MARCH 1

· by harveyorgan · in Uncategorized · Leave a comment ·Edit

GOLD; $1941.85 UP $42.60

SILVER: $25.44 UP $1.13

ACCESS MARKET: GOLD $1945.35

SILVER: $25.41

Bitcoin: $44329 UP $3570

Bitcoin: afternoon price: $43,770 UP 3161

Platinum price: closing UP $11.05 to $1054.85

Palladium price; closing UP $69.60 at $2562.50

END

options expiry ended this afternoon at 1:30 pm

end

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comex notices//JPMorgan notices filed

completes February//final 1,897,600 oz or 59.0233 tonnes

March:

EXCHANGE: COMEX CONTRACT:

EXCHANGE: COMEX
CONTRACT: MARCH 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,899.400000000 USD
INTENT DATE: 02/28/2022 DELIVERY DATE: 03/02/2022
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 17
363 H WELLS FARGO SEC 16
435 H SCOTIA CAPITAL 10
624 H BOFA SECURITIES 464
657 C MORGAN STANLEY 1
661 C JP MORGAN 568 75
685 C RJ OBRIEN 2
700 C UBS 8
737 C ADVANTAGE 22 11
800 C MAREX SPEC 27 9
905 C ADM 24

TOTAL: 627 627
MONTH TO DATE: 3,651

NUMBER OF NOTICES FILED TODAY FOR Mar. CONTRACT:627 NOTICE(S) FOR 62,700 OZ (1.9502 TONNES)

total notices so far: 3651 contracts for 365,100 oz (11.356 tonnes)

SILVER NOTICES:

3099 NOTICE(S) FILED TODAY FOR 15,495,000 OZ/

total number of notices filed so far this month 4095 : for 20,475,000 oz

GLD

WITH GOLD UP $42.60

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

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL (phys) INSTEAD OF THE FRAUDULENT GLD//

NO CHANGES IN GLD INVENTORY//

INVENTORY RESTS AT 1029.02 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $1.13:/:

AT THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

NO CHANGES IN SILVER INVENTORY AT THE SLV//

CLOSING INVENTORY: 546.052 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A STRONG 632 CONTRACTS TO 150,597 AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020 AND WITH THIS STRONG GAIN IN OI, IT WAS ACCOMPANIED WITH OUR STRONG $0.31 GAIN IN SILVER PRICING AT THE COMEX ON MONDAY. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.31) AND WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A VERY STRONG GAIN OF 1407 CONTRACTS ON OUR TWO EXCHANGES

WE MUST HAVE HAD:
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD SOME REDDIT RAPTOR BUYING//. iii) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A HUGE INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 42.860 MILLION OZ FOLLOWED BY TODAY’S EFP OF 635,000 OZ //NEW STANDING 42.140 // V) STRONG SIZED COMEX OI GAIN//FINAL SPREADER LIQUIDATION.

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS -317

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR:

TOTAL CONTACTS for 1 day, total contracts: : 775 contracts or 3.875 million oz OR 3.875 MILLION OZ PER DAY. (775 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 775 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 3.875 MILLION OZ

LAST 10 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT: 94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

JAN 2022// 90.460 MILLION OZ

FEB 2022: 72.39 MILLION OZ//

MARCH: 3.875 MILLION OZ//

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 632 WITH OUR STRONG $0.31 GAIN SILVER PRICING AT THE COMEX// MONDAY THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 775 CONTRACTS( 775 CONTRACTS ISSUED FOR MAR AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A HUGE INITIAL SILVER OZ STANDING FOR MAR. OF 42.860 MILLION OZ FOLLOWED BY TODAY’S 635,000 OZ EFP TO LONDON /// .. WE HAD A STRONG SIZED GAIN OF 1407 OI CONTRACTS ON THE TWO EXCHANGES FOR 7.035MILLION OZ ACCOMPANIED BY FINALIZATION OF THE SPREADER LIQUIDATION/TAS//

WE HAD 3099 NOTICES FILED TODAY FOR 15,495,000 OZ

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL TO FAIR 1957

TO 603,287 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: -142 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

THE SMALL/FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $12.95//COMEX GOLD TRADING/MONDAY/.AS IN SILVER WE MUST HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION & ALSO STHE CONCLUSION OF SPREADER LIQUIDATION THROUGH T.A.S. AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED A FAIR 4710 CONTRACTS…

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 14.818 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $12.95 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 4710 OI CONTRACTS (15.101 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6669 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 603,287.

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4710, WITH 1957 CONTRACTS DECREASED AT THE COMEX AND 6669 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4710 CONTRACTS OR 14.650TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6669) ACCOMPANYING THE SMALL/FAIR SIZED LOSS IN COMEX OI (1957,): TOTAL GAIN IN THE TWO EXCHANGES 4710 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX FOR MARCH. AT 14.818 TONNES FOLLOWED BY TODAYS QUEUE JUMP OF 26,600 OZ//NEW STANDING 15.645 TONNES /// 3) ZERO LONG LIQUIDATION//AND CONCLUSION OF THE REMAINDER OF SPREADER LIQUIDATION THROUGH T.A.S. ,4) FAIR SIZED COMEX OI. LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

MARCH

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB :

6669 CONTRACTS OR 666,900 OR 20.536 TONNES 1 TRADING DAY(S) AND THUS AVERAGING: 6669 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 1 TRADING DAY(S) IN TONNES: 120.536 TONNES

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

THUS EFP TRANSFERS REPRESENTS 20.536/3550 x 100% TONNES 0,578% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

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 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 145.12 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH: 20.536 TONNES INITIAL

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 APRIL.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 NONACTIVE DELIVERY MONTH OF MARCH HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF APRIL, 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 (MAR), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 632 CONTRACTS TO 150,597 AND FURTHER FROM 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 4 1/2 YEARS AGO.

EFP ISSUANCE 775 CONTRACTS

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

MAR 775 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 475 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 632 CONTRACTS AND ADD TO THE 775 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1407 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.035 MILLION OZ,

OCCURRED WITH OUR $0.31 GAIN IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

5. Other gold commentaries

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY NIGHT

SHANGHAI CLOSED UP 26.53 PTS OR 0.71% //Hang Sang CLOSED UP 48.69 PTS OR 0.21% /The Nikkei closed UP 317.90 PTS or 1.20% //Australia’s all ordinaires CLOSED UP 0.85% /Chinese yuan (ONSHORE) closed DOWN 6.3124 /Oil UP TO 100.91 dollars per barrel for WTI and UP TO 104.00 for Brent. Stocks in Europe OPENED ALL RED // ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3124. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3162: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFF SHORE WEAKER/

A)NORTH KOREA/

b) REPORT ON JAPAN

OUTLINE

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

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL//FAIR SIZED 1957 CONTRACTS AND 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 DESPITE OUR GAIN OF $12.95 IN GOLD PRICING MONDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (6669 CONTRACTS). . THEY WERE PAID HANDSOMELY NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

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.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE NON ACTIVE DELIVERY MONTH OF MAR.. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 6669 EFP CONTRACTS WERE ISSUED: ;: , & FEB. 0 APRIL:6669 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6669 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 FAIR SIZED TOTAL OF 4855 CONTRACTS IN THAT 6669 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL COMEX OI LOSS OF 1814 CONTRACTS..(SOME OF THE LOSS WAS DUE TO CONCLUSION OF SPREADERS LIQUIDATION UNDER T.A.S).

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAR (15.645),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

DEC 2021: 112.217 TONNES

NOV. 8.074 TONNES

OCT. 57.707 TONNES

SEPT: 11.9160 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 ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

FEB 2022: 59.023 TONNES

MARCH: 15.645 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $12.95) AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE REGISTERED A FAIR SIZED GAIN OF 4710 TONNES OF TOTAL OI, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAR (15.645 TONNES)…

WE HAD –143 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NO DOUBT SOME OF THE LOSS ON THE GOLD COMEX WAS DUE TO THE CONCLUSION OF SPREADER LIQUIDATION UNDER THE CRIMINAL T.A.S. FORMAT

NET GAIN ON THE TWO EXCHANGES 4710 CONTRACTS OR 471000 OZ OR 14.65 TONNES

Estimated gold volume today: 208,419 ///FAIR

Confirmed volume yesterday: 262,151 contracts fair to good

INITIAL STANDINGS FOR MAR ’22 COMEX GOLD ///

Gold

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	nil
Deposit to the Dealer* Inventory in oz*	38,581.200OZ Manfra
Deposits to the Customer* Inventory, in oz*	nil
No of oz served (contracts) today	3627 notice(s) 62,700 OZ 1.9502 TONNES
No of oz to be served (notices)	1379 contracts 137,900 oz 4.287 TONNES
Total monthly oz gold served (contracts) so far this month	3651 notices3,65,100 OZ 11.356 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

For today:

1 dealer deposit

i) Into dealer Manfra: 38,581.200 oz Manfra

total dealer deposit 38,581.200 oz

No dealer withdrawal 0

0 customer deposit

total deposit: NIL oz

0 customer withdrawals

total withdrawals: nil oz

ADJUSTMENTS: 0//

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH.

For the front month of MARCH we have an oi of 2006 contracts having lost 2758

We had 3024 notices filed yesterday so strangely on day 2 we gained 266 contracts or 26,600 oz will stand for delivery and these guys refused to be EFP’d over to London. They must

be after a huge amount of gold on this side of the pond.

April saw a LOSS of 739 contracts down to 452,618.

May saw its initial gain of 19 contracts to stand at 19

June saw a GAIN of 1521 contracts up to 90,633 contracts

We had 627 notice(s) filed today for 62,700 oz FOR THE MAR 2022 CONTRACT MONTH.

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 568 notices were issued from their client or customer account. The total of all issuance by all participants equates to 627 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 75 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the FEB /2021. contract month,

we take the total number of notices filed so far for the month (3651) x 100 oz , to which we add the difference between the open interest for the front month of (MAR: 2006 CONTRACTS ) minus the number of notices served upon today 627 x 100 oz per contract equals 503,000 OZ OR 15.645 TONNES the number of TONNES standing in this active month of mar.

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

No of notices filed so far (3651) x 100 oz+ (2006) OI for the front month minus the number of notices served upon today (627} x 100 oz} which equals 503,000 oz standing OR 15.645 TONNES in this NON active delivery month of MAR.

TOTAL COMEX GOLD STANDING: 15.6458 TONNES (HUGE FOR A MAR DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

157,392.690, oz NOW PLEDGED /HSBC 4.89 TONNES

123,963.792 PLEDGED MANFRA 3.86 TONNES

54,339.114oz PLEDGED JPMorgan no 1 1.690 tonnes

262,049.904, oz JPM No 2 8.15 TONNES

898,821.330 oz pledged Brinks/27,96 TONNES

12,249,333 oz International Delaware: 0..3810 tonnes

Loomis: 18,615.429 oz

total pledged gold: 1,527,431.597 oz 47.50 tonnes

TOTAL REGISTERED AND ELIZ GOLD AT THE COMEX: 32,605,132.138 OZ (1014.15 TONNES)

TOTAL ELIGIBLE GOLD: 15,205,816.412 OZ (472.96 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,399,315.726 OZ (541.19 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,871,884.0 OZ (REG GOLD- PLEDGED GOLD) 493.66 tonnes

END

MAR 2022 CONTRACT MONTH//SILVER

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	602,195.200 oz Delaware CNT
Deposits to the Dealer* Inventory*	nilOZ
Deposits to the Customer Inventory	265,581.100oz Delaware
No of oz served today (contracts)	3099CONTRACT(S) 15.495,000, OZ)
No of oz to be served (notices)	4333 contracts (21,665,,000 oz)
Total monthly oz silver served (contracts)	4095 contracts 20,475,000 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*

And now for the wild silver comex results

we had 0 deposits into the dealer

total dealer deposits: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

I) Into Delaware: 265,581.100 oz

JPMorgan has a total silver weight: 182.96 million oz/346.473 million =52.80% of comex

ii) Comex withdrawals: 2

a)Out of CNT 600,199.500 oz

b) Out of Delaware: 1995.700 oz

total withdrawal 602,195.200 oz

we had 1 adjustments//

customer to dealer JPM 1,388,613.910 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 81.046 MILLION OZ

TOTAL REG + ELIG. 346.810 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH OI: 7432, HAVING LOST 1123 CONTRACTS FROM FRIDAY.

WE HAD 996 NOTICES SERVED UPON YESTERDAY, SO WE LOST 127 CONTRACTS OR AN ADDITIONAL 635,000 OZ WILL NOT STAND

FOR DELIVERY OVER HERE AS THESE GUYS WERE EFP’D OVER TO LONDON.

APRIL HAD A 93 CONTRACT LOSS// CONTRACTS RISING TO 410

MAY HAD A GAIN OF 1704 CONTRACTS UP TO 119,210 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3099 for 15,495,000 oz

Comex volumes: 65,513// est. volume today//fair/

Comex volume: confirmed yesterday: 58,781 contracts (fair)

To calculate the number of silver ounces that will stand for delivery in MAR. we take the total number of notices filed for the month so far at 4075 x 5,000 oz =. 20,475,000 oz

to which we add the difference between the open interest for the front month of MAR (7532) and the number of notices served upon today 3099 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAR./2021 contract month: 4095 (notices served so far) x 5000 oz + OI for front month of MAR (7532) – number of notices served upon today (3099) x 5000 oz of silver standing for the MAR contract month equates 42,140,000 oz. .

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

END

GLD AND SLV INVENTORY LEVELS:

MARCH 1/WITH GOLD UP $42.60: NO CHANGES IN GOLD INVENTORY AT THE GLD: //INVENTORY RESTS AT 1029.32 TONNNES

FEB 28/WITH GOLD UP $12.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1029.32 TONNES

FEB 25/WITH GOLD DOWN $38.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1029.32 TONNES

FEB 24/WITH GOLD UP $17.35//A HUGE CHANGE AT THE GLD: 5.23 TONNES INTO THE GLD// IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1029.32 TONNES

FEB 23/WITH GOLD UP $2.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1024.09 TONNES

FEB 22/WITH GOLD UP $6.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.65 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1024.09 TONNES

FEB 18/WITH GOLD DOWN $1.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 17/WITH GOLD UP $29.50: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 16/WITH GOLD UP 414.60 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 15/WITH GOLD DOWN $12.70 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 14/WITH GOLD UP $27.20 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 11/WITH GOLD UP $4.50 A HUGE CHANGE IN GOLD IVNETORY AT THE GLD// A DEPOSIT OF 3.48 TONNES INTO THE GLD//INVENTORY RESTS AT 1019.44 TONES

FEB 10/WITH GOLD UP $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 1015.96 TONNES

FEB 9/WITH GOLD UP $8.05//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.96 TONNES

FEB 8/WITH GOLD UP $5.95 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.36 TONNES INTO THE GLD//INVENTORY RESTS AT 1015.96 TONNES

FEB 7/WITH GOLD UP $14.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.24 TONNES FROM THE GLD/////INVENTORY RESTS AT 1011.60 TONNES//

FEB 4/WITH GOLD UP $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1014.84 TONNES

FEB 3/WITH GOLD DOWN $5.55: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 1016.59 TONNES

FEB 2/WITH GOLD UP $7.95//A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.78 TONES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1018.04 TONNES

FEB 1/WITH GOLD UP $5.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 31/WITH GOLD UP $10.10//NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 28/WITH GOLD DOWN $8.30//NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1014.26 TONNES

JAN 27/WITH GOLD DOWN $36.15//ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES INTO THE GLD.//INVENTORY RESTS AT 1014.26 TONNES

JAN 26/WITH GOLD DOWN $21.60 A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.65 TONNES INTO THE GLD///INVENTORY RESTS AT 1013.10 TONNES

JAN 25/WITH GOLD UP $10.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1008.45 TONNES

JAN 24/WITH GOLD UP $10.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: AN UNBELIEVABLE DEPOSIT OF 27.59 TONNES INTO THE GLD//INVENTORY RESTS AT 1008.45 TONNES

CLOSING INVENTORY FOR THE GLD//1029.32 TONNES

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

MARCH 1/WITH SILVER UP $1.13 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.052 MILLION OZ//

FEB 28/WITH SILVER UP 31 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 546.052 MILLION OZ//

FEB 25/WITH SILVER DOWN 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.510 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 546.052 MILLION OZ/

FEB 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ

FEB 23/WITH SILVER UP 22 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 22/WITH SILVER UP 30 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 350,000 OZ INTO THE SLV///INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 18/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.017 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 551.227 MILLION OZ

FEB 17/WITH SILVER UP 31 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.402 MILLION OZ//INVENTORY RESTS AT 550.210 MILLION OZ/

FEB 16/WITH SILVER UP 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLIONOZ

FEB 15/WITH SILVER DOWN 46 CENTS TODAY : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLION OZ//

FEB 14/WITH SILVER UP 49 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.235 MILLION OZ INTO THES LV////INVENTORY RESTS AT 547.808 MILLION OZ

FEB 11/WITH SILVER DOWN 18 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ///

SLV/FEB 10/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 9/WITH SILVER UP 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 8/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.143 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 544.573 MILLION OZ//

FEB 7/WITH SILVER UP 52 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.218 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 541.430 MILLION OZ/

FEB 4/WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 539.212 MILION OZ

FEB 3/WITH SILVER DOWN 35 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT539.212 MILLION OZ//

FEB 2/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.411 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 539.212 MILLION OZ/

FEB 1/WITH SILVER UP 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 533.801 MILLION OZ

JAN 31/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.202 MILLION OZ FORM THE SLV.//INVENTORY RESTS AT 533.801 MILLION OZ//

JAN 28/WITH SILVER DOWN 36 CENTS : NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 27/WITH SILVER DOWN $1.13 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 26/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 535.003 MILLION OZ//

JAN 25/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.311 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 535.003 MILLION OZ/

.JAN 24/WITH SILVER DOWN 48 CENTS TODAY: A MASSIVE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.8 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 532.692 MILLION OZ//.

SLV FINAL INVENTORY FOR TODAY: 546.052 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

2.LAWRIE WILLIAM//,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, James RICKARDS

-END-

LAWRIE WILLIAMS:

3. Chris Powell of GATA provides to us very important physical commentaries

This is good: the BIS will not help Russia evade sanctions

(Reuters/GATA)

BIS says it won’t help Russia evade sanctions

Submitted by admin on Mon, 2022-02-28 09:53Section: Daily Dispatches

By Marc Jones
Reuters
Monday, February 28, 2022

LONDON — The Bank for International Settlements, the umbrella body for central banks worldwide, said today it would not be an avenue for any circumvention of powerful Western sanctions put on Russia over the weekend.

Western allies announced sweeping new sanctions against Moscow on Saturday, including Russia’s central bank in a bid to restrict its ability to deploy $640 billion of forex and gold reserves.

As part of its role, the Switzerland-based BIS can conduct currency and reserves transactions for its member central banks, which include Russia.

“The BIS will not be an avenue for sanctions to be circumvented,” spokeswoman Jill Forde said during a conference call with journalists following its first major report of the year. “The BIS will follow sanctions as applicable.” …

… For the remainder of the report:

https://www.reuters.com/markets/europe/global-markets-bis-urgent-2022-02-28/

end

The BIS still has not answered the question about Russian transactions

(ChrisPowell/GATA)

BIS hasn’t answered the question about Russian transactions

Submitted by admin on Mon, 2022-02-28 13:31Section: Daily Dispatches

1:35p ET Monday, February 28, 2022

Dear Friend of GATA and Gold:

Last night as Western economic sanctions against Russia over its invasion of Ukraine started to get more serious, your secretary/treasurer sent a question to the press office of the Bank for International Settlements in Switzerland:

“Is the BIS freezing or otherwise restricting Russian assets and transactions through the BIS?

GATA has not yet received a reply from the BIS. But this morning Reuters published a report quoting a BIS spokeswoman saying: “The BIS will not be an avenue for sanctions to be circumvented”:

https://gata.org/node/21748

But that doesn’t quite answer GATA’s question, which was essentially whether the BIS is still undertaking any transactions for the Russian central bank, the Bank of Russia. Of course the BIS is a major gold broker for central banks and owns much gold itself, and the BIS and Bank of England are historically notorious for helping Nazi Germany expropriate the gold held by Czechoslovakia at the Bank of England following the Nazi occupation of that country in 1939:

https://www.theguardian.com/business/2013/jul/31/bank-of-england-and-nazis-stolen-gold

The BIS acknowledges participating in this dirty little affair:

https://www.bis.org/about/history_2ww2.htm

So, as GATA asked yesterday, is the BIS undertaking any transactions for the Bank of Russia, quite apart from any that might be construed as circumventing sanctions? If so, what are those transactions, and do any involve gold, the international currency par excellence?

In the past the BIS has tended to respond to GATA’s inquiries promptly, though not necessarily to answer them:

http://www.gata.org/node/17793

Maybe the bank still will respond to GATA’s question of yesterday. In the meantime, it seems fair to wonder if the bank again may be involved in activity much of the world might consider dishonorable or worse.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

for your interest…

USAGold’s ‘News & Views’ for March: Waiting for the Fed

Submitted by admin on Mon, 2022-02-28 12:59Section: Daily Dispatches

12:58p ET Monday, February 28, 2022

Dear Friend of GATA and Gold:

USAGold’s “News & Views” letter for March is headlined “Waiting for the Fed” and makes reference to the 1950s play by Samuel Beckett, “Waiting for Godot,” which, for some reason, high schools across the country used to make required reading, maybe because it was meaningless. In any case, as “News & Views” notes, in the play Godot never shows up.

“News & Views” wonders whether the Fed will ever show up with interest rates. GATA thinks it’s more likely that the Fed and Treasury Department will keep showing up, if behind the curtain, with intervention in the gold market.

“News & Views” is posted in the clear at USAGold here:

https://www.usagold.com/nv1039march2022/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

4.OTHER GOLD/SILVER COMMENTARIES

A terrific commentary from Ronan Manly

a must read..

https://www.zerohedge.com/commodities/meet-russian-gold-refineries-lbma-good-delivery-list

END

5.OTHER COMMODITIES/WHEAT/HUGE PRICE INCREASES//

The invasion of Ukraine by Russia has caused wheat prices to skyrocket

(zerohedge)

“Breadbasket Of World” Choked Off By Russian Invasion As Wheat Prices Soar

TUESDAY, MAR 01, 2022 – 08:26 AM

Ukraine has earned the nickname “breadbasket of Europe” for its rich dark soil, vast wheat fields, and other farm goods. The Russian invasion has cut off the world from cheap and abundant wheat supplies.

Ukraine and Russia are vital to the global food supply, accounting for more than a quarter of global wheat trade, about a fifth of corn, and 12% of all calories traded globally, according to Bloomberg.

Reuters reports Ukrainian ports will remain closed until the Russian invasion ends and maritime security is restored for commercial ships.

This means all shipments of farm goods from Ukraine have ceased, and commodity traders will have to search elsewhere.

Activity at Ukrainian ports has been halted since Russia invaded its neighbor last week, and grains trade from Russia is also effectively on pause. Sanctions have been ratcheted up to further isolate commodity-rich Russia from global finance by sanctioning its central bank and cutting off various leaders from the critical SWIFT financial messaging system.
Restricting grain supplies from the Black Sea region threatens to further boost global food prices that are near a record high, at a time when supplies are already strained with adverse weather in many growing regions. – Bloomberg

“If the conflict is prolonged — three months, four months from now — I feel the consequences could be really serious,” Andree Defois, president of consultant Strategie Grains, told Bloomberg. “Wheat will need to be rationed.”

Michael Magdovitz, a senior analyst at Rabobank, said Ukraine and Russia had increased harvests and exports in the last decade at a far lower cost than western farmers, which helped keep wheat prices low. However, that’s not the case today as the Russian invasion sends wheat futures trading in Chicago to a six-year high.

“I’m not going to put a lid on what might happen,” Arlan Suderman, chief commodities economist at StoneX, told Bloomberg. “We could easily be looking at record prices.”

Kyiv-based researcher UkrAgroConsult warned, “the chain of product creation, from cultivation to port shipments, is paralyzed.”

This brings us back to Goldman’s Global Head of Commodities Research Jeffrey Currie, who told Bloomberg TV earlier this month that he’s never seen commodity markets pricing in the shortages they are right now.

“I’ve been doing this 30 years and I’ve never seen markets like this,” Currie told Bloomberg TV in an interview on Monday. “This is a molecule crisis. We’re out of everything, I don’t care if it’s oil, gas, coal, copper, aluminum, you name it we’re out of it.”

As supplies tighten, the Bloomberg Agriculture Spot Index soars to new record highs.

The disruption comes as global food prices are already nearing record-highs and could soon be catapulted into unknown territory.
end

Neon gas…

The Little Known Ukrainian Industry That Threatens To Make The Global Semi Shortage Far Worse

TUESDAY, MAR 01, 2022 – 12:10 PM

Right about the time the world was hoping to rise out of a semiconductor crisis, we’re learning that the conflict in Ukraine could plunge the world further back into a chip shortage.

Little known companies like Ukraine’s Cryoin play large roles in the global production of semiconductors, Wired noted this week. Cryoin, for example, makes the neon gas used to power lasers that make patterns on chips.

It supplies to the U.S., Europe, Japan, Korea, China, and Taiwan – and the ripple effects of disruption in its supply “can be felt around the world,” the report says.

Business development director Larissa Bondarenko told Wired that production came to a halt after Russia’s invasion last Thursday. “We decided that [our employees] should stay at home for the next couple of days until the situation is clearer, to make sure that everyone is safe,” she said.

She has said there’s no damage to the facility as of yet. “Cryoin has enough supplies to keep production going until the end of March,” the report says.

Bondarenko says the plant had planned to re-open but “missiles over Odesa”, where it is headquartered, meant that it was still too dangerous. She said she has been sleeping in her basement in her home, which is 30 minutes away. “Thank God we have one in our house,” she told Wired.

Lita Shon-Roy, president and CEO of TechCet noted that Ukraine’s neon industry was first set up to take advantages of gasses produced as a byproduct of Russian steel manufacturing.

“What happens in Russia is that those [steel] companies that have the facility to capture the gas will bottle it and sell it as crude. Then someone has to purify it and take out the other [gases] and that’s where Cryoin comes in,” she said.

“There were delays in shipments because of border crossing issues,” she said, talking about Russia’s annexation of Crimea in 2014.

She concluded: “The drive behind increased production is so strong that it is causing strain in the supply chain everywhere, even without a war. So there is no excess supply of this kind of gas that I know of, not in the Western world.”

end

6.CRYPTOCURRENCIES

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

ONSHORE YUAN: CLOSED DOWN 6.3124

OFFSHORE YUAN: 6.3162

HANG SANG CLOSED UP 48.69 PTS OR 0.21%

2. Nikkei closed UP 317.90 PTS 1.20%

3. Europe stocks ALL RED

USA dollar INDEX UP TO 97.00/Euro FALLS TO 1.1162-

3b Japan 10 YR bond yield: FALLS TO. +.181/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 114.88/ 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//

3c Nikkei now ABOVE 17,000

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

3e WTI:: 100.91 and Brent: 104.00–

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

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

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

3h Oil 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 FALLS TO +.0.191%/Italian 10 Yr bond yield FALLS to 1.79% /SPAIN 10 YR BOND YIELD FALLS TO 1.18%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.60: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.36

3k Gold at $1917.65 silver at: 24.58 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble;// Russian rouble UP 739/100 in roubles/dollar; ROUBLE AT 100.42

3m oil into the 100 dollar handle for WTI and 104 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 114.88 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 .9150– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0247 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.

USA 10 YR BOND YIELD: 1.751 DOWN 8 BASIS PTS

USA 30 YR BOND YIELD: 2.104 DOWN 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 13.90

Futures, Treasury Yields Tumble As Ukraine News Spike Risk Off Mood

TUESDAY, MAR 01, 2022 – 07:51 AM

In a mirror image of yesterday’s overnight bounce, S&P futures and European markets have slumped to session lows as a risk off mood prevailed as US traders got to their desks having hit overnight highs of 4,399 just before the European open, as mood soured after the conflict in Ukraine intensified amid mounting penalties against Russia, and as participants look to a heavy data-docket ahead and Fed speak including Powell later in the week.

Any residual optimism was shattered after Ukrainian President Zelensky said that negotiations with the Russian side have not achieved required results while Russian Defense Minister Shoygu says Russia will continue operations in Ukraine until it achieves its goals. As a result, Nasdaq 100 contracts were down 0.9% as of 7 a.m. in New York after the cash index closed yesterday’s session with its second straight monthly decline, a trend not seen since October 2020. S&P 500 futures declined 0.7% or 30 points to 4,337 while Dow futures fell 0.7% or 230 points, reversing much of yesterday’s last hour ramp. Stocks trading in Moscow remained halted for a second day, and the VanEck Russia ETF plunged another 12%. Treasury yields fell for a second day to the lowest since January, and the dollar was steady. Brent crude jumped more than 5% as traders balanced the possible release of emergency stockpiles against fears of disruption to Russian energy exports.

Hopes of an early negotiated settlement over Ukraine faded after Russia vowed to continue its attack until its goals are met, and troops were seen moving in a large convoy toward the capital, Kyiv. Italian Prime Minister Mario Draghi said that Russian President Vladimir Putin’s threat to resort to nuclear weapons requires a “swift, firm, united reaction.” Meanwhile, Moscow imposed capital controls as Putin sought countermeasures against fresh sanctions walloping the economy.

Among notable premarket moves, Zoom Video tumbled 4.6% after its sales forecast for the current quarter fell short of Street estimates, while Lucid Group sank as much as 15% after cutting its production target for 2022 due to “extraordinary supply chain and logistics” issues. Other notable premarket movers include:

Baidu’s (BIDU US) American depositary receipts rise 3.6% in premarket trading Tuesday after the company reported better- than-expected fourth-quarter revenue and earnings.
Chevron (CVX US) raises its share buyback guidance to $5b to $10b per year. Stock up 1.6% premarket.
Jack Henry (JKHY US) upgraded to outperform and price target set at Street-high $206 by Oppenheimer, which cites “bullish” view on competitive positioning following investor meetings with the company’s CEO. Shares up 0.6% premarket.
Shares of EV and clean energy vehicle companies Tesla (TSLA US) and NIO (NIO US) decline in U.S. premarket after rival Lucid Group slashed its production target for 2022 citing “extraordinary” challenges with logistics and its supply chain.

Meanwhile, as the March Federal Open Market Committee meeting approaches, expectations for how aggressive the central bank will be in its interest-rate path are sliding, with odds of a 50bps rate hike dropping to just 10% this morning.

“Expectations for interest rate rises were built on confidence of economic growth, however the invasion dampens these hopes,” said Lewis Grant, senior portfolio manager of global equities at Federated Hermes. “If growth starts to become more scarce, you could see a further shift in risk appetite, especially considering the huge amount of uncertainty around Russia’s next move and the West’s response.”

In Europe, the Stoxx 600 slumped 1.9% with travel and leisure, utilities and auto stocks among the biggest decliners as traders assessed the effect of sanctions. Bayer AG gained after positive results, but warned that the Ukraine conflict poses a risk to its outlook. The Stoxx Europe 600 Basic Resources Index gave up an earlier 2.1% gain to be little changed but still the top sector in Europe and outperforming the broader market, as iron ore rises on China manufacturing data, while base metals gain on supply concerns. Basic resources was the only sector in the green as commodity prices extended a rally.

Here are some of the biggest European movers today:

Thales shares rise as much as 8.1%, its sixth day of gains, as Jefferies upgrades, citing momentum for defense stocks from the war in Ukraine
Beiersdorf jumps as much as 5.8% to the highest since November after the company reported sales for the full year that met the average analyst estimate
Man Group gains as much as 5% after results that UBS (buy) said topped consensus.
FD Technologies rises as much as 27% after the firm entered a strategic partnership agreement with Microsoft to expand the reach of FD’s KX Insights streaming data analytics platform.
U.K.-listed Russian metal stocks plummeted: Polymetal drops as much as 29%, given Russia has all the hallmarks of an uninvestable market for global investors
Flutter Entertainment drops as much as 15% after full-year results that Shore Capital said were at the low end of guidance.
Atos plunges as much as 16% after the French IT-services company gave an outlook for 2022 that Citi said implies a further 25%-30% cut for consensus Ebit estimates. Oddo downgraded the stock.
Zalando slumps as much as 11%, the most since Nov. 3, after the online fashion retailer provided an outlook that Bryan Garnier called “mixed.” There may be some “small downgrades” to consensus expectations, according to Morgan Stanley.

European bonds gained, with Germany’s 10-year yield heading back below zero percent for the first time since January. Traders are betting the European Central Bank will put off raising interest rates until next year as the economic fallout from Russia’s invasion of Ukraine dents growth in the region. In fact, odds of the first rate hike by the ECB were just pushed back to 2023 from Dec 2022.

With Russia keeping its local stock exchange closed for a second day, foreign-listed shares in Russian companies tumbled again on Tuesday, in an indication of how they may react to sanctions when local trading reopens. The ruble stabilized after its worst plunge on record on Monday. But as Bloomberg reported overnight, there’s a growing risk that Russia’s stocks and bonds could be kicked out of major investment benchmarks as they become increasingly hard to trade.

Here are the latest geopolitical news surrounding Ukraine:

Satellite image company Maxar said new images showed military convoy seen north of Kyiv is considerably longer than the 17 miles initially reported with the convoy stretching approximately 40 miles.
EU Competition Commissioner Vestager says Russian gas cannot be banned completely, via Spiegel.
Ukrainian President Zelensky says that negotiations with the Russian side have not achieved required results, via AJA Breaking.
Russian Foreign Minister Lavrov says Ukraine still has Soviet nuclear technologies, cannot fail to respond to this danger, Russia is prepared for joint work with the US on strategic stability. Unacceptable for Russia that some European countries host US nuclear weapons, and should be returned to US territory.
Russian Defense Minister Shoygu says Russia will continue operations in Ukraine until it achieves its goals, according to Interfax.
Russia’s Kremlin says it is too early to assess results of talks at the moment; no plans at the moment from President Putin to speak with Ukraine President Zelensky.
Belarus troops have reportedly entered Ukraine territory through Chernihiv region, according to Ukrainian parliament twitter.
Russia stated that the US expulsion of 12 diplomats is a hostile act, according to AFP.
SWIFT Messaging System says it is engaging with authorities to understand which entities are subject to new measures, will disconnect these on receipt of legal instruction to do so.
US Senator Graham called for sanctions on Russia’s energy sector.
Russia Security Council Deputy Chair says: “Some French minister has said that they declared an economic war on Russia. Watch your tongue, gentlemen! And don’t forget that in human history, economic wars quite often turned into real ones”. In response to earlier commentary from French Finance Minister Le Maire
Mastercard (MA) blocked multiple financial institutions from the Mastercard payment network following sanctions.
EU Commission is to propose sanction restrictions on RT and Sputnik’s access to the European media market.
Italian PMI Draghi has made a proposal to intensify pressure on the CBR and wants the BIS to take part in sanctions, via Reuters.

Markets have been whipsawed by the conflict and steps to isolate commodity-rich Russia. Disruptions to supplies of raw materials such as grain and energy threaten to stoke already-high inflation and hamper growth, just as the Federal Reserve prepares to raise interest rates. Lenders worldwide are already making it harder to finance transactions involving Russian resources.

“We could see a longer off-ramp for inflation here” amid the added pressures to energy prices from the Russian invasion, Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute, said on Bloomberg Television. She said a half-point Fed hike in March “is probably off the table” while adding she expects four quarter-point increases in 2022.

Elsewhere, an Asia-Pacific equity gauge rose for a third session, aided by a climb in Japan, as diplomacy talks between Russia and Ukraine fueled hopes for a short-term solution. The MSCI Asia Pacific Index climbed as much as 0.8%, on track for its biggest three-day gain in a month. Technology and communication-services shares were the largest contributors to the gauge. Benchmarks in Japan outperformed the region amid hopes for a gentler pace of U.S. interest rate increases. “Some near-term relief can be seen for now as both parties are willing to carry out diplomacy talks to reach a peaceful conflict resolution,” said Jun Rong Yeap, a market strategist at IG Asia Pte. “Also, with the ongoing conflict, expectations for aggressive Federal Reserve tightening are being pared back.” Investors’ concerns over Russia’s invasion of Ukraine eased slightly after both sides agreed to continue another round of talks in the coming days. Still, a wait-and-see mood dominates as global funds seek to assess the economic impact of sanctions imposed on Russia. Asian equities have fared better than their European and U.S. counterparts amid the ongoing Russia-Ukraine war, with the benchmark falling about 2% the past two weeks. Some risk-averse investors view the region as a safe haven, according to Hajime Sakai, chief fund manager at Mito Securities Co. “Valuations for Japanese equities — although they always have been — are cheap,” Sakai said. “Plus, the recent situation makes it hard for investors to buy European stocks, which have been cheap compared to U.S. equities. In that sense, it feels like there could be a shift of funds to invest here.” Hong Kong stocks edged higher amid reports that the city is planning a lockdown for Covid-19 testing. Markets in South Korea and India were closed for holidays.

Japanese equities climbed for a third day, as investors hoped for limited local impact from Russia’s invasion of Ukraine while seeing cause for optimism that U.S. monetary policy may be more benign than previously feared. Electronics makers and telecoms were the biggest boosts to the Topix, which rose 0.5%. Tokyo Electron and Fast Retailing were the largest contributors to a 1.2% advance in the Nikkei 225. In Ukraine, a delegation led by Defense Minister Oleksiy Reznikov met with Russian counterparts on the northern border with Belarus on Monday, the first opportunity for negotiations since Russia invaded. Meanwhile, the MNI Chicago PMI fell to 56.3 in February compared with 65.2 in January. “The possibility of another round of talks is providing a sense of relief,” said Hideyuki Ishiguro, a senior strategist at Nomura Asset Management. “The U.S. Chicago Business Index showed growth momentum for the real economy is slowing, which is helping ease concern over any aggressive monetary tightening.”

In rates, Treasuries sharply bull-steepen as front-end yields richen by more than 15bp, propelled by a wave of risk-aversion in financial markets during European morning. Treasury yields richer by 15bp to 8bp across the curve with 2s10s, 5s30s spreads steeper by ~5bp on the day; 10-year yields drop to around 1.72%, with bunds and gilts outperforming by 6bp-7bp in the sector. Yields on European benchmarks dropped, with Italian yields shedding around 20bps, as investors exit short positions and spread wideners after recent dovish comments from ECB policy makers; Bund yields fell below zero. Bunds and gilts outperform longer-dated Treasuries, with futures markets pricing in fewer rate hikes by both Fed and ECB. S&P 500 futures are under pressure as Russia’s war on Ukraine intensified, drawing mounting financial penalties. Swaps referencing Fed policy meetings no longer price in any chance of a March rate hike exceeding 25bp, with 118bp of hikes priced into December FOMC. Traders Abandon Bets on a Half-Point Fed Rate Hike in March.

In FX, the Bloomberg Dollar Spot Index inched up as the greenback traded mixed versus its Group-of-10 peers; the yen and commodity currencies were steady to higher while the euro and Scandinavian currencies weakened. The euro gave up gains after earlier trading above $1.12. The pound held steady the against the euro and the dollar, while gilts advanced. Markets will look to speeches from the Bank of England’s Michael Saunders and Catherine Mann, policy makers who voted for a 50bps hike back in February, for clues on how the central bank’s reaction function could be affected by Russia’s invasion of Ukraine. The Australian dollar rose a third day to touch a six- week high versus the greenback in early European session, before paring gains. Australia’s yield curve steepened, with 10-year yield 5bps firmer, after the RBA kept interest rates at a record low and said it would be some time before wage gains are consistent with its inflation target; it also said it will remain “patient” as it assesses risks stemming from Russia’s invasion of Ukraine and the resulting jolt to energy prices.

In commodities, Ccude futures advance. Brent soared above $103 a barrel, as WTI spiked 5% above $100 level. Spot gold rises roughly $12 to trade above $1,920/oz. Most base metals trade in the green; LME aluminum outperforms peers Wheat futures rose by the 50 cent limit. Bitcoin remains bid and has extended above yesterday’s best levels thus far, rising above 44,000.

Looking at the day ahead data releases include the global manufacturing PMIs for February and the ISM manufacturing reading from the US. On top of that there’s the preliminary CPI readings for February from Germany and Italy, along with Canada’s Q4 GDP reading. From central banks, we’ll hear from the Fed’s Bostic and Mester as mentioned, and the BoE’s Saunders and Mann. Earnings releases include Salesforce and Target. Finally, President Biden will be delivering the State of the Union address tonight. Sure to feature in tomorrow’s EMR, the White House offered a preview of the President’s economic remarks. The full details are available here. While not everything in the document will eventually become policy, it is a useful barometer of the administration’s current thinking. In short, Biden plans to champion the historically strong economic recovery while unveiling a plan to help slow inflation, which includes making American manufacturing jobs more productive and competitive, strengthening domestic supply chains, requesting legislation that reduces costs of health care, energy, and education, reducing the deficit, promoting competition, and eliminate barriers to jobs.

Market Snapshot

S&P 500 futures down 0.3% to 4,354.75
STOXX Europe 600 down 1.0% to 448.39
MXAP up 0.7% to 183.52
MXAPJ up 0.5% to 599.67
Nikkei up 1.2% to 26,844.72
Topix up 0.5% to 1,897.17
Hang Seng Index up 0.2% to 22,761.71
Shanghai Composite up 0.8% to 3,488.84
Sensex up 0.7% to 56,247.28
Australia S&P/ASX 200 up 0.7% to 7,096.55
Kospi up 0.8% to 2,699.18
German 10Y yield little changed at 0.07%
Euro little changed at $1.1218
Brent Futures up 3.6% to $101.47/bbl
Brent Futures up 3.6% to $101.47/bbl
Gold spot up 0.3% to $1,915.33
U.S. Dollar Index little changed at 96.71

Top Overnight News from Bloomberg

Russia intensified shelling overnight of key cities in Ukraine as its troops on the ground move slowly in a large convoy toward the capital, Kyiv. The mayor of Kharkiv, Ukraine’s second- largest city, said residential areas were being bombed in what he called “a war to destroy the Ukrainian people”
The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991
It’s possible that Russia’s invasion of Ukraine will lead to stagflation, ECB Governing Council member Olli Rehn told Kauppalehti in an interview, adding that it’s still too early to assess the impact on the European economy
“Inflation will most likely remain higher than initially thought and of course these restrictions and higher prices will decrease economic growth,” ECB Governing Council member Martins Kazaks tells Latvian TV
Italian inflation surged to a record for a third straight month, heaping more pressure on the European Central Bank after higher-than-expected readings from Spain and France
Billions of dollars in cash is at risk of being trapped, stock funds have plunged, and capital controls are choking off money flows. Russia has all the hallmarks of an uninvestable market for global investors

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks began the month mostly on the front foot after Monday’s intraday rebound on Wall St where the major indices finished mixed but off worse levels and following talks between Russia and Ukraine with another round of discussions to take place in the coming days, while the region also digested encouraging Chinese PMI data. ASX 200 gained amid a cyclical bias with outperformance in tech, financials and industrials leading the index. Nikkei 225 traded higher and briefly climbed above 27k where it then met some resistance. Hang Seng and Shanghai Comp. were mixed with the mainland kept afloat after the better than expected Chinese Official Manufacturing and Caixin Manufacturing PMI data, while Hong Kong lagged with the city set for a 9-day lockdown later this month alongside mass COVID-19 testing.

Top Asian News

Kishida’s First BOJ Board Picks Hint at More Neutral Stance
Asian Stocks Rally for Third Day as Risk Sentiment Improves
Hong Kong’s Ballooning Covid Cases Shatter Investor Confidence
Baidu’s Sales Beat After Cloud Arm Offsets China Slowdown

In Europe, sentiment in equities has moved to risk-off as the mornings Russia-Ukraine updates are generally downbeat, albeit at a limited frequency vs recent sessions. Currently, Euro Stoxx 50 -2.5% after an indecisive open given a largely update APAC handover post-data. Stateside, US futures are lower across the board, ES -0.5%, though magnitudes are more contained than their European peers as participants look to a heavy data-docket ahead and Fed speak incl. Powell later in the week.

Top European News

ECB Rate-Hike Bets for 2022 Put on Ice Amid Russia Fallout
Man Group Assets Hit a New High as Clients Add $13.7 Billion
U.K. Mortgage Approvals Rise to 74k in Jan. Vs. Est. 72k
TotalEnergies Says It Won’t Invest in Any New Russia Projects

In FX, it has been a very choppy start to March in FX circles as safe havens climb amidst a further deterioration in Russia-Ukraine sentiment. However, petro and commodity currencies derive protection from strength in underlying prices as WTI and Brent top Usd 99/bbl and Usd 102/bbl respectively. Franc mixed following retreat vs Dollar and test of key Fib retracement level against underperforming Euro – Usd /Chf back up near 0.9200, DXY close to 97.000, but Eur/Chf sub 1.0300 after dip through 1.0250. Rouble hands back some recovery gains as Russian officials maintain that Ukraine mission will continue until objectives met – Usd/Rub around 96.8000 vs sub-89.5000 low.

In commodities, WTI and Brent are bolstered as geopolitics continue to dominate newsflow, Brent May’22 above USD 102/bbl at best, ahead of Wednesday’s OPEC+ meeting. IEA extraordinary ministerial meeting on the impact of Russia’s invasion of Ukraine on oil supply will take place at 13:00-15:00GMT/08:00-10:00EST, according to the Japanese Industry Ministry. Russian President Putin discussed the OPEC+ deal with the Abu Dhabi crown prince, according to Reuters citing Tass; reminder, the JTC commences today from 12:00GMT/07:00EST. IOG committed to sell its share of output from Elgood Gasfield to Gazprom unit for two years, according to FT. Yamal-Europe pipeline has stopped after shipping gas westwards to Germany overnight, preliminary bids have emerged to ship gas eastwards from Germany to Poland through the pipeline, according to Reuters citing Gascade data; subsequently, the pipeline has resumed eastbound flows. Spot gold and silver are supported in-line with haven assets as risk-sentiment sours while base-metals, such as Nickel, are bid on potential Russian supply risks.

US Event Calendar

Feb. Wards Total Vehicle Sales, est. 14.4m, prior 15m
9:45am: Feb. Markit US Manufacturing PMI, est. 57.5, prior 57.5
10am: Jan. Construction Spending MoM, est. 0.1%, prior 0.2%
10am: Feb. ISM Manufacturing, est. 58.0, prior 57.6
- Employment, est. 54.2, prior 54.5
- New Orders, est. 56.3, prior 57.9
- Prices Paid, est. 77.5, prior 76.1

DB’s Jim Reid concludes the overnight wrap

Welcome to March, after a February we’d all like to forget. The most impressive thing about last week and more still yesterday is the fact that broad equity indices held up so well. The S&P 500 was only -0.24% lower last night after being +0.82% last week.

As a reminder in this CoTD (link here) we showed work from our equity strategists that using around 30 geopolitical and domestic political events over the last 80 years, the S&P has fallen by a median -5.7% over three weeks before reversing this over the next three weeks on average. The average loss has been nearer -6 to -8% at the peak. It’s hard to mark when this current crisis started but I would say Biden’s late Friday speech warning of imminent invasion 18 days ago is a good marker. Since the European close on that day the S&P is currently -2.41%. The intra-day low was around Thursday’s open when the index was -8.37% lower. You can have a look at the list to assess whether you think the current conflict is more potentially damaging to economies and markets than this. Clearly if this turns into a global war then you have to say that the average is more meaningless. Also much depends on the energy price. Oil is around +8.29% higher from that Biden speech (+3.12% yesterday) but European Natural Gas is +27.34% (‘only’ +3.42% yesterday) even if it was +85.11% at the intra-day highs on Thursday. So far sanctions seem to be carving out energy and as such the spillover is less severe than it could be. Make no mistake the risks of a far worse outcome are there but without this, the historical playbook is holding up nicely. One thing that might be helping risk is the collapse in 10 year US real yields. They fell -20bps yesterday (the biggest since March 2020) and have collapsed -40bps since Biden’s address. More on the bond move below.

If one is searching for a modicum of hope on the war front, it was positive that Ukrainian and Russian delegations agreed to continue peace talks last night even though nothing concrete came from the initial round, with another round of talks slated for this week. Nevertheless, fighting intensified and reports of additional Russian troops heading toward Ukraine have accompanied President Putin’s nuclear sabre rattling, while Russia’s public demands for Ukrainian neutrality do not comport with Ukrainian President Zelenksy’s request for “immediate accession” to EU membership. EU membership accession is a process that typically takes years, so the request may well have been symbolic or part of positioning for negotiations.

Overnight in Asia, the RBA kept its cash rate at 0.1%, as expected. The war in Ukraine was referred to by Governor Lowe as “a major new source of uncertainty.” The Australian dollar (+0.02%) and the 2y yield (+0.0bps) are almost unchanged, while the 10y yield is up by +5.0bps. Major stock markets in Asia are posting solid gains, including the Nikkei (+1.3%) and the Shanghai Composite (+0.27%). The Hang Seng (-0.36%) is lagging and the S&P 500 futures (+0.03%) are unchanged. The 10y yield on US Treasuries is back up by +2.9bps after a sharp rally yesterday which we’ll discuss below.

Energy markets continue to feel the pressure from the war but seem to be pulling back whenever there is a spike. Yesterday, European natural gas prices advanced +3.42% after increasing as much as +35.19% at the open. Meanwhile, Brent crude climbed +3.12%, closing above $100/bbl for the first time since 2014 at $100.99/bbl, but traded as much as +7.26% higher intraday, eclipsing $105/bbl. In Asia we are at $101.60 as I type.

There’s no doubt Russian assets themselves have been the most severely affected, and the Russian Ruble slumped -18.18% yesterday to yet another record low of 98.1 per US Dollar, even as the central bank more than doubled their key rate from 9.5% to 20%. It was quite hard to know entirely what was going on given the various market restrictions, and no stock trading actually took place on the Moscow Exchange yesterday. Nevertheless, we did get some indications of the scale of potential declines from depositary receipts in London, with those for Sberbank down by -74.0%, and those for Gazprom falling by -52.51%. An index based Russian ETF was -30.45% lower.

Some capital controls were also imposed, with a ban on brokers from selling securities held by foreigners, and another ban on Russian residents transferring FX abroad. Index providers are also weighing the suitability of continuing to invest in Russian assets. Even with the market closure yesterday however, Russian assets ended the month as a whole in an incredibly bad way, with Russia’s MOEX Equity index down -30.0% in local currency terms, which is their biggest monthly decline since the Russian financial crisis in August 1998. Without the closure yesterday it would have been far worse.

Speaking of month-end performances, we’ll shortly be releasing our monthly performance review for February. It goes without saying that it was an incredibly volatile month for markets given geopolitical developments, which precipitated that massive selloff in Russian assets mentioned above. But risk assets were affected across the board with equities and credit losing ground in multiple regions, whilst sovereign bonds also struggled thanks to higher inflation and the prospect of more aggressive rate hikes from central banks. Commodities were one of the few asset classes to record a positive return, with significant gains for oil given Russia’s importance as a major exporter. Full details in the report out shortly.

Markets traded in line with that theme yesterday, although there were some signs of a partial recovery later in the day given the more positive diplomatic noises, with Interfax reporting that the head of Russia’s delegation in the talks said that the two sides had agreed to continue negotiating. That saw S&P 500 futures recover from its intraday low of -3.05% at the start of Asian trading to “only” closing down -0.24%, albeit with some volatility throughout the day that saw the Vix increase +2.6ppts to finish above 30ppts again. The energy sector (+2.57%) was the main outperformer on climbing commodity prices, while NASDAQ (+0.41%) and FANG+ shares (+0.72%) benefitted from the sizable Treasury market rally covered below. The sector decomposition of underperformers didn’t necessarily tell a clear macro story (outside of perhaps financials falling -1.44% on the drop in yields and suppressed risk sentiment), though equities of companies with Russia exposure were among the biggest decliners.

European indices also fell, with the STOXX 600 down -0.09%, although that masked differences across the continent with France’s CAC 40 (-1.39%) and Italy’s FTSE MIB (-1.39%) experiencing much steeper losses. The STOXX Banks index also remained a key underperformer, as it followed up last week’s -8.52% decline with another -5.66% loss yesterday.

Longer-term sovereign yields declined on the continued strained risk environment, with Treasury yields gaining momentum later in the afternoon on the back of month-end index extension buying, ultimately bringing 10yr yields -13.7bps lower to 1.83%. That’s its lowest closing level since February 3, the day before the much stronger-than-expected US jobs report came out that ratcheted up bets on a 50bp hike. Lower real yields drove the decline, falling a remarkable -20.0bps, the largest one-day decline since March 2020, rallying nonstop from the US open throughout the day. Longer term yields also fell in Europe with yields on 10yr bunds (-9.7ps), OATs (-10.1bps) and BTPs (-12.8bps) all falling on the day.

Another ramification of the ongoing conflict was that investors continued to price out the more aggressive reaction functions from central banks they’d been expecting before the invasion. Indeed, the amount of Fed hikes priced for 2022 fell by a sizeable -21.5bps yesterday to 138bps. That compares to the -17.6bps one-day decline in 2022 Fed pricing that occurred around the emergence of the Omicron variant around Thanksgiving. And when it comes to the March meeting in just a couple of weeks from now, the odds of a larger-than-usual 50bp hike dropped to just 3.7% according to Fed funds futures, which is the lowest in over a month, and just shows how the invasion has led to a big change in the market narrative.

You wouldn’t have anticipated that price action had you only been listening to Fed speakers. Atlanta Fed President Bostic reiterated the Fed needed to get off its emergency interest rate stance. He signalled a preference for a +25bp hike in March, but tellingly said a +50bp hike would need to be considered if month-over-month inflation trended higher. Presidents Bostic and Mester are on the tapes again today, but the real incremental information will be when Fed Chair Powell begins his semi-annual Congressional testimony tomorrow.

There wasn’t much out on the data front yesterday, although in the US the MNI Chicago PMI surprised to the downside in February at 56.3 (vs. 62.3 expected), its lowest level in 18 months. Otherwise, the advance goods trade balance came in at a record $107.6bn deficit (vs. $99.5bn expected), and the Dallas Fed manufacturing index hit a 4-month high of 14.0 (vs. 4.3 expected). Overnight, Chinese February manufacturing PMI beat expectations of 49.8 to just enter expansionary territory at 50.2, while the non-manufacturing number registered 51.6 versus expectations of 50.7

To the day ahead now, and data releases include the global manufacturing PMIs for February and the ISM manufacturing reading from the US. On top of that there’s the preliminary CPI readings for February from Germany and Italy, along with Canada’s Q4 GDP reading. From central banks, we’ll hear from the Fed’s Bostic and Mester as mentioned, and the BoE’s Saunders and Mann. Earnings releases include Salesforce and Target. Finally, President Biden will be delivering the State of the Union address tonight. Sure to feature in tomorrow’s EMR, the White House offered a preview of the President’s economic remarks. The full details are available here. While not everything in the document will eventually become policy, it is a useful barometer of the administration’s current thinking. In short, Biden plans to champion the historically strong economic recovery while unveiling a plan to help slow inflation, which includes making American manufacturing jobs more productive and competitive, strengthening domestic supply chains, requesting legislation that reduces costs of health care, energy, and education, reducing the deficit, promoting competition, and eliminate barriers to jobs.

END

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

3B JAPAN

Toyota will halt all Japanese plants as supplier was hit with a cyberattack

(zerohedge)

Toyota To Halt All Japan Plants As Supplier Hit With Cyberattack

MONDAY, FEB 28, 2022 – 10:00 PM

Nikkei reports on Monday that Toyota Motor Corp. will suspend operations at all of its Japanese factories on Tuesday after one of its top suppliers was hit by a “suspected cyberattack.”

Kojima Industries, which manufactures plastic parts for Toyota, has been hit by a cyberattack, an official close to Kojima Industries told Nikkei.

“It is true that we have been hit by some kind of cyberattack. We are still confirming the damage and we are hurrying to respond, with the top priority of resuming Toyota’s production system as soon as possible,” the unnamed official said.

The decision to suspend output at 28 lines at 14 plants could affect around 10,000 vehicles or about 5% of Toyota’s monthly production in Japan per day. Toyota subsidiaries Hino Motors and Daihatsu Motor will also halt some output on Tuesday. Here’s a map of automaker plants in the country.

As for when the cyberattack is resolved, it could be as soon as Wednesday.

“Automakers are still determining whether they will be able to return to normal operations after Wednesday,” Nikkei said.

The incident will derail Toyota’s efforts to return to full production following halts in January and February due to ongoing semiconductor shortages, labor woes, and other COVID-related disruptions.

Perhaps, the Bank of Japan has found another excuse to keep interest rates pinned near zero.

3c CHINA

end

CHINA/UKRAINE/RUSSIA

China “Extremely Concerned” About Rising Civilian Death Toll In Ukraine

TUESDAY, MAR 01, 2022 – 11:34 AM

On Tuesday China has again addressed the war in Ukraine, coming as Russia’s invasion has completed its first week. While prior official comments out of Beijing appeared to focus on condemning NATO expansionism while urging the West to take seriously Moscow’s ‘legitimate security concerns’ – this newest statement has sounded alarm over rising civilian casualties.

The foreign ministry statement said China “deplores” the outbreak of the conflict, saying it’s “extremely concerned” about civilians being harmed. The statement didn’t single out Russia, but still appears directed at Moscow given the words were conveyed in a phone call between Foreign Minister Wang Yi and his Ukrainian counterpart Dmytro Kuleba.

The statement said China respects the “sovereignty and territorial integrity of all countries” – but left it at a broad level without specifying further. “In view of the current crisis, China calls on Ukraine and Russia to find a solution to the issue through negotiations,” Wang Yi said, according to Bloomberg, and further underscored the need for “political settlement”.

Russian and Ukrainian media widely reported Tuesday that the next round of ceasefire talks are expected to take place Wednesday, along the Polish-Belarusian border. This as the civilian death toll in so far is being widely reported at over 400 killed.

“As the war continues to expand, the top priority is to ease the situation to prevent the conflict from escalating or even getting out of control, especially to prevent harm to civilians, and to ensure the safe and timely access of humanitarian aid,” Wang added. The Ukrainian top diplomat expressed hope for China’s mediation for a ceasefire.

In the phone call, the Ukrainian side urged China to press Putin to stop the war…

Meanwhile, China has an estimated 6,000 citizens currently inside Ukraine, as its embassy there scrambles to initiate evacuation plans:

“There are missiles in the air, explosions and guns on the ground, and the two armies are fighting each other…How is it possible to ensure safety (to leave) in such circumstances?” Ambassador Fan Xianrong said in a video posted to the embassy’s social media account on Saturday, three days after the Embassy released plans for evacuate flights.

Beijing’s reaction to the Ukraine crisis has been under a microscope since the start of the Russian invasion, given the parallels of the situation with Taiwan. Beijing officials recently issued provocative comments saying Taiwan is “not Ukraine” – meaning China doesn’t at all see it as a sovereign entity to begin with.

4/EUROPEAN AFFAIRS//UK AFFFAIRS

GERMANY/USA/RUSSIA/NATURAL GAS

Germany does a complete turnaround. It will build two LNG facilities in Germany as well as purchase natural gas on the open market. It will not certify the Nordstream 2 pipeline project and will no doubt in time

suspend purchases of gas from Russia

(Paraskova/OilPrice.com)

Germany Goes For Full Energy Policy Overhaul Amid Ukraine Crisis

TUESDAY, MAR 01, 2022 – 07:31 AM

By Tsvetana Paraskova of OilPrice.com

The Russian invasion of Ukraine upended the energy policy of Germany. In just a few days since Putin decided to invade Ukraine, Europe’s biggest economy – heavily dependent on Russian pipeline gas and the end point of another project to receive natural gas from Russia – has suspended the new pipeline project and said no energy source is off the table when it comes to ensuring German energy security.

Early last week, hours after Russian President Vladimir Putin recognized two separatist regions in eastern Ukraine and deployed troops there, Germany suspended Nord Stream 2, the Russia-led natural gas pipeline project.

“We now have to reassess the dramatically changed situation: This also applies to Nord Stream 2,” German Chancellor Olaf Scholz said last Tuesday, adding that “The certification cannot take place now.”

Since last Tuesday, however, the crisis escalated into a full-blown Russian invasion of Ukraine. The European Union and the United States scrambled to draft sanctions against Russia and Putin in such a way so as not to disrupt Russian oil and gas exports, a large part of which go to Europe. And European countries, including the biggest economy in Europe, Germany, outlined new measures in their own domestic energy policies to wean themselves off Russian energy dependence.

The Russian war in Ukraine placed that dependence in sharp relief – the West wants to punish Putin with the harshest possible sanctions, but it has been reluctant to slap sanctions on Russian oil and gas exports.

Some European countries realized that having one predominant supplier of gas (or any other commodity) is not a sustainable energy policy, especially in light of the green policies that have led to pledges for phasing out coal in a few years.

In a major change, of course, Germany – which had argued until a few months ago that it is looking at the purely commercial benefits it would gain from Nord Stream 2 – is now not only putting the project on ice, but it is also supporting the construction of two terminals to import liquefied natural gas (LNG) and is not leaving any energy source – not even coal or nuclear – off the table.

“We will change course in order to eliminate our dependence on imports from individual energy suppliers,” Chancellor Scholz said on Sunday at Parliament, which had convened to discuss the war in Ukraine.

“After all, the events of recent days and weeks have shown us that responsible, forward-looking energy policy is not just crucial for our economy and our climate. It is also crucial for our security,” he added.

Germany will build two LNG import facilities, at Brunsbuettel and Wilhelmshaven, the chancellor said.

The German government has asked energy group Uniper to reconsider its plans for an LNG terminal construction at Wilhelmshaven – plans that the company shelved two years ago because of poor economics, German business daily Handelsblatt reported on Sunday, citing sources familiar with the matter.

Apart from two LNG terminals, Germany plans to boost the volumes of its natural gas storage and will purchase more gas on the global market in consultation with the EU, Chancellor Scholz said. Coal reserves will also be boosted, he added.

No energy source is “taboo” in the new German energy strategy to move away from Russian gas dependence, said economy minister Robert Habeck, a member of the Green Party.

Before Putin’s war in Ukraine, Germany planned to switch off all its remaining nuclear power generators by the end of 2022, while it also looked to retire a large portion of its coal-fired capacity fleet between 2022 and 2024. The country has said it would aim to phase out coal by 2030 – eight years ahead of earlier plans.

Extending the operation of the remaining nuclear power plants or phasing out coal later than 2030 are options currently under discussion, the minister said.

“There are no taboos on deliberations,” regarding Germany’s energy policy from now on, Habeck told German television ARD on Sunday.

end

Alternatives to Russian natural gas will be ready but only in 5 years. According to World Bank President David Malpass, it will be impossible to shun Russian Natural Gas.

(Paraskova/OilPrice.com)

World Bank: There Will Be Alternatives To Russian Gas In Five Years

TUESDAY, MAR 01, 2022 – 02:00 AM

By Tsvetana Paraskova of OilPrice.com,

There will be alternatives to Russian natural gas supply in the five-year horizon, World Bank President David Malpass told CBS in an interview aired on Sunday.

“Markets look forward so they can look at the five-year time horizon and realize that there’s a lot of energy available if it’s mobilized, there are alternatives to the Russian dominance of the gas market, for example,” Malpass said on the on ‘Face the Nation’ program.
“And so whether those changes are made will be important,” the World Bank’s head said.

In the short term, replacing Russian gas is nearly impossible, say analysts and one of the world’s largest liquefied natural gas exporters, Qatar.

Yet, with the Russian invasion, and even before that, the high dependence of Europe on Russian pipeline gas was a source of concern in Europe, and countries were looking to buy more liquefied natural gas (LNG) to secure this winter’s supply in light of decade-low gas volumes in storage and Russian pipeline deliveries not going above the contractual obligations.

“Right in the short run, there is upward pressure, including on LNG liquefied natural gas that the U.S. ships to Europe and Europe will need a lot more, but it’s available,” the World Bank’s Malpass told CBS.

Just before Putin launched an attack on Ukraine last week, Qatar said it could divert only 10-15 percent of its LNG cargo contracts to other destinations right now. Replacing Russian gas deliveries to Europe in the short term is “almost impossible,” Qatari Energy Minister Saad al-Kaabi said two days before the Russian invasion of Ukraine.

“Most of the LNG are tied to long-term contracts and destinations that are very clear. So, to replace that sum of volume that quickly is almost impossible,” the minister noted.

While the European Union and the United States are trying to avoid hitting Europe’s energy supply and raising American gasoline prices even higher with sanctions, Germany, for example, made a major U-turn in its energy policy on Sunday. Germany will support the construction of two LNG import terminals and is not leaving any energy source – not even coal or nuclear – off the table as it will now look to cut energy dependence on one supplier.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA//UKRAINE/USA/EU

looks like the Russian want a seige on Kiev

(zerohedge)

Miles-Long Russian Infantry & Tank Convoy Bears Down On Kiev As Next Ceasefire Talks Expected Wednesday

TUESDAY, MAR 01, 2022 – 09:31 AM

“Kyiv is special. If we protect Kyiv, we will protect the state. This is the heart of our country, and it must keep beating,” Ukraine’s President Volodymyr Zelensky said on Tuesday. He gave a stirring video address to European parliament, the day after he signed a formal application for Ukraine seeking EU membership.

“Our people are motivated and we are fighting for freedoms and our lives,” Zelensky said. “We are fighting for our survival,” he added while urging the body to “prove” that they stand with Ukraine. This as he’s urging both NATO and the US to impose a No-Fly Zone, an appeal which both so far have rejected.

Satellite imagery being widely reported on Tuesday morning suggests a massive column of Russian infantry many miles in length is now en route ready to bear down to the Ukrainian capital. Estimates as to its size have varied, but there’s consensus it’s at least many, possibly dozens of miles, long.

CNN describes it as “A massive 40-mile-long Russian military convoy — made up of armored vehicles, tanks, towed artillery and other logistical vehicles — has reached the outskirts of Ukraine’s capital, Kyiv, according to satellite images from Maxar Technologies.”

Kiev officials have said the city has erected fortifications, while much of the civilian population has sought the safety of shelters or underground bunkers ahead of what’s expected to be a large-scale final Russian assault, also after two other large cities have in the past days come under heavy rocket barrage and shelling.

The mayor of Kyiv, Vitali Klitschko, warned the people of the city as well as the world on Tuesday that “the enemy is on the outskirts of the capital,” and emphasized that national forces are “preparing to defend Kyiv.”

“Our armed forces, Territorial Defense Forces, are fighting heroically for our land,” Klitschko said. “Fortifications and checkpoints have been built at the entrances to the city. I ask everyone to keep calm. Do not go outside unnecessarily and stay in shelters in case of alarm,” he added.

Moscow has meanwhile reaffirmed that its military operation will not stop until it meets the objectives of “demilitarizing” Ukraine. However, talks just inside Belarus on Monday between a Ukrainian delegation and Russian delegation left agreeing to keep talking. Those talks lasted a reported five hours.

The Russian side has since confirmed that this second round of potential ceasefire talks will take place Wednesday, March 2. Ukrainian and Russian media are confirming the next round:

Another Ukrainian media outlet, Glavkom, citing sources in the Ukrainian delegation, disclosed the terms advanced by the sides during the first meeting. It said that Russia allegedly demanded Ukraine commit to paper its off-bloc status at the parliamentary level and organize a referendum on this matter. Apart from that, the Russian side demanded Ukraine recognize the Donetsk and Lugansk People’s Republics in the administrative borders of the corresponding regions and drop its demand that Crimea should be returned to Ukraine. Ukraine, according to Glavkom, demanded a ceasefire and withdrawal of Russian troops from its territory.

At the same time, on an international level communications between Russia and the West appear to be spiraling toward non-existent. With the European airspace closure around Russia, Russian Foreign Minister Sergei Lavrov opted to address an assembly of the UN Human Rights Council remotely, instead of traveling.

More and more media pundits and US officials have begun to call for a West-imposed No Fly Zone:

Even the video speech prompted a mass-walkout, as Fox described:

As soon as the U.N. president turns over the floor to Lavrov, dozens of diplomats stand and leave the meeting chamber without a word.
Lavrov said he was “compelled” to make his address by video after the European Union restricted his “freedom of movement.”

Currently Ukrainian Defense Minister Oleksiy Reznikov is warning that Russia has preparations underway to launch a “large-scale information and psychological operation” against Ukraine, Defense Minister Oleksiy Reznikov said Tuesday. “Its goal is to break the resistance of Ukrainians and the Ukrainian army with lies,” Reznikov said in the statement.

END

English translation .. urban Russian forces go in tomorrow

Inbox

DPR ARMY APPEALED TO MARIUPOL PEOPLE

Residents of the city of MARIUPOL and adjacent settlements!

Nothing threatens you, but in the current situation, when, under the leadership of the special services of Ukraine, units of the Armed Forces of Ukraine and the NGU are preparing terrorist attacks and provocations in order to discredit the Armed Forces of the Russian Federation in the eyes of the world community, many of you fear for your life.

For all civilians who have expressed a desire to temporarily leave for a safe place.

The Armed Forces of the Russian Federation, together with the UNM of the DPR, are organizing two humanitarian corridors.

MARIUPOL can be left until March 2, 2022 using one of two routes convenient for you.

We guarantee the safety of movement on the sections of the E58 highway, in directions both towards the Zaporozhye region and the territory of the Russian Federation:
in the western direction: MARIUPOL – MANGUSH.

in the east direction: MARIUPOL – BEZIMENNOE.

I draw your attention to the fact that the Russian Federation is ready to receive and accommodate citizens of the city of MARIUPOL

Roman Abramovich, a Russian oligarch has been asked by Ukraine to help negotiate for peace

(zerohedge)

Roman Abramovich Joins Ukrainian Delegation To Help Negotiate For Peace

MONDAY, FEB 28, 2022 – 09:20 PM

Update (2100ET): According to The Times, Abramovich’s move to pass control of Chelsea to the club’s charitable foundation has been put on hold,with the trustees taking legal advice on whether it is even possible.

The Times understands that at least one trustee fears that they may have to resign amid concerns around a potential conflict of interest.

The six-strong board of trustees, which includes British Olympic Association chairman Sir Hugh Robertson and anti-discrimination campaigner Piara Powar, held talks with legal advisers on Sunday and will wait for their guidance.

On Monday the Charity Commission confirmed that it has contacted the Chelsea Foundation with a request for more information, while the trustees have yet to agree to an arrangement that would pass the stewardship of the club to them.

Read more here…

* * *

As we detailed earlier, while other oligarchs – a loosely defined term to denote an individual who made their fortune during the chaotic aftermath of the Soviet Union’s collapse – have publicly tried to distance themselves from the Russian advance in Ukraine, Chelsea Football Club owner Roman Abramovich has placed his ownership of the club in a private trust while he moves to engage in the peace talks being held between Moscow and Kyiv.

Abramovich said he had been asked by the government in Ukraine to join the team of negotiators in Belarus, where a handful of Ukrainians are currently engaged in talks with their Russian counterparts. His role was eventually confirmed by another broker in the talks. A representative for the billionaire added that Abramovich had become involved following a request from the Jewish community in Kyiv.

“I can confirm Roman Abramovich was contacted by the Ukrainian side for support in achieving a peaceful resolution, and that he has been trying to help ever since,” a spokeswoman for Abramovich said.
“Considering what is at stake, we would ask for understanding as to why we have not commented on either the situation as such or his involvement.”

The Russian-Israeli billionaire is believed to have flown to Eastern Europe in the weeks leading up to the invasion. Word of Abramovich’s involvement in talks was first reported by Jewish News, which said Kyiv had reached out through Jewish contacts to seek his help.

Abramovich, who is Jewish and has Israeli citizenship, was one of the most powerful businessmen who earned fabulous fortunes after the 1991 break-up of the Soviet Union. Forbes has estimated his net worth at $13.3 billion. He purportedly earned a fortune during the post-Soviet collapse during the looting and general insanity.

A commodity trader who thrived in the post-Soviet disorder of the 1990s under then-President Boris Yeltsin, Abramovich acquired stakes in the Sibneft oil company, Rusal aluminium producer and Aeroflot airline were also among the businesses he acquired.

He has repeatedly denied having ties to Putin or the Kremlin, although such claims have persisted in the press.

Although under Putin he did, albeit briefly, serve as the governor of the remote Arctic region of Chukotka in Russia’s Far East.

As for his decision to turn over control of Chelsea to its charitable trust, the board’s trustees must still hold a vote to OK the measures, although its likely to pass. Abramovich also released a terse, 24-word statement on Sunday denouncing the invasion, becoming one of a handful of oligarchs to party with them must have likely been fighter.

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This is a must read..

Victor Davis Hanson…

Victor Davis Hanson: The Crowded Road To Kyiv

MONDAY, FEB 28, 2022 – 11:40 PM

Authored by Victor Davis Hanson via AmGreatness.com,

To retain our deterrence abroad, we must tighten our belts at home, pump oil and gas, start to balance our budget, junk wokeism as a nihilist indulgence, and recalibrate our military…

One of the oddest commentaries about the Russian invasion of Ukraine is the boilerplate reaction that “borders can’t change in modern Europe” or “this does not happen in the 21st century.”

But why in the world should the 21st century be exempt from the pathologies of the past 20 centuries? Are we smarter than the Romans? More innovative than Florentines? Do we have more savvy leaders than Lincoln or Churchill? Are they more mellifluous than Demosthenes? Does anyone now remember that some 130,000 were slaughtered just 30 years ago in the former Yugoslavia, as NATO planes bombed Belgrade and nuclear America and Russia almost squared off?

Has globalization, the “rules-based order,” the Davos reset elite, the “international community” so improved the very way humans think that they have rendered obsolete the now ossified ancient idea of deterrence? Will the Kardashians and Beyoncé tweet our pathway to global peace?

How about transnational NGOs? NATO? WHO? The UN? Are all their recent records of service proof of our more exalted modern morality? Will some new engineered Wuhan virus alter human nature, end its innate ancient pathologies, and so eliminate war as we knew it? Are we not the League of Nations because Putin is now chair of the Security Council?

In truth, anything can happen to anyone, anywhere, at any time—and has and will until the end of time.

So let us walk down the crowded road to Kiev.

The Russian Agenda

Putin feels that Russia was once a great player (defined mostly as “feared”) in world affairs. But now it—i.e., he— is not. He thinks if he can grab back some of the old Soviet Union’s now lost 100 million people and 30 percent of its territory, then his Russia would again become a superpower—especially given the natural wealth of his former Soviet republics.

He knows that the longer some of these republics are Westernized and become acculturated to the passions of popular culture, the more difficult it will be to coerce them into becoming Russian subordinates. So Putin feels a sense of urgency that in the past was not always his conniving trademark—but now perhaps accentuated by his age or health. UN Security Council Chair Putin’s pique at his supposed wounds is endless given his incessant citations of NATO bombing on kindred Serbia, the 2004 orange revolution, or the 2008 Ukrainian coup.

He feels we are decadent, soft, pampered—to the point of not replying to his provocations. So, he presses. In his Stalinesque mind, we purportedly do not deserve the power and influence we supposedly inherited at his expense, while his Russia, he boasts, is tough, religious, and deserves far more from the modern age than its current diminished status. Like Stalin, he has developed a visceral dislike of sermonizing Western elites, none of whom he thinks can box, judo kick, fish, shoot, or ride bare-chested at his level.

So, to the degree Putin believes in a cost-to-benefit analysis that any envisioned invasion will prove profitable, he will invade anywhere he feels the odds favor his agenda. And when he does not—if America or NATO offers a deterrent, if oil is plentiful and cheap, and if Western leaders are sober and strong rather than loud and weak—he will not so gamble. It’s really that simple. Feed Putin a hand, and he will gobble a torso.

Will Ukraine Survive?

In theory, Ukraine should not last, given the numerical odds against it. Mysteriously it almost seems unprepared for a massive invasion. Its roads are apparently not blocked and mined. Putin has been massing troops since November, so why did not NATO flood the country with weapons in late 2021 to ensure endless supplies of anti-tank and anti-plane missiles?

Still, the Russians may, we hope, have a hard time of it in Ukraine—if for no other reason than the country is larger than Iraq in both size and population. It has lots of supply conduits across the borders with four NATO countries that can finally begin pouring in weaponry. An invader that cannot stop resupply from third-party neighbors can rarely subdue its target.

So if in a week Putin cannot shock and awe the elite or decapitate the government, he will have a hard time subduing the population. Time is not on his side. Sanctions are worthless in the short term but eventually they can bite.

His tripartite semi-circular attack on Ukraine is uncannily similar to Hitler’s 1939 invasion of Poland from East Prussia, Germany, and the dismembered Czechoslovakia. But even Hitler who was helped later by the invasion of the Soviet Union from the east, lost 50,000 dead and wounded from a poorly equipped Polish army.

Fossil Fuels

Gas and oil, and thus who tried to curtail both, explain a lot of the current mess. The nihilist Biden decision voluntarily to cancel new pipelines, federal leases, ANWAR, and leverage loss of bank financing for fracking, and to give up well over 2 million barrels of daily production will be seen not just as an economic disaster. It was a strategic catastrophe.

When Europe, or indeed the West, is dependent on Russian goodwill to drive and keep warm, it can never be free. Ending American energy independence is not just an AOC obsession. Russian hackers in January targeted our Colonial pipeline, shutting down in a day over 1 million barrels of transported oil. The more we discount the strategic consequences of having or lacking oil, the more our enemies fixate on it.

A couple of questions for Joe Biden: Before he took office, was the United States begging Russia to sell it more oil? After he took office, why was it?

Why did Biden blow-up energy dependence? Could not tomorrow Biden reverse course, greenlight the Keystone pipeline, reverse his mindless opposition to the EastMed pipeline that would help allies Cyprus, Greece, and Israel to help other allies in southern Europe, and throw open new federal leasing to supply exports of liquid natural gas to Europe?

What is moral, and what amoral: alienating Bernie Sanders and the squad or keeping our allies and ourselves safe from foreign attack? What is so ethical about following the green advice of billionaires like global jet-setter John Kerry at the expense of the middling classes who cannot afford to drive their cars or warm their living rooms?

A Deterrent Military?

Factor in the Afghanistan humiliation, the walk away from $80 billion in arms and equipment, a $1 billion Kabul embassy, a multimillion-dollar refit of Bagram Airbase, the woke politicization of the Pentagon, the McCarthyite hunt inside the ranks for white rage/supremacy, the inane rantings of retired admirals and generals, the revolving door of four-stars to defense contractor boards—and in just three years, the military lost a half-century of American public support.

All this and more have eroded the global fear of the U.S. military. We have all but destroyed American trust in our own armed forces (only 45 percent of the Americans poll great confidence in the military). The woke threat is in addition to spiraling pensions and social justice overhead that make the defense budget lean on actual defense readiness. Enemies did not erode our military’s once feared deterrence, our own top military and civilian leadership did. Time is short, enemies numerous. Can we find any brave soul who will restore the military?

American Goliath?

America may be woke. It may feel it has transcended dirty fossil fuels and can thrive on wind, solar, and batteries. It may assume it is morally superior, and like 19th-century pith-helmeted British foreign officers, can sermonize to the world, from pride flags and George Floyd murals in Kabul to no need for security in Benghazi.

But we also are mired in $30 trillion in debt. We print $2 trillion a year in mockery of inflation. Our major cities are crime-ridden and the streets medieval with the homeless and sidewalk sewers. Race relations are the worst in memory.

We have no southern border. Nearly 50 million residents were not born in our country—and this challenge at a time when we have given up on assimilation and integration. The woke virus has warped racial and ethnic relations and is destroying the idea of meritocracy. We are in the hold of a Jacobin madness, in a top-down elite race to perdition. To praise America’s past is a thought crime. The ignorant, who have no idea of the date when the Civil War began, nonetheless lecture to the nodding that 1619 not 1776 was America’s real foundational date.

In short, the America of even 1990 no longer exists. To retain our deterrence abroad, we must tighten our belts at home, pump oil and gas, start to balance our budget, junk wokeism as a nihilist indulgence, and recalibrate our military.

NATO

NATO is now a mere construct. It was birthed and exists to do three things in Europe: keep America in, Germany down, and Russia out. Now Germany is up. America is out. And Russia is in.

The vast majority of the alliance’s members followed Germany’s anti-American prompt to renege on promises to spend a mere 2 percent of their budgets on military readiness. How strange that only thousands of deaths in Ukraine can soon persuade the arrogant German leadership that their own performance-art pacifism kills.

NATO’s richest and second largest member, Germany, polls a desire to become closer to Russia than to the United States. Does that mean they favor Putin’s invasion rather than NATO’s resistance? Sixty percent of Germans poll no desire to honor NATO’s Article Five clause of mutual assistance, and thus would not wish to aid a fellow member in extremis.

Germany, on its way to green Lalaland, ignored all warnings about conducting a $1-billion-dollar per-day natural gas purchase from Putin. Think of the following absurdities: Germans no longer like Americans all that much. But they do expect them to subsidize their defense and to protect them from Russians, with whom in turn they are cementing lucrative energy deals. The latter will eventually make them dependent on Putin for 50 percent of their energy needs.

So what is NATO? In truth, 25 or so of the 30 nation members are defenseless. They rely on the United States to protect them from enemies in their own backyard. Only the NATO nuclear monopolies of Britain and France offer a deterrent umbrella over both NATO and the EU—on the quiet assurance that a far bigger nuclear American umbrella covers all of them.

We should simply ask those who will meet their promised military commitments to stay, and the others to go quietly in peace and follow the Swiss model. Why are there any U.S. combat troops in Germany? Are they there to protect the Nord Stream 2 pipeline from Russian attack? To reward Germany for spending less than two percent on defense?

China

For five years Americans were obsessed not just with Putin, but the left-wing myth that Russians were under all our beds—the tattooed, gap-toothed cruddy villains of Hollywood movies, the supposed Satanic colluders of the Steele dossier, the nefarious bankers who stealthily communicated at night with the White House. So we voluntarily gave up the old Russian triangulation card when we once played dictatorial China off against dictatorial Russia. The Kissingerian principle dictated that neither of the two should ever become closer to one another than either is to us. We gave all that up and instead hung on every word for two years of Bob Mueller, James Comey, and the lunatics at CNN.

Meanwhile, China birthed, and hid the origins of, a virus that destroyed the U.S. economy and undermined our entire culture. Thousands of Chinese are here mostly to aid in expropriating U.S. technical expertise. Add in the Uighurs and the now vanquished Tibet, and China outdoes even Putin in its human rights atrocities. If Ukraine falls, Taiwan will be the third nation that the West “lost” during the Biden Administration.

Leftwing Mania

On cue, an embarrassed Left now offers some surreal takes on why Putin went into Crimea and eastern Ukraine in 2014 and again into all of Ukraine in 2022—while mysteriously bookending the four invasion-free Trump years. We are told that hiatus was because Putin got all he wanted from Trump and rewarded him by not invading any of his neighbors.

Really?

Were Vladimir Putin and his advisors more or less delighted that their poodle Trump thankfully flooded the world with price-crashing oil? They were thankful Trump at least had killed Russian mercenaries in Syria?

Putin himself was content that the United States got out of his own advantageous missile deal? Was he thrilled that Trump sold once taboo U.S. offensive weapons to Ukraine? Did the Kremlin grow ecstatic when Trump upped the U.S. defense budget? And was Russia especially thankful that Trump jawboned NATO into spending another $100 billion on defense? Did Putin clap when Trump killed Soleimani and Baghdadi, and bombed ISIS out of existence?

We are left being lectured to now by the ubiquitous retired Lt. Col Alexander Vindman, the political operative remonstrating America on its anemic response to saving his native Ukraine. All this from one of the key operatives of impeaching the one president who, unlike his progressive presidential predecessor, along with the Biden Burisma consortia, really did arm Ukraine and send it offensive weapons embargoed by the Left.

The useful Vindman may have been offered to the Ministry of Defense of Ukraine. But he never grasped that any country naïve enough to believe the Left’s empty promises about autonomy and freedom reified by mere liberal fiat will be sorely left all alone by its utopian patrons—once a nearby powerful thug invades.

Biden

Now we hear that midterm Biden has played the crisis wonderfully. The surreal progressive take on this crisis is that Winston Biden has corn-popped the “killer” Putin, metaphorically taken “the bully” behind the proverbial gym and given him a whomping, slammed his head on the global lunch counter, and in Biden’s deterrent fashion, called him a chump, one of the dregs, a junkie, fat, and a lying dog-faced pony soldier—and capped it all off with “You ain’t white!”

Joe threatened the toughest sanctions in history that on Wednesday would deter an invasion and by Saturday were never meant to at all. But Biden promises someday a “conversation” to decide whether at some time he still will issue the toughest sanctions in history. Until then, he invites Ukrainian President Volodymyr Zelenskyy safe passage out of Kyiv—the quickest way to destroy the dogged Ukrainian resistance.

Left unsaid are the years of rapacious Biden family profiteering in Ukraine, a decade of leftist passive-aggressive love and hate of Russia, from obsequious reset to greedy Uranium One to pathetic “tell Vladimir . . .” to unhinged vetoing of sanctions against the Nord Stream 2 pipeline.

What a crowded road to Kyiv.

end

A modern day crisis

Inbox

Rumors abound that there will public exposure shortly exposing Biden and Obama. We will see. Ukraine has been badly used and abused for years turning the place into a failed state. And what publicly comes out that place in times ahead will undoubtedly smell bad. Using the SWIFT option is highly dangerous and now Swiss banks have frozen the money of Russian individuals. Apparently the Brits are doing the same or will shortly. The West has publicly now shown to the entire world that the global financial system is political and not independent. That may have been a huge mistake. That will only provide the increased incentive to push forward China’s alternative SWIFT system. No doubt as western companies are pressured to diversify interest in Russia the message will be received by China and others. It is likely that any sized investments in Russia will be dropped. And while news worthy in PR impact, in many cases the capital is invested and the result will be a failed capital investment, sure to be bought up by the likes of India or China or both. And longer term it will be denial of western capital for development in Russia that will be taken up by other opportunistic parties.
The reality of peace is trade and not sanctions nor war. War is not in the interest of either Russia or China and frankly not the West. It is desperation or isolation that historically pushed countries to war. And we are watching this occur now. And there will be many financial casualties as many knives are drawn. And it is likely to cause related losses of many kinds for all parties concerned.

Nuclear weapons and their use are not a road to peace. International trade is what motivates people to seek out more wealth from it’s potential. This move is a clear sign to Russia that the WEST will stand tall, to hem in anyone who disagrees with the WEST and the agenda. The Ukraine is a diversion and a excuse. This is also a clear signal to China that the same goes for them. If one accepts this, the the only resolution most people will see is WAR. The alternative is to build a non WESTERN alliance in trade and commerce cutting off the West from resources be it energy or production of goods. And thus remaining independent and non reliant on the WEST. This also poses danger for the WEST because it has cut itself off from foreign hegemony advancement as its’ action will be perceived by many nations as predatory and give rise to choices made as to alternatives. And this too in the past has caused many a WAR.; think about the Chinese Opium wars. One alternative choice was seen today in Pakistani agreeing to Russian oil supply. And clearly done with China’s blessing. While things will be chaotic for a time the world will change dramatically now by the divisions being laid and formed as a result. One does hope there is a blueprint for peace in all of this, over the alternative of war. Surely, society has moves on from a colonial mentality or has it? We need leadership that engages in real dialogue with honest intentions protecting nation’s interests while looking for common areas of vested trade interest overlap with respect for national hegemony. And to have such conversation it requires level headed leadership that is sadly lacking today. We are in a serious situation that is coming upon a crisis moment that is the “Cuban Missile” crisis of our era.

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UKRAINE/USA/BIOLABS

BOMBSHELL: Docs Leaked From Top-Secret Ukraine Biolab Show U.S. Was Performing Deadly Biological Experiments On Ukrainian Soldiers – enVolve

Inbox

This is crazy!
Why does this have to occur?
Was the Ukraine to be a ground zero for a new virus? How many countries are doing this the public does not know about?
I do not know, but this is really nuts and scary.

BOMBSHELL: Docs Leaked From Top-Secret Ukraine Biolab Show U.S. Was Performing Deadly Biological Experiments On Ukrainian Soldiers

Cheers
Robert

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END

EU/USA/Central Bank of Russia/Russian banks

Follow the money: how Russia will bypass western economic warfare

Inbox

Sometimes, one truly wonders at the mental IQ of so called Politicians and their puppet masters.
Recently, I cautioned about sanctions and the reality that the West will be more hurt than Russia. And do note that oil and gas payments are no sanctioned. Why, because it would collapse the West. Yes, conflict on the continent is painful and awful but the WEST is as guilty as Russia for what is occurring. No one has clean hands in this misery. When the Soviet Union was beaten by the WEST, the Ukraine failed to isolate itself to allow any real independent status and became a convenient vassal to be used and abused by western interests who served only their pocket books and funding of questionable efforts. Today, we see the mess. And perhaps tomorrow, a new dawn will occur. Today’s noise about lethal aid being positive, to the Ukraine rings as hollow as the use and abuse of the country and its’ citizens. Ukraine has been a fertile unrestricted hunting ground for gangs enslaving girls and boys as young as 12 for prostitution paying off Ukrainian Politicians where needed. Do you not know the WEST amongst others has enjoyed such use of humanity? What about those poor souls? No one cares as it is all swept away from public view. The reality is Ukraine has been used for money laundering since before the Iran money was run through there under Obama and much worse with bio labs etc. The western narrative is lacking substance in face of real hegemony change that is occurring. And that is the real reason for the noise on all sides.
What is clear is that common seizure and advancement of western interests using NATO as foreign policy front is now effectively stopped at the Ukrainian/Belarusian borders. While not yet acknowledged this is reality; that will be publicly apparent in times ahead.
The attachment is a valuable insight into realities being created that will affect everyone, whether they are appreciated or not.
And for all the noise about nukes being tossed at one side or another, should such a event occur then Europe will harshly learn; it is on its’ own because American nukes will not be launched. Such posturing is childish as no one will win. The only winner is the military industrial complex. And as I have said many a time, Russia has turned its’ back on the West, and it does not care what is said nor what seizures of assets occur abroad of former citizens who moved their funds abroad. They made their choice. And oddly, such behavior may do more harm in the long run than favor. Only time will tell the tale as people around the world watch, learn and opinion to cast conclusions.

https://thecradle.co/Article/columns/7385

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Russia//CARGO CONTAINER SHIPPER/MAERSK//

This will truly hurt Russia

(zerohedge)

World’s Biggest Container Shippers Suspend Cargo Deliveries To And From Russia

TUESDAY, MAR 01, 2022 – 02:08 PM

While Russia is grappling with a financial blockade by the Western world, its physical isolation just got exponentially worse after Maersk – the world’s largest container shipping line – aid it would suspend cargo deliveries to and from Russia due to the sanctions imposed against the country for invading Ukraine.

Maersk said the suspension would cover all Russian ports but would not include foodstuffs, medical and humanitarian supplies.

“As the stability and safety of our operations is already being directly and indirectly impacted by sanctions, new Maersk bookings to and from Russia will be temporarily suspended, with exception of foodstuffs, medical and humanitarian supplies,” shipping giant Maersk said in a statement on Tuesday.
“We are deeply concerned by how the crisis keeps escalating in Ukraine,” the company added noting that it starts “seeing the effect on global supply chain flows such as delays, detention of cargo by customs authorities across various transshipment hubs, unpredictable operational impacts.”

Meanwhile, the Swiss-headquartered Mediterranean Shipping Company (MSC) – the world’s biggest container shipping company by capacity – said in a customer advisory that it will also stop all cargo bookings to and from Russia starting today, “covering all access areas including Baltics, Black Sea and Far East Russia,” the company said in a statement. Starting March 1, MSC had introduced “a temporary stoppage on all cargo bookings to/from Russia”.

“MSC will continue to accept and screen bookings for delivery of essential goods such as food, medical equipment and humanitarian goods,” it said.

MSC said it would contact customers directly in respect of any Russia-related cargo that was already in transit: “MSC has been closely monitoring the advice from governments about new sanctions,” the privately owned group added.

Maersk has been active in Russia since 1992 and owns 31 percent of Global Ports, a Russian port operator. The shipping company explained it is working with Global Ports in looking at “how to comply with the ever-evolving sanctions and restrictions and preparing possible next steps”.

Maersk owns 31% of Russian port operator Global Ports, which runs six terminals in Russia and two in Finland. Global Ports’ shareholders also include Russian state nuclear company Rosatom and Russian businessman Sergey Shiskarev.

“With Global Ports we are looking at how to comply with the ever evolving sanctions and restrictions and preparing possible next steps,” Maersk said.

Maersk operates container shipping routes to St Petersburg and Kaliningrad in the Baltic Sea, Novorossiysk in the Black Sea, and to Vladivostok and Vostochny on Russia’s east coast. The Copenhagen-based company has around 500 employees in Russia. Last week, it temporarily halted all port calls in Ukraine, where it has some 60 employees in Odessa.

The moves follow similar decisions already taken by Singapore-headquartered Ocean Network Express and Germany’s Hapag Lloyd – effectively cutting Russia off from the world’s leading container shipping companies, adding to freight challenges ahead

For the past year the world has been struggling with supply chain bottlenecks caused by surging demand for retail goods transported on container ships and pandemic-related lockdowns.

6// GLOBAL COVID ISSUES/VACCINE MANDATE ISSUES/

CORONAVIRUS/UPDATE/VACCINE MANDATE/EMERGENCY ACT/CANADA

New study shows how the COVID 19 vaccine enters liver cells where is is converted to DNA and then it replicates into the spike protein. Thus creating pathogenicity.

a must read…

Lee/EpochTimes

Pfizer’s COVID-19 Vaccine Goes Into Liver Cells and Is Converted to DNA, Swedish Study Finds

Inbox

Pfizer’s COVID-19 Vaccine Goes Into Liver Cells and Is Converted to DNA, Swedish Study Finds

By Meiling Lee
The Epoch Times, New York
Tuesday, March 1, 2022

https://www.theepochtimes.com/pfizers-covid-19-vaccine-goes-into-liver-cells-and-is-converted-to-dna-study_4307594.html

The messenger RNA (mRNA) from Pfizer’s COVID-19 vaccine is able to enter human liver cells and is converted into DNA, according to Swedish researchers at Lund University.

The researchers found that when the mRNA vaccine enters the human liver cells, it triggers the cell’s DNA, which is inside the nucleus, to increase the production of the LINE-1 gene expression to make mRNA.

The mRNA then leaves the nucleus and enters the cell’s cytoplasm where it translates into LINE-1 protein. A segment of the protein called the open reading frame-1, or ORF-1, then goes back into the nucleus where it attaches to the vaccine’s mRNA and reverse transcribes into spike DNA.

Reverse transcription is when DNA is made from RNA, whereas the normal transcription process involves a portion of the DNA serving as a template to make an mRNA molecule inside the nucleus.

“In this study we present evidence that COVID-19 mRNA vaccine BNT162b2 is able to enter the human liver cell line Huh7 in vitro,” the researchers wrote in the study, published in Current Issues of Molecular Biology. “BNT162b2 mRNA is reverse transcribed intracellularly into DNA as fast as 6 [hours] after BNT162b2 exposure.”

BNT162b2 is another name for the Pfizer-BioNTech COVID-19 vaccine that is marketed under the brand name Comirnaty.

The whole process occurred rapidly within six hours. The vaccine’s mRNA converting into DNA and being found inside the cell’s nucleus is something that the Centers for Disease Control and Prevention (CDC) said would not happen.

“The genetic material delivered by mRNA vaccines never enters the nucleus of your cells,” the CDC said on its web page titled “Myths and Facts about COVID-19 Vaccines.”

This is the first time that researchers have shown in vitro or inside a petri dish how an mRNA vaccine is converted into DNA on a human liver cell line, and is what health experts and fact-checkers said for over a year could not occur.

The CDC says that the “COVID-19 vaccines do not change or interact with your DNA in any way,” claiming that all of the ingredients in both mRNA and viral vector COVID-19 vaccines (administered in the United States) are discarded from the body once antibodies are produced. These vaccines deliver genetic material that instructs cells to begin making spike proteins found on the surface of SARS-CoV-2 that causes COVID-19 to produce an immune response.

Pfizer did not comment on the findings of the Swedish study and said only that its mRNA vaccine does not alter the human genome.

“Our COVID-19 vaccine does not alter the DNA sequence of a human cell,” a Pfizer spokesperson told The Epoch Times in an email. “It only presents the body with the instructions to build immunity.”

More than 215 million or 64.9 percent of Americans are fully vaccinated as of Feb. 28, with 94 million having received a booster dose.

Autoimmune Disorders
The Swedish study also found spike proteins expressed on the surface of the liver cells that researchers say may be targeted by the immune system and possibly cause autoimmune hepatitis, as “there [have] been case reports on individuals who developed autoimmune hepatitis after BNT162b2 vaccination.”

The authors of the first reported case of a healthy 35-year-old female who developed autoimmune hepatitis a week after her first dose of the Pfizer COVID-19 vaccine said that there is a possibility that “spike-directed antibodies induced by vaccination may also trigger autoimmune conditions in predisposed individuals” as it has been shown that “severe cases of SARS-CoV-2 infection are characterized by an autoinflammatory dysregulation that contributes to tissue damage,” which the virus’s spike protein appears to be responsible for.

Spike proteins may circulate in the body after an infection or injection with a COVID-19 vaccine. It was assumed that the vaccine’s spike protein would remain mostly at the injection site and last up to several weeks like other proteins produced in the body. But studies are showing that is not the case.

The Japanese regulatory agency’s biodistribution study (pdf) of the Pfizer vaccine showed that some of the mRNAs moved from the injection site and through the bloodstream, and were found in various organs such as the liver, spleen, adrenal glands, and ovaries of rats 48 hours following injection.

In a different study, the spike proteins made in the body after receiving a Pfizer COVID-19 shot have been found on tiny membrane vesicles called exosomes—that mediate cell-to-cell communication by transferring genetic materials to other cells—for at least four months after the second vaccine dose.

The persistence of the spike protein in the body “raises the prospect of sustained inflammation within and damage to organs which express the spike protein,” according to experts at Doctors for COVID Ethics, an organization consisting of physicians and scientists “seeking to uphold medical ethics, patient safety, and human rights in response to COVID-19.”

“As long as the spike protein can be detected on cell-derived membrane vesicles, the immune system will be attacking the cells that release these vesicles,” they said.

Dr. Peter McCullough, an internist, cardiologist, and epidemiologist, wrote on Twitter that the Swedish study’s findings have “enormous implications of permanent chromosomal change and long-term constitutive spike synthesis driving the pathogenesis of a whole new genre of chronic disease.”

Whether the findings of the study will occur in living organisms or if the DNA converted from the vaccine’s mRNA will integrate with the cell’s genome is unknown. The authors said more investigations are needed, including in whole living organisms such as animals, to better understand the potential effects of the mRNA vaccine.

“At this stage, we do not know if DNA reverse transcribed from BNT162b2 is integrated into the cell genome. Further studies are needed to demonstrate the effect of BNT162b2 on genomic integrity, including whole genome sequencing of cells exposed to BNT162b2, as well as tissues from human subjects who received BNT162b2 vaccination,” the authors said.

-END-

Pfizer Vaccine Far Less Effective In 5-11 Year-Olds, Latest Data Show

TUESDAY, MAR 01, 2022 – 09:01 AM

As it turns out, the Pfizer vaccine is almost entirely ineffective in children ages 5-11, according to the latest batch of trial data released by the vaccine giant.

Here’s more from the NYT:

The coronavirus vaccine made by Pfizer-BioNTech is much less effective in preventing infection in children ages 5 to 11 years than in older adolescents or adults, according to a large new set of data collected by health officials in New York State — a finding that has deep ramifications for these children and their parents.
The Pfizer vaccine is the only Covid shot authorized for that age group in the United States.
It still prevents severe illness in the children, but offers virtually no protection against infection, even within a month after full immunization, the data, which were collected during the Omicron surge, suggest.

The scientists who led the study noted that the jab was far less effective and that the data weaken the argument for mandating the jabs in children.

“It certainly weakens the argument for mandating that people get that lower dose,” said Dr. Philip Krause, who recently left the FDA.

While states across the US – including California, Oregon and Washington, which announced today they would lift masking guidance starting March 11 – and the CDC have lifted requirements for people to mask up (it’s worth noting that more than a dozen conservative-leaning states barred masking requirements). But vaccination requirements will likely remain a part of our society in some form from here on out. While a federal judge struck down the Biden Administration’s attempts to pass a federal vaccine mandaate, the firing of workers for being unvaccinated remains commonplace. Many others are forced to be tested for COVID at least once a week, at their own expense.

But as schools across the country move to require all students to be vaccinated – with rare exceptions – even the MSM is acknowledging that jabs in elementry school-aged children are ineffective.

While the jabs supposedly prevent “severe illness” in children, it’s worth noting that children who lack co-morbidities rarely display even moderate symptoms, and severe cases are almost unheard of.

Even Dr. Fauci has acknowledged that “many” children hospitalized with COVID are there for some other reason. However, every patient brought into a hospital is tested for COVID, and those who test positive are automatically counted as hospitalized with COVID.

Amusingly, the NYT suggested that one reason for the drop in performance might be the fact that children receive “one third the dose” of adults.

The sharp drop in the vaccine’s performance in young children may stem from the fact that they receive one-third the dose given to older children and adults, researchers and federal officials who have reviewed the data said.

The vaccine also performed poorly on children ages 2-4, the next-youngest age group.

Charts from the study show the slim gap between unvaccinated and vaccinated children in terms of hospitalizations.

It also shows how effectiveness wanes as the age of the recipient falls.

Readers can find the full study below:

2022.02.25.22271454v1.fullon Scribd

Trudeau’s tyrannical govt. now cutting off loans to farmers, ensuring food shortages throughout country for foreseeable future

Sunday, February 27, 2022 by: JD Heyes
Tags: agriculture, Blacklist, Canada, chaos, Collapse, farm loans, farmers, farming, food, food insecurity, food shortage, food shortages, food supply, groceries, harvest, Justin Trudeau, loans, transportation, truckers, Tyranny

This article may contain statements that reflect the opinion of the author

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Image: Trudeau’s tyrannical govt. now cutting off loans to farmers, ensuring food shortages throughout country for foreseeable future

(Natural News) The Canadian government led by Prime Minister Justin Trudeau is so angry at the Freedom Convoy truckers and their supporters for daring to question his COVID-19 vaccine order that officials are literally implementing ‘payback’ policies that are going to hurt all citizens.

Though Trudeau revoked the emergency authority he assumed earlier this month to crush the Freedom Convoy protest, the damage has already been done to Canadian liberties and the precedent sent.

One of the measures Trudeau’s government used against the protesters and their supporters was to freeze bank accounts so they couldn’t access funds to live. Now, a Canadian institution has adopted a policy that could literally lead to starvation.

“Federal bank @FCCagriculture was compiling blacklist of account holders suspected of sympathizing with #FreedomConvoy. Consequences included suspension of loans,” Canadian journalist Holly Doan reported via Twitter.

Quoting her tweet, Canada-based National Post correspondent Rupa Subramanya added, “Farm Credit had begun compiling a list of names of account holders suspected of involvement with Freedom Convoy protests against vaccine mandates. Consequences for customers named in police blacklists included suspension of loans.”

Translated: The Canadian agricultural finance system is moving to deny loans to farmers, which means there will be less food production — which will produce higher food prices, lower food availability and higher food insecurity.

Talk about cutting off your nose to spite your face: What sense does that make?

None, of course. It’s just the Trudeau government’s latest petty move to punish political opponents of the regime, only, it’s going to affect the whole of the country.

Responses to Subramanya’s post indicated similar sentiments.

The government of Canada has quickly become despotic, but only Canadians can take it back.

VACCINE IMPACT

Vaccine Impact

VACCINE INJURIES
HUGE STORY:

SPECIAL THANKS TO MILAN S FOR SENDING THIS TO US:

9 out of 10 Covid deaths by VAXed in UK

Inbox

https://dailyexpose.uk/2022/03/01/russia-distraction-uk-gov-revealed-triple-vaccinated-account-9-in-10-covid-deaths/

How to Detox Spike Protein After COVID or Vaccine

Inbox

FYI
https://www.theepochtimes.com/world-council-for-health-reveals-spike-protein-detox_4304171.html

Michael Every

on the major topics of the day

Michael Every…

Rabobank: This Could Be The Start Of A Protracted Siege Of Kyiv

TUESDAY, MAR 01, 2022 – 09:20 AM

By Michael Every of Rabobank

Barbarians at the Gate of Kyiv

While a large Russian convoy – stretching 60 km – is getting closer to Kyiv, the capital of Ukraine, and fierce battles are taking place in several other cities, the Ukrainians continue to fight for their country. The Russians are reported to have deployed about 75% of the 160K troops they had amassed around Ukraine. This could be the start of a protracted siege of Kyiv.

Yesterday, the US Treasury Department prohibited US persons from engaging in transactions with Russia’s central bank, its National Wealth Fund, and its Ministry of Finance. The Treasury also sanctioned the Russian Direct Investment Fund and its CEO, Kirill Dmitriev. This follows Saturday’s commitment by the allies to prevent the Russian central bank from deploying its international reserves in a way that would undermine the impact of US sanctions. Russia’s National Wealth Fund is a sovereign wealth fund that came into existence in 2008, after the Stabilization Fund of the Russian Federation (2004) was split in two. In contrast to many other sovereign wealth funds, it serves mainly as a vehicle to invest in the Russian economy. It is controlled by the Russian Ministry of Finance. The Russian Direct Investment Fund (RDIF) was created in 2011 by then-President Medvedev and then Prime Minister Putin to develop relationships with international investors for direct investment in Russia. As the Treasury puts it: “While officially a sovereign wealth fund, RDIF is widely considered a slush fund for (… ) Putin.” The US Treasury imposed these sanctions on Monday before market opening, as allied officials had warned the US Treasury that the Russian central bank was preparing to transfer their holdings on Monday.

However, the Treasury contemporaneously issued a general license to authorize certain energy-related transactions with the Central Bank of the Russian Federation. Of course, this is meant to soften the impact on allied economies, limiting the negative supply shock and inflationary impact of the sanctions, but it also leaves some oxygen for the Russian economy. Will this be enough to cripple Putin into submission?

Meanwhile, there are also indirect effects of the sanctions. Banks from allied countries may be wary of the compliance issues of doing any transaction with Russian banks and err on the safe side. Also, we are seeing multinational corporations leaving Russia, with BP exiting Rosneft and Shell severing ties with Gazprom.

While the ruble tumbled, and the Russian central bank raised rates, global stock markets rebounded from their lows on last Thursday. The EUR/USD is now trading around 1.12, after dropping to 1.11 on Thursday, the day of the invasion.

In other news, Atlanta Fed President Bostic yesterday confirmed he was still in favor of a 25 bps rate hike in March. However, he said that if month-on-month inflation changes remain elevated or move upward, he would consider a 50 bps rate hike in March. Note that the CPI report for February will be released about a week prior to the March meeting of the FOMC. Bostic is a non-voting FOMC participant this year. As we discuss in the US section of the Monthly Outlook, to be released later today, the Russian invasion of Ukraine has reduced the probability of a 50 bps rate hike in March, but at the same time it may raise the need for monetary tightening later this year.

7. OIL ISSUES

Oil Rallies To New Highs After IEA Reports (Another) Global Reserve Release

TUESDAY, MAR 01, 2022 – 10:27 AM

Update (1035ET): Well that didn’t last long… After an initial dip, oil prices are now making new highs as the IEA’s release leak appears to be viewed as entirely useless compared to the tightness of markets (and the potential for it to get worse due to Russia).

* * *

Oil prices extended their gains this morning with WTI topping $102 – its highest since 2014 – as the Russian invasion of Ukraine continued to raise the specter of major global supply disruption.

“Prices are shooting up the last couple of days because the risk of sanctions really affecting the Russian energy sector” is very high, said Rohan Reddy, a research analyst at Global X Management, a firm that manages $2 billion in energy-related assets.

So policy makers decided they have to do something!

Bloomberg reports that, according to people familiar with the matter, The International Energy Agency (IEA) – which represents key industrialized consumers including Japan and Germany – has agreed to deploy 60 million barrels from stockpiles around the world.

The IEA’s intervention comes after the OPEC+ coalition, which is led by Saudi Arabia and Russia, disregarded encouragement from Biden last year to increase supplies more quickly. The group meets again on March 2 to discuss its production plans for April. Riyadh has signaled that it doesn’t consider markets to be tight enough to speed up the restoration of production.

Bloomberg notes that this is the first time the IEA has made a synchronised release of oil stocks since the Libyan civil war in 2011. There are echoes of that crisis in today’s events: It was Riyadh’s reluctance to open the taps a decade ago to offset the disruption caused by the uprising against dictator Moammar Qaddafi that prompted the agency into action.

So far, oil traders are less than impressed with WTI only ticking down modestly.,..

It is worth bearing in mind just how much impact the release of US SPR has had on WTI crude prices in the last 18 months…

But hey, maybe this time will be different.

end

Big problems for Russia as buyers are boycotting Russian oil

(zerohedge_

“The Market Is Starting To Fail”: Buyers Balk At Russian Oil Purchases Despite Record Discounts, Sanction Carve Outs

TUESDAY, MAR 01, 2022 – 04:40 PM

While in their unprecedented broadside of sanctions on Russia, the U.S. and Western allies went out of their way to spare Russian energy shipments and keep economies humming and voters warm, the oil market has gone on strike anyway. Acting as if energy were already in the crosshairs of Western sanctions officials, refiners have balked at buying Russian oil and banks are refusing to finance shipments of Russian commodities, the WSJ reports citing traders, oil executives and bankers.

This self-imposed embargo which has effectively halted a majority of Russian oil shipments, threatens to drive up energy prices globally by removing a gusher of oil from a market that was tight even before the Russian invasion of Ukraine. Meanwhile, Russia, waging war and in need of revenue with its financial system in turmoil, is taking extreme steps to convince companies to buy its most precious commodity.

We previously reported that owners of oil tankers had already started to avoid Russian ports because of both the military invasion of Ukraine and apprehension that sanctions for oil could also come soon, and as a result rates for oil tankers on Russian crude routes had exploded as much as nine-fold in the past few days.

But now, amid growing fears they will fall afoul of complex restrictions in different jurisdictions, refiners and banks are balking at purchasing any Russian oil at all, traders and others involved in the market say. Market players also fear that measures that target oil exports directly could land as fighting in Ukraine intensifies.

“This is going to make it very complex to trade with Russia,” Sarah Hunt, a partner at law firm HFW who works with commodities traders, said of the sanctions laid out as of Monday. “These sanctions against Russia will have an incredible effect on global trade and on trade finance.”

Brent-crude futures, the benchmark in international energy markets, rose nearly 8% Tuesday to above $105 a barrel. But in a sign that demand for Russian oil has evaporated, prices for the country’s flagship Urals crude moved in the opposite direction.

On Tuesday, traders offered Urals brent at a record discount of around $15 a barrel below the price of Brent – with the discount at one point hitting as much as $18.60 – and even then not finding buyers. A drop in the price of Espo, a grade of Russian crude popular in Asia, suggests refiners in Japan and South Korea are hitting pause on purchases alongside those in Europe and the U.S.

“The market is starting to fail,” a trader at a major commodities trading house told the WSJ, which is a problem because with Russia exporting roughly 5 mmb/d, the oil market – already extremely tight – could find itself in a historic supply shortage in just a few days, and will need massive demand destruction, read much, much higher oil prices, to stabilize as Goldman wrote over the weekend.

Oil trading giants including Vitol and Trafigura hold Russian oil bought under long-term deals. But according to the WSJ, they were unable to sell Tuesday, people familiar with their operations said.

In Europe, Swedish refiner Preem and Finland’s Neste Oyj said they have stopped Russian oil purchases and mostly replaced them with Northern European oil purchases. Texas-based Valero Energy also suspended all future purchases of Russian oil.

And while for now, Russia is exporting about as much oil as it was on the eve of Thursday’s invasion, those flows, based on sales made before the war, will slow drastically in the coming weeks once cargoes have been delivered, traders and analysts said.

The importance of Russia’s energy industry—exporter of about 7.5% of the world’s oil—to the global economy led Western governments to carve oil and gas out of their sanctions. In cutting some but not all banks from the financial system’s messaging infrastructure, Swift, the U.S. and others left avenues for traders to pay for oil and gas.

As a result of these sanctions, and fears that a full-blown embargo on Russian oil output will soon follow, energy buyers have balked at the prospect of using the existing “loophole” worried that in just a few days they may be stuck with billions in Russian oil they can’t sell. As a result the entire Russian oil supply chain is collapsing.

Which is not to say there are no buyers left: as prices for Russian crude tanked last week, companies in India vacuumed up around seven million barrels of Urals oil, but even there companies are taking steps to limit sanctions risk according to the WSJ.

On Monday, Indian Oil Corp. sent a letter to crude traders stating it would buy Russian oil only if delivery was included, according to a person familiar with the matter and a document seen by The Wall Street Journal. In the document, the Indian refining giant said it would no longer buy two grades of Russian oil, as well as a blend of Kazakh oil, if it had to take responsibility for transporting the oil. This was because some shipping companies are hesitant to load Russian crude.

Russia is responding fast to shore up demand for its oil, a vital source of dollars now the country’s foreign-currency reserves have been frozen by the U.S. and allies.

Companies including state-aligned giant Rosneft have pivoted from offering oil on a so-called FOB basis, in which buyers fix their own vessel and finance and insure the shipment, traders and oil executives say. Instead, they are offering oil on what is known in industry jargon as a CFR basis.

Under this model, Rosneft would use vessels from government-owned Sovcomflot’s fleet and deliver oil to the buyer’s door in return for cash, which means the buyer doesn’t have to worry about transportation, trade finance or insurance.

But buyers are rejecting the proposal, an oil-industry executive and a Middle East oil trader said.

In addition to India, China has also scooped up more Russian Urals, which normally are mostly sold on European markets. Two large tankers, including one chartered by China Petroleum & Chemical, or Sinopec, are en route to the Chinese ports of Ningbo and Zhanjiang and are scheduled to arrive in late March, said Kevin Wright, lead oil analyst at market-intelligence firm Kpler. A Sinopec spokesperson didn’t immediately respond to requests for comment.

Still, traders said China – which today we learned has bought more Iranian oil now than it did before the US sanctions – hasn’t vacuumed up cheap barrels in the way it did when global oil prices crashed at the start of the pandemic, perhaps because Beijing is treading a careful diplomatic line over the war, abstaining on a United Nations vote on condemning the invasion last week. That said, it’s probably only a matter of price before China decides to buy up as much Russian oil as it can.

One challenge facing Rosneft and other producers: Governments including the U.K. and Canada are banning Russian oil tankers. On Monday, one such vessel was forced to cancel an arrival to Scotland after the U.K. instituted its ban. Meanwhile, as noted earlier, many Western shipping companies have grown wary of sailing in the Black Sea to the south of Ukraine, and are contending with a jump in insurance rates for operating near a war zone.

Another emerging complication comes from the banks that grease the wheels of international commerce, and which are refusing to finance Russian commodity deals. Lenders including ING, Société Générale and Credit Suisse and even some Chinese banks aren’t issuing letters of credit, a form of trade finance, for oil and other natural resources from Russia.

“The major problem is now on payment terms,” said Igho Sanomi, founder of energy trading company Taleveras. “That has become very difficult.”

The bottom line is that while Russia’s economy will likely be crippled and soon, once this final dollar lifeline stops, the removal of millions of barrels of oil from the market will lead to an exponential surge in oil prices until we hit the infamous “demand destruction” trigger – the price beyond which there is no more demand… and a global stagflation beckons.

In short, this is one giant game of chicken between Russia and the west, where the former is suffering tremendous pain this very moment, and where the latter is still cruising thanks to a buffer of relatively cheap oil which however will run out shortly and once it does, prices will go vertical triggering an even bigger oil crisis than what the US experienced in the mid-1970s.

end

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia//// NEW ZEALAND/ SOUTH AFRICA/BRAZIL//COVID/VACCINES/LOCKDOWNS

NEW ZEALAND

END

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

Euro/USA 1.1162 DOWN .0052 /EUROPE BOURSES //ALL RED

USA/ YEN 114.88 DOWN 0.240 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3398 DOWN 0.0023

Last night Shanghai COMPOSITE CLOSED UP 26.53 PTS OR 0.77%

Hang Sang CLOSED UP 48.69 PTS OR 0.21%

AUSTRALIA CLOSED UP 0.85% // EUROPEAN BOURSES OPENED ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 46.69 PTS OR 0.21%

/SHANGHAI CLOSED UP 26.53 PTS OR 0.77%

Australia BOURSE CLOSED UP 0.85%

(Nikkei (Japan) CLOSED UP 217.90 PTS OR 1.20%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1920.00

silver:$24.57-

USA dollar index early TUESDAY morning: 97.00 UP 27 CENT(S) from MONDAY’s close.

THIS ENDS TUESDAY MORNING NUMBERS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.72% DOWN 30 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.181% DOWN 0 AND 4/10 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.89%// DOWN 24 in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD 1.41 DOWN 25 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 62 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO -0.075% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.49% 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 TUESDAY

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

Euro/USA 1.1109 DOWN .01044 or 105 basis points

USA/Japan: 114.89 DOWN 0.191 OR YEN UP 19 basis points/

Great Britain/USA 1.333 DOWN 88 BASIS POINTS

Canadian dollar DOWN 24 BASIS pts to 1.2693

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED )..DOWN 6.3118

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)..6.3166

TURKISH LIRA: 13.96 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.181

Your closing 10 yr US bond yield DOWN 11 IN basis points from MONDAY at 1.716% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield: 2.090 DOWN 7 in basis points

Your closing USA dollar index, 97.36 UP 66 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 TUESDAY: 12:00 PM

London: CLOSED DOWN 113.39 PTS OR 1.32%

German Dax : CLOSED DOWN 456.86 points or 3.37%

Paris CAC CLOSED DOWN 229.38PTS OR 3.44%

Spain IBEX CLOSED DOWN 263.10PTS OR 3.10%

Italian MIB: CLOSED DOWN 893.17 PTS OR 3.53%

WTI Oil price 90.84 12: EST

Brent Oil: 97.01 12:00 EST

USA /RUSSIAN / RUBLE FALLS TO: 113.95 DOWN 5.93 RUBLES/DOLLAR (RUBLE LOWER BY 593 BASIS PTS)

GERMAN 10 YR BOND YIELD; -.075

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1122 DOWN .0092 OR DOWN 92 BASIS POINTS

British Pound: 1.3313 DOWN .01090 or 109 basis pts

USA dollar vs Japanese Yen: 114.87 DOWN .206

USA dollar vs Canadian dollar: 1.2739 UP .0072 (CDN dollar DOWN 72 basis pts)

West Texas intermediate oil: 104.19

Brent: 105.67

USA 10 yr bond yield: 1.717 DOWN 11 points

USA 30 yr bond yield: 2.104 DOWN 6 pts

USA DOLLAR VS TURKISH LIRA: 13.93

USA DOLLAR VS RUSSIA ROUBLE: 110.74 UP 4.00 ROUBLES (ROUBLE DOWN 400 PTS)//

DOW JONES INDUSTRIAL AVERAGE: DOWN 597.65 PTS OR 1.76%

NASDAQ 100 DOWN 231.82 PTS OR 1.63%

VOLATILITY INDEX: 34.11 UP 3.96 PTS OR 13.13%

GLD: 181.64 UP 3.26 PTS OR 1.83%

SLV/ 23.55 UP .93 PTS OR 4.11%

end)

USA trading day in Graph Form

Stocks Slammed As Bonds, Bitcoin, Bullion, & Black Gold Soar

TUESDAY, MAR 01, 2022 – 04:01 PM

While there was plenty of chaos in the world’s markets today, European sovereign bonds took the proverbial biscuit with some almost unprecedented plunges in yields.

Heading into today, Nomura had warned that with CTAs pretty much positioned 100% short across the entire G-10 bond complex, the market was ripe for a short-squeeze…

And ECB Governing Council member Olli Rehn was the spark that lit the short-squeeze tinder when he said “…given the new situation, we need to take a moment of reflection as regards the speed and way of a gradual normalization of monetary policy.”

And we were off to the races

Italy 10Y crashed 30bps – its biggest drop since March 2020
German 10Y plunged 21bps – back below 0% – its biggest drop since 2011
UK 10Y collapsed 31bps – its biggest drop since 1992

Traders pushed back expectations for 25bps of ECB rate-hikes to March 2023 (from January) and at the same time US traders dovishly crushed Fed rate-trajectory expectations with a single hike in March now only an 80% prob (the market priced in 50bps just two weeks ago) and the number of hikes for the year plunged back closer to 4 (from 7)…

Source: Bloomberg

While Spot Ruble trading was largely suppressed, 1M forwards give a sense of the ongoing collapse in the currency…

Source: Bloomberg

And while Moscow closed its exchange – and a number of funds have gated redemptions – Russia ETFs continued their collapse today. VanEck’s Russia ETF fell almost 20%…

While US banks have been hit hard (worst performers today), it is European banks that are really suffering, down almost 25% in the last few days…

Source: Bloomberg

Yesterday’s late-day panic-bid in stocks was quickly eviscerated this morning with all the US majors ending notably lower to start March. Late-day new that AAPL was pulling products from Russia sent the tech giant lower and that pushed all the majors to the low of the day…

Credit spreads blew out to new cycle highs – HY widest since Nov 2020…

Source: Bloomberg

Treasury yields plunged across the curve with the short-end outperforming dramatically as rate-hike-trajectory bets were reduced. 5Y yields fell 16bps today while 30Y fell 6bps…

Source: Bloomberg

10Y yields tumbled back below 1.70%…

Source: Bloomberg

This is the biggest 2-day puke in TSY yields since the March 2020 flash crash in yields…

Source: Bloomberg

Real yields continued their collapse

Source: Bloomberg

The dollar rebounded today…

Source: Bloomberg

Crypto extended its gains with Ethereum topping $3000, and Bitcoin tagging $45k intraday…

Source: Bloomberg

Oil prices exploded higher today with WTI close to $107 at its highs…

Gold surged back above $1940 today…

The Bloomberg Commodity Spot Index saw its biggest daily jump since 2009…

Source: Bloomberg

And finally, amid all this chaos, Q1 GDP is now expected to be ZERO!!

So hyper-staglation here we come… with a tightening Fed stuck in the corner.

And far more important than the state of the union, here is a detailed look at the state of the options market after today’s carnage…

I)LATE LAST NIGHT /MORNING TRADING/

Stocks, Bond Yields Puke; Oil Explodes Higher After NATO ‘Emergency Meeting’ Headlines

TUESDAY, MAR 01, 2022 – 11:42 AM

Global stocks and bond yields were already getting hammered but when AFP reported that NATO foreign ministers will hold emergency meeting over Ukraine on Friday, it sparked another leg lower…

US Equities have erased yesterday’s late-day ramp-fest…

And Treasury yields are collapsing (10Y -18bps from inatrday highs)…

..to their lowest since the start of January…

As are most of Europe’s sovereign yields.

Gold is bid…

And all of this as oil explodes higher, with WTI topping $105…

This will not end well…

END

AFTERNOON

END

II) USA DATA

Manufacturing Surveys Rebound In Feb As COVID Crackdowns Abate

TUESDAY, MAR 01, 2022 – 10:05 AM

US macro data has ‘outperformed’ admittedly dismal expectations in the last few weeks, as the ~~politics~~ science has lifted many COVID restrictions, and that is reflected in Markit’s US Manufacturing sector survey upticking from 12-month-lows at 55.5 in January to 57.3 in February (which admittedly is actually below the preliminary print of 57.5)

ISM’s Manufacturing survey also confirmed an uptick from Omicron’s dip, rising from 57.6 to 58.6

Source: Bloomberg

Under the hood, new orders surged (up to 61.7 vs 56,3 exp), while employment fell from 77.5 to 75.6, and prices were basically flat…

Source: Bloomberg

Chris Williamson, Chief Business Economist at IHS Markit said:

“The US manufacturing sector rebounded in February after the Omicron wave brought production close to a standstill in January. However, output remains heavily constrained both by ongoing raw material supply bottlenecks and labor shortages, albeit with some signs that the supply chain crisis has continued to ease. The decline in virus case numbers should also help alleviate labor shortages as we head into the spring.
“Demand is clearly continuing to run well ahead of supply, meaning it is a sellers’ market for a wide variety of goods. Although the survey’s price gauges covering companies’ costs and selling prices are off the peaks seen last year, they remain very high by historical standards and point to persistent elevated inflation in coming months. With rising oil prices adding further to soaring costs, and the Ukraine crisis likely to add to global supply disruptions, the inflation outlook is an increasing concern.

Most critically for all this sentiment data is the fact that with the survey data collected prior to the escalation of the conflict in Ukraine, the full impact of the situation is yet to appear in the data.

As Williamson notes, “supply chains are likely to be further disrupted, with existing shortages exacerbated by safety stock building, and prices will likely come under further upward pressure. Perhaps most important will be the effect on business optimism and whether the improvement in prospects seen in February will be reversed, which could lead to reduced spending and investment.”

END

A shocker: Atlanta Fed known for its better accuracy than the rest, cuts its Q1 GDP to 0.0%. Thus expect no cuts and stagflation

(zerohedge)

Stagflation On Deck: Atlanta Fed Cuts Q1 GDP To 0.0%

TUESDAY, MAR 01, 2022 – 01:35 PM

Just a few short weeks ago, when throwing out increasingly more ridiculous “forecasts” of Fed rate hikes in 2022 and 2023 was all the rage on Wall Street…

… we predicted just the opposite, namely that 6 months from now, “Wall Street will be tripping over each other to come up with a greater number of rate cuts in late 2023/early 2024.”

Of course, the only thing that was missing for this outlier forecast to become “conventional wisdom” was a collapse in growth, which as recently as mid-February seemed impossible: after all the US just had its fastest year on record, and in Q4 GDP rose a whopping 7.0%. Surely it is impossible that growth would collapse from 7% to flat, or negative, in just a few weeks?

Well, prepare to be amazed because moments ago, the Atlanta Fed confirmed our worst case scenario when it slashed its Q1 GDP from 0.6% as of Feb 25, and 1.7% just a few days earlier to – drumroll – 0.0%.

Here is how the regional Fed explains what happened:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2022 is 0.0 percent on March 1, down from 0.6 percent on February 25. After recent data releases from the US Census Bureau and the Institute for Supply Management, an increase in the nowcast in first-quarter real personal consumption expenditures growth from 1.6 percent to 2.3 percent was more than offset by a decline in the nowcast of the contribution of net exports to first-quarter real GDP growth from -0.10 percentage points to -0.94 percentage points

What is remarkable is that the nowcast actually dipped negative yesterday, dropping as low as -0.5%, before “recovering”, but since the drop wasn’t on a scheduled update day, the focus will be on the 0.0% print.

Unfortunately, that’s just the start because now that the global economy is in freefall as a result of the war in Ukraine, and inflation is about to explode to never before seen levels, the Fed is completely trapped, and the result has been a collapse in rate hike odds, not just in the US…

… but also around the world, as markets are now betting that to avoid a global depression, central banks will have to taper their normalization plans (if not reverse them outright), soaring inflation be damned (not like central banks could do much to contain supply-chain driven soaring commodity prices).

And if the Fed confirms that the market’s expectations are correct, it is about to lose control because while it can explain away a dovish pivot with the coming recession, nobody has any idea how the central bank will offset the coming commodity (hyper)inflation which has already sent many commodity prices to record highs, and many more to come.

As for the Atlanta Fed’s GDP estimate, get read for even lower prints in the days ahead once the full impact of the Ukraine war is appreciated (see “How The Ukraine War Will Spill-Over Into The Broader Economy And Lead To A Global Slowdown“), as Wall Street goes full U-turn on its rate hike forecasts and starts predicting a much shallower lift off, followed by a collapse of rates into negative territory..

IIb) USA COVID/VACCINE MANDATE STORIES

New York:

Adams announces end of NYC’s vaccine passport rule

(zerohedge)

Mayor Adams Announces End Of NYC’s Controversial Vaccine Passport Rule

MONDAY, FEB 28, 2022 – 06:00 PM

At long last, New Yorkers and tourists visiting the Big Apple will soon be able to enter stores, restaurants, bars and other venues without needing to show proof of vaccination status.

That’s right: Mayor Eric Adams is finally lifting his city’s requirement for patrons to be vaccinated, one of the most restrictive such laws in the country. It was first implemented by his predecessor, Bill de Blasio, last year. However, he clarified Monday that there are no plans to remove requirements that workers be vaccinated.

Mayor Adams clarified that the requirement would be lifted on March 7 so long as COVID cases continue to trend downward.

NYC’s indoor mask requirement for all public schools will be lifted on the same day (again, provided no unexpected spikes in infections arise).

Adams noted that more than a million students would return to public schools Monday after their February break. According to the mayor, if students can intermix this week without creating any “unforeseen spikes” in infections, then that would essentially confirm that the mask mandates are no longer necessary.

“New York City’s numbers continue to go down day after day, so, as long as COVID indicators show a low level of risk and we see no surprises this week, on Monday, March 7 we will also lift Key2NYC requirements,” Adams announced. “This will give business owners the time to adapt and will allow us to ensure we are making the best public health decisions for the people of New York.”

Circling back the vaccine passport rule, which was first adopted in the late summer of 2021, it’s worth noting that it hasn’t always been enforced. But it does still technically apply to restaurants, bars, nightclubs, coffee shops, fast food eateries, indoor fitness locations, movie theaters, music and concert venues, museums, sports arenas and stadiums, theaters and billiard halls, among other places.

Adams, who is seen as far more business-friendly than his predecessor, Mayor de Blasio, had hinted that he was eagerly awaiting the end of the vaccine passport rule during an economic development press briefing on Wednesday. Adams said at the time that he meets daily with health experts, who have provided structure and benchmarks the city should meet before it returns to pre-pandemic normalcy.

“We can’t close down again, and I’m not going to do something at my anticipation to get back that’s going to jeopardize closing down the city again,” Adams said. “Our economy can’t handle it. We don’t have another $11 billion to put back in the economy. We must do it the smart way.”

Adams decision follows a move by Gov. Kathy Hochul to ditch the Empire State’s mask mandate (for everywhere but schools), although Hochul said over the weekend that the statewide mandate for schools would be ending on Wednesday.

The city fired more than 1,400 municipal workers over their refusal to abide by the vaccine mandate, which was extremely controversial in parts of the city like South Brooklyn and Staten Island.

end

The House abandons its mask mandate just in time for Biden’s state of the union speech

(zerohedge)

House Abandons Mask Mandate Just In Time For Biden’s State Of The Union

MONDAY, FEB 28, 2022 – 08:00 PM

The House of Representatives is finally lifting its own mask mandate just in time for President Biden’s State of the Union address Tuesday night.

Capitol Physician Brian Monahan announced the news in a letter to lawmakers returning to Washington this week: “Individuals may choose to mask at any time, but it is no longer a requirement,” he wrote.

Monahan added that the rate of positive COVID tests at the Capitol had fallen to 2.7% during the last two weeks, below the current rate for the DC-Metropolitan area (which is 4.7%).

According to the CDC’s new federal guidelines, Washington DC falls into the “green” category, meaning no masking is required.

Unfortunately for those who will be attending tonight’s event, Monahan said other “coronavirus risk reduction measures” would still be in place for the address, “with the exception that, KN95 or N95 mask wear is no longer required and mask wear is now an individual choice option.”

So far, more than 35 states have abandoned their individual mask mandates, although some cities still have them in place. According to the new CDC guidelines, some 30% of the US falls under the “high risk” category, meaning mask wearing is still recommended. The thing is, many conservative states also passed laws banning mask requirements.

The House had been following a mask mandate of its own making since July which was in line with guidance from the CDC. The Senate never adopted a mask mandate.

end

iii) USA inflation commentaries//LOG JAMS//

iii) USA economic stories

Biden’s approval rating plummets to a record low of 37%. He gives his state of the union address tonight

(zerohedge)

Biden Approval Rating Hits Record Low As State Of The Union Looms

TUESDAY, MAR 01, 2022 – 07:00 AM

37%.

That’s the new headline approval number for President Biden, according to the results of the latest ABC News/Washington Post poll, the first to be released since President Vladimir Putin sent Russian forces storming into Ukrainian territory. The poll dropped over the weekend, just in time for President Biden’s big State of the Union Address tonight.

To be sure, the disaster in Ukraine is only the latest in a series of seemingly never-ending disasters, including surging inflationary pressures, and the US pullout from Afghanistan, have dogged the president during his first year in office. .

His approval rating has been sliding since last summer, as the headline numbers clearly show.

Here’s what that looks like in chart form:

Source: ABC News

But it’s not just Biden who should be worrying about the latest results. There’s reason for all Democrats to be panicking ahead of the midterms.

The poll showed that if the American people had to pick today, they would hand control of Congress to the Republicans.

Source: ABC News

The poll reveals that the main “weakness” behind Biden’s falling approval rating is the doubts about his personal capacities, with 59% of people saying he wasn’t a strong leader compared to just 36% who said he was a strong leader, according to Summit News.

54% of Americans do not think Biden has the “mental sharpness” to serve as president, compared to 40% who say he does.

The public’s confidence in his mental acuity has also fallen drastically over the past year.

“Biden seemed to have lost independents, a critical polling group, on this topic,” reports Breitbart. Some 59% of the independents gave the president’s mental sharpness a negative assessment, a rise of 13 percentage points since May 202

Interestingly, the poll also found that 55% of the public believed Biden had mishandled the Russia situation, with only 36% believing he is doing a good job.

None of that bodes well for the president, as he prepares to lay out his agenda for the coming year, while many rank and file Dems are still mourning the death of ‘Build Back Better’.

END

iv)swamp stories

Bombshell! Ukraine Press Release About Joe Biden! – Must Video | Politics | Before It’s News

Inbox

How the Biden crowd and more have fleeced the Ukraine and its’ citizens. There are many folks who should be held accountable and it is equally certain that many parties do not want the truth to come out. Some of the stuff is absolutely disgusting.
If the west believes in justice then perhaps the money taken from the Ukrainian people should be tracked down and recovered instead of sending weapons which likely carry their own graft.
>
> https://beforeitsnews.com/politics/2022/02/bombshell-ukraine-press-release-about-joe-biden-must-video-3256836.html
>
>
> Cheers
> Robert

end

KING REPORT/SWAMP STORIES

The King Report March 1, 2022 Issue 6709

Independent View of the News

  Our two bits: Putin thought that he could quickly implement a regime change by seize Kyiv and the west was too soft and fragmented to respond. Those assumptions were delusions. At the least, Putin has united Europe against him, forced European nations to increase defense spending, and ended European post-USSR complacency toward Putin’s obvious and unrelenting devilry.

It appears that Putin realizes the folly of his quick regime change strategy. Russia reportedly is now shelling population centers and infrastructure as well as preparing for sieges on major cities. Putin knows he is on very thin ice in Russia, and he cannot afford a humiliating defeat in Ukraine. Putin now might be more dangerous and sinister than usual. PS – Why is Putin’s face so bloated and Puffy in recent photos? Meds, steroids, illness, boozing, junk food binging?

US effectively freezes Russian central bank assets held by Americans
The U.S. said it is blocking financial transactions of Russian central bank assets… https://www.foxbusiness.com/markets/us-freezes-russian-central-bank-assets-held-by-americans

@nytimes: Switzerland will freeze Russian assets, including those of President Vladimir Putin, setting aside its long tradition of neutrality. The country is a favorite destination for Russian money.

Russia sends 400 mercenaries into Kyiv to assassinate Zelenskyy: report https://fxn.ws/3HrJK3p
Russian private military Wagner Group reportedly flew mercenaries into Ukraine from Africa
     The Wagner Group, which has been linked to the Russian Ministry of Defense, particularly the Main Intelligence Directorate (GRU) and Federal Security Service (FSB), more recently has arrived in Mali as France has begun scaling back its military efforts against Salafi-jihadist groups in the region…

Ukrainian Ambassador Says Russia Used Vacuum Bomb in Breach of Geneva Convention
https://www.c-span.org/amp/video/?c5003667
Putin Tells Macron That a Neutral Status for Ukraine Is Needed for Resolution of Conflict – TASS

@ABC: Vladimir Putin told French Pres. Emmanuel Macron he’ll stop strikes against civilian targets, according to the Elysée, and that he’ll preserve civilian infrastructure to secure main roads, including the road south of Kyiv. (Refutes Russia/Putin apologists that claim the Russian invasion is struggling because Putin is trying to avoid civilian casualties and destroying infrastructure.)

Russian artillery bombarded residential districts of Ukraine’s second largest city Kharkiv on Monday, killing possibly dozens of people, Ukrainian officials said – Reuters

@andersostlund: One thing Ukraine needs now is artillery radars. Ukraine must be able to strike back at the Russian artillery units that are shelling the populated areas to prevent a humanitarian disaster. I truly believe that if Ukraine is properly armed it will be able to beat Russia in this war. Russia is underperforming now and Ukrainians are extremely motivated. Arms have to come fast though because now Russia is starting to bomb and shell populated areas.

Ukraine President Zelensky signed an application for Ukraine’s membership in the European Union.

The Ukraine-Russia talks ended ~11:10 ET. Reports said the talks would resume on the Polish border in the coming days. ESHs and stocks jumped to new session highs, abetted by the rally into the European close, which was enhanced by the need to manipulate stuff higher to boost February performance
Biden did not issue any comments on Ukraine and Russia on Monday. Joey Baby has been silent since he announced sanctions on Thursday. Ask those 81 million voters ‘WHY’? Remember, last week Biden passed intel to the MSM in the delusion that it would stop Putin’s invasion of Ukraine.

Biden in Delaware as Putin raises nuclear alert status (No ratings boost if invisible during a crisis)
President Biden is at his private home in Delaware as the Russian invasion of Ukraine escalates
https://www.foxnews.com/politics/biden-in-delaware-as-putin-raises-alert-status-of-nuclear-weapons

Historic sanctions on Russia had roots in emotional appeal from Zelensky
Surprised by the unusually rapid European decision, the White House scrambled over the weekend to catch up in drafting its own related measures …  https://www.washingtonpost.com/business/2022/02/27/russia-ukraine-sanctions-swift-central-bank/

Europe has surprisingly been more aggressive in arming Ukraine and sanctioning Putin than the US. Is this due to Team Biden’s ineptness/lethargy, or is Team Biden appeasing Russia for an Iran deal?

Foreign Policy’s @JackDetsch: Macron’s call to Putin is the first from a Western leader in days. Biden has not spoken to Putin since Feb.12

GOP Sen. @TomCottonAR: Biden has been shamed into taking actions he should have taken weeks ago. It’s not enough. He needs to sanction Russian energy and reverse his war on American energy.

The Big Guy returned to DC from Delaware late Monday morning. Still no live comments on Ukraine. When reporters ask Psaki about Biden’s absence, she said Joe was leading from behind the scenes. The above WaPo story contradicts the hapless press secretary.

@RNCResearch: Reporter: “Mr. President, are you worried about nuclear war?” Biden: ………
(Why is The Big Guy wearing a mask when no one is remotely near him?)
https://twitter.com/RNCResearch/status/1498323440985595915

NBC’s @mikememoli: WH is updating its own COVID protocols, ending mask requirement for fully-vaccinated employees starting Tuesday, per internal email obtained by NBC (yet solo Biden masked)

New Yorkers Should Make Their Own Covid Choices, Hochul (NY Gov) Says
New York Governor Kathy Hochul said Monday that choices about masks and vaccines should shift from the state back to individuals and localities as Covid-19 cases and hospitalizations ebb…
(NY Gov Hochul and Dems trying to pretend that the past two years of mandates didn’t exist!)
https://www.bloombergquint.com/onweb/new-yorkers-should-make-their-own-covid-choices-hochul-says

U.S. monitoring Russian nuclear forces as closely as possible, haven’t seen any specific muscle movements as result of Putin’s alert order – Reuters

WaPo’s @DanLamothe: Monday morning Pentagon background briefing on the war in Ukraine now concluded. Some noteworthy details on what is Day 5 since Russia’s invasion to follow:
    Russia appeared to adapting siege tactics on the northern city of Chernihiv. Today that official adds it appears similar tactics are in use in the northeastern city of Kharkiv… The senior U.S. official also says it appear that Russian forces are attempting to encircle Kyiv…
    Russia has continued a slow advance on Kyiv while taking losses in combat with the Ukrainians, the senior U.S. defense official said. On Sunday, Russia’s main advance was about 30 kilometers from Kyiv city center. On Monday, it appears to be 25 kilometers away, official says.
    The senior defense official said there are signs that the Russians have introduced the Wagner Group, a private Russian paramilitary organization that has appeared in Syria and Africa, to the war…
    As of Monday morning in Washington, Russia has committed just under 75 percent of the combat power it staged at the Ukrainian border before invading, up from about two-thirds on Sunday….
   Airspace over at least parts of Ukraine continue to be contested, the U.S. official said, in contradiction to U.S. assessments before the war that the Russians would dominate the skies within a day or two. Russia continues to target Ukrainian air defenses, U.S. official adds…

Newsweek’s @josh_hammer: First, it is true that the media’s portrayal of a stark dichotomy between Russian imperialism and “liberal Western democracy” is overwrought. Ukraine is indeed a corrupt and oligarchic state itself. Hunter Biden and Burisma, anyone?
    Second, it is nonetheless equally true that Putin is an ex-KGB thug who (obviously!) who still harbors a vestigial hatred of America from his Cold War days. It is also true that Zelensky has been admirably courageous—his “ammunition, not a ride” line is the stuff of legends…
Fifth, while the U.S. should side with Ukraine—again, the means of doing so is a prudential judgment call—it’s worth emphasizing the extent to which all of this is a distraction from China, which is by orders of magnitude the U.S.’s most urgent geopolitical threat.
American governors are restricting the sale of Russia booze; but the US continues to buy Russian oil?!?!

@disclosetv: Kamala Harris: “When folks vote they order what they want. And in this case, they got what they asked for.” (Not a parody!) https://twitter.com/disclosetv/status/1498391191376875526

@Breaking911: Congress drops mask mandate ahead of Biden’s State of The Union speech on Tuesday. “Mask wear is now an individual choice option,” the Capitol Attending Physician said.

@charliebilello: Covid-19 cases in the US are now down 93% from their peak in January, lowest levels since last July  https://twitter.com/charliebilello/status/1498343338646417413

Several weeks ago, we published research that shows flu peaks in late January or early February.

@Peoples_Pundit: “The @CDCgov is overtly a political arm of the White House. That’s where we’re at right now. This is all political theater.” – Dr. Robert Malone (mRNA inventor)

Unfathomably and unprecedently, House leftists will issue a response/rebuttal to Biden’s SOTU speech!

Squad member to deliver response to Biden SOTU (Psaki indicated Biden’s SOTU would be short.)
Michigan Rep. Rashida Tlaib will give the speech on behalf of the left-wing group Working Families Party. ..The speech will put on display the deep rifts within the Democratic Party that have marked Biden’s presidency… https://www.politico.com/news/2022/02/23/squad-member-to-deliver-response-to-biden-sotu-00010877

Fox’s @ChadPergram: A second Democrat responding to the President’s State of the Union address. Rep. Rashida Tlaib (D-MI) was already poised to deliver one response. Now Rep. Colin Allred (D-TX) will deliver the Congressional Black Caucus’s response. Harald Malmgren @Halsrethink: As I commented earlier, this Russian Submariner story an important part of the October ’62 nuclear war close call–but as I was in the DOD war room at that time, far from the whole story: Vasili Arkhipov, the Soviet submariner who single-handedly saved the world from obliteration during the Cuban Missile Crisis. He was one of three senior officers aboard a nuclear-armed sub that was cornered near Cuba by US war ships who did not know the sub had a nuclear weapon on board. The US navy was dropping explosives onto the sub to get it to surface, and the Soviets didn’t know what they were doing as they had cut off all communications. It took all three senior officers to launch the nuke their ship was armed with, and two of them, thinking this was the beginning of World War 3, saw it as their duty to use it. Only Arkhipov, who had witnessed the horrific effects that radiation can have on the human body during a nuclear-powered submarine meltdown years earlier, refused…
https://caitlinjohnstone.substack.com/p/the-single-most-important-question?utm_source=url
      An important part of the story of how close the world came to a cataclysmic nuclear war in October, 1962. KGB did have a fuller narrative & my role in DOD war room at that time. Soviet sub was there, yes, but other persons & actions also saved the world… Putin’s personal determination to be a man of history should not be underestimated, even if what he does might seem madness to everyone else.

BBC International Editor @ggatehouse: A thread on Russia
It will be becoming clear to those around Putin, the first and second tier of ‘siloviki’ (security apparatus), oligarchs and technocrats that make up the ‘greater Kremlin’, that whatever happens with this war, things will never go back to normal under the same leadership: ie Russian politicians who rant and rail against the West at home while at the same time hiding their stolen cash in the West and enjoying their European holidays in their villas in Tuscany and the south of France, their yachts mooring at exotic destinations around the world, their children getting expensive educations at British private schools. That is over. The potentates and princelings of the greater Kremlin are today contemplating their future and asking themselves: Do I want to live in a vast replica of North Korea, completely cut off from the rest of the world. I think Putin, if he isn’t too divorced from reality to understand this, has made his choice. He is prepared for total isolation… (Bitcoin is soaring on Russian funds laundering.)
    Putin’s genius over the past two decades has been to turn himself into the structural institution through which power is exercised in Russia… They will be thinking to themselves: can we remove this tree trunk without bringing the whole structure crashing down? Can we do it quickly and cleanly, without infighting with massively unpredictable consequences?…
    For they know that to make a move on Putin, you have to succeed. The price of failure is very high indeed.  In Russia, change happens rarely but suddenly. Windows of opportunity are small and come along only once in a few decades. This may well be one of those windows. But it is fraught with danger.
https://twitter.com/ggatehouse/status/1498270828844273669

Schiff warns of Russian attack on US mainland, as Day 2 of Trump’s Senate impeachment trial concludes – “As one witness put it during our impeachment inquiry, the United States aids Ukraine and her people so that we can fight Russia over there, and we don’t have to fight Russia here,” Schiff said, drawing rebukes from commentators across the political spectrum. “Liberals used to mock Bush supporters when they used this jingoistic line during the war on Iraq,” wrote journalist Max Blumenthal. “Now they deploy it to justify an imperialist proxy war against a nuclear power.”…
https://www.foxnews.com/politics/trump-senate-impeachment-trial-schiff-russia-attack

Ukraine’s Deadly Gamble – By tying itself to a reckless and dangerous America, the Ukrainians made a blunder that client states will study for years to come
Yes, Putin wants to prevent NATO from expanding to Russia’s border. But the larger answer is that he finds the U.S. government’s relationship with Ukraine genuinely threatening. That’s because for nearly two decades, the U.S. national security establishment under both Democratic and Republican administrations has used Ukraine as an instrument to destabilize Russia, and specifically to target Putin… This is a game that Biden and key figures in his administration have been playing for a long time, beginning with the 2013-14 Obama administration-backed coup that toppled a Russia-friendly government in Kyiv. This was the so-called Maidan Revolution, a sequel of sorts to the George W. Bush-backed Orange Revolution of 2004-05. Much of that same Obama foreign policy team—Blinken, Jake Sullivan, Victoria Nuland, Susan Rice, and others—is now back in the White House and State Department working in senior posts for a president who personally ran Obama’s Ukraine policy.
https://www.tabletmag.com/sections/news/articles/ukraines-deadly-gamble

Putin believes Obama/Clinton/Biden and other US solons are using Ukraine to exact ‘regime change’ on him ala Ex-Ukraine President Yanukovych, Ghaddafi, Saddam Hussein, Assad, etc. Schiff was explicit in 2019 about using Ukraine to fight Russia!

Remember when Biden, Dems, and the MSM excoriated and ridiculed Trump for demanding that NATO countries spend 2% of their GDP on defense, as codified in NATO bylaws, and decrease their energy dependence on Russia? This was called ‘weakening the NATO alliance’!

Babylon Bee: General Milley Calls Russia to Warn Them of Ukrainian Counter-Attack
https://babylonbee.com/news/general-milley-calls-russia-to-warn-them-of-ukrainian-counter-attack

Cringe: Jill Biden Introduces Kamala Harris as ‘President’ Right in Front of Joe Biden
On Monday, Jill Biden introduced the “president” Kamala Harris right in front of Joe, as he stared off in a daze. Watch:… This joke would only be funny if there was a president that Americans believed was actually in charge. It’s not so funny as the nation faces a Russian invasion of Europe, an illegal immigrant invasion at the southern border, rampant inflation, skyrocketing energy prices, and a militarized Washington D.C. that appears increasingly out-of-touch with the concerns of ordinary Americans.  https://beckernews.com/cringe-jill-biden-introduces-kamala-harris-as-president-right-in-front-of-joe-biden-44255/

@RNCResearch: WATCH: Biden mispronounces his own Supreme Court nominee’s name
https://twitter.com/RNCResearch/status/1498386527776354313

Some prominent blacks are inveighing against what Black History Month has become.

Whitlock: ‘Black History Month’ centers white people, diminishes black people, and undermines America – In 1915, (Carter) Woodson, a journalist and author, founded the Association for the Study of Negro Life and History. Eleven years later, the association created Negro History Week, the precursor for what we now know as Black History Month… His good-news approach to black history intended to define black people as key contributors and irreplaceable assets to American exceptionalism…
    As practiced today, black history is no longer a gospel, a retelling and celebration of the good news of black American freedom. It’s primarily a retelling of every atrocity, misdeed, and slight white people have committed against black people… It’s the bad news of what happened to black people at the hands of white people. Woodson’s desire to cast black people as enthusiastic collaborators in American exceptionalism has been transformed into a damnation of this country’s founding and narrative arc…
https://www.theblaze.com/op-ed/whitlock-black-history-month-centers-white-people-diminishes-black-people-and-undermines-america

END

end

Well that is all for today. I will see you WEDNESDAY night

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