestic economy, cut down its tallest poppies, and send foreign capital packing. It never gave the Western banks the access they wanted. It was always globalism on China’s terms, not the West’s.

Now that Xi is making his moves, Davos is making theirs, attempting to blame them for COVID-9/11 and turn Americans into raving anti-China hawks willing to salve a bruised national ego by blowing shit up in China’s backyard.

Let’s hope this is the one aspect of the Great Reset that fails to materialize completely.

Rejecting western Globalists was Russia’s sin as well. Putin’s biggest challenge in his 20+ years in power has been to gain control over his central bank and the Russian financial system such that their inherent corruption worked for Russia and not for Davos. Russia, out of necessity, is much farther along in its quest to reverse/arrest globalism than China is.  

You can clearly see the hand of Davos at the legislative level trying to keep forcing this to work. The EU still enters trade negotiations demanding a country give it veto power over its “partner’s” local governments in bilateral trade…. and notice how many of these deals they’ve signed in the past couple of years.

Zero.

Globo-Homo-Economicus

COVID-9/11 is globalism’s last stand. It’s goal is explicitly to burn the world down to ‘build back better.’ I’m sure Davos asked both Xi and Putin many times to join the big club for the big win and they both said, “No.” This is where culture and history asserts itself.

Seriously, do these people have no memory of how Europe and the U.K. have treated China and Russia?

So, the WEF is now accelerating its scorched earth strategy. It’s clearly using what leverage it has in U.S. institutions to expend the last of the U.S.’s political capital with diplomatic and geopolitical ‘gaffes’ that even an amateur wouldn’t make. When you see government policy an order of magnitude more incompetent than can be explained by internal squabbling and petty corruption, you are dealing with something willful.

This is always what I’ve envisioned the ‘failure’ of the Great Reset to look like whenever I’ve invoked that idea.  They’ve taken their shot at it.  Where they have the most control and favorable laws/infrastructure — i.e. the English Commonwealth, France, Italy, Germany, Spain — they are ramping up the tyranny.

In the U.S. they are moving rapidly to liquidate as much of the U.S. as possible after having already reversed most of the good things done under Trump.  Pelosi first moved back the deadline on the Budget/Infrastructure/Debt Ceiling until October. Now she’s really twisting arms behind the scenes while Afghanistan takes all the attention trying to shoehorn them all through in the confusion.

If she can’t get that done then the House and Senate could get quickly bogged down in Afghanistan hearings, if not impeachment/25th Amendment talks. This is part of the reason why I think Powell was surprisingly dovish the other day at Jackson Hole. He’s got to stay on D.C.’s good side to get re-confirmed. He can afford, right now, to let the pressure off the global financial system until another funding crisis emerges in the domestic money markets.

So, the USDX falls a little, the euro backs away from oblivion and we look ahead at the German elections and the next FOMC meeting.

None of this is good news for globalists and globalism since they need that nearly $5 trillion to complete their takeover of the U.S. financial and political system.  You don’t have to be a dog to smell the rising fear.  It’s palpable now.

Pelosi needs these bills passed or her leadership of the Dems will collapse. The Squad is barking about getting rid of Powell while Pelosi begins to realize the whole administration is collapsing faster than Biden’s cognitive function.

The globalists need perpetual war in ‘shitholes’ around the world to keep laundering the easy Fed Funny Bucks to keep the entire Ponzi Scheme alive. With Afghanistan now off the table, where are we sending the military next to export inflation democracy?

But Powell, like the rest of them, know that globalism is failing and pushing any further for it will only accelerate the creation of what Vaclav Havel called “parallel systems.” Systems that exist outside of their control. So, I think he’s treading carefully here with monetary policy on purpose.

It’s Davos that is getting desperate. The more they grasp for total control the easier it becomes to see the Law of Unintended Consequences rearing its head as new solutions to age-old problems proliferate.

Don’t believe me?

The best and brightest in the U.S. stopped being engineers and scientists two generations ago when we stopped ‘building things.’ They became financiers and lawyers. This was an unintended consequence of the money flowing from D.C. and The Fed to those jobs to feed the growing regulatory state. Their kids learned to code because that’s where the growth was as the cheap money was funneled to subsidize the creation of today’s Big Data and AI systems they believe they will use to control the flow of everything the world over.

Today, however, those best and brightest have left Google and Facebook and are working in crypto to solve the very problem which started all this pernicious globalism in the first place. I’m not the only one seeing it. It’s clear where the innovation is and what these people’s motivations are — to reverse the Cantillion effect of privilege granted to those close to the King and let capital flow to where the people need it not where the tyrants do.

The Russians may be leading the way, if the polls are correct. Reject empire and ‘greatness,’ they are telling us. Our leadership is trying to shame us over Afghanistan. Don’t let them. Be contrite but internalize the lesson of humility and get back to work rebuilding what’s been lost. Opportunities for new systems abound.

Because the final consequence of Cantillion’s observations about prices is that eventually you run out of ways to squeeze people through fear and inflation. When that happens they squeeze back. 

end

Florida fines businesses that require proof of vaccine

(Florida TV stations)

Florida fines businesses that require proof of vaccine

From our good friend Milan:
 
 
 
 
 
Cp24 (Canada) reported that Florida will fine people and businesses that require proof of vaccine up to $5000

 

 
 
end
 
From my son Mark:
 
Egypt is barely vaccinated and use Ivermectin, although not as extensively as India.

 

Israel is triple vaxxing with lots of authoritarianism – masks, lockdowns etc.

When are people going to wake up here? The vaccine is the disease, and we have just seen the beginning of what is going to happen to the vaxxed population. 

Everyone vaxxed must be taking Ivermectin, vitamin C, D and Zinc now. Vaxxed people at best are defenceless against delta and new variants coming. At worst, they are more vulnerable because of ADE effects.

Sent from my iPhone

 
 
 
 
Attachments area
 
end
 
 
GLOBAL SUPPLY CHAIN ISSUES
 

end

 

7. OIL ISSUES

 

END

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////COVID/VACCINES

They are going nuts! Australia may force citizens to report their location on demand via a government tracking app

(Watson/SummitNews)

Australia Could Force Citizens To Report Their Location On-Demand Via Government Tracking App

 
THURSDAY, SEP 02, 2021 – 10:20 PM

Authored by Paul Joseph Watson via Summit News,

The government of South Australia is running a trial for a system that could eventually force citizens to take a photo of themselves via a government app to report their location on demand within 15 minutes of authorities requesting it, or face a police investigation.

Yes, really.

The revelation was highlighted in an Atlantic piece by Conor Friedersdorf which questions whether Australia can still call itself a liberal democracy in light of the crippling restrictions it has placed on its own population.

With no end in sight for the lifting of the country’s brutal lockdown, Aussies could face even more invasive state intrusion into their private lives under the justification of stopping the spread of the virus.

The South Australian government is preparing to roll out an app that “will contact people at random asking them to provide proof of their location within 15 minutes,” according to reports.

If people refuse to report their location or are unable to do so, police are then dispatched to hunt them down.

“We don’t tell them how often or when, on a random basis they have to reply within 15 minutes,” said Premier Steven Marshall.

This is barely much different from literally fitting people with electronic ankle bracelets that track their every movement like prisoners under home arrest, a policy that was actually considered by Australian authorities earlier this year.

“No matter your views of COVID, what’s happening in Australia is alarming, extreme and dangerous,” remarked journalist Glenn Greenwald.

As we have exhaustively highlighted, Australia has enforced one of the most draconian lockdowns in the world in an effort to pursue a disastrous ‘zero COVID’ strategy.

Last month, the Premier of Victoria asserted that authorities “won’t hesitate” to go “door-to-door” to carry out mandatory COVID tests on Australians.

Aussies were also ordered not to talk to each other, even while wearing masks, while people who merely post anti-lockdown information online could also face fines of up to $11,000 dollars under an absurdly authoritarian new law.

 

end

NEW ZEALAND

Islamic terrorist goes on a stabbing spree at a New Zealand supermarket

(zerohedge)

Islamic Terrorist Goes On Stabbing Spree At New Zealand Supermarket 

 
FRIDAY, SEP 03, 2021 – 07:36 AM

Law enforcement officers in New Zealand say they shot and killed a knife-wielding Islamic terrorist on Friday, at an Auckland grocery store within 60 seconds of the stabbing spree, Reuters reported.

The man went inside the home appliance aisle of the supermarket, grabbed a large knife from a case, and went on a 60-second stabbing spree. He was running through the aisles stabbing anyone and everyone “like a lunatic,” one shopper told the Stuff

“It’s obviously a very big shock, completely unexpected,” the husband of a woman who was stabbed. He asked not to be identified and called the attack a “bit of a nightmare.” 

The terrorist was killed in a hail of gunfire by law enforcement. The incident has been labeled an “extremist” terror attack.

The Sri Lankan man has been a resident of the island country in the southwestern Pacific Ocean for a decade, and was inspired by ISIS according to reports. His name has yet to be released by police.

“A violent extremist undertook a terrorist attack on innocent New Zealanders.

“He obviously was a supporter of ISIS ideology,” Ardern told reporters at a briefing. 

According to Prime Minister Jacinda Ardern, the man was considered a severe threat and was under “constant” police surveillance.

“The reality is, that when you are surveilling someone on a 24/7 basis, it is not possible to be immediately next to them at all times. The staff intervened as quickly as they could and they prevented further injury in what was a terrifying situation,” Andrew Coster, the country’s top police official, said.

A video was released on social media of the knife spree blurred out, but the fatal hail of gunfire from law enforcement officers can be heard in the background.

New Zealand has been on edge for attacks since a gunman killed 51 people at two mosques in 2015, leading to a widespread anti-gun campaign.

end

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY  morning 7:30 AM….

Euro/USA 1.1875 UP .0001 /EUROPE BOURSES /ALL MIXED

USA/ YEN 109.92  DOWN  0.026 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3837  UP   0.0001  

 

USA/CAN 1.2532  DOWN .0021  (  CDN DOLLAR UP 21 BASIS PTS )

 

Early FRIDAY morning in Europe, the Euro IS UP BY 1 basis points, trading now ABOVE the important 1.08 level RISING to 1.1851 Last night Shanghai COMPOSITE CLOSED DOWN 15.31 PTS OR 0.43%

 

//Hang Sang CLOSED DOWN 188.44 PTS OR 0.72%

 

/AUSTRALIA CLOSED UP  .55% // EUROPEAN BOURSES OPENED ALL MIXED  

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL MIXED  

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 15.31    PTS OR 0.43% 

 

/SHANGHAI CLOSED DOWN 15.31  PTS OR 0.43% 

 

Australia BOURSE CLOSED UP 55 0.37%

Nikkei (Japan) CLOSED UP 588.60 pts or 2.05% 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1814.95

silver:$24.09-

Early FRIDAY morning USA 10 year bond yr: 1.298% !!! 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 1.906 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.23 DOWN 0  CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.22%  UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.042%  UP 7/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.33%//  UP 1  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.71 UP 4   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 38 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.358% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.07% AND NOW ABOVE   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 1.1882  UP    0.0008 or 8 basis points

USA/Japan: 109.65  DOWN .291 OR YEN UP 29  basis points/

Great Britain/USA 1.3862 UP .0026 UP 26   BASIS POINTS)

Canadian dollar UP 32 basis points to 1.2521

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4365 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED UP)..6.4365

TURKISH LIRA:  8.29  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.042%

Your closing 10 yr US bond yield UP 4 IN basis points from THURSDAY at 1.325 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.943 UP 5 in basis points on the day

Your closing USA dollar index, 92.31 DOWN 14  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 DOWN 24.99 PTS OR 0.35% 

 

German Dax :  CLOSED DOWN 59.39 PTS OR 0.37% 

 

Paris CAC CLOSED DOWN 73,09  PTS OR  1.08% 

 

Spain IBEX CLOSED  DOWN 117.40  PTS OR  1.31%

Italian MIB: CLOSED DOWN 168.60 PTS OR 0.64% 

 

WTI Oil price; 69.68 12:00  PM  EST

Brent Oil: 72.57 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.71  THE CROSS LOWER BY 0.20 RUBLES/DOLLAR (RUBLE HIGHER BY 20 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.358 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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 69.24//

BRENT :  72.57

USA 10 YR BOND YIELD: … 1.326.. UP 4 basis points…

USA 30 YR BOND YIELD: 1.946  UP 5  basis points..

EURO/USA 1.1884 UP 0.0011   ( 11 BASIS POINTS)

USA/JAPANESE YEN:109.67 DOWN .271 ( YEN UP 27 BASIS POINTS/..

USA DOLLAR INDEX: 92.08 DOWN 15  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3868  UP .0032  

the Turkish lira close: 8.32  DOWN 4 BASIS PTS

the Russian rouble 72.71   UP   .20 Roubles against the uSA dollar. (UP 20 BASIS POINTS)

Canadian dollar:  1.2522 DOWN 32 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.358%

The Dow closed DOWN 74,73 POINTS OR 0.21%

NASDAQ closed UP 32.34 POINTS OR 0.21%

VOLATILITY INDEX:  16,14 CLOSED UP 0.27

LIBOR 3 MONTH DURATION: 0.119

%//libor dropping like a stone

USA trading day in Graph Form

‘Losing Faith’? – Cryptos & Commodities Rally As Dollar Dumps On Dismal Data, Afghan Angst

 
FRIDAY, SEP 03, 2021 – 03:59 PM

An ugly week for ‘hard’ and ‘soft’ data sent the US economic surprise data to its worst velocity since the plunge in March 2020

Source: Bloomberg

Precious Metals gained as investors’ confidence that the central planners have a clue starts to fade…

Crypto markets also surged this week as traders sought alternatives to the dollar…

Source: Bloomberg

Sending the dollar down to one-month lows, sliding for the 9th of the last 10 days…

Source: Bloomberg

But stocks were mixed with momo-chasers and gamma-hammers always willing to buy any dip. Nasdaq was the week’s outperformer. The Dow lagged the rest of the majors to end the week unchanged…

So stocks are at record highs screaming “all is well” as the dollar, gold, and cryptos all scream “something’s up”…

Value stocks went nowhere as growth dominated (but mostly thanks to Monday’s opening squeeze)…

Source: Bloomberg

An odd week sector-wise with Utes outperforming and Energy & Financials lagging

Source: Bloomberg

Which fits with the dramatic surge in “Defensive” stocks this week with Cyclicals going nowhere…

Source: Bloomberg

VIX trod water on the week, trading in a range between 16 and 17 most of the time…

Treasuries were mixed on the week with the long-end marginally higher in yield and shorter-end marginally lower…

Source: Bloomberg

Treasury yields were wild today but a look at the 10Y Yield chart explains some of the movement as the kneejerk lower on the jobs data ran the stops at the low yield of the week and the strong earnings growth sparked a rip higher to run the stops at the high yield of the week…and with the stops run, the liquidty providers left the building for the long weekend…

Source: Bloomberg

Ethereum was the week’s big winner in crypto-land, topping $4000 for the first time since mid-May…

Source: Bloomberg

Bitcoin also had a big week and rose back above $50,000…

Source: Bloomberg

Oil prices rallied on the week, thanks to gains on Thursday largely, with WTI back above $70 intraday but ending back below…

Finally, as we all look forward to a long weekend of socializing, mobility in the US has begun to trend downward again in reaction to the rise in Covid cases — a trend that is likely weighing on Service-sector confidence as we saw in the decline in the Non-manufacturing ISM index today.

And what happens next in markets? There have been 10 other years in which the S&P 500’s gain through August surpassed 20%, according to data compiled by Bloomberg. The final four months of those years brought everything from a 21% advance to a 32% decline. All this left the S&P 500 with an average loss for the September-December period of 2.1% — and a median gain of 2.2%.

Trade accordingly.

MORNING TRADING

Gold & Crypto Jump As Dollar, Bonds, & Stocks Dump After Big Jobs Miss

 
FRIDAY, SEP 03, 2021 – 08:45 AM

The dismally disappointing payrolls print has prompted some serious kneejerk moves in the market.

The dollar dumped (taper pushed off?)…

The dollar dumped (taper pushed off?)…

The dollar dumped (taper pushed off?)…

Gold spiked (more spending to save the world?)…

Crypto rallied…

Stocks chopped initially then dumped (long weekend to carry risk and recovery narrative shattered)…

And Treasury yields plunged initially only to reverse hard and spike higher (yields down on weak payrolls but surge on soaring wage inflation)…

Taper off?

end

Huge jobs miss!  Just 235,000 jobs added

(zerohedge)

Goodbye Taper? Huge Jobs Miss As US Adds Just 235K Jobs In August

 
FRIDAY, SEP 03, 2021 – 08:35 AM

As we previewed earlier, while consensus for today’s closely-watched payroll print was 725,000, a drop from last month’s 943K, the whisper expectation was for a number decidedly lower, with BMO underscoring this point noting that the August NFP print has a seasonal tendency to underwhelm estimates in August, doing so 75% of the time and beating 25% of the time by 18k and 47k, respectively, on average.

And sure enough, moments ago the BLS reported that in August just a paltry 235K jobs were added, far below the 725K expected below even the most pessimistic forecast; the number was not only a huge drop to last month’s upward revised 1.053MM but was the weakest print since January.

While we expect that the pundits will quickly blame the resurgence of covid in August, manifesting itself in zero jobs added in leisure and hospitality, with Bloomberg already busy spinning by saying that “the deceleration in hiring likely reflects both growing fears about the rapidly spreading delta variant of Covid-19 and difficulties filling vacant positions” the reality is that the US economy is rapidly slowing even as inflation continues to soar, positioning the US squarely for a stagflationary crash and putting the Fed’s tapering plans squarely in doubt.

Relative to expectations, the August print was ugly and represented a 4-sigma miss.

Nonfarm employment has risen by 17.0 million since April 2020 but is down by 5.3 million, or 3.5 percent, from its pre-pandemic level in February 2020.

The change in total nonfarm payroll employment for June was revised up by 24,000, from +938,000 to +962,000, and the change for July was revised up by 110,000, from +943,000 to +1,053,000. With these revisions, employment in June and July combined is 134,000 higher than previously reported. Still, the August miss was so big to easily wipe out any benefits from this spike.

Yet, as before, while the Establishment survey was a mess, the Household Survey was much better, and showed that employment actually rose by 509,000 to 153.154 million, although few actually pay attention to this.

Meanwhile, and as discussed more below, the weakness on the establishment survey side was concentrated in leisure and hospitality. The rate of hiring in most of the other service sectors was not too dissimilar in August from July. Here’s a quick rundown:

  • trade, transportation and utilities: +24k (versus +61k in July)
  • information: +17k (versus +21k)
  • financial activities: +16k (versus +24k)
  • professional and business services: +74k (versus +79k)
  • education and health services: +35k (versus +88k)
  • other services: +37k (versus +46k)

There were less fireworks in the unemployment rate, which came in at 5.2%, in line with expectations and down from 5.4% last month. Of note: black unemployment jumped. This is because while the Civilian labor force was effectively flat, rising from 161.3MM in July to 161.5MM in August, the number of Unemployed declined from 8.702 million to 8.384 million.

The labor participation rate was also mostly in line, unchanged from last month at 61.7% and just missing the 61.8% consensus.

Meanwhile, as the economy slows (as a reminder, Morgan Stanley slashed its Q3 GDP to just above 2% yesterday), inflation keeps rising and will continue to rise thanks to another jump in average hourly wages which rose from 4.1% Y/Y last month to 4.3%, smashing the 3.9% consensus. On a sequential basis, wages rose 0.6%, double the 0.3% forecast and well above July’s 0.4% increase.

The jump in wages and the flat labor participation rate suggest that the shortfall in payroll gains is due to lack of supply of workers. People just still aren’t ready to go snap up the jobs that are on offer. But all that will change next week when all extended benefits expire…

* * *

Drilling into the data, notable job gains occurred in professional and business services, transportation and warehousing, private education, manufacturing, and other services, while employment in retail trade declined over the month. Most notably, leisure and hospitality jobs were unchanged on the month, while food services and drinking places jobs actually declined by 42,000. Yes, we actually lost waiters and bartenders.

Some more details:

  • Employment in professional and business services increased by 74,000 in August. Employment rose in architectural and engineering services (+19,000), computer systems design and related services (+10,000), scientific research and development services (+7,000), and office administrative services (+6,000). Since February 2020, employment in professional and business services is down by 468,000, over half of which is in temporary help services (-262,000).
  • Transportation and warehousing added 53,000 jobs in August, bringing employment in the industry slightly above (+22,000) its pre-pandemic level in February 2020. Employment gains have been led by strong growth in couriers and messengers and in warehousing and storage, which added 20,000 jobs each in August. Air transportation also added jobs (+11,000), while transit and ground passenger transportation–which includes school buses–lost jobs (-8,000).
  • In August, employment increased by 40,000 in private education, declined by 21,000 in state government education, and changed little in local government education (-6,000). In all three industries, these employment changes followed job gains in June and July. August marks the beginning of the traditional back-to-school season. However, recent employment changes are challenging to interpret, as pandemic-related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns. Since February 2020, employment is down by 159,000 in private education, by 186,000 in state government education, and by 220,000 in local government education.
  • Manufacturing added 37,000 jobs in August, with gains in motor vehicles and parts (+24,000) and fabricated metal products (+7,000). Employment in manufacturing is down by 378,000 from its pre-pandemic level in February 2020.
  • The other services industry added 37,000 jobs in August, but employment is 189,000 lower than in February 2020. In August, employment rose in personal and laundry services (+19,000) and in repair and maintenance (+9,000).
  • Employment in information increased by 17,000 in August, reflecting a gain in data processing, hosting, and related services (+12,000). Employment in information is down by 150,000 since February 2020.  
  • Employment in financial activities rose by 16,000 over the month, with most of the gain occurring in real estate (+11,000). Employment in financial activities is down by 29,000 since February 2020.
  • Mining added 6,000 jobs in August, reflecting a gain in support activities for mining (+4,000). Mining employment has risen by 55,000 since a trough in August 2020 but is 96,000 below a peak in January 2019.
  • Employment in retail trade declined by 29,000 in August, with losses in food and beverage stores (-23,000) and in building material and garden supply stores (-13,000). Retail trade employment is down by 285,000 since February 2020.
  • In August, employment in leisure and hospitality was unchanged, after increasing by an average of 350,000 per month over the prior 6 months. In August, a job gain in arts, entertainment, and recreation (+36,000) was more than offset by a loss in food services and drinking places (-42,000). Employment in leisure and hospitality is down by 1.7 million, or 10.0 percent, since February 2020.

Carl Riccadonna, Bloomberg Intelligence’s chief industry economist, said the significant disappointment on nonfarm payrolls – falling well short of even the most pessimistic forecast included in Bloomberg consensus — creates meaningful uncertainty around the potential timeline of Fed tapering.

“If this pace of hiring continues, the Fed’s ‘substantial further progress’ threshold won’t be satisfied in the minds of doves and moderates on the FOMC along the timeline laid out at Jackson Hole,” he says. “If the QE taper timeline is shifting, this will have material consequences for stocks, money markets and FX.”

As Bloomberg’s Kriti Gupta writes, there isn’t much the Fed is likely to do after this “beyond sit back, relax and watch for more data. It’s clear the market has turned slightly defensive off the headlines, but those moves are getting reversed. To me, on the surface, this looks like a tug of war over whether the market is interpreting bad economic news as positive news for the market or vice versa.”

Some more kneejerk commentary, this time from BBG’s Ira Jersey:

“The disappointing payrolls report may bring additional fiscal stimulus. Historically, additional supply has little immediate affect on rates. The Treasury Department may not reduce coupon note and bond issuance at its November refunding announcement as much as some strategists had forecast.”

“Although we don’t think this disappointing data changes the timing of a Fed taper, it should help to convince the market that an early interest rate hike is less likely. We think the uneven recovery will cause the Fed to maintain a cautious tone well into 2023.”

And another take on what this report means for the taper from TD’s Priya Misra:

“We think tapering is still very much on the table, but we’re calling for a December taper not a September taper. November’s possible if the next couple of reports are very strong.”

While the jobs report was terrible news for the economy, it will be great news for Democratic lawmakers who are pressing for a $3.5 trillion fiscal package and will certainly use today’s report as evidence that the damage from the pandemic is going to linger for quite some time, so hard-pressed families are going to need the kind of health-care and child-care support offered in that package.

But while Democrats will be delighted, the jobs report was certainly bad news for President Joe Biden. As Bloomberg notes…

Biden has had the uproar over the way the Afghanistan withdrawal was handled, setbacks at the Supreme Court, key Democratic Senator Joe Manchin threatening progress on his $3.5 trillion social-spending package, and now the jobs rebound is sputtering. Republicans are doubtless going to argue that the weakening in employment growth is further evidence of excess government support that reduces the incentive for people to take up work.

Bottom line: the number was so bad, it will soon be spun as good for the economy because not only is the taper now in question, but we actually got this headline from Bloomberg: “Disappointing U.S. Jobs Report May Bring More Stimulus.” Because only MOAR QE can fix this absolute shit show the US economy and fake market find themselves in…

end

Who’s Hiring And Who’s Firing In August… And What Was Behind The Dismal Jobs Print

 
FRIDAY, SEP 03, 2021 – 11:02 AM

While there were almost no redeeming qualities to today’s payrolls report, which was a 4-sigma miss to expectations and which at 235K came in below the lowest Wall Street forecast of 400K, one look at the internals does give some hope that the ugly picture painted by the August report may be a one-time event.

First and foremost, after progressively rising every month since February and not printing negative once in 2021, the number of waiters and bartenders (i.e., “employees in food service and drinking places”), dropped by 41,500 in August, the biggest – and only – drop in this series since December.

To get a sense of how rare it is to have a down month in this job category consider that in the decade since 2010 and culminating with the March 2020 crash which nuked most jobs, there had been just 6 months with job losses.

More remarkably, the Leisure and Hospitality group – of which Waiters and Bartenders is a key subcomponent – was flat in August after rising by 400K in the previous two months and after having added 2.1 million jobs  since February.

Another notable observation about the August jobs comes from Indeed chief economist Jed Kolko who pointed out that in high work-from-home sectors, employment was finally back above pre-pandemic levels in August, while it was the medium and low WFH sectors that were more affected by the virus and stalled in August.

In other words, this at least superficially validates the theory that the Delta restrictions and lockdowns were a big driver behind the August weakness (of course, there were many more and more fundamental economic ones, but for soundbite purposes expect the media to focus on Delta as the biggest culprit).

Another reason for the steep slowdown in August is that after government jobs added a massive 255K in July – the second highest on record amid a surge in public school teachers – in August this category actually shrank by 8K as teachers (especially the unionized kind) opted to stay home and perfect their Antifa pitch instead of actually teaching kinds.

These two categories aside, here is a snapshot look at other job categories.

  • Employment in professional and business services increased by 74,000 in August. Employment rose in architectural and engineering services (+19,000), computer systems design and related services (+10,000), scientific research and development services (+7,000), and office administrative services (+6,000). Since February 2020, employment in professional and business services is down by 468,000, over half of which is in temporary help services (-262,000).
  • Transportation and warehousing added 53,000 jobs in August, bringing employment in the industry slightly above (+22,000) its pre-pandemic level in February 2020. Employment gains have been led by strong growth in couriers and messengers and in warehousing and storage, which added 20,000 jobs each in August. Air transportation also added jobs (+11,000), while transit and ground passenger transportation–which includes school buses–lost jobs (-8,000).
  • In August, employment increased by 40,000 in private education, declined by 21,000 in state government education, and changed little in local government education (-6,000). In all three industries, these employment changes followed job gains in June and July. August marks the beginning of the traditional back-to-school season. However, recent employment changes are challenging to interpret, as pandemic-related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns. Since February 2020, employment is down by 159,000 in private education, by 186,000 in state government education, and by 220,000 in local government education.
  • Manufacturing added 37,000 jobs in August, with gains in motor vehicles and parts (+24,000) and fabricated metal products (+7,000). Employment in manufacturing is down by 378,000 from its pre-pandemic level in February 2020.
  • The other services industry added 37,000 jobs in August, but employment is 189,000 lower than in February 2020. In August, employment rose in personal and laundry services (+19,000) and in repair and maintenance (+9,000).
  • Employment in information increased by 17,000 in August, reflecting a gain in data processing, hosting, and related services (+12,000). Employment in information is down by 150,000 since February 2020.  
  • Employment in financial activities rose by 16,000 over the month, with most of the gain occurring in real estate (+11,000). Employment in financial activities is down by 29,000 since February 2020.
  • Mining added 6,000 jobs in August, reflecting a gain in support activities for mining (+4,000). Mining employment has risen by 55,000 since a trough in August 2020 but is 96,000 below a peak in January 2019.
  • Employment in retail trade declined by 29,000 in August, with losses in food and beverage stores (-23,000) and in building material and garden supply stores (-13,000). Retail trade employment is down by 285,000 since February 2020.
  • In August, employment in leisure and hospitality was unchanged, after increasing by an average of 350,000 per month over the prior 6 months. In August, a job gain in arts, entertainment, and recreation (+36,000) was more than offset by a loss in food services and drinking places (-42,000). Employment in leisure and hospitality is down by 1.7 million, or 10.0 percent, since February 2020.

And visually:

Finally, courtesy of Bloomberg, here are the industries with the highest and lowest rates of employment growth for the most recent month. Additionally, monthly growth rates are shown for the prior year. The latest month’s figures are highlighted.

END

Wheels come off!! Economic Growth crates and so the NY Fed decides to suspend its GDP tracking model

Good grief!

(zerohedge)

The Wheels Come Off: As Economic Growth Craters, NY Fed Suspends Its GDP Tracking Model

 
FRIDAY, SEP 03, 2021 – 11:55 AM

It’s official: while Q2 was the best quarter for the economy in decades, in Q3 it is now widely accepted that as we wrote a month ago, the wheels came off as a result of a “sudden negative change.”

One doesn’t have to look too hard to find out why: between today’s catastrophic jobs report, the near record plunge in consumer confidence, the troubling contraction in retail sales where reports have missed expectations for 3 months in a row, whether it is due to the end of stimmies or the recent restrictions from the Delta variant, one bank after another took a machete, or in the case of Morgan Stanley, a nuke to their GDP Q3 forecast, with Goldman now expecting GDP to grow just by 3.5% this quarter, its second downgrade in a month (it was 8.5% just one month ago) while Morgan Stanley yesterday cut its Q3 GDP to just 2.9% from 6.5% previously.

And while banks were as usual well behind the curve, only catching up to what our readers already knew one month ago, the regional Fed were dead last, with the Atlanta Fed’s GDPNow model yesterday cut to just 3.7% fron 5.3% on Sept.1

So what about that other Fed GDP model, the NY Fed GDP Nowcast? Well, a quickly look at the historical data shows that while the Atlanta Fed has a ridiculously high beta, and swings around like a drunken sailor, the NY Fed’s GDP tracker is much more credible and stable.

Or rather way, because a quick look at the Ny Fed’s website where the Nowcasting Report is housed now shows this:

Suspension Notification

The uncertainty around the pandemic and the consequent volatility in the data have posed a number of challenges to the Nowcast model. Therefore, we have decided to suspend the publication of the Nowcast while we continue to work on methodological improvements to better address these challenges.

We find it odd how the NY Fed did not suspend its nowcast model on the way up in late 2020 when a similar level of pandemic confusion was present but when all the adjustments were in the upward direction and nobody really cared if they are accurate or not.

There are two ways to interpret this sudden and unexpected development from some of the “smartest” economists in the room. Either i) nobody knows anything (which is true for most economists), or ii) the underlying economic data is now so ugly that instead of lipsticking, adjusting and goalseeking it to make it look attractive (on a seasonally adjusted, pro forma basis of course) in its “tracker”, the NY Fed has simply decided to no longer even cover it.

Our money is in both i) and ii).

Up next: the BLS suspends its jobs report, ADP suspends its private payrolls update, the BEA suspends its GDP and PCE estimate, and the Dept of Labor suspends its CPI and PPI reports due to “uncertainty around the pandemic and the consequent volatility in the data.”

IMPORTANT USA ECONOMIC DATA

Service sector surveys are screaming stagflation in August as wages spike

(zerohedge)

Services Surveys Scream Stagflation In August As Wages Spike

 
FRIDAY, SEP 03, 2021 – 10:02 AM

As ‘hard’ data has collapsed in recent months, so ‘soft’ survey data has finally given up hope of more stimmies and is rapidly falling back in line, not helped at all by the renewed fearmongering over ‘Delta’ and now ‘Mu’ COVID variants. August showed that trend continued to accelerate as Service sector surveys slumped.

Markit’s Manufacturing PMI slid in August, but the Services sector really slumped to its lowest since Dec 2020

Source: Bloomberg

ISM’s Services survey rose in July (against expectations), but tumbled back down in August (from 64.1 to 61.7)…

Source: Bloomberg

Inflationary pressures across the private sector remained elevated midway through the third quarter, as input costs rose substantially despite a cooling in the rate of increase at service providers. Specifically, higher input prices were often linked to hikes in supplier costs and wage bills amid labour and product shortages.

ISM data confirmed new orders and employment weakness…

“The tight labor market, materials shortages, inflation and logistics issues continue to cause capacity constraints,” says ISM’s Nieves.

The US Composite index fell to 55.4, in line with UK and below Europe…

Source: Bloomberg

Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:

Growth slowed sharply in the US service sector in August, joining the manufacturing sector in reporting a marked cooling in demand and encountering growing problems finding staff and supplies. Jobs growth almost stalled among the surveyed companies in August and supplier lead times are lengthening at a near record rate.

“While the resulting overall pace of economic growth signalled is the weakest seen so far this year, backlogs of uncompleted work are rising at a rate unprecedented in at least 12 years, underscoring how supply and labor shortages are putting the brakes on the recovery. The inevitable upshot is higher prices, with firms’ input costs and selling prices rising at increased rates again in August, continuing the steepest period of price growth yet recorded by the survey by a wide margin.

Encouragement comes from a rise in business expectations about the year ahead, though optimism in the service sector in particular remains off the high seen in the second quarter, to a large extent reflecting concerns over the spread of the Delta variant.”

The stagflation signals – soaring inflation, stalling production, stagnant employment – remain top of mind for many…

Source: Bloomberg

Taper off?

end

iii) Important USA Economic Stories

GM to halt production due to continual chip problems

(Detroit Free Press)

special thanks to Robert H for sending this to us;

GM to halt production at nearly all North America assembly plants due to new chip problem

 
General Motors will idle the plants starting Monday for two weeks due to COVID-19 affecting the production of semiconductor chips
 
JAMIE L. LAREAU | DETROIT FREE PRESS 

General Motors will idle nearly all its assembly plants in North America starting Monday as the COVID-19 pandemic affects production of semiconductor chips overseas.

GM said its Arlington Assembly in Texas, where it makes its highly profitable full-size SUVs, will run regular production next week, along with Flint Assembly, where it makes its heavy-duty pickups, Bowling Green Assembly in Kentucky, where it makes its Corvette, and a portion of Lansing Grand River Assembly, where it will make some Chevrolet Camaro and Cadillac Blackwing cars.

But all other assembly plants in North America will idle starting Monday. 

“All the announcements we made today are related to the chips shortage, the only plant down that’s not related to that, is Orion Assembly,” said GM spokesman Dan Flores, referring to that plant’s shutdown over Chevy Bolt recall issues.

The industry already has been experiencing a global shortage of the chips, used in a variety of car parts, since early this year. The chips are also used in small electronics and as more workers and children stayed home from work and school last year during the pandemic, demand for personal electronics, such as laptops, rose and created a shortage of chips. 

Automakers have had to either temporarily idle production or build vehicles just shy of all the parts to await chip parts to finish production and ship the vehicles to showrooms. New car inventory has remained tight and prices high.

“COVID is driving supply constraints in countries that produce semiconductor chips,” Flores said. “But I can’t say if it’s because employees have a high rate of infection or if it’s the government putting restrictions on plants due to the pandemic.”

Activity will continue in places like Fort Wayne Assembly and Silao Assembly in Mexico, where light-duty full-size pickups are made, even if production halts.

“During the downtime, we will repair and ship unfinished vehicles from many impacted plants, including Fort Wayne and Silao, to dealers to help meet the strong customer demand for our products,” Flores said. “Although the situation remains complex and very fluid, we remain confident in our team’s ability to continue finding creative solutions to minimize the impact on our highest-demand and capacity-constrained vehicles.”

Here are the production changes GM is making at the affected plants:

  • Fort Wayne and Silao Assembly plants to take a week of downtime starting Monday. GM expects to restart regular production Sept. 13.

  • Wentzville Assembly in Missouri, where GM builds its Chevrolet Colorado and GMC Canyon midsize pickups and Chevrolet Express and GMC Savana full-size vans, will take downtime for two weeks starting Monday.

  • CAMI Assembly (Canada) and San Luis Potosi Assembly (Mexico) will take two additional weeks of downtime through the week of Sept. 27. Production of the Chevrolet Equinox midsize SUV, which GM makes at both facilities, has been down since Aug. 16. San Luis Potosi also builds the GMC Terrain midsize SUV.

  • Lansing Delta Township Assembly adds two weeks of downtime starting Monday. GM expects to resume production there the week of Sept. 20. GM makes the Chevrolet Traverse and the Buick Enclave midsize SUVs at Lansing Delta Township.

  • Spring Hill Assembly in Tennessee, where GM builds the GMC Acadia, Cadillac XT5 and Cadillac XT6 midsize SUVs, adds two weeks of downtime starting Monday. GM expects to restart production the week of Sept. 20.

  • Ramos Assembly in Mexico will take two additional weeks of downtime for Chevrolet Blazer midsize SUV production through the week of Sept. 13.  In addition, Equinox production will be down until Oct. 4. Production of the Chevrolet Equinox has been down since Aug. 16.

Flores said, “What we announced this morning is what we know now. I can’t speculate if something will be announced next week or if there’ll be additional impacts. We manage this on a day-to-day basis.”

More: The recall over fire risk leaves Chevy Bolt owners with these big questions

More: GM to pause pickup production again because of chips shortage

end

California nurse shortage reaches crisis level as the vaccine mandate stops traveling nurses

(zerohedge)

California Nurse Shortage Reaches “Crisis Level” As Vaccine Mandate Wards Off Traveling Nurses

 
THURSDAY, SEP 02, 2021 – 11:00 PM

As America’s hospital beds have again filled with sick COVID  patients, nurses and other healthcare workers have been quitting at the fastest rate since the early days of the pandemic, when nurses in some NYC hospitals were using garbage bags instead of PPE. Across the Internet, on subreddits and in Facebook groups, nurses have gathered to commiserate.

But it’s not just remote areas of Arkansas and Mississippi that are having problems. Local media in California have reported that across the Golden State, low staffing levels have reached a “crisis point”.

According to a story published by a newspaper in Bakersfield, in the past month, no fewer than four emergency room nurses have quit at one Eureka hospital.

And aside from the burnout and the pressure and the stress, nurses have also cited California’s mandatory vaccination rule as one reason they’re thinking about leaving the state. Traveling nurses have been turning down assignments in the Golden State at record rates  because they don’t want to get vaccinated – and the mandate hasn’t even taken effect yet.

Cole of Scripps Health said the state’s testing requirement, imposed last week, already has discouraged some out-of-state, traveling nurses from taking temporary jobs at California hospitals.

“If they don’t want to get vaccinated, they are turning down California assignments,” he said.

Here’s more according to Bakersfield.com:

Hospitals are struggling to comply with the state’s nurse staffing requirements as pandemic-induced burnout has exacerbated an already chronic nursing shortage nationwide.

But burnout isn’t the only thing compounding California’s nursing shortage: The state’s new vaccine mandate for health care workers is already causing headaches for understaffed hospitals before it is even implemented. Some traveling nurses – who are in high demand nationwide – are turning down California assignments because they don’t want to get vaccinated.

 With more people coming in for routine care that can’t be delayed any longer, hospitals are nearing a “crisis point” as the staffing shortages leave them in danger of not meeting the state’s legal minimum staffing requirements.

Hospitals say they are reaching a crisis point, straining under the dual forces of more people seeking routine care and surging COVID-19 hospitalizations driven by the Delta variant.

“Oftentimes at hospitals there are long waits and long delays,” said Dr. Tom Sugarman, an emergency physician in the East Bay and senior director of government affairs at Vituity, a physicians’ group. “There’s not enough staff to keep beds open, and patients can languish waiting.”

Nursing shortages were common in California even before the pandemic. But now resources are nearing “the breaking point”. Every time case numbers seem like they’re finally about to subside, a new wave of cases rises up.

Emotional and physical exhaustion is the primary reason nurses are fleeing the bedside, experts say. It has been a long and brutal 18 months.

“We thought the pandemic would be over soon and could take time later to deal with our emotions,” said Zenei Triunfo-Cortez, president of National Nurses United, the largest nursing union in the country, which has more than 100,000 members in its California association. “Then the second surge hit, and the third and now it’s the fourth.”

Mary Lynn Briggs, an ICU nurse in Bakersfield, said of the dozens of COVID-19 patients she has treated since the pandemic began, only three have survived.

“Some days coming home from the hospital I yell at God, I yell at myself, I yell at COVID and cry. And that’s all before I pull into my driveway,” Briggs said.

A surprising number of nurses are wary of the vaccines, so Gov. Newsom’s requirement that nurses and hospital staff must get vaccinated could end up being the straw that breaks the camel’s back.

Hospital administrators worry that the state’s vaccine mandate for health care workers, which goes into effect Sept. 30, could drive some of their workers out. Already, some report resistance among employees.

“One hospital told us they had 474 unvaccinated employees. They did a big education and incentive push. Only 12 people signed up,” said Richardson, the hospital association’s attorney.

Administrators are particularly concerned about low vaccination rates among support staff like janitors and food service workers. However, some nurses also are wary of the COVID-19 vaccine. Some nurses with large social media followings have participated in protests in Southern California, arguing that the mandates violate their personal freedom.

With staffing levels low across the US, traveling nurses working in temporary roles have been critical to help shore up hospital staff. But they’re also allowing nurses who don’t want to comply with vaccine mandates to simply pick up and leave. One expert said traveling nurses in Texas and Florida might be coming from California.

Nationwide more than 52,000 temporary health care jobs are posted, and Aya is only able to fill about 3,000 per week, she said.
“In the 16 years I’ve been in this space, I have never seen this high a need,” Morris said.

That need is creating intense competition for a limited pool of nurses nationwide.

“Nurses are getting paid premiums to work in Texas and Florida where it’s surging right now,” Sugarman said. “Those nurses have to come from somewhere, and I wouldn’t be surprised if some are coming from California.”

In short: vaccine mandates for health-care workers (most of whom have already been infected with COVID) are probably doing more harm than good as far as creating a safe and stable health-care system in the Golden State. Maybe Gov. Newsom (or his successor) should give it a rethink?

end

Damage From Ida Could Cost Northeast Tens Of Billions Of Dollars

 
FRIDAY, SEP 03, 2021 – 12:13 PM

After Hurricane Ida’s remnants swept through the Northeast, terrorizing residents of New York, New Jersey, and other surrounding states, preliminary figures of the storm’s overall economic losses and damage could be in the tens of billions of dollars. 

Chuck Watson, a disaster modeler with Enki Research, told Bloomberg that Ida’s estimated economic losses and damage could amount to $50 billion to $60 billion range for the Northeast. He said this would make it the fifth costliest hurricane to hit the US, behind Katrina, Harvey, Maria, and Sandy.

Ida has killed at least 43 people in New York, New Jersey, Pennsylvania, and Connecticut. Many of these states are still in emergencies as they assess the damage and begin clean-up efforts. 

Conveniently, President Biden blamed the destruction left behind by Ida on a “climate crisis that is here,” indicating this is “one of the greatest challenges of our time.

For the individual writing Biden’s speech to reporters yesterday, they may have forgotten that on a statistical basis, the most active period of hurricane season has arrived and will peak in by mid-month. But none of this “science” matters with the administration as they push their climate change agenda.   

The deluge of rain on Wednesday transformed some New York City streets into lakes and rivers and flooded subway stations.

Late Wednesday night, Central Park recorded more than 3 inches of rain in one hour. To put that in perspective, that’s about seven weeks of average rainfall, NWS meteorologist Alex Lamers told Bloomberg

Between Sept. 1-2, the rain map shows parts of the Northeast, from Philadelphia to Trenton to New York City, saw anywhere between 7-11 inches of rain. 

What’s obvious is that current infrastructure failed across the Northeast and couldn’t handle the volume of rain in such a short period, which resulted in deadly flash flooding across multiple metros. Most of the deaths occurred with drownings inside cars. 

Liberals are seizing the moment and conveniently blaming this week’s disaster on climate change through negating, to even mention the most active period of the hurricane season is underway. 

There could be some truth to the infrastructure debate for the Northeast because it was built about a century ago. 

end

iv) Swamp commentaries/

A perfect phone call from Biden?

(zerohedge)

Perfect Phone Call? Republicans Demand Unedited Transcript After Biden Tells Afghan President To Lie

 
THURSDAY, SEP 02, 2021 – 04:40 PM

Outraged House Republicans sent a Thursday letter to President Joe Biden demanding the White House release a full, unedited transcript from his call with former Afghan President Ashraf Ghani, after Reuters reported that Biden asked Ghani to lie about how the fight against the Taliban was going in order to “change perception” that they were winning “whether it’s true or not.”

According to excerptsGhani pushed back.

“Mr. President, we are facing a full-scale invasion, composed of Taliban, full Pakistani planning and logistical support, and at least 10-15,000 international terrorists, predominantly Pakistanis thrown into this, so that dimension needs to be taken account of,” he said, adding that the Afghan Security Forces wouldn’t be able to maintain control without close air support from America, which Biden promised to provide if Ghani would lie.

The Republican letter, spearheaded by Rep. Claudia Tenney (NY), was signed by 26 other House Republicans, according to the Daily Caller.

In it, the lawmakers blasted Biden’s handling of the withdrawal from Afghanistan after 13 U.S. service members were killed in a terror attack at the Kabul airport and call and demand Biden release the full, unedited and unredacted transcripts of his July 23 conversation with Ghani to the public. -DC

“In the period leading up to the withdrawal, your administration made a series of false assurances to the American people and our allies regarding the situation on the ground. The contrast between your Administration’s official spin and the reality on the ground revealed a bewildering lack of coherence, strategy, and fundamental transparency. It appeared repeatedly as if your Administration was engaging in a deliberate effort to conceal the truth and mislead the American public. On August 31, new evidence emerged that suggests this is exactly what you have been doing since the start of this operation,” reads the letter.

“A troubling new revelation arose that demands immediate explanation. Reuters released excerpts from a July 23 conversation between yourself and Afghan President Ashraf Ghani in which you reportedly pressure Ghani to ‘project a different picture’ than the reality on the ground ‘whether it is true or not.’ The transcripts also indicate that you promised to provide air support to the Afghan military, a vow you never fulfilled.”

“This damning phone call further erodes your credibility and the confidence of the American people in your ability to lead. Your disturbing emphasis on ‘perception,’ a term you used four times in the Reuters excerpts of the call with Ghani, over substance and truth demands scrutiny and accountability,” the letter adds.

 

(DAILY CALLER OBTAINED) — … by Henry Rodgers

As we noted yesterdaySenate Minority Leader Mitch McConnell has ruled out impeachment over Biden’s lie.

Some Republicans, including Tennessee Sen. Marsha Blackburn, Sen. Josh Hawley of Missouri  and South Carolina Sen. Lindsey Graham, have since said that the President should resign or face impeachment.

It seems that some phone calls are just more ‘perfect’ than others. 

end

Mother Of U.S. Marine Killed In Kabul Attack Censored By Facebook

 
FRIDAY, SEP 03, 2021 – 02:30 PM

Via Southfront.org,

Mother of a Norco Marine killed in ISIS attack in Kabul, Afghanistan, has blasted U.S. President Joe Biden on social media. As soon as her publication gained popularity, her account was “incorrectly” deleted.

Shana Chappell is mother of Lance Cpl. Kareem M. Nikoui, 20, who died in the August 26 terrorist attack in Kabul airport. His body and the bodies of 12 other U.S. servicemen have already been delivered to the United States.

Shana’s post about the Kabul tragedy got viral on Instagram and even caught the attention of former President Donald Trump.

Criticizing Biden in her post, she later claimed that her Instagram account had been deleted, “because i gained so many followers over my (son’s) death due to Biden’s negligence, ignorance and him being a traitor!”

Facebook that is notorious for its political censorship campaigns owns Instagram. The company later explained in an emailed statement that Chappell’s “tribute to her heroic son does not violate any of our policies. While the post was not removed, her account was incorrectly deleted and we have since restored it.”

On August 30, Chappell lamented Biden in Facebook, blaming the president for rolling his eyes when meeting with families of slain service members and claiming that her son’s blood is on his hands.

 

Chappell was supported by Former U.S. President Donald Trump, who wrote in his email to supporters:

 

“(She is) 100% correct. If I were President, your wonderful and beautiful son Kareem would be with you now, and so would the sons and daughters of others, including all of those who died in the vicious Kabul airport attack”.

“Civilians should have been brought out first, along with our $85 billion of equipment, with the Military coming out very safely after all was clear,” Trump added. “I love you, and I love Kareem.”

Biden’s Press Secretary Jen Psaki could not avoid the question on the criticism from the grieving families.

“(Biden) is grateful to their sons and daughters, the sacrifice they made to the country. He knows firsthand what it’s like to lose a child and … no one can tell you anything or say anything (that’s) going to fill that hole that is left by that. … I will tell you, from spending a lot of time with him over the past couple of days, that he was deeply impacted by these family members who he met just two days ago. He talks about them frequently in meetings and the incredible service and sacrifice of their sons and daughters.” – Psaki claimed at the White House press briefing on August 31.

The Chappell case is another sign of the deepening social split and mounting anger in the U.S., as well as of the ineffectiveness of brazen censorship in hiding it.

 

King report/Courtesy of Chris Powell of GATA which includes the major swamp stories./ of the day

@JimPethokoukis: GOLDMAN SACHS: “We are lowering our Q3 GDP tracking estimate from 5.25% to 3.5%, …  Automaker commentary attributed [sales] weakness to supply constraints, which we expect will also depress motor vehicle sales and output in September”

Atlanta Fed GDP Now: Latest estimate: 3.7 percent for September 2, 2021, down from 5.3 percent on September 1 https://www.atlantafed.org/cqer/research/gdpnow

U.S. productivity growth in second quarter lowered to 2.1% https://t.co/ASdYGvoWlq

Why Pfizer Thinks Its COVID Vaccine’s Days Could Be Numbered
Rapid coronavirus mutations could eventually make current COVID-19 vaccines useless.
   Bourla stated that Pfizer could quickly develop a new vaccine that could fight any new variants…
https://www.fool.com/investing/2021/08/31/why-pfizer-thinks-its-covid-vaccines-days-could-be/

@RMConservative: Pfizer is to FDA/CDC/NIH what Lockheed Martin is to the Pentagon. There’s a reason why Big Pharma pushed a strategy last year that would lead to the biomedical version of Afghanistan.

@JackPosobiec: The Taliban just announced that China will be their gateway to international markets along the One Belt One Road Initiative (What was the deal with China & the Taliban, Joe?)

@disclosetv: “China is our most important partner,” says Taliban spokesman Zabihullah Mujahid on the prospect of Afghanistan becoming part of the New Silk Road initiative (La Repubblica)
https://twitter.com/disclosetv/status/1433446457491742724

White House proposes removing penalties for fentanyl trafficking-related offenses
(What does China have on The Big Guy?) 
April of this year alone saw a 233% increase in fentanyl seizures at the southern border… Fentanyl, a dangerous opioid, is significantly stronger than heroin and the related opioid carfentanyl is even stronger than fentanyl.  Sen. Tom Cotton, R-Ark., slammed the Biden administration’s proposal for being soft on criminals who are pushing fentanyl and killing Americans.  “Fentanyl analogues kill thousands of Americans each year. To protect our communities from the dealers pushing this poison, President Biden needs to keep them off the streets, not let them off the hook,” said Cotton…
https://www.foxnews.com/politics/white-house-fentanyl-penalties

Fed Balance Sheet: +$16.430B; US Treasuries +$19.298B  https://www.federalreserve.gov/releases/h41/20210902/

Dem Sen Joe Manchin in WSJ: Why I Won’t Support Spending Another $3.5 Trillion
Amid inflation, debt and the inevitability of future crises, Congress needs to take a strategic pause.
    I, for one, won’t support a $3.5 trillion bill, or anywhere near that level of additional spending, without greater clarity about why Congress chooses to ignore the serious effects inflation and debt have on existing government programs. This is even more important now as the Social Security and Medicare Trustees have sounded the alarm that these life-saving programs will be insolvent and benefits could start to be reduced as soon as 2026 for Medicare and 2033
https://www.wsj.com/articles/manchin-pelosi-biden-3-5-trillion-reconciliation-government-spending-debt-deficit-inflation-11630605657

You can bet that Biden’s poll plunge is a factor in Manchin’s opposition to Biden’s Trillions.

Today – The long-awaited August Employment Report will dictate pre-NYSE and early NYSE trading.  A strong report opens the door for a Fed taper.  However, even if you knew the NFP number early, you would not be able to predict the market reaction.  Is a soft report good or bad for stocks?  Would a strong number indicate that the US economy is robust enough to withstand an innocuous Fed taper?  And finally, if stocks initially reacted negatively to the August jobs report, would “Bobby, Bobby!” buying appear to steer the media narrative and Street psychology?

Our best guess is that if NFP is in line or stronger, there will be an initial decline and then a rebound.  The nature and strength of the rally is indeterminable.  “Bobby, Bobby!” buying is likely on an initial decline.

As always, check the Household Survey “Employed” number to see if it confirms NFP.

Tree of Life synagogue disputes Biden’s claim he visited after massacre (40yr+ history of lying)
President Biden on Thursday told Jewish leaders that he spent time at the Tree of Life synagogue in Pittsburgh after the October 2018 mass murder of 11 people there — but the synagogue told The Post he never visited…  https://nypost.com/2021/09/02/tree-of-life-synagogue-disputes-joe-bidens-claim-he-visited/

Evidence mounts that Biden manufactured weeks-long false narrative on Afghanistan
Canceled congressional report, request to Afghan president to peddle story “whether it is true or not” raise alarm, and talk of impeachment.
    Earlier this week, Biden administration officials also conceded the president granted himself a waiver to avoid providing Congress this summer a legally required report on the dangers of withdrawing from Afghanistan, leaving lawmakers mostly in the dark about a situation in which U.S. confidence in the Afghan government and military rapidly deteriorated… (MSM mum on this, of course)
https://justthenews.com/government/white-house/evidence-mounts-biden-manufactured-weeks-long-false-narrative-afghanistan

What It’s Like to Have Dementia
It’s true that in the early stages of the disease, people with dementia might fib to cover for memory loss. But most examples of “lying” are dementia symptoms rather than intentional deception. “They’re more like an unconscious defense mechanism,” says Kallmyer. Specifically, it’s called confabulation – unconsciously replacing lost memories with fabrications…
https://www.webmd.com/alzheimers/features/understanding-dementia-symptoms

@laralogan: That number is inflated acc to sources directly involved in the evacuations. There were never facilities to move that many, nor was there any place to process them or house them on the other end. Those involved say the real number is much less & difficult to confirm right now.

Ft. Dix, NJ Base Commander Issues Order to Not Photograph or Video Any Afghan Refugee Resettlement Processing on Base – Major General Mark D. Camerer instructed military and civilian personnel that “photographing or filming at risk individuals from Afghanistan and other locations or human casualties, as well as the possession, distribution, transfer, copying, or posting” is prohibited.  According to a military report, up to 9,500 Afghan refugees could live at the base for a year
https://humanevents.com/2021/09/02/scoop-ft-dix-nj-base-commander-issues-order-to-not-photograph-or-video-any-afghan-refugee-resettlement-processing-on-base/

Afghanistan Evacuation and Retired Special Ops Rescue Mission- UPDATE 9/2 2pm ET
My source is former special operator who is in the UAE: There are 6 aircraft in Afghanistan with American citizens onboard that have been sitting on the ground for 36 hours because the State Department won’t authorize them to take off with the citizens…
https://www.emilypostnews.com/p/afghanistan-evacuation-and-retired

GOP Rep and ex-Seal @DanCrenshawTX: There are Americans behind enemy lines and all Joe Biden and Secretary Blinken have to do is make a few phone calls. They won’t do it. They are refusing.  Even worse, State Department agreed to give me the contact info for US Embassies in these countries so we could go point to point. That was 18 hours ago, I’ve followed up multiple times, and they’ve provided nothing.

@Forbes: Secretary of State Antony Blinken ignores reporters’ questions following speech on US withdrawalhttps://t.co/uX58aGNRaM

@laralogan: The same people who abandoned Americans in Benghazi have done it again.  Susan Rice/Jake Sullivan & entire State Dept/Nat Security apparatus have gone from letting a dip outpost burn to torching an entire nation. If “we the people” don’t stop them, they’ll burn the US down too.
    This article said I was “groped” in Egypt (CBS reporter back then) when I was gang-raped, sodomized & beaten almost to death by a mob of 200-300 men. I am not afraid of you & your smear machine/political operatives & all that power. There is only one truth & it’s not on your side.

Where is the MSM follow up on Biden’s drone attack that reportedly killed 10 civilians, including 6 children (3 under the age of 6) – plus the Pentagon said it would sort out the details and ‘circle back’.

@claudiatenney: So if we’re “following the science”, kids are the ones who spread COVID the least & have the least chance of falling seriously ill from it. So why are Gov. Hochul & the rest of the vaccinated adults unmasked while all the kids are masked up? Showboating hypocrite!
https://twitter.com/claudiatenney/status/1433393229756514307

San Francisco launches program paying criminals $300/month not to shoot people
https://www.rebelnews.com/san_francisco_launches_program_paying_criminals_300_month_not_to_shoot_people

end

Let us close out tonight with this offering courtesy of Greg Hunter of USA watchdog

Afghanistan Treason, Vax Lies Unraveling, Inflation Increasing

By Greg Hunter’s USAWatchdog.com (WNW 493 9.3.21)

Anybody thinking what has gone on in Afghanistan is explained away by Biden Administration incompetence is in total denial.  This disaster was planned by the people in the background handling Biden and carried out by the military brass.  This planned disaster is way too stupid to be stupid, and all the people involved are guilty of treason.  Yes, you heard right, TREASON.  I can’t prove it, but this has all the earmarks of America hater Barack Obama pulling the strings for his puppet Joe Biden all the way.  This is the continuation of the controlled and deliberate destruction of America along with its image worldwide.  Russia and Saudi Arabia just signed a military cooperation deal.  You think that’s going to have a long term good effect on the U.S. dollar?  NO.  Marine Lt. Col. Stuart Schaller was patriotic enough to “demand accountability” from his generals and the Biden Administration in Afghanistan.  He was abruptly fired.  There can be no accountability if you followed orders exactly.  Afghanistan debacle is all  being done according to plan.  As I said, a foreign policy disaster this bad is “too stupid to be stupid.”

The lies continue as the vax narrative unravels.  Top social influencer Joe Rogan just came out and said he had Covid and took Ivermectin and a Z-pack (among other things) to get over it in three days.  That’s right, three days!  Ivermectin is a real cure that has been withheld by the FDA and CDC and trashed by mainstream media (MSM).  It is, in fact, a bonafide peer reviewed scientific cure.  Now, the MSM is attacking Rogan and Ivermectin as a crazy horse wormer cure that won’t work and is dangerous.  It’s a total lie.  Ivermectin has been given to humans 3.7 billion times in the past 30 years.  It’s totally safe and has been called a “miracle drug.”  Its creators won a Nobel Prize in Medicine for inventing it, and the WHO puts it on a list of “must have drugs” for any country.   They withheld real scientific cures, and are still offering dangerous and experimental vaccines that now require a booster to keep “working.”  The CV19 vax lie is being revealed and will soon be known by all.

Looks like that $3.5 trillion infrastructure deal by the Democrats and the Biden Administration has hit a major snag.  In the 50/50 split Senate, Democrat Joe Manchin wants to hit the “pause button.”  Why would he be doing that?  Manchin says he is afraid of what he calls “runaway inflation.”  Yep, the Senate can see what’s coming for the U.S. dollar, and it’s not good.  You should plan accordingly.  Stock up on everything, and get ready and stay ready.  The end of 2021 is going to be rough for the unprepared.

Join Greg Hunter of USAWatchdog.com as he talk about these stories and more in the Weekly News Wrap-Up 9.3.21.

Afghanistan Treason, Vax Lies Unraveling, Inflation Increasing

 
 
 
 

Encoding video

 

After the Interview:

 
Well that is all for today
 
I will see you TUESDAY night

One comment

  1. “borrow endlessly to meet the promises of socialism”
    Capitalism pushes debt not socialism.

    Like

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